Focus on Fracking: natgas price hit 17 mo low; net oil imports at record low; total exports at record high; gasoline supplies drop most in 3 years

US natural gas price hits 17 month low; US oil exports at a 7 month high; net US oil imports at a record low; US distillate exports at a 9 month high; total US oil + oil products exports at an all time high; largest SPR withdrawal in 40 months; largest withdrawal from US gasoline supplies in 3 years…

On the other hand, US natural gas prices finished higher for the first time in six weeks on a shift in the forecasts towards somewhat cooler weather…after falling 5.5% to $2.648 per mmBTU last week as the prospect of peace talks with Iran left traders to focus on weak domestic demand and surplus supplies, the price of the benchmark natural gas contract for May delivery started 5.5 cents higher on Monday, driven higher prior to the market open as negotiations with Iran had been unsuccessful, but trended lower after that early high for the balance of the session to settle 2.1 cents lower at a 17 month low of $2.627 per mmBTU on near-record production so far this month, ample supplies of gas in storage, and forecasts for milder weather next week than had been expected….the front-month natural gas contract opened $0.007 lower on Tuesday and trailed lower through the morning, as domestic fundamentals took control, then hit a fresh 18-month intraday low of $2.561 at 12:15 PM, before recovering to settle 2.8 cents lower at $2.599 per mmBTU, as traders weighed ongoing Iran war fallout against bearish domestic supply/demand dynamics…natural gas prices opened 1.5 cents higher on Wednesday, then traded within a narrow band near $2.605 throughout the session, as bearish domestic fundamentals continued to overshadow global geopolitical tensions, and settled 1.1 cents higher at $2.610 per mmBTU, as waning weather demand and strong domestic supply overshadowed Iran war worries and kept natural gas futures in check…natural gas prices moved higher ahead of the weekly storage report on Thursday, as traders shook off the historically bearish injection as weather forecasts turned favorable, and settled 3.7 cents higher at $2.647 per mmBTU as supplies continued to prove ample to meet soft spring demand, leaving traders cautious as they awaited new incentives…natural gas futures moved higher overnight on cooler weather forecasts for the Eastern US, even as a fragile Israel-Lebanon ceasefire tempered geopolitical risk, and continued to tick higher at midday, taking direction from domestic market signals, including cooler weather in the northern Lower 48, even as global LNG futures fell in response to Iran’s opening of the Strait of Hormuz, and settled 2.7 cents higher at $2.674 per mmBTU, as traders adopted a cautious stance amid Middle East uncertainty and mostly steady domestic fundamentals, and thus finished up a modest 1.0% for the week…

The EIA’s natural gas storage report for the week ending April 10th indicated that the amount of working natural gas held in underground storage rose by 59 billion cubic feet to 1,970 billion cubic feet by the end of the week, which left our natural gas supplies 126 billion cubic feet, or 6.8% above the 1,844 billion cubic feet of gas that were in storage on April 10th of last year, and 108 billion cubic feet, or 5.8% above the five-year average of 1,862 billion cubic feet of natural gas that had typically been in working storage as of the 10th of April over the most recent five years….the 59 billion cubic foot injection into natural gas storage for the cited week was more than the 51 billion cubic foot injection into storage that analysts had forecast in a Reuters poll ahead of the report, and it was much more than the 22 billion cubic foot of gas that were injected into natural gas storage during the corresponding week of 2025, as well as much more than the average 38 billion cubic foot injection into natural gas storage that had been typical for the same early April week over the past five years…

The Latest US Oil Supply and Disposition Data from the EIA

US oil data from the US Energy Information Administration for the week ending April 10th indicated that after a drop in our oil imports and a big increase in our oil exports, we we need to pull oil out of our stored crude supplies for the first time in eight weeks, and for 21st time in forty-six weeks, as a decrease in our refinery throughput and an increase in oil supplies that the EIA could not account for was not enough to cover the shortfall….Our imports of crude oil fell by an average of 1,033,000 barrels per day to 5,291,000 barrels per day, after falling by an average of 130,000 barrels per day during the prior week, while our exports of crude oil rose by an average of 1,076,000 barrels per day to a seven month high of 5,225,000 barrels per day, which, when used to offset our imports, meant that the net of our trade of oil worked out to an import average of 66,000 barrels of oil per day during the week ending April 10th, the lowest on record and an average of 2,109,000 fewer barrels per day than the net of our imports minus our exports during the prior week... At the same time, transfers to our oil supplies from Alaskan gas liquids, from natural gasoline, from condensate, and from unfinished oils were 49,000 barrels per day higher than the prior week at 596,000 barrels per day, while during the same week, production of crude from US wells was unchanged at 13,596,000 barrels per day. Hence, our daily supply of oil from the net of our international trade in oil, from transfers, and from domestic well production appears to have averaged a total of 14,258,000 barrels per day during the April 10th reporting week…

Meanwhile, US oil refineries reported they were processing an average of 16,042,000 barrels of crude per day during the week ending April 10th, an average of 208,000 fewer barrels per day than the amount of oil that our refineries reported they were processing during the prior week, while over the same period, the EIA’s surveys indicated that a net average of 722,000 barrels of oil per day were being pulled out of the supplies of oil stored in the US… So, based on that reported & estimated data, the crude oil figures provided by the EIA appear to indicate that our total working supply of oil from storage, from net imports, from transfers, and from oilfield production during the week ending April 10th averaged a rounded 1,062,000 fewer barrels per day than what our oil refineries reported they used during the week. To account for the difference between the apparent supply of oil and the apparent disposition of it, the EIA just plugged a [ +1,062,000 ] barrel per day figure onto line 16 of the weekly U.S. Petroleum Balance Sheet, in order to make the reported data for the supply of oil and for the consumption of it balance out, a fudge factor that they label in their footnotes as “unaccounted for crude oil”, thus indicating there must have been a error or omission of that size in the week’s oil supply & demand figures that we have just transcribed….Moreover, since 124,000 barrels per day of oil supplies could not be accounted for in the prior week’s EIA data, that means there was 938,000 barrel per day difference between this week’s oil balance sheet error and the EIA’s crude oil balance sheet error from a week ago, and hence the changes to supply and demand from that week to this one that are indicated by this week’s report are off by that much, and therefore useless.... But since most oil traders react to these weekly EIA reports as if they were gospel, and since these weekly figures therefore often drive oil pricing and hence decisions to drill or complete oil wells, we’ll continue to report this data just as it’s published, and just as it’s watched & believed to be reasonably reliable by most everyone in the industry…(for more on how this weekly oil data is gathered, and the possible reasons for that “unaccounted for” oil supply, see this EIA explainer….also see this old twitter thread from an EIA administrator addressing these ongoing weekly errors, and what they had once hoped to do about it).

This week’s rounded 722,000 barrel per day average decrease in our overall crude oil inventories came as an average of 130,000 barrels per day were being pulled out of our commercially available stocks of crude oil, while 592,000 barrels per day were being pulled out of our Strategic Petroleum Reserve, the third Iran war related withdrawal and the largest SPR withdrawal since December 2022, following a nearly continuous string of weekly additions to the SPR from September 2023 to February 2026, which had followed nearly continuous SPR withdrawals over the 39 months prior to August 2023… Further details from the weekly Petroleum Status Report (pdf) indicated that the 4 week average of our oil imports fell to 6,133,000 barrels per day last week, which was 1.3% less than the 6,213,000 barrel per day average that we were importing over the same four-week period last year. This week’s crude oil production was reported to be unchanged at 13,596,000 barrels per day as the EIA’s estimate of the output from wells in the lower 48 states was 4,000 barrels per day lower at 13,170,000 barrels per day, while Alaska’s oil production was 4,000 barrels per day higher at 426,000 barrels per day...US crude oil production had reached a pre-pandemic high of 13,100,000 barrels per day during the week ending March 13th 2020, so this week’s reported oil production figure was 3.8% higher than that of our pre-pandemic production peak, and was also 40.2% above the pandemic low of 9,700,000 barrels per day that US oil production had fallen to during the third week of February of 2021.

US oil refineries were operating at 89.6% of their capacity while processing those 16,042,000 barrels of crude per day during the week ending April 10th, down from 92.0% the prior week, with the recent vacillation in the refinery utilization rate likely due to temporary shutdowns for seasonal maintenance, as refineries are being reconfigured to produce summer blends of fuel….the 16,042,000 barrels of oil per day that were refined that week was still 3.1% more than the 15,564 ,000 barrels of crude that were being processed daily during the week ending April 11th of 2025, but 0.3% less than the 16,078,000 barrels that were being refined during the prepandemic week ending April 12th, 2019, when our refinery utilization rate was at 87.7%, which was below the pre-pandemic normal utilization rate for this time of year…

Even with the decrease in the amount of oil that was refined this week, gasoline output from our refineries was significantly higher, increasing by 392,000 barrels per day to 9,761,000 barrels per day during the week ending April 10th, after our refineries’ gasoline output had decreased by 214,000 barrels per day during the prior week... This week’s gasoline production was 3.7% more than the 9,412,000 barrels of gasoline that were being produced daily over the week ending April 11th of last year, but 1.6% less than the gasoline production of 9,917,000 barrels per day seen during the prepandemic week ending April 12th, 2019….on the other hand, our refineries’ production of distillate fuels (diesel fuel and heat oil) decreased by 169,000 barrels per day to 4,866,000 barrels per day, after our distillates output had increased by 9,000 during the prior week. Even after that production decrease, our distillates output was still 3.8% more than the 4,688,000 barrels of distillates that were being produced daily during the week ending April 11th of 2025, and 0.9% more than the 4,823,000 barrels of distillates that were being produced daily during the pre-pandemic week ending April 12th, 2019....

Even after this week’s increase in our gasoline production, our supplies of gasoline in storage at the end of the week fell for the ninth week in a row, and by the most since March 2023, decreasing by 6,328,000 barrels to 232,944,000 barrels during the week ending April 10th, after our gasoline inventories had decreased by 1,589,000 barrels during the prior week. Our gasoline supplies decreased by more this week because the amount of gasoline supplied to US users rose by 524,000 barrels per day to 9,088,000 barrels per day, and because our exports of gasoline rose by 20,000 barrels per day to 900,000 barrels per day, and because our imports of gasoline fell by 255,000 barrels per day to 316,000 barrels per day… After forty gasoline inventory withdrawals over the past sixty-one weeks, our gasoline supplies were 0.5% lower than last April 11th’s gasoline inventories of 234,019,000 barrels, but about 1% above the five year average of our gasoline supplies for this time of year…

Meanwhile, after this week’s decrease in distillates production, our supplies of distillates fell for the ninth time in twenty-two weeks, decreasing by 3,122,000 barrels to 111,559,000 barrels during the week ending April 10th, after our distillates supplies had decreased by 3,144,000 barrels during the prior week… Our distillates supplies again this week as the amount of distillates supplied to US markets, an indicator of domestic demand, fell by 220,000 barrels to 3,840,000 barrels per day, and as our exports of distillates rose by 14,000 barrels per day to a nine-month high of 1,590,000 barrels per day, while our imports of distillates fell by 34,000 barrels per day to 118,000 barrels per day... After 22 additions to distillates inventories over the past 40 weeks, our distillates supplies at the end of the week were till 2.1% higher than the 109,231,000 barrels of distillates that we had in storage on April 11th of 2025, but now about 6% below the five year average of our distillates inventories for this time of the year…

with interim highs for both crude oil and refined products exports this week, the total of our exports of oil and everything we produce from it were at a new record high by a long shot, which you can see on the chart below, which we've pulled from a post on Zero Hedge, which they originallu sourced from Bloomberg...

Finally, after the increase in our oil exports and the decrease in our imports, our commercial supplies of crude oil in storage fell for the 11th time in twenty-six weeks, and for the 23rd time over the past year, decreasing by 3,081,000 barrels over the week, from 464,717,000 barrels on April 3rd to 463,804,000 barrels on April 10th, after our commercial crude supplies had increased by 3,081,000 barrels over the prior week….After this week’s decrease, our commercial crude oil inventories were about 1% above the recent five-year average of commercial oil supplies for this time of year, and were 35.3% above the average of our available crude oil stocks as of the second weekend of April over the 5 years at the beginning of the past decade, with the big difference between those comparisons arising because it wasn’t until early 2015 that our oil inventories had first topped 400 million barrels. After our commercial crude oil inventories had jumped to record highs during the Covid lockdowns in the Spring of 2020, then jumped again after February 2021’s winter storm Uri froze off US Gulf Coast refining, but then fell sharply due to increased exports to Europe following the onset of the Ukraine war, only to jump again following the Christmas 2022 refinery freeze-offs, changes in our commercial crude supplies have generally leveled off since, and as of this April 10th were 4.7% above the 442,860,000 barrels of oil in commercial storage on April 11th of 2025, and were 0.8% more than the 459,993,000 barrels of oil that we had in storage on April 12th of 2024, but were 0.5% less than the 465,968,000 barrels of oil we had left in commercial storage on April 14th of 2023…

This Week's Rig Count

The US rig count was down by 2 over the week ending April 17th, as the count of rigs targeting natural gas was down by one, and the number of rigs targeting oil was down by two, while miscellaneous rigs had increased by one…for a quick snapshot of this week's rig count, we are again including below a screenshot of the rig count summary pdf from Baker Hughes...in the table below, the first column shows the active rig count as of April 17th, the second column shows the change in the number of working rigs between last week’s count (April 10th) and this week’s (April 17th) count, the third column shows last week’s April 10th active rig count, the 4th column shows the change between the number of rigs running on Thursday and the number running on the Friday of the same week of a year ago, and the 5th column shows the number of rigs that were drilling at the end of that reporting period a year ago, which in this week’s case was a Thursday, the 17th of April, 2025…

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Ohio waved through a massive gas plant in 90 days — nobody asked the people who live next to it — The Ohio Power Siting Board approved construction of a 350-megawatt natural gas power plant in Wood County on February 3 — with no public hearing — and most people who live nearby are only finding out now. The Apollo Power Generation Facility is being built by Will-Power OH, LLC, a subsidiary of The Williams Companies, near the intersection of Mercer Road and Middleton Pike in Middleton Township. The plant will operate entirely off the public electric grid — behind-the-meter — generating power exclusively for one customer: Liames, LLC, a shell company currently constructing a data center campus directly adjacent to the Apollo site.Local officials and regional economic development partners have publicly identified the Liames data center as a Meta project.The facility will include approximately 120 megawatts of additional battery energy storage capacity. The Apollo facility was filed with the OPSB on November 5, 2025, under an accelerated Letter of Notification process — a fast-track review available for power plants serving a single customer on industrial property. The OPSB issued its staff report recommending approval on January 27, 2026. Final approval came on February 3. Construction began days later. From first filing to construction: roughly 90 days. No public hearing was held at any point in that process.The plant will be fed by two 16-inch natural gas pipelines. Those pipelines are not part of the current OPSB approval and will require separate filings — filings that have not yet been made and whose routes remain unknown to residents.The full cumulative air pollution picture — combining Apollo’s projected 2.4 million-plus tons of annual CO2 emissions with the diesel generators operating at the adjacent Liames data center, permitted separately — has not been publicly calculated or disclosed.Two residences sit within 1,000 feet of the generating equipment.On Sunday night, approximately 100 residents attended an Ohio EPA public hearing in Bowling Green on Apollo’s draft air permit — the first real opportunity the public has had to formally respond to a project already well under construction.The two speakers who testified in favor had direct industry ties. Every other speaker opposed the project. Petitions calling for a statewide ban on data centers exceeding 25 megawatts were circulated before and after testimony.Public comments on the draft air permit remain open through Tuesday, April 15, 2026, at ohioepa.commentinput.com or by mail to Clint Reed, Ohio EPA DAPC, 347 N. Dunbridge Rd., Bowling Green, OH 43402 — referencing Will-Power, Apollo. The full OPSB approval and project maps are available at OPSB.ohio.gov under case number 25-973-EL-BGN.

EdgeConneX affiliate proposes 430MW natural gas plant to power data center campus in New Albany, Ohio -EdgeConneX’s power solutions affiliate, PowerConneX, has proposed a third on-site natural gas plant to power a planned data center in New Albany, Ohio. As AI drives increasing energy consumption in the US, natural gas looks set to fill the gapFirst reported by Bizjournals, the firm submitted a pre-application notification letter with the Ohio Power Siting Board, setting out plans for a 430MW natural gas-fired facility expected to be located on a 30-acre plot adjacent to a planned data center site.Construction of the plant could commence as early as next year, with commercial operations slated for Q4 2027.EdgeConneX plans to build 1,225,000 sq ft (113,805 sqm) of data centers across several buildings on the property. The initial phase will see the company convert the 524,525 sq ft (48,730 sqm) building, at 9850 Innovation Campus Way, into a data center. The first phase of that project is set to be completed in April 2026.Phase II will see the construction of a new two-story 700,000 sq ft (65,030 sqm) building, as well as a separate 80,000 sq ft (7,430 sqm) energy center building housing gas-fired generators. That phase will be substantially complete by Q3 2027.EdgeConneX acquired the warehouse and property totaling 270 acres from VanTrust Real Estate last year for a total of $137.2 million.The company filed for permission to build its first on-site natural gas facility last February. The plant is expected to have a capacity of 120MW and directly power the data center. According to recent reports, the facility is currently under construction and is expected to come online in early 2027.The second gas power plant is expected to have a capacity of 216MW and will power the company’s second 700,000 sq ft (65,030 sqm) facility on the site. As of yet, it is unclear what the latest gas plant will power.New Albany is becoming a hotbed of data center activity, with many operators looking towards on-site generation as a means to expedite their route to market. In June of last year, a 200MW natural gas power plant set to provide behind-the-meter power to a Meta data center in New Albany was approved for construction.

'High-pressure gas leak' leads to evacuation in Sebring, Ohio - (WKBN) — Twenty houses in Sebring, between Pennsylvania and Oregon Avenues, and 13th and 14th streets, were evacuated after a crew installing fiber optic cable hit a gas line, resulting in two leaks which could be seen, heard, and smelled. Conner O’Halloran of the Mahoning County Emergency Management Agency was also concerned that a strong thunderstorm was approaching Sebring, which could ignite an explosion. “We knew it had a high degree of lighting, which added to the evacuation emphasis because we knew where there was a lot of electricity in the air, we had to get out and away from this hazard,” O’ Halloran said. Chris Frazer is Sebring’s incoming city manager.. “We just came down here because we do live in the neighborhood,” Frazer said. Not only were they dealing with the gas leak, but all of Sebring lost power after the storm moved through. “Yeah, unfortunately, that was the case. What can I say, it was an unforgiving Thursday,” Frazer said. “This quite literally has been the perfect storm of events all happening at the same exact time,” O’Halloran said. There were no injuries, and the evacuation was issued out of an abundance of caution. The crew installing the fiber optic cable could be seen throughout the neighborhood, at times talking with the safety forces on the scene. Some people were checking out the situation from their porches. “It was just a freak accident where a contractor was digging, and they hit a gas line in one of the alleys,” Frazer said.

