SPR at a new 43 year low; US commercial oil supplies at a 93 month low; total oil & product supplies at a 286 month low

record ten consecutive withdrawals leave US commercial crude inventories at a ninety-three month low; US Strategic Petroleum Reserve is its lowest since its initial fill-up in May 1983; total oil and oil product inventories are the lowest since February 20th, 2004

US oil prices finished lower for the sixth time in seven weeks after Trump touted progress in peace talks in Qatar, even after Iranian officials refused to meet with his representatives and denied everything Trump had attributed to them….after falling 8.7% to a four month low at $69.23 a barrel last week as oil tankers continued to traverse the Strait of Hormuz amid ongoing talks between representatives of the US and Iran, the contract price for the benchmark US light sweet crude for August delivery climbed on Asian markets on Monday as renewed military exchanges between the US and Iran raised concerns over energy supplies and shipping through the Strait of Hormuz, and were still climbing early before markets opened in New York, even as their price rise was relatively subdued, as markets continued to price in a potential peace deal, while discounting more bullish geopolitical catalysts, but quickly sold off to a low of $69.32 in early US trading following an Axios report ​t​hat the U.S. and Iran ​had end​e​d their hostilities after both countries had accused each other of breaking the ceasefire, but then rallied to a high of $71.15 in afternoon trading before settling up $1.52 at $70.75 a barrel after tit-for-tat attacks by the U.S. and Iran underscored the fragility of their interim peace deal, while cautious hopes of a continued recovery in energy shipping through the Strait of Hormuz limited gains…oil prices fell on Asian markets on Tuesday, as traders awaited the outcome of possible talks between US and Iran in Doha, after the tit-for-tat strikes over the weekend had spooked markets about the fragility of their interim peace deal and slowed down shipping in the Strait of Hormuz, but inched higher as trading got underway in New York as traders awaited the next step in negotiations between Washington and Tehran, but settled $1.25 lower at $69.50 a barrel as the market focused on the potential outcome of U.S.-Iran talks in Doha while crude oil buying ran out of steam…oil prices rose in Asian trading on Wednesday as the breakdown in direct talks between the United States and Iran renewed concerns over oil supply risks in the Middle East, offsetting the recent optimism that tensions around the Strait of Hormuz were easing, but turned lower as trading got underway in New York as traffic through the Strait of Hormuz picked up amid signs that the indirect negotiations between the U.S. and Iran were progressing, and held those losses after administration officials said talks with Iran were moving ahead, while President Trump said the meeting was good, and settled 92 cents lower at $68.58 a barrel as optimism over U.S.-Iran talks allayed supply concerns, after President Trump said talks in Qatar had gone well and​ oil traders believed him… oil prices declined by around one percent during Asian trading on Thursday, as signs of progress in indirect negotiations between Iran and the United States eased concerns over potential disruptions to energy supplies, and slid to pre-war levels in early US trading as Middle Eastern producers rushed to send barrels through the now reopened Strait of Hormuz, but recovered to settle 11 cents higher at $68.69 a barrel on pre-holiday short covering, and as crude buyers sought to assure their supply over the long US Independence Day weekend….since US markets were closed in observance of the holiday on Friday, the benchmark US crude​ for​ August thus finished th​i​s week’s trading 0.8% lower, even as it was steady to slightly higher in global trading ​on Friday..

meanwhile, natural gas prices finished lower for the first time in three weeks as a growing surplus of natural gas in storage muted the impact of the eastern US heatwave….after rising 0.1% to $3.279 per mmBTU last week even as the July contract expired 0.2 cents lower at $3.231 per mmBTU on selling ahead of the ​it’s expiration and a higher US drilling rig count, the price of the benchmark natural gas contract for August delivery started​ the week 5.6 cents lower on Monday, and traded near $3.180 for much of the session, as traders eyed steady production and largely overlooked the impending heatwave, and settled 9.8 cents lower at $3.181 per mmBTU, hindered by robust supply readings that suggested producers were up to meeting a surge in weather-driven demand…however, August natural gas opened 10.1 cents higher Tuesday after overnight weather models added more cooling demand to the impending heatwave, and held onto most of that gain to settle 9.4 cents higher at $3.275 per mmBTU, as temperatures soared and traders braced for surging demand in a holiday-shortened week….natural gas prices started Wednesday’s trading 2.6 cents lower, as cooling demand was already priced into the market, and settled 5.5 cents lower at $3.220 per mmBTU as traders tried to gauge the impact of a sprawling Lower 48 heat dome and the stability of strong yet choppy production levels…natural gas futures traded lower early Thursday as traders moved to the sidelines ahead of an expected seasonally heavy EIA storage report, and were knocked still lower after the net injection of natural gas into storage for the week ended June 26 topped market expectations and pressured prices lower,  and settled 2.4 cents lower at $3.196 per mmBTU as traders bet Lower 48 supply would prove sufficient to meet both summer demand and storage needs, leaving August natural gas priced 2.5% lower for the week…