Business leaders encourage shale academy students — Students at Utica Shale Academy were encouraged to pursue the skills and knowledge required of the fields that interest them during the second annual Career Day event on April 9. Mark Lamoncha, president and chief executive officer of Humtown Products of Columbiana; Terry Loveland, founder and owner of B&B Energy Services of Chester; and former Ohio Rep. Jay Edwards (R-94th District) spoke to students during the activity, for which several area businesses also sent representatives to meet with the teens one to one. Lamoncha’s visit came soon after the announcement that he has been named the U.S. Small Business Administration’s Small Business Owner of the Year, an honor for which business owners throughout the U.S. and its territories are considered. In addressing the students, he noted his father started Humtown more than 60 years ago, producing patterns for the foundry industry. Under Mark’s leadership, it has branched out to 3D printing, with the largest number of 3D sand printers under one roof in North America and possibly the world. Lamoncha said Humtown has facilities in Columbiana, Boardman, Los Angeles and Germany, with the latter providing parts for American manufacturers of electric vehicles. “My advice (to teens) is to read about four or five careers that are really interesting to them and call someone in that field and ask to talk to them,” he said. He noted the practice of seeking a mentor for advice and instruction in one’s career goes back thousands of years. Aided by his wife, Sheri, a teacher who also has served as sales coordinator for Humtown; and staff member Zach Johnson, he showed students the traditional approach to producing molds for parts using heated sand. Johnson said as coach of new products for the company, he’s working with others to explore materials other than plastic that may be used in 3D printing. A former member of the Ohio board of education, Lamoncha said he would like to see students exposed to potential careers at an early age, noting he has welcomed youth as young as second-graders to tour his company’s facilities. Loveland said after working as a welder and in other positions for a number of years, he started his business in a garage behind his home in 2008. With the exception of his wife, who helped him prepare bid proposals, he worked alone initially, serving primarily dumpster companies and scrapyards. Today, it has about 100 employees, a fleet of 70 trucks and other equipment providing major companies in the oil and gas industry with various types of fabricated pipe, hydraulic torquing, hot tap welding, concrete piers and foundations and excavation, coating and painting and other services. “We’re pushing $50 million in business each year,” he said, adding that he employs people with welding and many other skills. Loveland said as a teen, he didn’t expect to one day oversee his own company, and he offered the USA students before him encouragement. “You can do it. I did it. You just have to push yourself,” he advised, adding, “Learn as much as you can. You’ll get a good job if you push yourself.”

37 New Shale Well Permits Issued for PA-OH-WV Apr 6 – 12 --Marcellus Drilling News -- Last week was a good week for new drilling permits. The Marcellus/Utica region received 37 new drilling permits last week, Apr. 6 – 12, up 15 from the 22 issued two weeks ago. Pennsylvania issued 23 of the permits. Ohio issued 8 new permits. And West Virginia issued 6 new permits last week. The drillers who received new permits last week included: Antero Resources, Ascent Resources, Blackhill Energy, Clean Energy Exploration, EOG Resources, EQT, JKLM Energy, Laurel Mountain Energy, PennEnergy Resources, Repsol, and Snyder Brothers. Antero Resources | Armstrong County | Ascent Resources | Blackhill Energy | Bradford County | Butler County | Carroll County | Clean Energy E&P | EOG Resources | EQT Corp | Fayette County | Jefferson County (OH) | JKLM Energy | Laurel Mountain Energy | PennEnergy | Repsol | Snyder Brothers | Tioga County (PA) | Wetzel County

Repsol Wastewater Spill in Bradford County Draws DEP Violations --Marcellus Drilling News -- On March 24, Repsol Oil and Gas reported a wastewater spill at its Ugliuzza shale gas well pad in Bradford County, PA, initially estimated at 630 gallons but later revised to about 18,900 gallons. The release was traced to an improperly connected hose hanging over secondary containment, allowing wastewater to flow 1,143 feet through drainage features into Rockwell Creek. The Pennsylvania Department of Environmental Protection (DEP) inspected the site on March 25 and cited multiple violations. Repsol and its contractor began recovery and containment efforts immediately, installing sumps and lining the basin. By April 6, the company reported recovering 166,729 gallons of contaminated fluid.

Big Green Attacks Pennsylvania Democrats Who Support Natural Gas - Natural Allies for a Clean Energy Future is a 501(c)(4) advocacy group launched in August 2020 to promote natural gas as the best solution to support unreliable renewable energy and the best solution to lower greenhouse gas emissions. The companies behind Natural Allies include Marcellus/Utica heavy hitters, such as EQT, National Fuel Gas Company, Williams, Kinder Morgan, TC Energy, and Enbridge. A number of labor unions and gas groups are also financial backers of Natural Allies. The interesting thing about the group is that its leaders are liberal Democrats. The group exists to woo and attract other liberal Democrats in blue and purple states (like Pennsylvania) to support natural gas. Big Green is not happy with the effort.

PA DEP Scores $14M Federal Grant to Test Geothermal in Utica Well - Marcellus Drilling News -- The U.S. Department of Energy (DOE) Hydrocarbons and Geothermal Energy Office (HGEO) announced a $14 million project to test enhanced geothermal systems (EGS) in Pennsylvania. Led by the Pennsylvania Department of Environmental Protection (DEP), the initiative will leverage existing oil and gas infrastructure, specifically the Appalachian Utica Shale, to explore the efficacy and scalability of EGS in the eastern U.S. This project aims to convert a horizontal shale gas well for geothermal use, assessing optimal well placements and fracturing techniques. If successful, it could provide a replicable model for expanding reliable, cost-effective geothermal electricity nationwide, utilizing abundant underground heat resources.

PA’s Act 13 Shale Law has Led to Huge Investments in the State -Marcellus Drilling News -- - The Marcellus Shale Coalition, in a recent blog post, highlights Pennsylvania’s Act 13 of 2012 as a landmark energy law demonstrating how a comprehensive regulatory framework can guide natural gas development and investment while delivering tangible community benefits. We were there to chronicle the debate and passage of this critically important law 14 years ago (see Gov. Corbett Signs New Marcellus Drilling Law). Central to the success of Act 13 is the Impact Fee, a unique production tax (rather than a severance tax) that has generated over $3 billion statewide, providing hundreds of millions annually to local governments. These funds support diverse projects, including road improvements, water infrastructure upgrades, emergency services, and economic development, particularly crucial for rural areas.

Drought Conditions Stop Frac Water Withdrawals at 15 NEPA Locations -Marcellus Drilling News -- The highly functional and responsible Susquehanna River Basin Commission (SRBC), unlike its highly dysfunctional and irresponsible counterpart, the Delaware River Basin Commission (DRBC), continues to support the shale energy industry by approving water withdrawals and consumptive use for responsible and safe shale drilling. The SRBC also tells shale drillers when to stop withdrawing if low water flow (i.e., drought) conditions exist. That’s what the SRBC did yesterday. The agency, via its Hydrologic Conditions Monitor, warned shale drillers that, at 15 listed locations (all in Pennsylvania), they must stop water withdrawals until streamflow reaches a specific “trigger flow” target (different for each location). Another 9 locations are approaching restrictions.

Philadelphia Gas Works’ Proposed LNG Plant Replacement in Limbo - Marcellus Drilling News -- The Philadelphia Gas Commission postponed a vote on Philadelphia Gas Works’ (PGW) $182 million proposal to replace and expand its natural gas liquefier (LNG plant) in Port Richmond. The commission’s staff and the Public Advocate recommended rejecting the project, arguing it was oversized and could burden customers with unnecessary debt. They also cited incomplete plant and project designs. PGW argued the upgrade is crucial for safety and affordability, preventing potential harm to customers during cold winters and avoiding the need to truck in liquefied natural gas.

Antis Hold Out Hope to Block NESE Pipe Via Obscure NJ State Agency -Marcellus Drilling News -- -As we reported last week, anti-fossil fuel fanatics haven’t given up on trying to block construction of the Williams Northeast Supply Enhancement (NESE) pipeline, a $1 billion+ project designed to increase Transco pipeline capacity and flows of Marcellus gas heading into New York City and other northeastern markets (see Zombie Antis Fight to Block Williams NESE Pipeline in NY, NJ). Even though ground will break on construction *today* at a ceremony at Brooklyn’s Floyd Bennett Field in New York City, antis are still doing their best to block this project. Their latest angle of attack is to demand (antis always demand) that a relatively obscure state agency in New Jersey reject issuing a license for the project.

EOG Using Advanced Completion Techniques to Boost Production - Marcellus Drilling News --EOG Resources, one of the largest crude oil and natural gas exploration and production companies in the U.S., is shifting its focus from simply drilling more wells to improving well completion techniques to boost recovery rates in U.S. shale assets such as the Eagle Ford, Delaware Basin, and Utica. The company anticipates achieving reductions in average well costs and enhanced recovery through longer laterals and refined completion methods, such as higher-density fracture stages and optimized fracture spacing. This strategy, developed initially in South Texas, enables EOG to increase production while controlling costs, aiming for incremental yet significant productivity gains across its projects, including gas-focused opportunities in the Utica shale.

EOG Resources implements advanced well completion techniques to boost recovery rates across U.S. shale assets -- Shale development typically appears as an exercise in scale — more wells, more rigs, more money. However, beneath the surface activity that defines the visible component of shale development, the largest increases have been achieved through significantly less publicized decisions regarding the wellbore. At EOG Resources, recent growth plans suggest that the next generation of shale development may be less focused on expanding the number of wells drilled and more focused on improving the way each individual well is “finished.” After experiencing stronger-than-expected operational performance in the second half of 2025, EOG Resources is planning increased levels of activity in several of the company’s core U.S. shale areas, which include the Eagle Ford, Delaware Basin, and Utica. Even though headlines will indicate hundreds of additional wells being drilled, the company believes that much of its expected improvement will derive from operational efficiencies associated with well design and completion techniques rather than a rapid expansion of drilling activity. In fact, according to management projections, the company’s 2026 program anticipates achieving reductions in average well costs in the range of low single-digit percentages, despite continued increases in lateral length. Through longer laterals (and) refined completion techniques, EOG intends to improve recovery from each well bore without necessarily increasing spending. Unlike in their earlier days, today, the most productive shale basins, such as the Eagle Ford, do not present as many geological uncertainties. As a result, what currently differentiates among shale producers is the effectiveness and advanced nature of stimulation techniques used. With more effective stimulation techniques such as higher-density fracture stages, optimized fracture spacing, and customized fluid designs, producers can achieve greater contact with rock formations and maintain stable flow rates for longer durations.For example, EOG has developed and honed many of these advanced completion techniques during the last few years, specifically, in South Texas, where a significant portion of its 2026 planned activities will occur within the company’s core Eagle Ford acreage. To further enhance recovery, EOG has paired long lateral lengths with specialized completion techniques designed to address specific reservoir zones.This process is intended to allow EOG to increase recovery while controlling costs. Overall, the company’s 2026 drilling program may appear conservative in terms of scope but aggressive in terms of performance. These stimulation techniques can also be applied in other shale plays beyond the Eagle Ford. According to information tracked by Industrial Info, there is approximately $1.66 billion in both current and proposed EOG projects, representing more than 40 percent of which are viewed as high-confidence opportunities to advance as originally scheduled. Therefore, these developments represent a wide array of projects located in various Texas shale areas as well as gas-focused opportunities in the Utica shale area, where similar stimulation techniques will be adapted for use in different reservoirs. In Webb County, Texas, EOG plans to drill numerous new oil/gas/liquids wells connected to existing gathering and processing infrastructure. Improved stimulation results in shorter times from spud to sale through enhanced early-time production stabilization and reduced amounts of remediation necessary later in the life of a well.Ultimately, EOG’s strategy implies that the next productivity gains in U.S. shale will be incremental but important. Rather than dramatic changes, incremental improvements in recovery will be generated through repetition, data analysis, and continuous refinement in how wells are completed. For larger operators possessing extensive inventory positions, relatively small percentage improvements in recovery can generate substantial increases in recoverable reserves over time. With maturing shale plays continuing to become increasingly prolific in terms of development potential, this emphasis on completion quality versus simply completing more wells could ultimately influence how future U.S. production growth is defined.

Volatility Ramps Up in Southeast Natural Gas Prices as LNG Reshapes Flows -- Southeast natural gas markets are tightening as rising LNG demand along the Gulf Coast collides with growing regional consumption, forcing buyers to compete more aggressively for supply. Line chart of NGI Southeast regional natural gas forward basis curves for Cove Point, Transco Zone 4, Transco Zone 5 and Florida Gas Zone 3, showing sharp winter spikes above $6/MMBtu and lower, stable pricing through summer months into 2028. At A Glance:
Volatility persists despite seasonal demand lull
Florida markets show persistent premium
Infrastructure lagging behind demand growth

Venture Global Secures Pre-Filing Waiver for CP2 Phase 3 Buildout - FERC agreed to waive the pre-filing requirement for a third phase of Venture Global Inc.’s proposed CP2 LNG expansion, indicating regulators could be more open to streamlining processes for large-scale brownfield export projects. At A Glance:

FERC waiver could accelerate LNG timelines
Phased expansion strategy advancing
Global demand incentivizes U.S. exports

What’s Happening with Golden Pass LNG? Pipeline Data Points to Lower Demand - A look at the global natural gas and LNG markets by the numbers.

0.14 Bcf/d: Golden Pass LNG may be having operational issues or a slow down in commissioning ahead of the first export of LNG from Train 1, according to pipeline data and Wood Mackenzie. The firm reported that imagery of the southeast Texas facility shows that all engines have likely been off for several days. Feed gas nominations to Golden Pass have averaged around 0.3 Bcf/d since first LNG production was announced in late March. However, flows dipped over the weekend and have been revised down to 0.14 Bcf/d as of Wednesday.
1 cargo/week: U.S. LNG exports are consistently flowing through the Panama Canal for the first time in five months as Asia seeks more spot cargoes. Since early March, at least 1 U.S. cargo a week has been shipped through the route, according to Kpler data. The canal’s use as a door for U.S. LNG to Asia has collapsed since 2021, falling from 17.61 million tons (Mt) to 2.03 Mt last year. Persistent droughts in the region and the pull of U.S. gas to Europe have accelerated the decline.
24 Mt/y: Cheniere Energy Inc. has filed a request with the U.S. Department of Energy to approve the export of up to 1,200 Bcf/y from its planned fourth expansion at Corpus Christi LNG (CCL). Designed to add an additional 24 Mt/y at the South Texas terminal by the early 2030s, the Stage 4 expansion would add four large-scale trains to the facility. It would also include building a 42-inch diameter, 26-mile pipeline to increase feed gas deliveries to the CCL terminal by 2.75 Bcf/d. In February, the firm officially started the permitting process with the Federal Energy Regulatory Commission.
19.4 Bcf/d: U.S. LNG feed gas demand is stepping into the lead position in driving Lower 48 gas markets in the near term as production remains high and the shoulder season takes full effect. After averaging around 22.3 Bcf/d since mid-March, residential and commercial natural gas demand is expected to fall to 16.8 Bcf/d in the coming seven days, according to Wood Mackenzie. Demand has been trending below last year’s levels since the beginning of the year. Meanwhile, LNG feed gas demand has recovered from slight dips at the end of March and is seen averaging 19.4 Bcf/d during the next week, according to the firm. Feed gas nominations are around 3.4 Bcf/d higher than during the same period in 2025.

Natural Gas Winter Strip Retreats to Pre-War Levels, but Is 2027 Still Too Cheap? -- The natural gas forward curve has erased nearly all of the premium built during January’s cold and the Iran war, with the Henry Hub winter 2026/27 strip dropping more than 80 cents from its highs to reach its lowest level since before the freeze. Henry Hub natural gas forward fixed price seasonal strips for summer 2026, summer 2027, winter 2026/2027, and winter 2027/2028, showing winter premiums above $4.00/MMBtu and softer summer pricing near $3.00-$3.50/MMBtu. At A Glance:
Winter strip at pre-cold snap lows
Analyst eyes 2027 prices above $5
Global NatGas tightness lingers into 2027

US natgas prices sink to 17-month low as supply surges, demand declines (Reuters) - U.S. natural gas futures eased to a fresh 17-month low on Monday on near-record production so far this month, ample supplies of gas in storage and forecasts for milder weather and less demand next week than previously expected. Front-month gas futures for May delivery NGc1 on the New York Mercantile Exchange fell 2.1 cents, or 0.8%, to settle at $2.627 per million British thermal units (mmBtu), their lowest since October 29, 2024 for a second day in a row. That kept the contract in oversold territory for a third day in a row for the first time since December 2025. In the cash market, average prices at the Waha Hub in West Texas remained in negative territory for a record 46 straight days as pipeline constraints continued to trap gas in the Permian region, the nation's biggest oil-producing shale basin. Financial firm LSEG said average gas output in the U.S. Lower 48 states rose to 111.1 billion cubic feet per day so far in April, up from 110.4 bcfd in March. That compares with a monthly record high of 110.7 bcfd in December 2025. Analysts projected that mostly mild spring weather has allowed energy firms to inject more gas into storage than usual, boosting inventories to a forecast 5.3% above normal levels during the week ended April 10, up from 4.8% above normal during the week ended April 3. Meteorologists forecast the weather will remain mostly warmer than normal through April 28, keeping both heating and cooling demand low. LSEG projected average gas demand in the Lower 48 states, including exports, would rise from 100.6 bcfd this week to 101.1 bcfd next week. The forecast for this week was higher than LSEG's outlook on Friday, while its forecast for next week was lower. Average gas flows to the nine big U.S. LNG export plants rose to 18.9 bcfd so far in April, up from 18.6 bcfd in March. That reading compares with a monthly record high of 18.7 bcfd in February. Global gas prices have spiked in recent years due primarily to supply disruptions linked to Russia's 2022 invasion of Ukraine and the 2026 war in Iran. Gas prices in the U.S., however, have not reacted to the Iran war as elsewhere. That is because the U.S. produces all the gas it needs domestically and U.S. LNG plants were already operating at maximum capacity. So, no matter how high global gas prices go, the U.S. cannot export much more LNG. Since the U.S. and Israel started bombing Iran on February 28, U.S. gas NGc1 prices are down about 5% versus massive increases of 45% in Europe and 81% in Asia.

California Natural Gas Prices Collapse to Historic Lows Amid ‘Perfect Storm’ of Oversupply -- PG&E Citygate cash prices broke through a quarter-century floor this month, dropping as low as $1.165/MMBtu Tuesday and Wednesday as a three-basin supply glut overwhelms Golden State demand amid mild shoulder season weather and competing generation. Chart of NGI’s Daily Natural Gas Prices showing PG&E Citygate, SoCal Border Avg., and SoCal Citygate from February to April 2026, with California gas prices trending lower, SoCal Border falling below $1.00/MMBtu and SoCal Citygate remaining above $2.00/MMBtu. At A Glance:

PG&E Citygate drops to record low
Permian, Rockies, Canada supply crush prices
Aliso Canyon storage out through April

US natgas futures edge up, cash prices in Texas and California at record lows (Reuters) - U.S. natural gas futures edged up on Thursday following a drop in output over the past few days and forecasts for more demand than previously expected over the next two weeks. Front-month gas futures for May delivery NGc1 on the New York Mercantile Exchange rose 3.7 cents, or 1.4%, to settle at $2.647 per million British thermal units (mmBtu). The U.S. Energy Information Administration (EIA) said energy firms added 59 billion cubic feet (bcf) of gas into storage during the week ended April 10. That was bigger than the 51-bcf build analysts forecast in a Reuters poll and compares with increases of 22 bcf during the same week last year and a five-year (2021 to 2025) average increase of 38 bcf for the period. Analysts said they expected a bigger-than-normal build because mild weather last week kept heating demand low. In the cash market, spot power and gas prices in parts of Texas and California traded in negative or record-low territory this week as mild weather kept both heating and cooling use low, allowing ample amounts of hydro and other renewable sources of energy to meet more demand. Next-day gas prices fell to record lows of negative $9.56 per mmBtu at the Waha Hub in West Texas and positive $1.16 at the PG&E Citygate in Northern California. For PG&E, that was the fourth daily record low in a row. Financial firm LSEG said average gas output in the U.S. Lower 48 states rose to 110.7 billion cubic feet per day (bcfd) so far in April, up from 110.4 bcfd in March. That compares with a monthly record high of 110.7 bcfd in December 2025. On a daily basis, output was on track to drop by 3.2 bcfd over the past four days to a preliminary 10-week low of 108.0 bcfd on Thursday due mostly to declines in Louisiana and Ohio. Meteorologists forecast the weather will remain mostly warmer than normal through May 1, keeping both heating and cooling demand low. LSEG projected average gas demand in the Lower 48 states, including exports, would slide from 101.3 bcfd this week to 100.8 bcfd next week. Those forecasts were higher than LSEG's outlook on Wednesday. Average gas flows to the nine big U.S. LNG export plants rose to 18.9 bcfd so far in April, up from 18.6 bcfd in March. That reading compares with a monthly record high of 18.7 bcfd in February.

Supreme Court sides with oil industry in Louisiana coastal erosion fight - The Supreme Court has ruled in favor of the oil and gas industry’s efforts to move a long-standing legal battle over Louisiana’s eroding coastline out of the Bayou State’s courts.In a 8-0 decision issued Friday, the justices were persuaded by industry lawyers’ position that a raft of lawsuits against oil and gas producers should be heard in federal court because the companies were doing the bidding of the federal government by providing petroleum products to fill World War II-era federal contracts for aviation gas, or avgas.The oil industry’s win could make it easier for federal contractors and other private parties to move lawsuits against them to federal court, delaying proceedings and securing venues they see as more favorable to their arguments. During oral arguments in January, the justices appeared wary of making it too easy for companies facing legal action in state court to drag lawsuits into federal courts by relying on the federal officer removal statute.The Trump administration sided with the oil industry in the case, arguing that the statute protects the federal government from interference by state courts.The case landed at the Supreme Court after more than a decade of wrangling over which court should decide whether oil majors owe Louisiana damages for not obtaining permits for drilling activities after the state’s Coastal Resources Management Act was enacted in 1980.Half-a-dozen parishes, led by Plaquemines Parish in southeast Louisiana, have filed 42 lawsuits against the oil industry in state court. The outcome of the Supreme Court case could affect more than a dozen of the suits that remain pending and have not been settled. All damages would go into a fund for coastal restoration efforts, according to attorneys for the challengers.Supreme Court Justice Samuel Alito had recused himself from the case, citing financial interest in ConocoPhillips, the parent company of Burlington Resources Oil & Gas. The subsidiary withdrew from the dispute before the justices last June agreed to take up the case, but the Supreme Court noted the company remains a defendant in the district court.

Chevron’s Supreme Court win offers oil industry easier path to friendlier courts - - A Supreme Court ruling Friday could make it easier for federal contractors and other private parties to move lawsuits against them to federal court, delaying proceedings and securing venues they see as more favorable to their arguments. In an 8-0 decision, the justices found that Chevron U.S.A. met legal requirements to transfer a yearslong dispute over its responsibility for Louisiana’s eroding coastline from state to federal court under the federal officer removal statute. The law allows private entities like Chevron that are acting under the direction of the federal government to be heard before a federal bench.The decision in Chevron v. Plaquemines Parish reverses rulings from the 5th U.S. Circuit Court of Appeals and a federal district court.“Chevron’s case fits comfortably within the ordinary meaning of a suit ‘relating to’ the performance of federal duties,” said Justice Clarence Thomas, who penned the majority opinion. Justice Ketanji Brown Jackson concurred with the judgment in the case but did not sign on to Thomas’ opinion.“Chevron has plausibly alleged a close relationship between its challenged conduct and the performance of its federal duties —not a tenuous, remote, or peripheral one,” Thomas continued.The dispute reached the Supreme Court after Louisiana parishes and the state sued the oil major for allegedly failing to obtain a state permit for oil drilling after the 1980 enactment of Louisiana’s State and Local Coastal Resources Management Act. The law prohibited certain uses of Louisiana’s coastal zone, including oil production, without a permit. They claimed the case belonged before a state bench, because the case involved issues of state law.Chevron applauded the finding that the lawsuits belong in federal court.“As the court recognized, the plaintiffs’ claims are related to activities that Chevron and other energy companies performed under federal supervision during World War II,” said spokesperson Bill Turenne. “Those claims are flawed as a matter of both state law and federal law, and Chevron looks forward to litigating these cases in federal court, where they belong.”Attorneys for the parishes could not be immediately reached for comment on the decision.Louisiana Attorney General Elizabeth Murrill expressed confidence the state would ultimately prevail in its challenge.“A jury in one of the most conservative, pro-oil and gas communities in the country found that Chevron was liable for billions of gallons of toxic waste dumped into the Louisiana marsh,” she said in an emailed statement, referencing a state court ruling in 2025 awarding parishes $744 million in damages.“It doesn’t matter whether this case is in state court or federal court—I am confident the outcome will be the same.”

Interior sets oil lease sale in Arctic National Wildife Refuge - The Interior Department unveiled plans Friday to hold an oil lease sale this June in the Arctic National Wildlife Refuge, an untouched expanse of public land in the far northeast corner of Alaska.The auction will be the first lease sale in ANWR’s coastal plain under the One Big Beautiful Bill Act, the 2025 law championed by the Trump administration that requires four sales in the 1.5-million-acre section of the refuge by 2035.Trump administration officials have touted the upcoming sale as helping unlock Alaskan energy. President Donald Trump has “long supported Alaska’s important contribution to American energy dominance and Interior is proud to take the necessary and durable steps to unleash these important resources on behalf of the American people,” said Kate MacGregor, deputy Interior secretary, in a statement.Environmental groups have noted that a January 2025 oil lease sale for ANWR yielded no bids — something that a top Biden administration official cheered at the time. Drilling in the refuge would mar a wild landscape, drilling opponents said.

Frozen Fuel: Alaska Eyes Another Epic Pipeline - Underneath the glaciers polar bears patrol along Alaska’s North Slope, the decayed bodies of their ancestors who trod there eons ago have left trillions of cubic feet of natural gas, an energy bonanza for the modern world. That jackpot reservoir has left present-day Alaskans puzzling over how to divide the booty: How much do we need to keep for ourselves, and how much can we export? The answers lie hundreds or even thousands of miles away, among lawmakers in Juneau, in oil and gas company executive suites in New York and Texas, and in capitals of potential buyers spread across the Asian rim. The solutions are being sought while warfare has erupted against Iran, which makes Alaska’s supply even more attractive, and the pockets of natural gas that state residents currently draw on are dwindling. “Yet again, Alaskans are wondering why, with a huge amount of North Slope natural gas, we are going to increase our dependence on some of the world’s most unstable regions,” Republican Gov. Mike Dunleavy and former Sen. Mark Begich wrote in the Juneau Empire on March 30. “The answer, in part, is that we have failed to develop our own energy resources.” Dunleavy’s pitch, which he has been making for more than a year, is for the construction of a natural gas pipeline that would run nearly 800 miles, from the frozen edge of Prudhoe Bay to new processing and shipping facilities on the Kenai Peninsula. At a time when energy demand is growing and energy markets are roiled by instability on several fronts, the pipeline, whose notable backers include President Trump, would seem to come at an ideal moment. Instead, it faces multiple hurdles that illustrate how complex it has become to pull gas from the ground, and how expensive it will be to get it out of such a remote spot and across such a formidable landscape. “Alaska does need it,” state senator Robert Myers told RealClearInvestigations. “It’s not a done deal yet, but we are definitely seeing some progress.” Alaska has done it before. When the Trans-Alaskan Pipeline System (TAPS) opened in 1977, it was an engineering marvel and an important source of oil. At a cost of $9 billion, it stood then as the most expensive private construction project in American history. Running atop tundra, under mountains, through snow in winter and clouds of mosquitoes in summer, the Trans-Alaskan Pipeline pumped more than 2 million barrels of oil a day at its peak, an output that has fallen below 500,000 barrels a day as the rich pots of black gold have been sucked out. Both the famous TAPS and the proposed natural gas pipeline also fall under Alaska’s unique constitution, which essentially gives residents an ownership stake. Initially, the gas pipeline was under the aegis of the Alaska Gasline Development Corporation. Last year, however, the state struck a deal with Glenfarne Group, making the multinational energy firm a majority owner and lead developer of the project, with the state retaining a 25% stake. Glenfarne, a privately held company with an executive board dominated by Australians, is headquartered in New York and Houston, but most of its energy portfolio, aside from one LNG operation in Louisiana, is based in Latin America. Now, Glenfarne and Alaska are seeking to replicate, with methane, what’s already been accomplished with oil. Like TAPS, its pipes would also begin along Alaska’s North Slope, with the gas line tapping one of the world’s great stranded reserves. “There are 35 trillion cubic feet there and that’s just the proven reserves, there’s probably more than that,” state senator Jesse Kiehl said. Indeed, some estimates have put the potential total as high as 200 trillion cubic feet. That’s a considerable field, although the U.S. currently produces around 118 billion cubic feet of natural gas per day. “Will Alaska change the world – no,” said David Victor, a professor of innovation and public policy at the School of Global Policy and Strategy at UC San Diego and fellow at the Brookings Institution. “Thirty-five trillion cubic feet is a huge amount of gas, but there’s a lot of gas in lots of places. What is needed is the mix of gas below ground and the investment environment above ground.” Unlike the TAPS system, which green groups continue to attack in courts, the natural gas line is not facing serious environmental opposition. While a fossil fuel, natural gas is cleaner than oil, and there won’t be any Exxon Valdez if something goes wrong – the methane is simply lost in the atmosphere. The engineering challenges are largely solved already because the new pipe would closely follow the path of the Trans-Alaskan Pipeline for much of its length. Yet challenges remain. Because oil is warmer than natural gas, parts of the TAPS Pipeline were built above ground to prevent melting the tundra and destabilizing the tube. The proposed gas pipeline, on the other hand, will run entirely underground. Builders can simply go around deep water, which adds miles but is cheaper, faster, and safer, according to lawmakers and energy experts. At some point, however, the pipe will have to run beneath the Yukon River, a mighty glacial drain that is a mile wide in places. That will be a monumental piece of construction. While most of the river is quite shallow, its deepest point measures 130 feet by Rampart, Alaska, right by the pipe’s path. Wherever they cross, builders must have a launch point and a receiving pit on each riverbank, then use a remote-controlled tunneling head to drill a path under the river, dragging the attached pipe with it. And unlike oil, which can be pumped directly into tankers and moved across the oceans, the methane gas must be cooled to -260 Fahrenheit to become liquid – the “L” in LNG – and transported. Consequently, an expensive liquification plant will have to be built at the pipeline’s terminus, in Alaska’s Nikiski area. The facilities at LNG ports typically consist of 2 or more trains, the high-tech units that perform the supercooling liquefaction. Each train can cost anywhere from $5 to $10 billion to construct. Then, only specialized ships can handle cargoes of super-cooled liquid gas. In fact, there are currently no big tankers meeting the strict requirements of the Jones Act, a law passed in 1920 that requires ships moving between U.S. ports to be built in America and crewed by the U.S. Merchant Marine. That means the biggest markets for Alaskan gas will be exclusively foreign ports. And of those, destinations in Asia, where industrial countries like Japan, South Korea, or Taiwan must import most of their energy, are the most attractive. On a trip to the Asian rim last year, Gov. Dunleavy pitched potential buyers on the benefits of linking with Alaska: shorter distances and crossing routes not subject to the vicissitudes of war and instability that can impact operations and prices of energy from the Middle East. Tokyo, for example, is 1,200 miles closer to Alaska’s Kenai Peninsula than it is to the Strait of Hormuz. The attacks on Iran by the U.S. and Israel are thus seen as potential game-changers for Alaskans. On March 13, Dunleavy declared the action in Iran “a strategic master stroke” in the Wall Street Journal, and supporters like Kiehl noted that “the instability in the Middle East might juice this project.”

Imperial Oil pipeline spills 843,000 litres northwest of Cold Lake, Alta. | CBC News An Imperial Oil pipeline spilled 843,000 litres of bitumen emulsion northwest of Cold Lake, Alta., last week. In a statement to CBC News, Imperial Oil spokesperson Lisa Schmidt said teams responded immediately. The release, which occurred April 9, has been stopped and contained, and cleanup and remediation are underway. “We are sorry this incident occurred," Schmidt wrote. An Alberta Energy Regulator (AER) spokesperson confirmed the agency sent inspectors to the site of the spill — about 30 kilometres northwest of Cold Lake, a city near the Alberta-Saskatchewan border. The AER incident report says the emergency phase is over. The report and Imperial Oil say no impacts to wildlife or waterbodies have been identified so far. Although, Kevin Timoney, ecologist with Treeline Ecological Research, has studied thousands of spills and believes wildlife and waterbodies could be affected. “There are always impacts and I know that, in the vast majority of cases, those impacts are not adequately reported,” Timoney said. Schmidt said the cause of the spill is undetermined at this point, but it’s being investigated. Cold Lake First Nations Chief Kelsey Jacko said he also sent officials to the site to assess the impact and come up with a plan to move forward. When he spoke with CBC News, he said he was still waiting to hear more details about the incident. "Spills happen every year," Jacko said, adding that they impact the nation's treaty rights. “How do you build up trust when spills keep happening?”

Cedar LNG Construction Advances With FLNG Vessel Nearing Completion Midpoint - One of the next generation of Canadian LNG export projects is pushing forward to generate more demand for natural gas from the Western Canada Sedimentary Basin (WCSB), according to project partner Pembina Pipeline Corp. Map of Western Canada natural gas pipelines and LNG facilities, highlighting Montney and Duvernay basins, major hubs like NOVA/AECO and Empress, and existing, under-construction and proposed LNG export projects along the British Columbia coast. At A Glance:
Adds 400 MMcf/d incremental WCSB demand
Global LNG tightness supports Canadian economics
Coastal GasLink key to feed gas flows

Canada Natural Gas Output Hits Historic High as Exports Reshape Market - Canada’s natural gas sector reached a milestone in 2025, hitting record production levels as the country pivoted toward global export markets and continued its transition from coal. Bar chart of Canada natural gas exports from 2016 to 2025 showing volumes rising to nearly 10 Bcf/d, with the majority flowing to the United States and smaller volumes exported to other countries. At A Glance:
BC drives another production surge
LNG Canada opens new export path
U.S. still takes most volumes

LNG Canada Expansion Gains Momentum Amid Iranian War, Middle East Supply Outages -- LNG Canada’s second phase now appears more likely to advance with structural supply shortfalls expected to persist if it takes years to repair Qatari liquefaction equipment damaged in Iranian attacks last month. Map Comparing LNG Canada Export Routes to Asia Versus U.S. Gulf Coast Shipments, Showing Shorter 10-Day Pacific Route From British Columbia to Asia Compared to 24-Day Gulf Coast Voyage via Panama Canal, With Global Liquefaction Plants and LNG Trade Flows Highlighted. At A Glance:
Pipeline expansion agreement reached
Permits filed for expansion work
Rising costs could impact FID

U.S. Natural Gas Exports Surge as LNG Buildout, Mexico Pipeline Demand Grow - U.S. natural gas exports are expected to continue rising in the coming years, driven not just by rapid LNG expansion but also pipeline exports to Mexico, where demand for the fuel keeps growing. U.S. natural gas trade trends from 2023 to 2027, showing rising LNG exports driving net exports higher, while pipeline imports remain steady, according to EIA forecasts. At A Glance:
Exports seen reaching 20.5 Bcf/d by 2027
LNG capacity expansions drive bulk of growth
NatGas-fired power lifts Mexico demand

Chile Weighs LNG Export Hub Role for Argentine Natural Gas -- Chile’s newly instated Energy Minister Ximena Rincón said that the country was considering developing plans to ship bountiful Argentine LNG to Asian and global markets. Argentina natural gas production climbs steadily from 2020 to 2025, driven by strong output growth in the Neuquén basin and Vaca Muerta shale, with additional contributions from Austral, Noroeste, San Jorge, and Cuyana regions. At A Glance:
Argentine shale keeps export hopes alive
Chile pitches Pacific Coast gateway
Regional ties gain strategic urgency

Global Natural Gas Prices Surge as U.S. Blockade Casts Uncertainty Over Control of Hormuz Strait -- Global natural gas prices resumed a climb upward, following oil higher after peace talks between the United States and Iran failed over the weekend, again clouding the outlook for global energy flows. Map of the Persian Gulf highlighting LNG import and export terminals, including QatarEnergy, Das Island, Bahrain LNG and Jebel Ali, with the Strait of Hormuz marked as a key global natural gas shipping chokepoint. At A Glance:
U.S.-Iran truce ‘fragile’
Hormuz disruption driving volatility
Shoulder season limiting some of impact

Spot LNG Demand Slumps as Warm Weather Dominates Global Forecasts -- Unseasonably warm weather across Europe and Asia, combined with an early burst of near-record heat in the United States, are set to suppress global natural gas demand in the coming weeks. NGI charts of trailing 365-day mean temperatures for Northwest Europe, Beijing, Seoul and Tokyo, comparing daily averages to normal levels and showing seasonal temperature trends from April 2025 to April 2026. At A Glance:

U.S. warmth limits late-season demand
Dry weather boosts Nordic power risks
Volatility rises despite weak demand backdrop

How Much More Can U.S. LNG Exporters Ship in 2026? Summer Heat May Dictate - With the Iran war knocking roughly one-fifth of the world’s LNG supply offline, buyers in Europe and Asia are leaning on the United States to fill the gap. However, additional LNG output from U.S. terminals faces headwinds from summer heat, maintenance and the slow ramp-up of new capacity. At A Glance:

Feed gas averaging about 18.9 Bcf/d YTD
EIA boosts 2026 export forecast
Hot weather, maintenance cap near-term upside

Qatar LNG Damage Tightens Global Natural Gas Markets as Majors Warn of Lasting Impact -- Global energy majors are warning that damage to Qatar’s LNG assets is squeezing global natural gas markets and pushing prices higher, raising further concerns that a drawn-out war in Iran could create lasting impacts. At A Glance:

Exxon flags production hit from attacks
Chevron eyes upside from higher prices
Golden Pass ramp offers limited relief

European Utility Expects New U.S. LNG Supply to Soften Blow of Qatari Outage --
Italian utility Edison SpA said this week it was able to procure LNG cargoes from the United States to meet an expected shortfall after Qatar shuttered production of the super-chilled fuel and declared force majeure on deliveries to customers amid conflict in the Middle East.Edison was able to obtain seven U.S. cargoes after QatarEnergy cancelled plans to lift them, CEO Nicola Monti and Edison’s natural gas portfolio manager Fabio Dubini told reporters during a briefing earlier this week. Monti said he expects new facilities that have come online in the United States such as Plaquemines and Golden Pass LNG to limit the impacts of Middle East LNG outages. (Europe LNG imports by region of origin from 2020 to 2025, showing the United States as the largest supplier, followed by Russia and Qatar, with smaller volumes from Africa, the Middle East, and other regions.)