The EIA’s natural gas storage report for the week ending June 26th indicated that the amount of working natural gas held in underground storage rose by 87 billion cubic feet to 2,922 billion cubic feet by the end of the week, which left our natural gas supplies 49 billion cubic feet, or 0.8% below the 2,945 billion cubic feet of gas that were in storage on June 26th of last year, but 175 billion cubic feet, or 6.4% above the five-year average of 2,747 billion cubic feet of natural gas that had typically been in working storage as of the 26th of June over the most recent five years….the 87 billion cubic foot injection into natural gas storage for the cited week was more than the 82 billion cubic foot injection into storage that the market was expectingly ahead of the report, and it was more than the 61 billion cubic foot of gas that were injected into natural gas storage during the corresponding week of 2025, and was also more than the average 64 billion cubic foot injection into natural gas storage that had been typical for the same ​l​ate June 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 June 26th showed that even after a notable decrease in our oil exports, we again needed to pull oil out of our stored crude supplies for a record tenth consecutive week, and for the 32nd time in fifty-seven weeks, in spite of an increase in oil supplies that the EIA could not account for…. Our imports of crude oil fell by an average of 291,000 barrels per day to average 5,279,000 barrels per day, after rising by an average of 436,000 barrels per day during the prior week, while our exports of crude oil fell by an average of 661,000 barrels per day to average 4,008,000 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 1,271,000 barrels of oil per day during the week ending June 26th, an average of 370,000 more 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 9,000 barrels per day lower than the prior week at 382,000 barrels per day, while during the same week, production of crude from US wells was 9,000 barrels per day lower at 13,810,000 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 15,463,000 barrels per day during the June 26th reporting week…

Meanwhile, US oil refineries reported they were processing an average of 17,196,000 barrels of crude per day during the week ending June 26th, an average of 85,000 more 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 an average of 1,330,000 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 June 26th averaged a rounded 404,000 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 [ +404,000 ] 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 magnitude in the week’s oil supply & demand figures that we have just transcribed.... Since 163,000 barrels per day of demand for oil could not be accounted for in the prior week’s EIA data, that means there was a 567,000 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 somehow off by that much, and therefore pretty useless.... However, since most oil traders react to to the figures in 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 March 2023 twitter thread from an EIA administrator addressing these ongoing weekly errors, and what they had once hoped to do about it).

This week’s 1,330,000 barrel per day average decrease in our overall crude oil inventories came as an average of 539,000 barrels per day were being pulled out of our commercially available stocks of crude oil, while 791,000 barrels per day were being pulled out of our Strategic Petroleum Reserve, the fourteenth consecutive Iran war related withdrawal from the SPR, including the four largest in SPR history, which left the SPR at 325,655,000 barrels, the lowest since it was initially being filled in May 1983…As the result of those recent draws on the SPR​ and on commercial supplies, and with total fuel inventories tracking near multi-year lows, our Total Supplies of Crude Oil and Petroleum Products, including the SPR​, fell to 1,527,225,000 during the week ending June 19th, the lowest since February 20th, 2004….

Further details from the weekly Petroleum Status Report (pdf) indicated that the 4 week average of our oil imports fell to 5,468,000 barrels per day last week, which was 10.9% less than the 6,136,000 barrel per day average that we were importing over the same four-week period last year, while the four week average of our exports fell to 4,461,000 barrels per day last week, which was still 25.5% more than the 3,556,000 barrel per day average that we were importing last year year at this time... This week’s crude oil production was reported to be 9,000 barrels per day lower at 13,810,000 barrels per day as the EIA’s estimate of the output from wells in the lower 48 states was 6,000 barrels per day higher at 13,405,000 barrels per day, while Alaska’s oil production was 15,000 barrels per day lower at 405,000 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 5.4% higher than that of our pre-pandemic production peak, and was also 42.4% 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 96.6% of their capacity while processing those 17,196,000 barrels of crude per day during the week ending June 26th, up from 96.1% the prior week, and a bit higher than normal for this time of year….the 17,196,000 barrels of oil per day that were refined that week were 0.5% more than the 17,105,000 barrels of crude that were being processed daily during the week ending June 27th of 2025, but were still 0.5% less than the 17,290,000 barrels that were being refined during the pre-pandemic week ending June 28th, 2019, when our refinery utilization rate was at 94.2%, which was near the pre-pandemic normal utilization rate for this time of year…