Ukraine Natural Gas Development Gains Momentum as Europe Seeks Alternative Supplies - Ukraine’s largest natural gas producer is collaborating with Baker Hughes Co. to explore ways to tap the country’s massive reserve of supply as it works to recover from the war with Russia and create stronger ties with Europe. European Union natural gas storage levels at 334 TWh as of April 13, 2026, 29.6% full, tracking below the five-year average and prior year, with charts showing seasonal storage trends and year/year deficits. At A Glance:
DTEK-Baker Hughes to boost domestic output
Ukraine rebuild may curb future LNG needs
Strikes continue hitting gas infrastructure

Treasury secretary: US will not extend sanctions exemptions period for Russia, Iran oil - Washington does not plan to extend the period for exemptions from sanctions on Russian and Iranian oil, US Treasury Secretary Scott Bessent said. According to him, this concerns oil supplies that were already in transport before the sanctions were imposed, and these exemptions were temporary. Bessent stressed that the US administration will not restore the main licenses that allowed trading in Russian and Iranian oil. The current exemptions for Iran expire on Sunday. Earlier it was also reported that the US has extended a separate exemption for foreign filling stations of the Russian company Lukoil, which allows them to continue their work outside Russia until the end of October.

Trump administration extends sanctions exemption on some Russian oil as gas prices continue to skyrocket --The Trump administration extended sanctions exemption Friday on some Russian oil as gas prices continue to skyrocket in the wake of the US-Israeli war against Iran, according to The New York Times (NYT). The move comes two days after Treasury Secretary Scott Bessent announced that the US would not extend the exemption on the sale of Russian oil. Gas prices have skyrocketed since the war in the Middle East began in late February, with the average price in the US surging by over 30% to more than $4 per gallon for regular unleaded gasoline and more than 40% to surpass $5 for diesel, according to the American Automobile Association (AAA). The Trump administration initially loosened restrictions on Russian oil exports that were stranded at sea after the war rattled energy markets, with the goal of lowering oil prices by allowing countries to legally purchase hundreds of millions of barrels of crude that the US had blacklisted, according to the NYT report. As the war has extended into its second month, and with gas prices in the US continuing to surge, the initial sanctions waiver on Russian oil that expired April 11 will now be extended until May 16. The NYT said the last-minute renewal of Russia’s sanctions exemption came as Iran announced Friday that the Strait of Hormuz, a vital waterway that carried 20% of the world’s oil, was completely open to all commercial ships. President Donald Trump celebrated the move by claiming in a social media post that the "Hormuz Strait situation is over" and Iran agreed to never close the waterway again. Iran, however, has made no such commitment. Foreign Minister Seyed Abbas Araghchi said that the waterway would be open "for the remaining period of cease-fire" between the US and Iran, which is set to expire next week. American and Iranian negotiators are expected to meet for another round of peace talks in Pakistan before the ceasefire ends. Democratic lawmakers in the US Senate condemned Trump's extension of the sanctions exemption, with Jeanne Shaheen, the ranking member of the Senate Foreign Relations Committee, and top Democratic members of the chamber, Chuck Schumer and Elizabeth Warren, issuing a rebuke. "This decision is shameful and a 180-degree reversal from Secretary Bessent, just two days after he pledged not to extend sanctions relief for Russia," they said in a statement. “This week, (Russian President Vladimir) Putin launched the largest aerial attack of the year so far on Ukraine, killing 18 and the Administration's response is to relax sanctions on the Kremlin yet again. What kind of message does this move send?”

Oil spill in Port of Antwerp under investigation as clean-up continues An investigation has been launched into an oil spill in the Port of Antwerp, after a container ship leaked a significant amount of oil during refuelling last week. Terminal operators MSC and PSA have begun a joint inquiry. In addition, the Nautical Commission has opened an investigation at the request of the court in Ghent. The spill occurred on Thursday at the Deurganck Dock, one of the port’s largest container terminals, when the vessel MSC Denmark VI began leaking oil during bunkering operations. Initial hopes that the situation would be resolved within 24 hours proved too optimistic. Clean-up efforts are now said to be “under control”, according to nature organisation Natuurpunt. Around 40 people, including volunteers and civil protection staff, are currently working to remove the oil from affected areas, including port infrastructure, ships and nearby riverbanks. Some progress has been made. Key locks, including Kieldrecht and Zandvliet-Berendrecht, have partially or fully reopened, allowing shipping traffic to resume. However, delays continue due to earlier closures and limited capacity. Several contaminated vessels are still being cleaned, and authorities expect disruption to last for several more days. Part of the Scheldt river has reopened to shipping traffic following last night’s oil spill in the Port of Antwerp. b Environmental concerns remain. Dozens of birds have already been found covered in oil, and conservationists warn that the full impact on local wildlife is still unclear. Members of the public have been urged not to assist in the clean-up. There is cautious optimism that the situation will not worsen. Spring tide, which could spread the pollution further into protected natural areas along the River Scheldt, is now expected later this week, giving crews more time to contain the spill. A crisis meeting is taking place on Monday, with further updates expected from port authorities once it concludes.

Diesel spillage as barge sinks on lake in Mol - Diesel has spilled into the Kanaalplas, a lake near to the Zilvermeer, a beauty spot at Mol in Antwerp Province. The Mayor of Mol Wim Caeyers (Christian democrat) told VRT News that it is still unclear how much damage has been done to the environment. However, “It is always serious when oil spills into the water”. There is a stench of diesel in the area around the spill. The hold of vessel was loaded with sand from Sibelco in Mol. No one was on board the barge when it sank. However, as the barge has a diesel generator, some diesel leaked into the lake. The emergency services were at the scene quickly and did their best to contain the spill. “The priority was to ensure that the oil did not drift into the Dessel-Kwaadmechelen Canal. That is why our first task was to set up a dam between the lake and the canal. There are also diesel tanks on board the ship which are, as far as we know, intact. A specialist firm is expected to arrive on site shortly to secure them underwater”, Mr Caeyers explained. What caused the barged to sink is still unclear. The clean-up operation will continue to today.

Geelong fire: Blaze at Australian oil refinery to impact petrol supplies - A major fire at one of Australia's two oil refineries has been extinguished, but the damage has deepened fears over the nation's petrol supplies amid a global fuel crunch. Emergency crews rushed to Viva's Corio oil refinery in Geelong, south-west of Melbourne, just before midnight local time (14:00 GMT) on Wednesday, after reports of explosions and flames. The blaze was put out on Thursday after burning for 13 hours. No one was injured, with dozens of workers on site when it broke out evacuated safely. The refinery - which produces 50% of Victoria's fuel and 10% of the nation's - is still partially operational but the government has warned of impacts to petrol production. Energy Minister Chris Bowen said the fire was "not great timing" with Australia's fuel supplies under pressure since war broke out in Iran, creating a global oil crisis. The price of diesel in Australia has doubled in recent weeks, with fuel stations reporting shortages amid reports of panic buying, while airlines are cutting back some services as jet fuel costs rise. "This is not a positive development, but obviously there's a long way to go in terms of working out just what the impact is," Bowen told Nine's Today show on Thursday, adding that he was working closely with the company. The cause of the fire was due to "equipment failure", Fire Rescue Victoria said, adding that there will be an investigation. The refinery processes about 120,000 barrels of oil per day and employs over 1,100 people. Viva Energy chief executive Scott Wyatt said earlier on Thursday that the fire had affected two petrol production units, though others were undamaged. "But naturally petrol will be one of the products that are potentially impacted," he said. Jet fuel and diesel were also being made at reduced levels as a safety precaution. "We'll only start increasing production again once we're confident we can do that safely," Wyatt said. Australia relies heavily on imported refined fuels - primarily from countries like Singapore, South Korea and Malaysia - which should mean any impact the fire has on domestic fuel availability is limited, experts say. "This diversified supply chain provides a degree of resilience against short-term domestic disruptions,"

Iran's oil production reaches 3.06m bpd in March: OPEC - Tehran Times --The OPEC Secretariat announced that Saudi Arabia, with a daily production of 7,799,000 barrels, and Iran, with 3,060,000 barrels, were the top producers among major OPEC members in March. According to a report by Mehr News Agency citing the OPEC Secretariat, the oil production of the organization's 12 member countries, based on the latest report (April 2026), totaled 20,788,000 barrels per day in March 2026, which represents a decrease of 7,878,000 barrels per day compared to February. Iran's oil production in March decreased by 182,000 barrels per day, reaching 3,060,000 barrels per day. Iran's average daily oil production in 2025 was 3,263,000 barrels, and in 2024 it was 3,257,000 barrels. Saudi Arabia, with a daily production of 7,799,000 barrels, and Iran, with 3,060,000 barrels, were the largest OPEC producers in March. OPEC+ members produced 14,267,000 barrels per day in March, an increase of 176,000 barrels compared to February's production of 14,092,000 barrels. Among them, Kazakhstan experienced the largest production increase in March, with 251,000 barrels per day. Overall, the total daily crude oil production of OPEC and its allies reached 35,055,000 barrels in March, a decrease of 7,702,000 barrels compared to February (42,757,000 barrels). According to OPEC's latest monthly report, the price of Iran's heavy crude oil in March increased by $57.51 compared to February. The price of Iran's heavy crude oil was recorded at $124.10 per barrel in March, whereas in February it was $66.59 per barrel. The average price of Iran's heavy crude oil in 2025 was $77.31. The OPEC basket price also reached $116.36 per barrel in March, which is $48.46 higher than in February. According to the OPEC Secretariat's latest monthly report (April), global crude oil demand for 2027 is expected to increase by 1,340,000 barrels per day. Total world oil demand for 2027 is forecast at 107,870,000 barrels per day.

Crude oil demand to see biggest quarterly plunge since Covid: IEA - The Hindu --Demand for crude oil will likely see the biggest slump in the second quarter since the Covid pandemic slammed the global economy in 2020, the International Energy Agency (IEA) said on Tuesday (April 14, 2026). Surging prices caused by the war in the West Asia will force many countries and industries to curb oil use, and “demand destruction will spread as scarcity and higher prices persist”, the agency said in its monthly report.

Saudi Arabia hikes Arab Light crude prices for Asia to record-high premium - Saudi Arabia has set the official selling price of May Arab Light crude oil to Asia at a record premium of $19.50 a barrel above the Oman/Dubai average, an increase of $17 from the previous month, a pricing document reviewed by Reuters showed on Monday.The sharp jump comes at a time when Middle East oil has become the world’s most expensive as the US-Israel war on Iran limited shipping through the Strait of Hormuz, a key chokepoint for a fifth of the world’s oil supplies. It remains unclear when a ceasefire will be reached or when oil exports from Saudi Arabia, the United Arab Emirates, Iraq, Kuwait, Qatar and Bahrain can resume through the Strait. Last month, Middle East high-sulphur crude benchmark Dubai rose to nearly $170 a barrel during trading in the S&P Global Platts Market on Close process.Meanwhile, OPEC+ agreed on Sunday to raise its oil output quotas by 206,000 barrels per day for May, a modest rise that will largely exist on paper as its key members are unable to raise production due to the war.

Oil prices surge on blockade vow, failed U.S.-Iran talks -- Oil prices jumped over 7% to well over $100 per barrel when markets opened Sunday evening and remained high into Monday. The latest surge shows that traders don't see last week's U.S.-Iran ceasefire deal reviving large-scale tanker transit through the Strait of Hormuz — and it undoes a large amount of the price drop that followed the pause in hostilities. Continued high prices will delay major relief at U.S. gasoline pumps, where regular gasoline prices dipped slightly in recent days and currently average $4.13-per-gallon, per AAA. The global benchmark Brent crude was up by over $7 per barrel to $102.29 Sunday evening, while WTI, the main U.S. price, was up by roughly $8 to $104.56. Oil remained around these prices overnight and into Monday.President Trump on Sunday morning said the U.S. will impose a naval blockade on Iran and the Strait of Hormuz, several hours after peace talks in Pakistan ended in failure. Iran has effectively held the strait hostage, imposing a toll and limiting oil exports. Trump's blockade aims to flip that dynamic by denying Iran the leverage it's using as a bargaining chip and preventing it from exporting its oil, Axios' Barak Ravid reports. "Given the continued threat of Iranian attack against any ships that don't pay the toll, the US blockade announcement will further discourage shipping through the strait, keeping volumes below 10% of the prewar level and putting continued pressure on oil prices," analysts with the Eurasia Group, a political risk analysis and consultancy, said in a note Sunday. "In pursuing this strategy, President Trump may be calculating that China will become more active in negotiations if it faces a cutoff of Iranian cargoes to its refineries," RBC Capital Markets Helima Croft said in a note Sunday before markets opened.: Tehran may increase attacks on regional energy facilities if Trump backs up his blockade threat with action, writes Croft, who analyzes markets for an arm of the Royal Bank of Canada.

Oil prices surge after U.S.-Iran talks collapse - Following the collapse of negotiations between the United States and Iran and U.S. President Donald Trump’s announcement of a blockade of Iranian ports, oil prices surged sharply, while stock markets declined. On the morning of April 13, the price of North Sea Brent crude rose by 8% to reach $102.80 per barrel. Before the start of U.S.-Iran talks on April 11, it stood at $95.20. A similar increase was recorded for U.S. WTI crude, which also surpassed the $100 threshold, Deutsche Welle reports. At the same time, stock markets saw declines: major indices in Tokyo, Hong Kong, and Seoul dropped by at least 1%. Other Asian exchanges also recorded downturns in key indicators. Trump acknowledged that oil and gasoline prices could remain elevated until the U.S. midterm elections scheduled for November. On April 12, Donald Trump announced a blockade of Iran’s maritime ports following the failed round of negotiations in Islamabad. The move aims to prevent Tehran from collecting fees from shipping companies passing through the Strait of Hormuz and to cut off Iran’s oil revenues. Subsequently, the U.S. Central Command (CENTCOM) stated that starting April 13 at 10:00 a.m. Eastern Time (17:00 Moscow time), it began monitoring all vessels entering and leaving Iranian ports and coastal areas. The blockade applies to ships of all countries and covers all Iranian ports in the Persian Gulf and the Gulf of Oman. At the same time, CENTCOM emphasized that it does not restrict freedom of navigation in the Strait of Hormuz or in non-Iranian ports. The April 11 talks in Islamabad collapsed due to disagreements over nuclear weapons and the Strait of Hormuz. Iran insisted on maintaining control over the strait and collecting fees from passing vessels, rejecting U.S. proposals for joint control, according to the Financial Times.

Oil prices jump 6% to above $100 a barrel on US blockade of Iran - Oil prices jumped about 6% to more than $100 a barrel on Monday after the U.S. military said it will blockade ships leaving Iran’s ports, while Tehran threatened to retaliate against its Gulf neighbours’ ports, raising fears of more energy supply disruptions after weekend peace talks broke down. Brent futures were up $5.76, or 6.1%, to $100.96 a barrel at 11:15 a.m. EDT (1515 GMT), while U.S. West Texas Intermediate (WTI) crude rose $5.69, or 5.9%, to $102.26. Prices for physical crude barrels for immediate delivery to Europe were trading even higher, with some grades already at record highs of about $150 a barrel. If U.S. President Donald Trump “does indeed back his blockade threat with actual boats, a convergence between the paper and physical markets may soon come,” said Helima Croft, an analyst at RBC Capital Markets.Two Iranian-linked tankers exited the Gulf on Monday as other vessels began avoiding the Strait of Hormuz. The strait handles about 20% of global oil and liquefied natural gas flows. Saudi Arabia said it restored full oil pumping capacity through the East-West pipeline to about 7 million barrels per day (bpd) after damage from Iranian attacks. The kingdom, however, said crude oil sales to China are set to fall in May as the war drives up prices and disrupts shipping.. The Organization of the Petroleum Exporting Countries (OPEC) lowered its forecast for world oil demand in the second quarter by 500,000 barrels per day, helping to pare earlier crude futures price gains. Earlier in the trading session, Brent futures were up more than $8 a barrel and WTI was up more than $9. India said it was likely to see below-average monsoon rains for the first time in three years in 2026, stoking concerns about farm output and growth in Asia’s third-largest economy as it battles inflation driven by the war. Inflation is also a concern in Europe where European Central Bank Vice President Luis de Guindos said any ECB interest rate rise will depend on how a war-fuelled surge in the cost of crude oil and some chemicals impacts other prices. Central banks like the ECB use interest rates to control inflation. Higher rates boost consumer costs and can slow economic growth and demand for oil. European Union Commission President Ursula von der Leyen said member states must coordinate on energy prices amid a 22 billion euro ($25.70 billion) increase in fossil fuel bills since the start of the war. The head of Italian energy group Eni suggested the EU reconsider its plans to progressively ban imports of Russian gas from the start of next year. US negotiators leaving without a peace deal with Iran In Germany, the coalition government agreed to give consumers and businesses about 1.6 billion euros ($1.9 billion) of fuel price relief, ending a dispute over how to respond to the recent oil price surge. Bank of Japan Governor Kazuo Ueda said uncertainty over the Middle East conflict was keeping markets unstable and could hurt factory output, signalling the central bank’s escalating alarm over the economic hit from the war.

Oil Market Reverses After Surge Above $100 on Iran Tensions -The oil market rallied back over the $100 level on Monday but gave up its sharp gains by the end of the day. The market was well supported as the U.S. began a naval blockade of Iranian ports on Monday morning after Washington and Tehran failed on Saturday to reach a deal to end the war. Meanwhile, Iran threatened retaliation against Gulf infrastructure and warned U.S. military vessels near the Strait of Hormuz would be considered in breach of the ceasefire, escalating concerns that the truce may not hold through its remaining nine days. The crude market gapped higher from $100.42 to $102.00 and rallied to a high of $105.63 in overnight trading. The market later erased some of its gains and settled in a sideways trading range in overnight trading before it sold off further in afternoon trading after President Trump said Iran wanted to make a deal and a U.S. official said there was continued engagement between the U.S. and Iran and forward motion on trying to get an agreement. Also, the head of the IEA, Fatih Birol, said he hopes another oil stockpile release is not needed but added that the IEA was ready to tap oil reserves, if needed. The crude market erased all of its overnight gains and posted a low of $97.03 ahead of the close. The May WTI contract ended the session up $2.51 at $99.08 and the June Brent contract ended the day up $4.16 at $99.36. The product markets settled higher, with the heating oil market settling up 7.25 cents at $3.8341 and the RB market settling up 7.87 cents at $3.1160. The Wall Street Journal reported on Sunday that U.S. President Donald Trump and his advisers are looking at resuming limited military strikes in Iran in addition to the U.S. blockade of the Strait of Hormuz as a way to break a stalemate in peace talks. On Sunday, U.S. President Donald Trump said that the price of oil and gasoline may remain high through November’s midterm elections. According to data from GasBuddy, the average price for regular gas at U.S. service stations has exceeded $4/gallon for most of April. OPEC lowered its forecast for world oil demand in the second quarter by 500,000 bpd, citing the impact of the war in the Middle East. OPEC’s report said global oil demand is projected to average 105.07 million bpd in the second quarter, down from the 105.57 million bpd forecast in last month’s report. However, this weakness is expected to be offset in the second half of the year. OPEC also said that for the full year, global demand growth is unchanged from its previous estimate of 1.38 million bpd. OPEC said OPEC+ crude output averaged 35.06 million bpd in March, down 7.7 million bpd on the month as the Iran war prompted Middle East members to cut their output. UBS raised its Brent oil price forecasts for the remaining quarters of 2026 and first quarter of 2027 as flows through the Strait of Hormuz continue to be restricted. It raised its Brent forecast to $100/barrel by the end of June 2026, $95/barrel by the end of September and $90/barrel by the end of December. It also expects Brent to trade at $85/barrel by the end of March 2027. IIR Energy said U.S. oil refiners are expected to shut in about 818,000 bpd of capacity in the week ending April 17th, decreasing available refining capacity by 29,000 bpd from the previous week. Offline capacity is expected to fall to 513,000 bpd in the week through April 24th.

Oil prices fall as supply concerns ease on hopes for US-Iran talks – CNA - Oil prices fell on Tuesday (Apr 14) as signs of possible talks to end the US-Israeli war on Iran eased supply risks stemming from the blockade of the Strait of Hormuz. Brent futures edged 62 cents lower, or around 0.6 per cent, to US$98.74 at 8.28am GMT (4.28pm Singapore time), while US West Texas Intermediate (WTI) crude fell US$2.30, or 2.3 per cent, to US$96.78. Both benchmarks rose in the previous session, with Brent climbing more than 4 per cent and WTI nearly 3 per cent, after the US military began a blockade of Iran's ports. Oil prices rose 50 per cent last month, a record. While talk about the resumption of US-Iran talks put downward pressure on prices, the move lower ignores the loss of physical barrels of oil that are not moving, PVM Oil Associates' analyst Tamas Varga said. Attacks on energy infrastructure in the Middle East and Iran's effective closure of the Strait of Hormuz have led to the largest oil supply disruption in history, the International Energy Agency said in its monthly report, with 10.1 million barrels per day (bpd) lost in March. The US military on Monday said its blockade of the Strait of Hormuz would extend east to the Gulf of Oman and the Arabian Sea, while ship-tracking data showed two ships turned around in the strait as the blockade started. NATO allies, including Britain and France, refrained from joining the blockade, calling instead for the waterway to reopen. In response, Iran threatened to target ports in nations bordering the Gulf, following the collapse of weekend talks in Islamabad aimed at resolving the crisis over the strait, which in normal times is a passageway for about a fifth of global oil and gas supplies. However, three Iran-linked tankers entered the Gulf and were allowed to pass since their destinations were not Iranian ports, shipping data showed. Negotiating teams from the US and Iran could return to Islamabad later this week, five sources told Reuters. A US official also said there was continued engagement on trying to get to an agreement while Pakistani Prime Minister Shehbaz Sharif also said efforts were still underway. "In case talks between the adversaries fail to bear fruit, even revisiting the March highs cannot be ruled out as the decline in global oil inventories might spill into the third quarter and beyond," Varga added. The IEA said in its monthly report on Tuesday that demand for crude oil will likely see the biggest slump in the second quarter since the COVID-19 pandemic slammed the global economy in 2020. Surging prices caused by the war in the Middle East will force many countries and industries to curb oil use, and "demand destruction will spread as scarcity and higher prices persist", the agency said. It noted that its forecasts assume a "base case" of oil shipments resuming in May through the Strait of Hormuz. This would lead to a decline in demand of 1.5 million bpd in the second quarter, "the sharpest since COVID-19 slashed fuel consumption", the IEA said. Overall demand is forecast to have contracted by 800,000 bpd in March and is seen dropping by 2.3 million bpd in April. But a "protracted case" if the strait remains closed could see oil demand plunge even further, the IEA said. "In this case, energy markets and economies around the world need to brace for significant disruptions in the months to come," it warned.

Oil Market Drops Sharply as Renewed U.S.–Iran Talks Ease Supply Fears - The crude market on Tuesday traded lower amid the possibility that the U.S. and Iran will resume talks to end the war. There were reports that negotiating teams from the U.S. and Iran could return to Islamabad this week to resume talks to end the war, after the collapse of weekend negotiations prompted the U.S. to impose a blockade on Iranian ports. While the U.S. blockade drew condemning rhetoric from Iran, signs that diplomatic engagement might continue helped ease supply concerns stemming from the blockade of the Strait of Hormuz. The oil market posted a high of $98.00 on the opening and continued to erase its recent gains, posting a low of $91.06 ahead of the close. The May WTI contract settled down $7.80 at $91.28 and the June Brent contract settled down $4.57 at $94.79. The product markets ended the session lower, with the heating oil market settling down 20.98 cents at $3.6243 and the RB market settling down 7.65 cents at $3.0395. The International Energy Agency sharply cut its forecasts for global oil supply and demand growth, saying both are now expected to fall from 2025 levels as the war in the Middle East disrupts oil flows and weighs on the global economy. The IEA now sees global oil demand falling by 80,000 bpd in 2026, compared with a projected year-on-year increase of 640,000 bpd in its previous monthly report. The IEA forecast global oil supply to fall by 1.5 million bpd this year, down from a 1.1 million bpd projected increase last month and 2.5 million bpd at the start of the year. The IEA said that attacks on energy infrastructure in the Middle East and Iran’s effective closure of the Strait of Hormuz have led to the largest oil supply disruption in history, with 10.1 million bpd lost in March. Overall, the IEA forecasts imply that supply will be higher than demand by just 410,000 bpd in 2026, in contrast to a 2.46 million bpd surplus projected in last month’s report. The IEA said the flow of crude oil, refined fuels and natural gas liquids through Hormuz was just 3.8 million bpd in early April, down from more than 20 million bpd in February before the U.S. and Israel launched their initial strikes on Iran. The IEA’s base case forecast is for regular deliveries of oil and gas from the Middle East to international markets to resume by mid-year, although below pre-conflict levels. Bloomberg reported that Iranian crude on tankers at sea and strong onshore stockpiles in China will provide a cushion for the country’s independent refiners should U.S. blockade of the Strait of Hormuz shut in flows. According to Kpler data, there are about 38 million barrels of Iranian oil on vessels in Asia, with more than a third of the ships anchored in the Yellow Sea off the Chinese coast. OilChem said overall crude inventories in Shandong province have also increased and are near the highest level this year. Gasoline and diesel prices in the U.S. are at their highest seasonal levels ever. While fuel costs have eased slightly in recent days as oil markets weigh the possibility of a U.S.-Iran deal to end the war, retail prices are still high. According to the AAA, gasoline prices averaged $4.12/gallon on Monday. That compares with a previous high of $4.07 on the same day in 2022 following the price spike driven by Russia’s invasion of Ukraine. Meanwhile, national average diesel prices stood at $5.65/gallon, more than 60 cents above their previous high for this time, set in 2022. The price of both fuels are expected to remain elevated.

Oil Tumbles 8% on Fresh US-Iran Peace Initiative -- Oil futures fell as much as 8% Tuesday after the United States and Iran signaled there could be another round of talks in Islamabad this week, raising fresh hopes for a solution to the Middle East conflict. NYMEX WTI crude for May delivery settled down $7.80, or 8%, at $91.28 bbl. The crude U.S. benchmark has fallen in three of the past five sessions, losing about 20%, on signs that the U.S.-Iran ceasefire announced a week ago might be replaced by a permanent peace deal. ICE Brent for June delivery, however, closed down by a more modest $4.57, or 5%, at $94.79 bbl after reports that the U.S. Navy had interdicted six merchant ships to and from Iranian ports, while allowing unhindered passage to a Chinese tanker carrying Iranian oil. The mixed actions raised caution about the difficulty of restoring safe passage for oil tankers in Middle East waters, particularly the Strait of Hormuz. Among refined products, NYMEX RBOB futures for May delivery closed down $0.0765 at $3.0395 gallon, while front-month ULSD futures finished $0.2098 lower at $ 3.6243 gallon. The U.S. Dollar Index softened by 0.263 points to 97.9 against a basket of foreign currencies by 2:30 p.m. EDT. Through March, WTI rose more than 50% and Brent gained over 60% after a blockade by Iran of the Hormuz, which serves as transit point for some 140 vessels carrying about 20 million bpd of petroleum liquids that make up a fifth of global supply. With the start of April, however, there were signs that the blockade could ease as U.S. and Israel agreed to halt airstrikes against Iran that began on Feb. 27. Tehran also paused its counterfire at the oil and gas facilities of Gulf nations deemed as U.S. allies. Peace talks held in the Pakistan capital at the weekend failed, but observers said U.S. and Iranian officials could meet again this week. "Indications we have are that it is highly probable that Iran talks will restart," UN Secretary General Antonio Guterres said. U.S. President Donald Trump, however, stressed on Tuesday that the United States will not budge from its position that Iran abandons all nuclear ambitions. Media reports said Washington had sought a 20-year guarantee from Iran that it would not enrich uranium, versus the five-year compromise offered by Tehran. Iranian President Masoud Pezeshkian, meanwhile, warned on Tuesday that the U.S. blockade of vessels entering or leaving Iranian ports would be a deal breaker to any talks. The International Energy Agency, in its monthly report released Tuesday, said the Iran war is likely to cost some 1.5 million bpd in global oil demand for the second quarter -- the sharpest decline since the 2020 pandemic.

Oil Prices Fall For 2nd Day As Donald Trump Signals Possible US-Iran Talks - Global oil prices declined for a second straight day on Wednesday as optimism grew over a possible resumption of negotiations between the United States and Iran, raising hopes of easing supply disruptions in the Middle East. Investor sentiment improved after US President Donald Trump indicated that talks to end the ongoing conflict involving the US, Israel, and Iran could resume within the next two days, potentially in Pakistan. The development follows a breakdown in negotiations over the weekend, which had prompted Washington to impose a blockade on Iranian ports, fuelling concerns over supply constraints after the closure of the Strait of Hormuz. As expectations of renewed dialogue gained traction, crude oil prices in the global market slipped below the $95 per barrel mark. The global benchmark Brent crude fell to a low of $94.42 per barrel during Tuesday's session, after witnessing sharp volatility with an intraday high of $99.45 per barrel. The contract had opened around the $97 per barrel level. Similarly, US benchmark West Texas Intermediate (WTI) crude also recorded a decline. Prices dropped to $87.08 per barrel during the session after opening near $98 per barrel. Despite hitting higher levels at the start of trading, WTI cooled significantly to close around the $90 per barrel range. The downward trend in oil prices had begun earlier as reports suggested that Israel and Lebanon were open to further negotiations amid the ongoing West Asia tensions. Additional cues came after Trump hinted that“something could be happening” in the next few days, reinforcing expectations of diplomatic progress. In early trade on Wednesday, Brent crude was hovering at $94.66 per barrel, down from the previous close of $95.13 per barrel. Meanwhile, WTI crude was trading at around $90.65 per barrel, compared to its last close of $91.28 per barrel.

WTI Rises After Big Inventory Drawdowns Across Energy Complex, Huge SPR Drop, Record Exports Oil largely held onto a sharp drop from this week’s highs as the US and Iran seek further talks to end a war that has brought the vital Strait of Hormuz waterway to a near-halt. President Trump told a Fox Business anchor he sees the war “very close to over” and told ABC “you’re going to be watching an amazing two days ahead.” The global oil market has been jolted by the conflict, which triggered an unprecedented supply shock, and while week to week shifts in domestic inventory and supply may not be the crucial market-movers they were before the war (and headline roulette), they remain key in seeing how the US energy market is 'coping' with the new demand from overseas... and if there is any domestic demand destruction from soaring gas prices... API:

Crude +6.1mm
Cushing
Gasoline +626k
Distillates -3.36mm

DOE

Crude -913k (+900k exp) - first draw in 8 weeks
Cushing -1.73mm - biggest draw since Jan 3rd
Gasoline -6.33mm - biggest draw since Mar 2023
Distillates -3.12mm

Inventories across the entire oil energy complex saw unexpected drawdowns last week with crude's first decline in stocks since Feb 13. Gasoline stocks plunged by the most since March 2023... (Graphics Source: Bloomberg) The SPR saw its biggest drawdown since Dec 2022... Crude production actually declined last week... as Refineries trimmed crude processing for the third straight week. With that, intake has been curtailed by a little over half a million barrels a day since the end of March. Crude exports jumped over 1 million barrels a day to the highest level since September 2025 as the world continues to draw on US oil as the Iran war disrupts global flows. That oil export jump pushed total oil and fuel exports to the highest level ever. Most of the gains came as crude shipments jumped above the key 5 million barrels a day mark to the highest since September 2025, according to data from the US government. In aggregate it meant the US sent almost 13 million barrels per day overseas last week, when also adding refined fuels. WTI Crude prices rallied on the report... Finally, despite chatter of energy independence and no need for Hormuz flows, the real constraint on Trump is domestic gas and diesel prices (as its a global energy complex), which are looking set to fall from near record-highs as WTI and RBOB prices have eased...

WTI Clings to $91 on New US-Iran Talks Effort, EIA Data -- Oil futures settled steady in choppy trading Wednesday as diplomats from Washington to Islamabad and Tehran worked on scheduling a new round of peace talks in the Pakistani capital aimed at ending the Middle East conflict. Also supporting energy markets were weekly declines across the board in U.S. crude, gasoline, and distillate inventories as reported by the Energy Information Administration (EIA). NYMEX WTI crude for May delivery settled up $0.01 at $91.29 bbl. The ICE Brent contract for June settled up $0.14 at $94.93 bbl. Downstream, diesel proxy NYMEX ULSD ended trading for the May contract up $0.1289 at $3.7532 gallon. In gasoline, NYMEX RBOB futures for May closed up $0.0297 at $3.0692 gallon. The U.S. Dollar Index inched down 0.068 points to 97.84 against a basket of foreign currencies. A stream of both positive and negative headlines on the Middle East conflict led to choppy price moves throughout the day in energy markets. U.S. President Donald Trump suggested that the war with Iran could end within the week. Media reports said the president could be in Islamabad for the signing of a peace deal if an agreement is reached between White House and Iranian negotiators, after Sunday's failure of the first round of discussions. Yet talk earlier in the day of a potential extension to the ceasefire on Iran that ends April 21 suggested the timeline for an agreement could drag. Energy risk premiums have softened since the ceasefire announced April 7, yet the physical movement of Middle Eastern crude remains severely restricted. A potential peace agreement holds the promise of fully reopening the Strait of Hormuz, which has remained largely shuttered since hostilities erupted 45 days ago. Normalizing transit for approximately 20 million bpd of petroleum liquids typically flowing through the waterway could significantly depress global energy prices. While Tehran has permitted selective tanker traffic through the Hormuz, a U.S. naval blockade initiated Monday, April 13, tightened the noose on Iranian maritime trade. The U.S. Navy interdicted two tankers attempting to depart Iran on Tuesday, April 14, and the Treasury Department said it will not extend sanctions waiver on Iranian oil expire this weekend. Iran, on its part, said Wednesday it intends to maintain control over its waters in the Hormuz and neighboring Oman. Market participants also remain wary of renewed fighting if the two-week ceasefire expires without a formal extension. Israel, the U.S. partner in the Middle East conflict, said Wednesday it was ready to resume attacks if needed. In the U.S., the EIA said crude stocks fell by 900,000 bbl to 463.8 million bbl last week, after a prior seven-week build left inventories at a more than three-year high of 464.7 million. Gasoline inventories fell by 6.4 million bbl to 232.9 million bbl during the week ended April 10, the EIA said. Distillate fuel balances fell by 3.1 million bbl to 111.6 million bbl.

Oil prices little changed - Oil prices were little changed on Thursday, reversing earlier declines, on scepticism that peace talks between ‌the US and Iran will reach a deal to end the war that has bottled up oil output from the key Middle East producing region. Brent crude futures were down 26 cents to $94.67 a barrel at 0611 GMT. US West Texas Intermediate crude futures climbed 14 cents to $91.43 a barrel. Both benchmarks settled little changed on Wednesday but traded in a wide range. Google News LinkFor all latest news, follow The Daily Star's Google News channel. The US-Israeli war on Iran has resulted in the largest-ever disruption of global oil and gas supplies due to Iran’s interruption of traffic through the Strait of Hormuz, which typically carries about 20 percent of the world’s oil and liquefied natural gas flows. “While there are hopes for de-escalation, many investors remain sceptical, given that US-Iran talks have repeatedly broken down even after appearing to make progress,” said Toshitaka Tazawa, an analyst at Fujitomi Securities. “Until a peace deal is reached and free navigation through the strait is restored, WTI prices are expected to continue fluctuating between $80 and $100,” he added. Analysts from ING estimate that roughly 13 million barrels per day of oil flow has been disrupted by the closure of the strait, after taking into consideration pipeline diversions and the trickle of tankers that have passed through the gateway, they said in a note on Thursday. With the US blockade ‌on Iranian ⁠ports announced after the collapse of peace talks over the weekend, the disruption could increase. “The physical market is becoming tighter every day that passes without a restart of oil flows through the Strait of Hormuz,” the ING analysts said. A source briefed by Tehran told Reuters that Iran could consider allowing ships to sail freely through the Omani side of the Strait of Hormuz if a deal was reached ⁠to prevent renewed conflict after a two-week ceasefire started on April 8. US and Iranian officials were weighing a return to Pakistan for further talks as early as the coming weekend. Pakistan’s army chief arrived in Tehran on Wednesday as a mediator to try to prevent a renewal ⁠of the conflict. US Treasury Secretary Scott Bessent said on Wednesday that Washington will not be renewing the waivers that allowed the purchase of some Iranian and Russian oil without facing US sanctions. Underscoring the tightness of global crude and oil product ⁠supply, US inventories of oil, gasoline and distillate fuels fell last week, the Energy Information Administration said on Wednesday, as imports declined and exports jumped to meet the needs of countries searching for barrels to replace the disrupted flows.