With the increase in the amount of oil that was being refined this week, gasoline output from our refineries was also higher, increasing by 481,000 barrels per day to 9,969,000 barrels per day during the week ending June 26th, after our refineries’ gasoline output had decreased by 588,000 barrels per day during the prior week... This week’s gasoline production was 3.6% higher than the 9,621,000 barrels of gasoline that were being produced daily over the week ending June 27th of last year, and 0.2% more than the gasoline production of 9,948,000 barrels per day seen during the prepandemic week ending June 28th, 2019….on the other hand, our refineries’ production of distillate fuels (diesel fuel and heat oil) decreased by 42,000 barrels per day to 5,188,000 barrels per day, after our distillates output had increased by 55,000 during the prior week.  But with five production increases over the past seven weeks, our distillates output was 3.1% more than the 5,034,000 barrels of distillates that were being produced daily during the week ending June 27th of 2025, while 2.8% less than the 5,336,000 barrels of distillates that were being produced daily during the pre-pandemic week ending June 28th, 2019....

Despite this week’s increase in our gasoline production, our supplies of gasoline in storage at the end of the week fell for the 17th time in twenty weeks, decreasing by 2,333,000 barrels to 213,966,000 barrels during the week ending June 26th, after our gasoline inventories had increased by 2,064,000 barrels during the prior week.  Our gasoline supplies decreased this week because the amount of gasoline supplied to US users rose by 356,000 barrels per day to 9,131,000 barrels per day, and because our exports of gasoline rose by 254,000 barrels per day to 1,016,000 barrels per day, and because our imports of gasoline fell by 8,000 barrels per day to 639,000 barrels per day…  After forty-eight gasoline inventory withdrawals over the past seventy-one weeks, our gasoline supplies were 7.8% lower than last June 27th’s gasoline inventories of 232,126,000 barrels, and about 7% below the five year average of our gasoline supplies for this time of year…

Even after this week’s decrease in distillates production, our supplies of distillates rose for the ninth time in twenty-two weeks, increasing by 2,483,000 barrels to 108,599,000 barrels during the week ending June 26th, after our distillates supplies had increased by 3,064,000 barrels during the prior week... Our distillates supplies rose by a bit less this week because the amount of distillates supplied to US markets, an indicator of domestic demand, rose by 81,000 barrels to 3,614,000 barrels per day, and because our imports of distillates fell by 27,000 barrels per day to 108,000 barrels per day, while our exports of distillates fell by 67,000 barrels per day to 1,327,000 barrels per day... After 28 additions to distillates inventories over the past 52 weeks, our distillates supplies at the end of the week were 4.8% higher than the 103,622,000 barrels of distillates that we had in storage on June 27th of 2025, but were still about 8% below the five year average of our distillates inventories for this time of the year…

Finally, with little change in supply and demand from a week ago, our commercial supplies of crude oil in storage fell for the 14th time in twenty-six weeks, and for the 28th time over the past year, decreasing by 3,775,000 barrels over the week, from 412,134,000 barrels on June 19th to a ninety-three month low of 408,359,000 barrels on June 26th, after our commercial crude supplies had decreased by 6,088,000 barrels over the prior week….After this week’s decrease, our commercial crude oil inventories were about 7% below the recent five-year average of commercial oil supplies for this time of year, while they were still 17.0% above the average of our available crude oil stocks as of the last weekend of June over the 5 years at the beginning of the past decade, with the 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 had been less extreme up until the onset of the Iran war...However, after falling sharply over the past two months, our commercial crude oil inventories as of this June 26th were 2.5% below the 418,951,000 barrels of oil we had in commercial storage on June 27th of 2025, and were 9.0% less than the 448,539,000 barrels of oil that we had in storage on June 28th of 2024, and 9.7% less than the 452,182,000 barrels of oil we had left in commercial storage on June 30th of 2023…

This Week's Rig Count

The US rig count was up by seven over six days ending July 2nd, as the number of rigs targeting oil rose by ​f​ive​,​ while  the count of rigs targeting natural gas was up by one, ​a​nd miscellaneous rigs were ​a​lso up 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 July 2nd, the second column shows the change in the number of working rigs between last week’s count (June 26th) and this week’s (July 2nd) count, the third column shows last week’s June 26th active rig count, the 4th column shows the change between the number of rigs running on Thursday and the number running on the Thursday of the same holiday 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 Thursday, the 3rd of July, 2025…

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Ohio Approves Leasing 15K More Acres of State Land for Fracking - - Marcellus Drilling News - - Yesterday, the Ohio Oil and Gas Land Management Commission (OGLMC) voted to open another 14,953 acres of publicly owned state land in eastern Ohio to safe fracking. At the same meeting, the OGLMC rejected applications to open about 8,000 acres of land in the same area for development, given the overlap between those parcels and some that were bid out. Anti-fossil fuel nutters showed up at the meeting and made asses of themselves, as they so often do. One anti (who should have been arrested and removed) shouted that the Commissioners should “jump off a bridge.” Sounds like a threat to us. Is anyone investigating?