Oil prices hold steady as investors watch for second-round peace talk updates -- Oil prices ticked up slightly through Thursday morning, holding largely steady over the past two days as investors digest a bevy of headlines about potential second-round peace talks. Future on Brent crude (BZ=F), the international pricing benchmark, gained roughly 0.8% Thursday morning to hold above $95 per barrel, while those on US benchmark West Texas Intermediate (WTI) crude (CL=F) ticked up a slightly slimmer 0.6% to trade above $88 per barrel.Both products opened the week Sunday evening above $100 per barrel.Investors' Middle East focus this week has been squarely on whether second-round negotiations will resume this week. Initial attempts at a peace deal fell apart last weekend in Islamabad, Pakistan, after a marathon 21-hour session between Washington and Tehran representatives.The US and Iran are reportedly in indirect discussions to extend the two-week ceasefire set to expire on April 22. The US is still “very much engaged in these negotiations,” White House press secretary Karoline Levitt said on Wednesday. In an interview with the New York Post earlier in the week, Trump said news media "should stay there [in Pakistan], really, because something could be happening over the next two days, and we're more inclined to ‌go ⁠there." The president then told Fox Business he believes the war is "very close to being over." No date has yet been set for a second round of talks, Pakistan's foreign minister said Thursday morning. The key sticking points of negotiations — Iran's nuclear enrichment program, control over the Strait of Hormuz, economic sanctions on Tehran, and Israel's war in Lebanon — all remain in place head of the weekend.Announcements from Washington and Tehran have sent signals of potential progress on control of the strait and the Israeli campaign.In a Truth Social post overnight on Wednesday, President Trump said Israel and Lebanon would be speaking on Thursday, writing that he is "trying to get a little breathing room" between the two nations. Mohammad Bagher Ghalibaf, Iran's parliamentary speaker, said in a post on X a few hours earlier the US "must commit" to the "completion and consolidation of a comprehensive ceasefire in Lebanon.Even as Iran has insisted a cessation of Israeli military action in Lebanon must be part of any ceasefire, Israel has continued a widespread air and ground campaign within the country against the terrorist proxy force Hezbollah through the US-Iran ceasefire, set to expire on Tuesday.Pakistan, which has been mediating talks between Washington and Tehran, has reportedly said a ceasefire in Lebanon is essential to any US-Iran dealmaking, Reuters reported Thursday.In the Strait of Hormuz, traffic has continued to hold near zero as the US Navy continues its blockade of ships moving to and from Iranian ports or shores, cutting off the flow of roughly 1.5 million barrels per day of Iranian crude oil that was flowing through the strait. Chairman of the Joint Chiefs of Staff Dan Caine said in a media briefing Thursday morning that 13 ships had so far turned around instead of attempting to cross the US blockade. The navy on Thursday morning expanded its operations to include subjecting to boarding, search, and seizure of any Iranian-linked vessel; any vessel under sanctions from the Office of Foreign Assets Control; and any vessel suspected of carrying contraband including weapons or military electronics.Iran appears to have roughly 90 million barrels' worth of available onshore crude oil storage capacity, or enough room to withstand a complete stoppage of exports for roughly two months before it would have to begin shutting in production, according to the energy and chemicals consultancy FGE NextantECA. Even so, there are signs Tehran is moving toward some form of negotiations. On Wednesday, Iran said it would be willing to allow ships to sail freely and unencumbered through Omanian waters on the eastern side of the strait, provided a firm ceasefire agreement is reached that satisfies Tehran's demands, according to Reuters.Throughout the conflict, Iran has made multiple demands over the Strait of Hormuz, the world's most critical shipping lane for oil and gas, including a tolling scheme and full sovereignty over the waterway, the eastern half of which falls within Omani national waters.

Oil prices rise amid doubts about US-Iran talks – Reuters - Oil prices rose on Thursday as the market doubted that peace talks between the US and Iran could resolve the Middle East energy supply disruptions caused by the ongoing conflict. This was reported by Reuters, writes UNN. Details Brent crude futures rose $3.48, or 3.7%, to $98.41 a barrel as of 12:01 p.m. ET (16:01 GMT). US WTI crude futures rose $2.22, or 2.4%, to $93.51 a barrel. Talks between the US and Iran have narrowed from aiming for a full peace deal to discussing an interim memorandum that would prevent a resumption of hostilities, two Iranian sources told Reuters on Thursday. We remain skeptical of any quick resolution to this war. Whatever news you take, there is always an opposing view. - said PVM oil market analyst John Evans. There was almost no reaction in the oil market after US President Donald Trump announced that Israel and Lebanon had agreed to a 10-day truce in a related conflict. The US-Israel war against Iran has been described as the largest disruption to global oil and gas supplies in history due to restrictions on movement in the Strait of Hormuz, through which about 20% of the world's oil and liquefied natural gas flows normally pass. Supply disruptions through the Strait of Hormuz have already begun to put pressure on global oil inventories. There are no bombings at the moment, but the number of ships passing through the strait is no better than before the US blockade, which only exacerbates the reduction in global inventories, which has already been reflected in US data this week. According to government data, US crude oil inventories decreased by 913,000 barrels last week, while analysts expected an increase of 154,000. Gasoline and distillate inventories also decreased as countries seeking alternative supplies increased purchases from the US. US and Iranian officials were considering a return to talks in Pakistan as early as this weekend. The Chief of Staff of the Pakistan Army arrived in Tehran on Wednesday as a mediator. A source briefed by Tehran told Reuters that Iran could consider allowing free passage of ships through the Omani part of the Strait of Hormuz in the event of a deal that would prevent a new conflict after a two-week truce that began on April 8. ING analysts estimate that approximately 13 million barrels per day of oil flows have been disrupted due to restrictions on movement in the strait, taking into account alternative routes and partial transit of tankers. After the US announced a blockade of Iranian ports, which happened after the breakdown of peace talks, disruptions could intensify further, although some sanctioned tankers were still able to pass.

Oil Up 4% on Mideast Blockade, Caution of Iran Deal Drag-- Crude futures jumped as much as 4% Thursday, driving product prices up too, as a U.S. blockade on Iranian ports added to the squeeze on Middle East oil supplies, already impacted by the Strait of Hormuz shutdown. The bullish tone across energy markets was heightened by an assessment by Gulf and European officials that it could take up to six months to enforce a U.S.-Iran peace deal. U.S. President Donald Trump is counting on a quick resolution to the Iran war from a second of talks in Islamabad, due to be announced soon, between White House and Tehran negotiators. But Gulf and European officials have reportedly said achieving this might be difficult given U.S. demands that Iran completely abandon its nuclear program. The tit-for-tat in U.S.-Iran blockades of Middle East oil, which supply at least 20% of world needs, had also made energy a weapon both sides appeared willing to use, observers said. At Thursday's close, WTI crude for May delivery settled up $3.40, or 3.7%, at $94.69 bbl, while ICE Brent for June delivery finished up $4.46, or 4.7%, at $99.39 bbl. Among refined products, diesel proxy ULSD ended May futures trading on NYMEX closed up $0.0797 at $3.8329 gallon. On the gasoline front, NYMEX RBOB for May ended up $0.1089 at $3.1637 gallon. The across-the-board rally in energy came despite the U.S. Dollar Index strengthening by 0.164 points to 98.015 against a basket of foreign currencies. Crude futures remained elevated through the day, with WTI holding above $93 bbl and Brent over $98 bbl, as markets balanced fresh ceasefire optimism against new logistical threats in the Middle East. President Trump announced that Israel and Lebanon have agreed to a 10-day ceasefire effective at 5 p.m. EDT today, though underlying tensions remain high. While the president signaled a potential White House meeting between Israeli and Lebanese leaders, Israeli Prime Minister Benjamin Netanyahu maintains that the Israeli military will occupy a 10-kilometer security zone reaching the Syrian border. The fragile truce also faces opposition from Hezbollah, which asserted its right to resist the continued presence of Israeli troops on Lebanese soil. On the Iranian front, energy prices gained support from Tehran's plan to collect transit tolls for the Strait of Hormuz exclusively through domestic Iranian banks. This move effectively weaponizes the waterway by forcing shippers to bypass Western sanctions or face restricted passage, complicating the flow of 20 million bpd of petroleum liquids. U.S. energy industry executives have reportedly urged Trump to reject the Iran toll plans. Despite that, President Trump expressed confidence in a broader deal with Iran, claiming Tehran has agreed to return "nuclear dust" and commit to a 20-year non-nuclear pledge. Iran has reportedly agreed to only five years of non-nuclear enrichment.

Crude oil price decline as Trump declares Israel-Lebanon truce- Crude oil prices, which had caused major uncertainty in the Asian markets due to the recently halted war with Iran, started to come down on Friday with hopes of US-Iran peace talks putting a permanent end to the hostilities. Oil prices fell shortly after US President Donald Trump announced a 10-day ceasefire between Israel and Lebanon. According to latest market data, Brent crude futures declined more than 1 per cent to $98.05 per barrel as of 00:21 GMT. While West Texas Intermediate (WTI) crude slipped to $94 per barrel. Since March, crude oil prices had climbed a record 50 per cent due to fighting between the US-Israel alliance and Iran. The prices fell below the $100-per-barrel mark after the US and Iran decided to halt hostilities in a temporary ceasefire, though they have stayed above the $90 range for the week. Besides, investors’ attention was also caught by comments from Trump administration officials that US and Iranian delegations may meet again in Islamabad for peace talks. While prices have declined on Friday, President Trump on Thursday mocked consultants who had cautioned him against the rising costs of crude and energy supplies. During an event in Las Vegas earlier, Trump said, “We have consultants – they’re very talented – they say, ‘Sir, if you do this, fuel is going to go to $300 a barrel.’ “But I said, 'I don’t think so.' I think we’re going to be good. We always find a way,” Trump said. “Well, that is not going to happen, because we just hit a brand-new all-time high [on the stock market],” he said. Countries around Iran, especially those in Asia, have been badly hit by the oil prices due to the constant US-Israel war on Iran.

Oil Prices Soften on Iran Deal Hopes, Lebanon Ceasefire -- Oil futures slumped as much as 4% Friday morning as more signs of a diplomatic resolution to the U.S.-Israeli war on Iran emerged, raising hopes of supply disruptions easing in the coming weeks. Near 8:00 a.m. EDT, NYMEX WTI crude for May delivery was down $3.89, or 4.1%, to $90.8 bbl. ICE Brent for June slumped $3.49, or 3.5%, to $95.9 bbl. Downstream, NYMEX ULSD futures for May delivery fell $0.2222 to $3.6104 gallon, while front-month NYMEX RBOB futures retreated $0.07 to $3.0937 gallon. The U.S. Dollar Index softened by 0.105 points to 97.92 against a basket of foreign currencies. Energy futures slid in reaction to U.S. President Donald Trump's announcement late Thursday, April 16, of a 10-day ceasefire starting immediately between Israel and Hezbollah. The cessation of Israeli attacks on Lebanon was a key demand of Tehran and raises the odds of a permanent ceasefire between the warring parties. The President also told reporters on Thursday that the U.S. and Iran were close to a deal and claimed that Tehran had made key concessions pertaining to its nuclear ambitions and to the reopening of the Strait of Hormuz. The Iranian government has not yet commented on these claims. Tehran has previously stated that it could respond to the ongoing U.S. blockade of Iranian maritime trade, in place since Monday, with a full blockade of all ships traversing the waterway and extended this threat to Bab-el-Mandeb, the naval chokepoint between the Arabian Peninsula and the Horn of Africa in which commercial ships have for a two-year period experienced attacks from Iran-aligned Houthi militias. A reopening of the Strait of Hormuz could see most oil exports from the Persian Gulf return within a few weeks, which have been cut off the global market for the last 47 days. Given the prolonged downtime of shut-in wells and the scale of energy infrastructure destruction, oil production will likely take months and gas production years to be restored to antebellum levels. Part of that gap can, however, be bridged by drawing from regional crude inventories, filled to the brim during the first weeks of the blockade.

Oil prices crash nearly 10% after Iran says Strait of Hormuz completely open during ceasefire - Oil prices tumbled sharply on Friday after Iran signalled that the Strait of Hormuz remains open to global shipping, easing fears of supply disruption during the ongoing US-Iran ceasefire. Iran's Foreign Minister Abbas Araghchi said the key maritime route was completely open for commercial tankers and cargo vessels. Brent crude dropped nearly 10% to $89.11 a barrel, extending earlier losses of about 5% driven by optimism around a potential US-Iran agreement. US benchmark West Texas Intermediate (WTI) fell even more sharply, sliding 11% to $84.11 a barrel. Sentiment was also influenced by remarks from former US President Donald Trump, who said Iran had indicated it would refrain from pursuing nuclear weapons for over two decades. "We’re very close to making a deal with Iran," he had earlier said. Geopolitical developments in the Middle East have further shaped market expectations. A temporary easing of tensions between Israel and Lebanon, including a 10-day ceasefire that came into effect at midnight Friday, has reduced immediate risks to regional stability. The truce pauses clashes between Israeli forces and Hezbollah and removes a key hurdle in broader diplomatic efforts involving the US and Iran. The situation in Lebanon had earlier complicated negotiations, with Iran insisting that any agreement must account for ongoing hostilities involving Israel and Hezbollah. The latest ceasefire, confirmed by officials on both sides and backed by US diplomatic efforts, is now seen as a step toward stabilising the region. Despite the sharp correction, analysts caution that oil prices are unlikely to stabilise quickly. Market participants expect continued volatility, with WTI likely to trade in a broad range of $80 to $100 until a formal agreement is reached and shipping activity fully normalises.Brokerage firm Macquarie noted that even with easing tensions, crude prices may remain supported in the $85 to $90 range in the near term, with a potential upside toward $110 as flows through the Strait of Hormuz stabilise. However, it warned that prolonged disruptions could still push Brent prices as high as $150 per barrel. Analysts broadly believe that crude markets may be transitioning into a structurally higher price phase. While the ceasefire offers temporary relief, a return to pre-conflict price levels of $70 to $75 could take time.

Oil prices plunge after Iran foreign minister says Strait of Hormuz is 'completely open,' Trump says regime has agreed to indefinitely suspend nuclear program --Oil prices plunged on Friday after Iran's foreign minister said the Strait of Hormuz was fully open to commercial traffic for the remainder of the 10-day ceasefire between Israel and Lebanon and President Trump said Iran had agreed to indefinitely suspend its nuclear program. Futures on Brent crude, the international pricing benchmark, fell as much as 11% to trade below $89 per barrel before paring losses, while those on US benchmark West Texas Intermediate (WTI) crude fell by as much as 11.1% to trade at $81 before regaining. Both products opened the week above $100. "In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire," Iranian foreign minister Abbas Araghchi wrote in a post on X. He added that vessels will be allowed to use the "coordinated route as already announced" by the regime. Several hours later, President Trump said in an interview with Bloomberg News that Iran has agreed to suspend its nuclear program with no timeline for a restart, and that "most of the main points are finalized" for a deal to end the war. The president told CBS News that the US would be meeting with Iran this weekend to resume talks. President Trump added that Iran would not be receiving any frozen funds in return. Axios reported previously that the US is reportedly considering a deal to release $20 billion in frozen Iranian funds in exchange for the regime surrendering its stockpile of enriched uranium. In comments to Reuters, President Trump said the US would be working with Iran to recover the regime's uranium stockpile, saying, "We're going to go in with Iran, at a nice leisurely pace, and go down and start excavating with big machinery." Iran has not yet confirmed any of Trump's points about the regime's nuclear program. In posts on X Friday afternoon, an account known to be close to parliamentary speaker Mohammad Bagher Ghalibaf, a regime hardliner, said Araghchi's statement had been inaccurate and understated.All ships will be required to pass only through Iranian national waters, and all commercial vessels passing through will be required to pay a toll, the regime-affiliated account said. The regime also reserves the right to decide what vessels it classifies as "commercial," the account said, referencing Araghchi's statement that the strait is open to commercial traffic.State-affiliated media agency Tasnim said on Friday that Araghchi's X post had been "bad and incomplete." The Strait of Hormuz "will never return to its pre-war status," the agency said. Tasnim also quoted a spokesperson for the foreign ministry as saying, "Enriched uranium is as sacred to us as Iran's soil and will by no means be transferred anywhere."No date has yet been set for a second round of talks, Pakistan's foreign minister said Thursday morning. Senior Gulf and European leaders have said in private that they believe a deal could take six months to reach, Bloomberg reported.The announcement from the Iranian foreign minister on Friday morning that the strait would be open comes after Israel and Lebanon agreed to a temporary 10-day ceasefire that began at 5 p.m. ET on Thursday, taking some pressure off one of the key sticking points in negotiations between the US and Iran to end the war in the Middle East.