Two companies win the right to frack 15,000 acres of Ohio public land -- State officials selected winning bids Monday from a handful of out-of-state oil and gas companies to frack about 15,000 acres of state-owned preserved wildlife areas and state parkland in eastern Ohio. The Ohio Oil and Gas Land Management Commission also rejected applications to open about 8,000 acres of land in the same area for development. Despite the rejections, the votes from the Ohio Oil and Gas Land Management Commission amount to a significant expansion of Ohio’s three-year-old practice of leasing out its public lands to the fracking industry. In this case, the decisions will allow access to natural gas trapped in shale thousands of feet underneath Egypt Valley and Jockey Hollow wildlife areas. The two expanses stretch over a hilly section of the state a few miles east of Piedmont Lake. As the winning bidders, the OGLMC selected Grenadier Energy, of Texas for 8,236 acres of Egypt Valley; Gulfport Energy, of Oklahoma, for 4,360 acres of Egypt Valley and 383 acres of Jockey Hollow; and Ascent Resources, of Oklahoma, for about 1,461 acres of Jockey Hollow. The OGLMC also selected a bid from Infinity Natural Resources, of West Virginia, for an additional 513 acres of Salt Fork State Park. The company previously purchased mineral rights to 5,700 acres of the park for about $54.6 million, plus 20% in royalty costs. The OGLMC, as a practice, doesn’t release bid details until after its meeting. A spokesperson from the Ohio Department of Natural Resources couldn’t immediately provide specifics on the bids, or an explanation of why the commission rejected the new land applications. The meeting, as has become commonplace, took place over shouts, jeers and heckling from a crowd of environmentalists, who say the OGLMC is something of a rubber-stamping clearing house that inevitably ends up voting for development. “You know what we would find helpful. If you jump off a bridge,” one yelled, loud enough to seem to startle the commissioners. Acceptance of the bids came despite near-unanimous opposition to the projects in public comments considered by the OGLMC itself. “Public lands are meant for conservation, recreation, and long- term stewardship, not short- term extraction,” said Rebecca Montag in a public comment. “Continuing to approve these projects threatens water quality, ecosystems, and public trust in this process.” Republican lawmakers and Gov. Mike DeWine enacted the current legal process via 2023 legislation, an omnibus package that contained other provisions protecting the use of pesticides in Ohio and declared natural gas, a major contributor to climate change, as “green energy.” The OGLMC, led by appointees of the governor, has since approved most industry requests as they’ve rolled in. DeWine’s administration has said it will not allow development on surface lands of parks and wildlife areas. Instead, it requires companies to drill down vertically thousands of feet before turning laterally and reaching out several miles. From the bore holes, drillers spray a mixture of water, sand and chemicals at high pressure to free gas from shale, and pump it all back to the surface to harvest the gas and dispose of liquid waste. The state acquired the land at both Egypt Valley and Jockey Hollow with conservation in mind. Ohio got Egypt Valley via the Wildlife Restoration Act, which uses money from a special tax on guns and bullets to buy land for conservation purposes. Consol Energy gave Ohio what’s now Jockey Hollow after it was “extensively” surface mined between 1958 and 1968, according to ODNR.

More than 15000 acres of Ohio public land approved to be fracked by out-of-state companies - The Ohio Oil and Gas Land Management Commission approved 21 bids to frack more than 15,000 acres of Ohio’s public land during Monday’s meeting.  Nearly 13,000 of those acres are in Egypt Valley Wildlife Area in Belmont and Guernsey counties. The commission is required to pick the “highest and best bid” per Ohio law.  There was no discussion for most of the bids or nominations. Commission Chair Theresa White did not take questions from the media after the meeting. These bids in Egypt Valley Wildlife Area were approved for fracking during Monday’s meeting:

• Oklahoma-based Gulfport Appalachia, LLC had the winning bid for 4,360 acres for $76,306,755 ($17,500/acre). There is an additional financial incentive of 7.5% of production.
• Oklahoma-based Ascent Resources – Utica, LLC had the winning bid for 366.495 acres for $4,583,752.97 ($12,507/acre). There is an additional financial incentive of 5.5% of production.
• Texas-based Grenadier Energy III, LLC had the winning bid for 3846.934 acres for $61,577,872.54 ($16,007/acre). There is an additional financial incentive of 7.5% of production.
• Grenadier Energy III, LLC had the winning bid for 2792.67745 acres for $44,702,387.94 ($16,007/acre). There is an additional financial incentive of 7.5% of production.
• Grenadier Energy III, LLC had the winning bid for 849.881 acres for $13,604,045.17 ($16,007/acre). There is an additional financial incentive of 7.5% of production.
• Grenadier Energy III, LLC had the winning bid for 746.85 acres for $11,954,827.95 ($16,007/acre). There is an additional financial incentive of 7.5% of production.