Video shows ships turning away from the Strait of Hormuz despite Iran declaring it open -- Oil tankers are remaining cautious about sailing through the Strait of Hormuz after Iran declared Friday that the sea lane is open to commercial ships, video footage shows. Oil futures contracts tumbled Friday as the market interpreted the announcement from Tehran as a major breakthrough that will ease the massive disruption to global energy supplies. The U.S. benchmark, West Texas Intermediate crude settled down 12% Friday at $83.85 per barrel, while Brent crude futures finished the day down 9%. But statements from Iranian officials and President Donald Trump have caused confusion about whether the strait is really open or not. Iran’s Foreign Minister Seyed Abbas Araghchi initially said the strait was “completely open” for the remainder of the ceasefire with the U.S. and Israel. But Iranian media aligned with the Revolutionary Guard issued conditions for safe passage that resemble the rules which Tehran has imposed for weeks now.A number of tankers and cargo ships did try to exit the strait Friday via the route designated by Iran around Larak Island but they suddenly turned back, said Matt Smith, director of commodity research at Kpler.“They’ve clearly not been given approval to pass through,” Smith said. Commercial ships must follow a route designated by Tehran and coordinate with its military, a source close to Iran’s Supreme National Security Council told Tasnim News. Ships are not allowed to pass if they or their cargoes are linked to hostile nations, according to the Tasnim report. It is “unclear whether there’s a dramatic change here,” said Tomer Raanan, a maritime risk analyst at Lloyd’s List Intelligence. “Iran still wants ships to transit through its territorial waters.” Trump, meanwhile, said the U.S. naval blockade of Iran remains in place. Tehran threatened to close the strait if the blockade is not lifted. This all means that the strait remains functionally closed, said Matthew Wright, senior freight analyst at Kpler. “It is a false dawn,” Wright said. The world’s largest shipping association BIMCO advised vessels Friday to avoid the strait due to the threat of mines. The area is “not declared safe for transit at this point,” said Jakob Larsen, BIMCO’s chief security officer. The diplomatic overtures between the U.S. and Iran can soothe the oil futures market, but they cannot solve the physical disruption of energy supplies. The disruption will only grow worse every day that the strait remains closed. The final oil and product tankers, which departed the Persian Gulf before the strait closed, have completed their weekslong journey to their destinations in Asia, Europe and North America. One of the final shipments is a tanker of Iraqi crude that will arrive in Long Beach, California, next week, said Wright, the freight analyst at Kpler. The dominoes will now start to fall with oil no longer arriving from the strait, said Smith. Refineries in Asia, which are heavily dependent on Mideast oil, will have to cut their output, he said. This means countries that import products like jet fuel from Asian refineries will potentially face supply shortfalls, he said. “The supply crunch in Asia is bigger than anywhere else,” Wright said. “They’ve already significantly drawn down on their onshore inventories.” It will take months for traffic through the strait to return to normal, Wright said. The large shipping companies will likely sit on the sidelines and observe the first movers before they dip their toes in, he said.

NATO Rules Out Role in Strait of Hormuz Blockade, Rebuking Trump - --Members of the North Atlantic Alliance have refused any role in closing the Strait of Hormuz. President Donald Trump announced a complete blockade of the crucial waterway, and that other countries would be assisting the American Navy.After the US and Israel attacked Iran on February 28, Tehran placed restrictions on traffic through the Strait of Hormuz. Iran limited shipping to vessels from “friendly nations” that paid a toll. Tehran says that Iran will continue to control the Strait after the end of the conflict.For the first six weeks of the conflict, Iran was able to continue to export its oil, and Washington suspended oil sanctions against Tehran to keep energy prices from spiking.On Sunday, Trump changed course and ordered a total blockade of the Strait of Hormuz that began on Monday morning. When he announced the closure of the Strait, he wrote on Truth Social, “Other Countries will be involved with this Blockade.”However, America’s closest allies have now ruled out involvement. Reuters reported on Monday that several NATO members have stated they will not take part in Trump’s Middle East war. “We’re not supporting the blockade,” British Prime Minister Keir Starmer told the BBC. “My decision has been very clearly that whatever the pressure, and there’s been some considerable pressure, we’re not getting dragged into the war.”French President Emmanuel Macron said European nations would be willing to take a role in securing the Strait once the conflict ends. NATO’s refusal to send military assets to the Middle East to support the war against Iran has angered President Trump. Last week, NATO Secretary General Mark Rutte traveled to the US in an effort to improve relations with the alliance’s most important member.Before the meeting with Rutter, White House Press Secretary Karoline Leavitt quoted Trump as saying, “They were tested, and they failed. It’s quite sad that NATO turned their backs on the American people over the course of the last six weeks when it’s the American people who have been funding their defense.”

Saudi Arabia Is Pressing U.S. to Drop Its Naval Blockade – WSJ - Saudi Arabia is pressing the U.S. to drop its blockade of the Strait of Hormuz and return to the negotiating table, fearing President Trump’s move to close it off could lead Iran to escalate and disrupt other important shipping routes, Arab officials said.The blockade is aimed at raising the pressure on Iran’s already crippled economy. But the officials said Saudi Arabia has warned Iran might retaliate by closing the Bab al-Mandeb—a Red Sea chokepoint crucial for the kingdom’s remaining oil exports. The pushback is a sign of the risks and limitations of U.S. efforts to pry open the Strait of Hormuz, which Iran shut early in the war by attacking ships in the waterway, cutting off around 13 million barrels a day in oil exports and sending futures prices above $100 a barrel.The blockade of Iranian ports went into effect Monday after Trump’s threats of bombardments and talks over the weekend failed to persuade Iran to relax its hold on the Strait of Hormuz.“President Trump has been clear that he wants the Strait of Hormuz to be fully open to facilitate the free flow of energy,” said White House spokeswoman Anna Kelly. “The administration is in frequent contact with our Gulf allies, who the President is helping by ensuring that Iran cannot extort the United States or any other country.”Saudi Arabia recently has been able to get its oil exports back up to their prewar level of around seven million barrels a day despite the blockage in the strategic strait by piping its crude across the desert to the Red Sea. Those supplies would be at risk if the Red Sea’s exit route were closed as well.Iran’s Houthi allies in Yemen control a long stretch of coastline near the Bab al-Mandeb and severely disrupted the waterway for much of the war in the Gaza Strip. Iran is putting pressure on the group to close the chokepoint again, Arab officials said.“If Iran does want to shut down Bab al-Mandeb the Houthis are the obvious partner to do it, and their response to the Gaza conflict demonstrates that they have the capacity to do it,” said Adam Baron, an expert on Yemen and fellow at New America, a policy institute in Washington.Iran’s semiofficial Tasnim news agency, which is close to the Islamic Revolutionary Guard Corps, the Iranian paramilitary group that now controls the Strait of Hormuz, said a blockade could lead the country to close the Red Sea gateway.Gulf states don’t want the war to end with Iran in control of the Strait of Hormuz, their economic lifeline. But many including Saudi Arabia are pressing the U.S. to resolve the issue at the negotiating table and are scrambling to restart talks, regional officials said. Despite the public hard line from both sides, the two combatants are actively engaging with mediators and open to talks if each shows enough flexibility, the officials said.The Bab al-Mandeb strait is a narrow passage between Yemen and the Horn of Africa that connects the Red Sea with the Indian Ocean. The strait, whose name means Gate of Tears, leads to the Suez Canal and is one of the most important links for ships sailing between Asia and Europe.Yemen’s Iranian-allied Houthi rebels have proved their ability to severely disrupt shipping through the gateway with attacks on vessels in the waterway. While those missile, drone and small-arms attacks tailed off after the October cease-fire in Gaza, traffic still isn’t fully back to normal.The Houthis have largely stayed out of the current conflict between the U.S. and Iran after being pounded during a 53-day American campaign that ended in a cease-fire a year ago. But they remain an important part of Iran’s wider network of militia groups in the region and a deterrent held in reserve in case Iran needs to raise the pressure on the U.S.The Houthis have said that closing Bab al-Mandeb is also one of their options.

China Calls US Blockade of Iranian Ports 'Dangerous and Irresponsible,' Warns It Jeopardizes Ceasefire -- The Chinese Foreign Ministry on Tuesday strongly condemned the US military blockade on Iranian ports as “dangerous and irresponsible” and warned that it risks the very fragile ceasefire between the US and Iran.“With the temporary ceasefire agreement still in place, the United States ramped up military deployment and resorted to a targeted blockade. This will only aggravate confrontation, escalate tension, undermine the already fragile ceasefire, and further jeopardize safe passage through the Strait of Hormuz,” Foreign Ministry spokesman Guo Jiakun told reporters.“It is a dangerous and irresponsible move. China believes that only a complete ceasefire can fundamentally create conditions for easing the situation. We urge relevant parties to honor the ceasefire agreement, stick to the direction of peace talks, and take concrete actions to de-escalate the situation so that normal traffic via the Strait will be able to resume as soon as possible,” Guo added.According to Reuters, three ships, including two oil tankers under US sanctions, entered the Persian Gulf on Tuesday, the first full day of the US blockade. The US military has said that it will block any ships traveling to or from Iran, and according to the Reuters report, the three vessels were heading to non-Iranian ports.A Chinese-owned tanker, the Rich Starry, left the Gulf and traveled out of the Strait of Hormuz, but it appears to have turned around, as the latest ship-tracking data shows it heading back into the Gulf near the coast of Iran. The ship’s last port of call was Hamriyah in the UAE, where it loaded 250,000 barrels of methanol. The US military is enforcing the blockade on warships in the Gulf of Oman and the Arabian Sea.China imports a significant amount of oil and gas from the Persian Gulf, but it is less reliant on the region than key US allies in East Asia, and has so far weathered the crisis caused by the US-Israeli war against Iran better than South Korea, Japan, and the Philippines. China also has a major stockpile of Iranian oil, as its imports from Iran increased after the start of the US-Israeli war.The US blockade on Iran comes ahead of a planned summit between President Trump and Chinese President Xi Jinping, scheduled for May 14 and May 15 in Beijing. On Tuesday, Xi hosted Khaled bin Mohamed bin Zayed Al Nahyan, the crown prince of Abu ‌Dhabi, and made comments on the situation in the Middle East that were seen as a veiled swipe at the US.“The authority of the international rule of law should be upheld and cannot be used when convenient and discarded when not,” Xi said. “We must not allow the world to revert to the law of the jungle.”

‘No Port Will Be Safe’ – Iran Condemns ‘Maritime Piracy’ as Pakistan Pushes New Talks - Palestine Chronicle - Pakistan’s Defense Minister Khawaja Asif said a new round of talks between Iran and the United States is expected to begin soon, expressing optimism following discussions held in Islamabad. Asif stated that there were no negative developments during the recent talks, adding that “what emerged were only positive matters.” Pakistani Prime Minister Shehbaz Sharif also confirmed continued efforts to resolve the conflict between Washington and Tehran, stressing ongoing diplomatic engagement. According to the Wall Street Journal, regional officials said efforts are intensifying to bring both sides back to the negotiating table, noting that diplomacy remains possible despite hardened rhetoric from both parties. Iranian officials reportedly showed flexibility during negotiations in Islamabad, with Deputy Speaker of Parliament Ali Nikzad stating that Tehran had been prepared to demonstrate goodwill by diluting 450 kilograms of enriched uranium rather than handing it over. Chinese Foreign Minister Wang Yi described the current ceasefire between the United States and Iran as “extremely fragile,” urging the international community to strengthen diplomatic efforts and oppose any actions that could undermine the truce. During a phone call with Pakistani Foreign Minister Ishaq Dar, Wang emphasized that preventing a return to hostilities remains the top priority and called for maintaining the momentum of the ceasefire “which was achieved with great difficulty.” China also expressed support for Pakistan playing a larger role in mediation, with Beijing indicating its readiness to contribute to efforts aimed at resolving the conflict. In a separate statement, Chinese Foreign Ministry spokesperson Guo Jiakun said that the start of negotiations represents a step toward de-escalation and urged all parties to commit to the temporary ceasefire and pursue political and diplomatic solutions. Iranian Foreign Minister Abbas Araghchi held a series of calls with regional and international counterparts, including French Foreign Minister Jean-Noël Barrot, to discuss developments in the negotiations. Araghchi stated that Iran entered the talks with a “responsible approach and goodwill,” despite what he described as a complete lack of trust in the United States. He said that Washington prevented an agreement due to “its approach based on ambitions and constantly changing demands, despite progress in negotiations.” In calls with officials from Oman, Saudi Arabia, and Qatar, Araghchi reiterated that Iran had engaged seriously in the diplomatic process while warning of risks stemming from what he described as “provocative US actions.” Saudi Foreign Minister Faisal bin Farhan expressed support for diplomatic efforts, while Qatar reaffirmed its backing for continued mediation aimed at ending the conflict. The negotiations in Islamabad ended without an agreement, with Iranian officials attributing the outcome to what they described as excessive and unrealistic US demands.

Iran warns any attack on its ports will make every Persian Gulf port insecure - Iran's military has warned that any threat to the country's ports would trigger a broader regional response, declaring that no port in the Persian Gulf or the Sea of Oman would remain secure if Iranian ports are targeted. Lieutenant Colonel Ebrahim Zolfaqari said in a statement on Monday that ensuring security in the two strategic water bodies is a collective matter, emphasizing that such security must either apply to all parties or to none. He underscored that the Iranian Armed Forces consider the defense of the country's national rights a natural and lawful obligation, including the exercise of sovereignty in the country's territorial waters. Zolfaqari went on to highlight that protection of maritime security in Iranian waters will continue decisively. "Enemy-affiliated vessels do not and will not have the right to pass through the Strait of Hormuz," he said. "Other vessels will be allowed to transit the strait in compliance with the regulations of the Armed Forces of the Islamic Republic of Iran," the senior Iranian military official stated. He noted that Iran, in light of the ongoing threats, will implement a permanent mechanism to control the Strait of Hormuz even after the resolution of the current crisis. He described restrictions imposed by the United States on maritime transit in international waters as illegal, and tantamount to acts of piracy. "If the security of ports of the Islamic Republic of Iran is threatened, no port in the Persian Gulf or the Sea of Oman will remain safe," Zolfaqari added. President Donald Trump said on Sunday that the US Navy would enforce a "naval blockade" on the Strait of Hormuz. The measure is scheduled to begin Monday at 10 a.m. Eastern Time (14:00 GMT). Iran’s Navy commander has dismissed Trump’s threats as “very ridiculous and laughable,” saying the Iranian military is closely monitoring every move of the US fleet in the region. Iran has placed restrictions on passage through the Strait of Hormuz since the US-Israeli war of aggression began on February 28. Tehran has allowed vessels serving friendly nations to pass while barring ships affiliated with aggressor countries and their supporters. The Iranian parliament has advanced draft legislation to impose transit fees in national currency and explicitly ban US and Israeli vessels.

Respect for Iran’s rights key to sustainable stability in Hormuz Strait: Envoy - The Iranian ambassador and permanent representative to the United Nations says sustainable stability in the Strait of Hormuz is only possible through full respect for Iran’s inalienable rights and interests. Amir-Saeid Iravani made the remarks in a statement delivered during a UN General Assembly meeting on Thursday, three days after the US said that it had imposed a “naval blockade” on the Strait of Hormuz aimed at forcing Iran to reopen the strategic waterway that has been shut down to the country’s enemies following the launch of the illegal US-Israeli aggression. “The realization of the principles of freedom of navigation and maritime safety in the Persian Gulf and the Sea of Oman—particularly in the Strait of Hormuz, which lies within the territorial seas of its coastal States—is only possible through full respect for the sovereignty and sovereign rights of those coastal States,” he said. “As such, sustainable stability in the Strait of Hormuz and in the region can only be achieved through the cessation of aggression and the full respect for Iran’s legitimate rights and interests.” Iravani also warned that the United States’ unlawful actions in the region escalate tensions and threaten both maritime security and international trade. He further stressed that the imposition of a maritime blockade announced by the United States constitutes a grave violation of Iran’s sovereignty and territorial integrity. “This unlawful action is a flagrant breach of the prohibition on the threat or use of force enshrined in Article 2(4) of the UN Charter and constitutes a clear act of aggression under international law,” he added. “By seeking to obstruct maritime traffic to and from Iranian ports, the United States unlawfully interferes with the exercise of the sovereign rights of the Islamic Republic of Iran and infringes upon the rights of third States and lawful maritime commerce under international law.” Meanwhile, the envoy emphasized that the Islamic Republic has consistently upheld freedom of navigation and maritime security in the Persian Gulf, the Strait of Hormuz, and the Gulf of Oman. For decades, he said, Iran has fulfilled its responsibilities in good faith as a coastal state of the Strait of Hormuz and ensured security and freedom of navigation in the strategic waterway. Iran’s precautionary measures in the Strait of Hormuz are meant to facilitate the continuous and safe passage of vessels, while preventing the exploitation of this waterway for hostile or military purposes by aggressors and their affiliates, according to Iravani.

Iran War Inflicts $58B Toll on Middle East Energy Infrastructure, Complicating Global LNG Buildout - It could cost up to $58 billion to repair and restore energy infrastructure in the Middle East damaged by war in a process that could lead to higher costs and delays for projects well beyond the region, according to an analysis by Rystad Energy. At A Glance:

$34 billion to $58 billion of estimated damage
Iran, Qatar hardest hit
Recovery expected to take months

Iran estimates US‑Israeli war damages at $270 billion: Spox - Tehran Times The spokeswoman for the Iranian administration has estimated that the damages caused by the recent US‑Israeli war of aggression against Iran amount to approximately $270 billion. "These are preliminary and very rough figures, but the damage so far stands at $270 billion," Fatemeh Mohajerani said. She noted that the administration’s economic authorities will determine more precise figures through a multi‑stage process. The first stage will assess damage to buildings, she explained. The second will analyze budget revenue losses and the impact of industrial shutdowns. War reparations were among the issues the Iranian negotiating team pursued during the Islamabad talks, she said, adding that such damages usually need to be examined in several layers. "We will certainly defend our people's rights through legal means, including compensation for the bloodshed of our loved ones at the Minab school," Mohajerani added, referring to the horrific US‑Israeli military strike on an elementary school in Iran’s southern city of Minab on February 28, which claimed around 170 lives.

Iran Halts All Petrochem Exports While Official Signals Compromise Strait Passage Opening, As Negotiators Cite 'Progress' - Summary

The Iran war is "very close to over" with authorities in Tehran eager to agree a peace deal, Trump says, adding: "We've beaten them militarily." Axios cites 'progress' toward framework to end war. Iran state media says halt to all petrochemical exports, RTRS cites possible compromise on strait passage.
AP/Bloomberg reporting the two sides have an "in principle agreement" to pursue further diplomacy; however, this is batted down as 'unconfirmed' by Tehran & a US official.
The Pentagon is sending thousands of additional troops into the Middle East in coming days: WaPo
Trump claims China "very happy" the US is permanently opening the Strait of Hormuz, also Xi told him Beijing was not sending weapons/defense items to Tehran.
Significant Lebanon fighting continues: Israel issues more evacuation orders, moving into south; Tehran outraged, threatens Red Sea shipping. Unconfirmed reports of one-week Lebanon ceasefire about to take effect.

A status quo compromise emerging? The latest to hit the newswires: Iran has just signaled willingness to allow strait traffic pass unconditionally on the Oman side of the strait, perhaps as a face-saving measure, amid talk of a 2nd Pakistan peace summit being put together, as a potential uneasy status quo emerges. CNBC also in a breaking headline writes: Iran halts all petrochemical exports ‘until further notice,’ Iranian state media reports. This comes after a new Pentagon warning to all vessels stuck in the Strait of Hormuz. CENTCOM provides a Wednesday update: "During the first 48 hours of the U.S. blockade on ships entering and exiting Iranian ports, no vessels have made it past U.S. forces. Additionally, 9 vessels have complied with direction from U.S. forces to turn around and return toward an Iranian port or coastal area." A big question remains: will Iran confront the US blockade militarily?... or will an uneasy status quo of limited vessel traffic continue to make it through Hormuz amid a potentially extended ceasefire that goes beyond the 2-week window?