There were approximately 2,000 incidents associated with oil and gas wells in Ohio from 2015-2023, according to FracTracker Alliance — a nonprofit that collects data on fracking pipelines.  There’s evidence that shows increased exposure to fracking impacts health, in particular children’s health, including low birth weight, preterm births, congenital anomalies, and asthma, according to Yale School of Medicine.  Bids for about 1,840 acres in Jockey Hollow Wildlife Area in Harrison County were approved for fracking during Monday’s meeting:

• Gulfport Appalachia, LLC had the winning bid for 382.810 acres for $6,699,175 ($17,500/acre). There is an additional financial incentive of 7.5% of production.
• Ascent Resources had the winning bid for 1,460.559 acres for  $18,267,211.41 ($12,507/acre). There is an additional financial incentive of 5.5% of production.

West Virginia-based Infinity Natural Resources was awarded the bid to frack 513 acres in Salt Fork State Park in Guernsey County for $3,848,325 ($7,500/acre). There is an additional financial incentive of 7.5% of production.  Texas-based EOG Resources Incorporated was awarded the bid to frack 6.8 acres at Noble Correctional Institution in Noble County. Gulfport Appalachia, LLC was approved to frack four bids, EOG Resources was approved to frack seven bids, Ascent Resources was approved to frack four bids, and Grenadier Energy III was approved to frack four bids. Each lease agreement includes a 12.5% royalty paid to the state based on production of oil and gas at that site, per state law, with an additional financial incentive paid by the winning bidder to the state, according to the Ohio Department of Natural Resources. The lease bonuses for this round of nominations totals more than $241.2 million, according to ODNR.  All but one bid was approved during Monday’s meeting. About six acres in Tuscarawas County along State Route 800 was the only bid that was not approved because the nominator withdrew the bid, so no valid bids were submitted, according to ODNR. The bidders now go through the regulatory and permitting process through the ODNR Division of Oil and Gas Resources Management, as required by law. Four different bid selections totaling more than 8,360 acres of land in Egypt Valley were denied to be frack — 5,439 acres, 1,285 acres, 777 acres, and 863 acres. “Those nominations included parcels that have already been bid out,” said ODNR spokesperson Andy Chow.

A Fiber Crew Struck a Gas Line in Ohio, and Three Homes Were Gone Within Minutes - It started with the smell of gas. A crew installing fiber-optic cable on Hiram Lane had hit a buried gas line, and around 3:20 p.m. on Thursday, June 25, someone called 911. Crews got there fast. Then, within about two minutes of their arrival and before anyone could shut the gas off, it ignited. A house blew up. The explosion destroyed three homes in the Twinsburg Township neighborhood and damaged at least 36 more. The fire didn't stop at one house. It jumped to the two beside it, and all three were gone. Debris flew across the subdivision and turned up two streets away. Siding, glass, and even a mattress ended up in the trees. One man was reportedly blown out of his chair, got up, and walked outside. A 911 caller told a dispatcher it "sounded like a bomb went off." Two people went to the hospital with minor injuries, and both have since been released. Nobody was killed.A couple of lucky breaks kept the toll down. The family in the home where the explosion started was away on vacation, so the place was empty when it went up. Chief Earl Wilson of the Twinsburg Fire Department called it "a miracle in itself," given how many homes stood in the blast radius. Not everyone walked away unscathed, though. Plenty of residents still can't go home, and the Red Cross says it's helping around 11 people.So what went wrong? The crew was laying a fiber-optic internet line for Uniti Group, the company that owns Windstream. On Friday, Uniti said a subcontractor hit the gas line, and it pointed at a third party: it says a separate utility-locating service marked the underground lines wrong. That hasn't been confirmed. The Ohio State Fire Marshal's Office and the Public Utilities Commission of Ohio are both investigating, and they haven't said yet what set the gas off.The gas crew almost didn't get clear of the explosion. Firefighters had already smelled the gas, called Enbridge, and told residents to shelter in place. The utility crew was right there, barely out of the truck. One Enbridge worker figured they were 30 seconds away from standing in the blast zone when it blew.What actually lit the gas may never be known. Chief Wilson said it could have been almost anything: a light switch, a sump pump kicking on, any small spark in any of those homes. The gas was already everywhere by then. He pointed out something else, too. The whole neighborhood was covered in utility paint and flags. Those are the markings crews are supposed to dig by, which are usually pretty simple to discern.

New drone video shows aftermath of gas explosion in Twinsburg Township where 3 homes were destroyed: Watch  — We're getting a new look at the impact and aftermath following a gas explosion in a Twinsburg Township neighborhood that destroyed three homes and damaged at least 20 others.New drone video captured by 3News early Friday morning shows the scope of the damage from Thursday's explosion, including charred rubble with smoke still billowing in spots. You can watch that drone video in the player at the top of this story.Lt. Mike Perlatti of the Twinsburg Fire Department says crews were initially called to the scene along Hiram Lane in the Woodlands neighborhood for a reported gas leak caused by workers striking a gas line. You can see more drone video and photos below:

5 Northeast Ohio cities pause directional drilling after gas explosion - Cleveland 19 News — At least five cities have temporarily halted directional drilling following a gas explosion Thursday that damaged dozens of homes in Summit County. Twinsburg, Hudson, Green, Stow and Kent each issued a temporary pause on directional drilling after a crew working in the Woodlands subdivision in Twinsburg Township struck a gas line June 25, triggering the blast. Twinsburg fire crews said they were on the scene when the explosion happened because they were working on a gas leak. The City of Twinsburg said all boring, missiling, drilling and related underground utility operations have been halted. The city said the contractor performing the work has been informed that operations are to remain stopped until the incident can be reviewed and assurances regarding the safety of those operations can be provided. “The City extends its thoughts and support to everyone impacted by the house explosion and damage to nearby homes,” the city said in a statement. “We understand the concern this has caused for residents and will continue to monitor the situation closely.” In Green, Mayor Rocco Yeargin directed a temporary pause on all directional drilling. The city said Green was not affected by the Twinsburg Township incident and was never in immediate danger, but that the pause was a precaution. “It is important to take time to understand what happened and learn from it before work continues,” the city said. The pause in Green is set to remain in place until after July 4, unless more time is needed. Contractors may continue working on non-drilling activities such as restoration.

Enbridge Gas Ohio issues statement after Twinsburg Township explosion - — “Our primary concern is the safety and well-being of everyone involved.” That’s part of the message from Enbridge Gas Ohio in response to Thursday’s gas explosion that left three homes destroyed in Twinsburg Township. “Our thoughts remain with those who have been impacted by this event, including their families and the community,” the company said in a statement sent to 3News on Friday morning. Enbridge Gas Ohio says their crews were initially called to the scene to respond to a damaged pipeline on Hiram Lane where “an explosion occurred shortly thereafter.”“We shut off gas to the affected neighborhood and the area was made safe,” according to their statement. “We’re working to repair the pipeline and to restore service.”The company says they remain on site, working closely with local emergency responders.“We would like to thank the Twinsburg first responders, and other local fire departments that rendered mutual aid, for their quick action and leadership in responding to this event. An investigation will be led by the State Fire Marshal’s office, and we will assist in any way we can.”    Lt. Mike Perlatti of the Twinsburg Fire Department says crews were initially called to the scene Thursday along Hiram Lane in the Woodlands neighborhood for a reported gas leak caused by workers striking a gas line.  The Twinsburg Fire Department had urged residents in the area to shelter in place "due to the amount of natural gas in the area." One of the homes exploded a short time later, with fire spreading to neighboring properties. While nobody was inside the home when the explosion took place, we're told two people in the area were hurt as a result of the incident.   Uniti Group Inc., which owns Windstream, later confirmed to 3News that contractors from Windstream's Kinetic Fiber Internet team were working in the area where the explosion took place."We are cooperating with authorities and working to understand exactly what happened," Uniti said in a statement. "Our thoughts tonight are with everyone in the Twinsburg Township area who has been impacted."

Gas line strike sparks fire in Perry Township; 2 homes evacuated -— Crews in Lake County battled a fire that sparked after a gas line was struck in Perry Township on Friday afternoon. According to Perry Joint Fire District Chief Dominic Chiappone, a construction crew was working to widen North Ridge Road (U.S. Route 20) when they struck an Enbridge gas pipeline. The crew's utility truck subsequently caught fire.Firefighters were called to the area at approximately 2:50 p.m.Officials said firefighters allowed the fire to burn for more than an hour until Enbridge crews shut off the gas line, preventing natural gas from continuing to feed the flames. An Enbridge spokesperson told 3News that the area was made safe.Two homes next to the road were evacuated, but no one was injured. Enbridge says a total of six customers have been impacted by the incident.Officials plan to reopen the road once they have cleared out the burnt utility truck. Enbridge says that repairs on the gas pipeline may take several hours to complete. Friday's incident in Perry Township is at least the third instance of a gas line being struck in Northeast Ohio in the past 24 hours. Earlier in the day, a portion of Manchester Road in New Franklin was closed for several hours after city officials said a construction crews hit an unmarked gas line. Meanwhile, officials say a gas explosion in Twinsburg Township Thursday destroyed three homes and damaged dozens of others was caused by workers striking a gas line.