China Presses Iran to Reopen Strait of Hormuz - China's top diplomat Wang Yi stressed the importance of reopening the Strait of Hormuz Wednesday during a phone call with his Iranian counterpart.The strait is a conduit for about one-quarter of the world's crude oil and 20 percent of its liquefied natural gas. U.S. and Israeli strikes on Iran that began on February 28, and the Islamic Republic's retaliatory attacks on energy infrastructure across the Gulf region, have left hundreds of vessels stranded in nearby waters and driven up oil prices.An April 8 ceasefire agreement would have seen shipping resume under a Tehran-run vetting system in Iranian waters.However, after a weekend U.S.-Iran talks in Pakistan stalled, Washington further choked off the strait by imposing a blockade on ships leaving Iranian ports and coastal areas, with several tankers—including Chinese-owned ones— being turned back in the Gulf of Oman.The U.S military's Central Command says no ships have breached the blockade since it entered effect Monday. In their phone call, Iranian Foreign Minister Abbas Araghchi updated Wang on the latest developments in negotiations with the United States and Tehran's intended next steps, according to a Chinese Foreign Ministry readout.Wang said China supports Iranian sovereignty, security, and national dignity, and was willing to continue promoting de-escalation and ultimately a lasting peace, in line with a four-point proposal put forward by President Xi Jinping on Tuesday Iran's rights as a coastal state bordering the Strait of Hormuz should be safeguarded, he added. At the same time, freedom and security of navigation through the waterway should be ensured, in line with calls from the international community. Iran greatly appreciates China's longstanding efforts to ease tensions and hopes Beijing will continue to promote a peaceful resolution, Araghchi was cited as saying.Newsweek reached out to the White House and Iran's Foreign Ministry by email with requests for comment.The call between the Chinese and Iranian foreign ministers took place as Pakistan officials headed to Tehran to broker a second round of talks with the U.S."China is very happy that I am permanently opening the Strait of Hormuz. I am doing it for them, also - And the World. This situation will never happen again," President Donald Trump wrote in a Truth Social post Wednesday.

Russia Vows To 'Fill China's Energy Resource Gap' Amid Hormuz Crisis In Lavrov-Xi Meeting - At a moment it remains a serious open question over just how vulnerable China is to the Hormuz Strait crisis, and now with the US-imposed US naval blockade of the vital oil transit waterway, Russian Foreign Minister Sergey Lavrov is in Beijing pledging energy support to China. Lavrov met with President Xi Jinping on Wednesday, during which Xi urged China and Russia to "give full play to the advantages of geographic proximity and complementarity, deepen all-round cooperation and raise the resilience of each other's development." Russia remains China's top energy supplier. "Both sides should maintain strategic focus, trust each other, support each other, develop together," Xi continued, according to a Chinese state media readout. Lavrov in turn told Xi that Chinese-Russian relations play a "stabilizing role in world affairs" at a time of global "chaos and turmoil." This has been a consistent theme on which relations and trust have been built between Beijing and Moscow going back to the start of the Ukraine war over four years ago. Importantly, after the meeting the Russian foreign minister announced to a press conference that Moscow stands ready to increase energy supplies to China. "Russia can certainly fill the resource gap that has arisen in China and other countries interested in working with us on an equal and mutually beneficial basis," Lavrov stated. The two-day Lavrov visit is toward laying the groundwork for an upcoming summit between Xi and Russian President Vladimir Putin. It's expected for the first half of this year, but likely after Trump's upcoming May 14-15 summit with the Chinese leader. The Hormuz crisis is a threat to Chinese energy given Asia's largest power still depends heavily on global supply routes it does not fully control. While Beijing has for many years sought to diversify through pipelines from Russia and Central Asia, the reality is that those projects take years to build and remain far too limited to replace the volume of oil moving through Hormuz.

Ukraine secures oil lifeline from Gulf states in exchange for military aid - Ukraine will receive much-needed fossil fuels from Gulf countries in exchange for the defense assistance it is providing, Ukrainian President Volodymyr Zelenskyy said.Kyiv made defense pacts with Saudi Arabia, Qatar and the United Arab Emirates in March, but further details of those agreements were not revealed then. At the time, Iran’s drone swarms were battering the region in response to American and Israeli attacks.Middle Eastern allies of Washington looked to Kyiv for help — they wanted Ukraine’s drone combat expertise, accrued over four years of war with Russia. Last month, Zelenskyy sent more than 200 Ukrainian soldiers from his anti-drone units to the Middle East to help those countries fend off Iran’s low-cost Shahed drones — a variant of what Ukraine has faced from Russia.

Italy's Meloni Halts Renewal of Military MoU With Israel - Italian ‌Prime Minister Giorgia ‌Meloni said on Tuesday that her government has halted the automatic renewal of a military Memorandum of Understanding (MoU) with Israel, as Italy has become increasingly critical of Israel’s wars and killing of civilians.“In light of the current situation, the government has decided to suspend the automatic renewal of the ⁠defense agreement with Israel,” Meloni said.According to Haaretz, the MoU includes the exchange of military equipment and cooperation on military research, though an Italian source told the Israeli newspaper that Meloni’s announcement reflected a policy already in place. The source said that Italy halted military cooperation with Israel shortly after October 7, 2023, though according to reports from last year, Italy suspended weapons exports to Israel but was still fulfilling previous arms deals. Meloni has been under significant pressure from her opposition and from Italian citizens to cut ties with Israel. Italian Foreign Minister Antonio Tajani visited Lebanon on Monday, where he slammed Israel’s “unacceptable attacks by Israel against the civilian population” and said it called for the avoidance of “another escalation like the one in Gaza.”When asked if Italy would take a similar step toward the US, the source speaking to Haaretz said that Italy was still assessing the impact on Iranian civilians in the US bombing campaign in Iran, which started with the bombing of an elementary school, which slaughtered more than 100 children.Also on Tuesday, President Trump attacked Meloni, saying he was “shocked” that her government didn’t support the US-Israeli war against Iran. His comments came after Meloni denounced his attack on Pope Leo XIV over the US-born pontiff’s stance on the conflict.“I find President Trump’s remarks about the Holy Father unacceptable,” Meloni said in a statement. “The Pope is the head of the Catholic Church, and it is right and proper that he call for peace and condemn all forms of war.”In response, Trump said, “She is the one who is unacceptable because she doesn’t care if Iran has a nuclear weapon and would blow up Italy in two minutes if it had the chance,” though there was no evidence either before this year’s war or the June 2025 US-Israeli war against Iran that Tehran was seeking a nuclear bomb. Trump also accused the Italian leader of lacking “courage.”

'Complete Collapse' Looms – Gaza’s Bread System on the Brink as Flour Vanishes - Palestine Chronicle - Gaza’s Government Media Office warned on Sunday of a worsening food crisis in the besieged enclave, citing a sharp decline in flour supplies and continued restrictions on the entry of essential goods. In a statement, the office said the situation now threatens the food security of more than 2.4 million Palestinians, as bakeries struggle to maintain production amid severe shortages. Bread production has declined significantly in recent months due to the lack of flour, the statement said, with humanitarian aid entering the Strip reaching only 38 percent of pre-war levels. This comes despite prior understandings that approximately 600 aid trucks would be allowed into Gaza daily. The crisis has intensified following reductions in support from international organizations. According to the statement, the World Central Kitchen, which had been supplying between 20 and 30 tons of flour per day, has halted its contributions. At the same time, the World Food Programme reduced its daily flour deliveries from 300 tons to 200 tons. Officials said Gaza requires approximately 450 tons of flour per day to meet basic needs, but only about 200 tons are currently available, creating a significant shortfall. Around 30 bakeries are currently operating across Gaza, producing approximately 133,000 bundles of bread per day. Of these, about 48,000 are distributed free of charge, while 85,000 are sold at subsidized prices. Authorities said these quantities are insufficient to meet the growing demand, as more families rely on subsidized bread amid deteriorating economic conditions. The Government Media Office warned that the continued decline in humanitarian support could lead to a “complete collapse” of the bread production system. Such a collapse, it said, would significantly worsen already dire living conditions across the Strip. Urgent Action The statement also addressed recent international claims regarding aid entry into Gaza, saying that reports of hundreds of trucks entering daily do not reflect the reality on the ground. It called on the international community and relevant authorities to take urgent action to ensure the flow of humanitarian aid and the full reopening of crossings. Officials warned of “serious humanitarian consequences” if the current situation continues.

Mass Destruction in Southern Lebanon as Israeli Forces Use ‘Gaza Tactics,’ Level Villages - Israeli officials have been saying they intended to apply a Gaza Strip model to the invasion of Lebanon, but the extent of the destruction inflicted on the southern part of Lebanon in the first month and a half of the war is even bigger than initially feared. New reports from the BBC are that they’ve visually confirmed more than 1,400 buildings destroyed in the course of the Israeli offensive using satellite imagery and that, given the limited access on the ground, the true number is potentially far higher. Images show that villages like Taybeh have been effectively erased, and while it’s being done concurrently with an invasion and occupation, much of the actual destruction is being inflicted by Israeli military bulldozers and demolition crews, explicitly destroying the buildings. That’s illegal under international law, though the IDF maintains they do “not allow the destruction of property unless there is an imperative military necessity.” In as much as Israel is wiping entire villages off the map systematically and demolishing civilian residences, it would be a real legal challenge to argue that was actually a military necessity above and beyond territorial ambitions on the Israeli far-right It’s not only the villages. Part of a UNESCO-listed historical site in Shamaa, the shrine of Prophet Shimon al-Safa, was bulldozed by Israeli forces before its ruins were further leveled by artillery fire. It’s a religious site that includes a Shi’ite mosque. Here again, the destruction of a shrine with aspects dating back to the 11th century is going to fuel long-term resentment about the Israeli offensive, but importantly, it would also be difficult to argue that such an ancient shrine had any specific, immediate military requirement to be destroyed. Israel’s promise of Gaza tactics seems definitely to have come to pass, but beyond Israeli military intentions to install more permanent military bases on Lebanese soil, practical policy has been forced mass displacement and systematic destruction of civilian infrastructure, both war crimes under international law.

Israel Destroys Last Bridge to Southern Lebanon Ahead of Ceasefire - Thursday’s announcement of the ceasefire in Lebanon brought some relief to the 20% of Lebanon’s population that is currently displaced by the conflict. Whether or not they’ll actually be able to return home is another matter entirely.In the hours leading up to President Trump’s declaring a ceasefire would start at 5 pm EST on Thursday, Israeli strikes destroyed the last of the bridges spanning the Litani River, completing a project of bridge destruction that began early in the conflict, when Israel first ordered the evacuation of the entire population south of the river to the north, later announcing their intention to occupy the entire region militarily.The ceasefire may come into effect, but Israeli officials say the occupying troops aren’t going anywhere, and Lebanese Parliament Speaker Nabih Berri is urging people not to try to return home until the situation becomes clearer, a recognition of how often these announced ceasefires don’t pan out.Even if the ceasefire does hold, however, it’s not clear how easily the hundreds of thousands of people who fled north will actually be able to physically get back to southern Lebanon without bridges across the river, let alone whether their homes in the south will still be there after systematic demolition of villages by the Israeli military.Israel’s stated policy of occupation, destruction, and not allowing at least the Shi’ite residents of the south to return home has been advanced in a month and a half of aggressive warfare, but where it stands is an open question. Much destruction has been done, some of the occupation has already happened, but whether Israel intends to limit returnees during the ceasefire, and if those returnees are even possible without bridges, remains unclear.What is clear is that in the days to come, Lebanon’s focus will be on picking up the pieces after nationwide attacks that left over 2,100 people dead, many thousand more wounded, and well over a million people displaced, with only some notion that some of them might be able to return home soon.

Israeli Attacks on Lebanon Kill Large Number of Children and Healthcare Workers - While the military offensives against Lebanon continue apace, Israeli officials are claiming large but increasingly non-credible numbers of Hezbollah among the slain in their war, with officials saying 200 Hezbollah targets were hit in the past 24 hours, and Army Chief Lt. Gen. Eyal Zamir claiming “over 1,700” Hezbollah slain in the current war. The IDF has a documented history of claiming slain Lebanese were secretly Hezbollah and providing no evidence to support those claims, but suggesting that out of 2,167 people killed, over 1,700 were Hezbollah is highly unlikely, given the number of well-documented deaths of plainly non-Hezbollah targets. Children are a well-documented portion of the slain, with the Lebanese Health Ministry reporting at least 172 children killed in Israeli strikes during the war. This has become a growing problem as Israel strikes ever deeper into Lebanon at seemingly random residential targets, and as the daily toll rises, there are fewer and fewer efforts by the IDF to even try to offer a plausible justification for such targetings. Paramedics are another increasingly common target for the IDF, with three more killed and six wounded in the town of Mayfadoun, in Lebanon’s Nabatieh District, as they tried to rescue people wounded in previous Israeli strikes and were themselves targeted by Israeli fire.Lebanon’s Health Ministry condemned the attacks as a “flagrant crime” meant to prevent healthcare workers from saving lives. 91 healthcare workers have been killed since the war escalated on March 3, as Israel regularly targets ambulances and hospitals.For the past few days, Israel’s offensive has focused on the border town of Bint Jbeil. Before the war, it was sometimes called a village, sometimes a town. Prime Minister Benjamin Netanyahu has now presented the tiny municipality as the “capital” of Hezbollah in southern Lebanon, and claimed that after several days of fighting, they are on the verge of taking it. Earlier this week, Israeli officials made much of their forces capturing and destroying a “stadium” in Bint Jbeil at which Hezbollah’s founder Hassan Nasrallah once gave a speech. The images of the destroyed “stadium,” however, showed it as little more than a small football pitch with a few grandstands along the sides.

Growing Anger in Lebanon as Israel Continues Strikes, Attacks on Civilians After Talks - Tuesday’s direct talks between Israel and Lebanon were held with a lot more fanfare than they had consequence, and ended without a meaningful deal being agreed, and with Israel not even really slowing their attacks while the conversations were ongoing, let alone after. Continuing Israeli attacks deep into Lebanese territory, inflicting civilian casualties, are fueling a lot of resentment among the Lebanese population, and while officials seemingly hoped that anger would be directed at Hezbollah, who is participating in the war albeit not the talks, many are angry at the government itself for engaging in talks with another nation that is directly attacking them without getting them to cease fire first, or indeed at all.Which isn’t to say that there’s no hope for cessation of hostilities in Lebanon. There’s a report circulating that Iran is pressing for a ceasefire, and that it could have be declared sometime Wednesday night. Whether Israel actually respects that ceasefire, however, is an open question.Israeli officials have told the media that a ceasefire is at least going to be discussed by the Israeli Security Cabinet, which is scheduled to meet this evening as well. Reportedly, the US had been pressuring them to agree to this, but it’s not clear if the cabinet is supportive of that idea.IDF Chief of Staff Eyal Zamir, by contrast, suggests that the plan is to continue pressing forward with the war, saying plans have been approved for both continuing the Lebanon and the Iran wars, and that southern Lebanon south of the Litani River will become a “killing zone” for Hezbollah.

Final Hours before Ceasefire: Israel Bombed over 100 Sites as Hezbollah Escalated - Palestine Chronicle -Hours before US President Donald Trump announced a 10-day ceasefire, Israeli occupation forces launched one of the most intense waves of attacks on Lebanon since the escalation began. According to available data, Israeli airstrikes targeted 101 locations across the country in a single day, killing at least 35 people and injuring 106 others. Israeli warplanes and artillery targeted dozens of towns across southern Lebanon, including Nabatieh, Tyre, Tebnine, Kfarshouba, Sarafand, Adloun, and multiple villages across the Litani region. In Nabatieh, airstrikes struck several neighborhoods in what was described as a concentrated “fire belt,” causing extensive destruction to residential areas. Simultaneous air and artillery bombardment hit towns including Khiam, Mansouri, Qleileh, and Bazouriyeh, while additional shelling targeted roads, agricultural land, and civilian infrastructure. The Qasmiyeh Bridge was rendered inoperable after being struck, effectively severing movement between areas north and south of the Litani River. The Lebanese Ministry of Health reported multiple mass-casualty incidents across different regions. At least seven people were killed and dozens injured in strikes on Ghaziyeh, while additional fatalities were reported in Siksikieh, Zrarieh, Adloun, Shahabiya, and Nabatieh. Civilian vehicles, homes, and even medical services were targeted, with paramedics wounded and ambulances hit in several incidents. The attacks also caused widespread material damage, including hospitals, schools, residential buildings, and power infrastructure.

Food Insecurity Growing as Lebanon War Death Toll Passes 2,000 - The Lebanese Health Ministry has reported this weekend that the death toll in the escalation of Israel’s war on Lebanon has passed 2,000 killed. The latest figure was that the war has killed 2,020 Lebanese, including 248 women, 165 children, and at least 85 civilian medical personnel. 6,436 others were documented as wounded in the attacks.These tolls are huge for a country the size of Lebanon, and it mustn’t be forgotten that the toll only spans around 40 days of war, which began in early March when Israel extended the US-Israel war on Iran into an attack on Lebanon as well. The single deadliest day was Wednesday of last week, the first day of the US-Iran ceasefire, when Israel announced that the ceasefire “didn’t include Lebanon” and subsequently launched massive attacks, killing over 250 people, and by some estimates over 300, in a single day.There are plans for “peace talks” this week brokered by the US, but once again, Israeli officials insist that the talks don’t mean a cessation of fire on Lebanon, and more people continue to be killed in Israeli strikes.Israel’s narrative doesn’t suggest that there’s a serious consideration to end the fighting here, as Prime Minister Benjamin Netanyahu visits troops in southern Lebanon and talks up the idea they’re fighting an “axis of evil” that is “fighting for their own survival.”The crisis within Lebanon is likely to get a lot worse going forward, according to the World Food Program (WFP), which noted over the weekend that there is a growing food crisis across different areas of Lebanon, where the war has led to rising prices and collapsing markets.The crisis is drastically worse for the internally displaced population, which, as Israeli evacuation orders continue to expand, amounts to an estimated fifth of the entire population of Lebanon, who have lost their homes, their income, and their general sense of security. From a food perspective, that displacement makes matters much worse, not just for the displaced, but for everyone, because Lebanon’s main agricultural region, the south of the country, is now occupied militarily by Israel, and effectively everyone in that region is now displaced, with Israeli officials bragging that the Lebanese won’t be allowed to return to the area.Food insecurity and mass displacement have been among the defining crises in the Gaza Strip in recent years, and Israeli officials are notably citing Gaza as a model for their ongoing invasion of Lebanon.

Focus on Fracking

Sunday, April 19, 2026

natgas price hit 17 mo low; net oil imports at record low; total exports at record high; gasoline supplies drop most in 3 years

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