Perry Joint Fire District fights blaze after workers struck natural gas line - Perry Joint Fire District battled a blaze that started after leaking natural gas ignited. At about 2:50 p.m. June 26, the fire district was dispatched to the area of North Ridge and Middle Ridge roads in Perry Township for a reported natural gas leak, a news release stated. While responding, firefighters were informed by Lake County Central Dispatch that the leaking natural gas had ignited. Upon arrival, the first responding units found a truck fully involved in fire after workers accidentally hit a natural gas line, the release stated. Flames from the gas-fed fire extended to the top of the power lines. The first arriving crews worked to prevent the fire from spreading to surrounding exposures. Firefighters confirmed that everyone had safely exited the area, and that no injuries occurred before or after the gas ignited. The gas company was immediately requested to respond. However, Central Dispatch told fire officials that the estimated response time was about 50 minutes. As additional crews arrived, firefighters transitioned from handline operations to the apparatus deck gun. This allowed personnel to operate from a safer distance while continuing to control the fire. Firefighters intentionally did not extinguish the burning natural gas until the gas company was able to shut off the gas supply. Allowing the gas to burn in a controlled manner reduced the risk of unburned natural gas accumulating and creating a potentially explosive atmosphere. About one hour after the initial dispatch, the gas company successfully shut off the gas supply. Firefighters then extinguished the remaining vehicle fire, and brought the incident under control. North Ridge Road remained closed throughout the incident and continued to be shut down while crews removed the vehicle and utility personnel completed repairs to the damaged natural gas line.

Northern Utica Lights Up: Columbiana Farmland Sells for $18,750/Acre - Marcellus Drilling News - - Ohio’s Utica shale boom ignited around 2011 in northeastern counties, with Carroll County emerging as the epicenter of early drilling. Operators like Chesapeake Energy targeted the oil and liquids-rich “wet gas” windows in Carroll, Columbiana, and Harrison counties. However, as operators refined their geologic understanding, they discovered the formation’s most prolific “dry gas” window lay to the southeast. Development steadily migrated toward Belmont, Monroe, Jefferson, and Guernsey counties, where deeper, overpressured rock formations yielded massive volumes of natural gas. By the mid-2010s, these southern counties dominated Ohio’s Utica production, eclipsing the northern pioneers that first proved the play’s potential. However, three years ago, Encino Energy “cracked the code” on Ohio Utica oil drilling, and activity began migrating north again (see Oil Prod. in Northern Utica Comes Alive – Encino Cracks Oil Code).

Legacy Wells Still Paying Off - The Youngstown Business Journal Daily — More than a decade after the first wave of Utica shale drilling swept through eastern Ohio, many of Columbiana County’s legacy wells are producing less oil than they once did. But higher commodity prices are helping sustain royalty payments for some landowners even as production declines. Wells in Columbiana County with the strongest output tend to be those drilled more recently, such as those on the Norris pad, Ohio Department of Natural Resources data show. Over time, production from these wells levels off, reducing overall yields. Gloria Mathews, whose land is leased as part of the Tritten well in Center Township, reports that production at that particular well has never been strong when it comes to oil. According to records, the well was drilled by Chesapeake in February 2014. Yet during the first quarter of 2026, the well generated just two barrels of oil and pumped out 47 million cubic feet of gas. Recent international developments have nevertheless boosted her royalty payments, Mathews says. “My check last month was double what it was the month before,” she says. Her brother also reported that his royalty checks have nearly doubled. Mathews says it’s difficult to determine the price point at which these energy companies sell the oil or gas on the market. “There’s a lag from when it’s actually pulled out of the ground and when they actually sell it,” she says. “They may hold onto it until they think they can get a good price.” Mathews reports that there’s been little drilling in Center Township since the Utica push of 10 years ago. “There’s no drilling activity in this particular area,” she says. However, Hilcorp Energy Co., another exploration company that has operated in the Utica for more than a decade, has started new wells in Elk Run Township. Robust oil and gas prices have attracted interest from mineral rights speculators to the area, Mathews observes. One in particular, a 64-acre lot from the Bates Farm sold at auction May 18 to Bruner Land Co. for $1.2 million, or approximately $18,750 per acre, including mineral rights, according to an Instagram posting by Kaufman Realty, the auctioneer. “Maybe they know something we don’t,” Mathews says. While newer wells continue to drive much of the county’s production, Columbiana County remained one of Ohio’s leading oil-producing regions in 2025. Oil produced from wells in Columbiana County stood at 1.43 million barrels in 2025, or 3% of total state production, a drop of 4.2% compared with results a year earlier. In 2024, the county’s approximately 200 horizontal wells yielded 1.49 million barrels, or 4.3% of the state’s total production, the first time the county surpassed 1 million barrels for a year. Much of the attention in eastern Ohio’s Utica was initially focused on geology in the southern and middle tier of the play, as exploration companies tapped vast reservoirs of both natural gas and oil in regions such as Carroll, Guernsey and Harrison counties. EOG’s Folsam CR well in Carroll County, for example, produced 195,194 barrels of oil during the second quarter of 2025, along with 953.5 million cubic feet of natural gas. In all, wells across Carroll County produced 12.34 million barrels of oil in 2025. Harrison County produced even more. Last year, wells drilled in that county pumped out more than 13 million barrels of oil. Wells in Belmont County, on the other hand, produced little oil but yielded nearly 500 billion cubic feet of natural gas in 2025, approximately one-quarter of the state’s entire production.

Ohio Power Siting Board OKs 5th NatGas Power Plant in New Albany -  In February, MDN alerted you to yet another gas-fired power plant project that Williams (the pipeline giant) was adding to its roster. Williams entered the gas-fired power plant space (actually building and operating them) in April 2025 via a subsidiary called Will-Power (see Williams Subsidiary Unveils Plans for Gas-Fired Power Plant in Ohio). So far, Williams’ Will-Power is working on four projects. Scratch that! You can add a fifth project to the list, recently approved by the Ohio Power Siting Board.

Gulfport Energy Acquires Additional Oil and Gas Leases in Ohio's Utica Shale - Gulfport Energy Corporation acquired new oil and gas leases in Ohio’s Utica Shale region during a recent state lease sale, increasing the company’s total acreage in the area. The transaction adds to the firm’s existing inventory within the core Utica play, expanding its operational footprint in the region.  The company secured these leases through a competitive bidding process conducted by the state. This acquisition provides Gulfport Energy with additional drilling rights, which the company intends to integrate into its ongoing development strategy for the Utica Shale. These new holdings supplement the firm’s current portfolio of assets, allowing for potential future exploration and production activities across the expanded acreage. Gulfport Energy maintains its focus on the Utica region as a primary component of its broader energy operations.

PJM Fights Natural Gas Turbine Swap as $2B Ohio Plant Faces 2032 Delay --PJM Interconnection is fighting an Ohio developer’s bid to swap turbine models at a roughly $2 billion natural gas plant, a move the developer calls its only path around a multi-year equipment backlog, and the grid operator says would unfairly bend its fast-track rules. NGI chart compares Texas Eastern M-3, Del natural gas prices with PJM Interconnection daily coal and natural gas thermal generation from April through June 2026, showing prices and gas-fired generation rising into late June. At a Glance:
Turbine shortage threatens 2-year delay
Capacity shortfall sharpens dispute
PJM load could set summer record
Related Tags: Natural Gas Turbines,  PJM Interconnection, Texas Eastern M-3,Delivery

FTAI Buys M-U, Gulf Coast Frac Sand Transloading Operator for $45M - - Marcellus Drilling News - - We love a good railroad story, and at its core, that’s what this story is. Investment firm FTAI Infrastructure has completed its acquisition of Tidewater Logistics, a barge-and-rail transloading company operating in Ohio, West Virginia, and Texas, for about $45 million in cash. Tidewater serves producers, shippers and industrial customers in Appalachian Basin and Gulf Coast shale and energy markets, making it complementary to FTAI’s Wheeling & Lake Erie Railway. Tidewater’s facilities include frac sand transloading in Steubenville, OH; Fairmont, WV; and Allenport, PA.

Surge in Data Centers Helps Drive M-U Gas Demand in the Northeast - - Marcellus Drilling News - -  Data center growth is rapidly reshaping Northeast power and natural gas markets, with projects clustering near transmission lines, substations, gas-fired power generation, and pipeline corridors. Virginia remains the epicenter, led by Northern Virginia’s massive hyperscale hub and tens of gigawatts of planned capacity. Ohio is emerging fast around Columbus, with more than 15 GW proposed. Pennsylvania could become a major growth story, pairing Marcellus/Utica gas resources with large campuses such as Homer City’s planned 4.5-GW gas-fired/data center redevelopment. However, PA is attempting to shoot itself in the foot with talk of both short- and long-term moratoriums on new data center construction. So, the jury is still very much out on how successful PA will be with data centers.

31 New Shale Well Permits Reported for PA-OH-WV Jun 22 – 28 -- Marcellus Drilling News -- The Marcellus/Utica region received 31 new drilling permits last week, June 22 – 28, the very same number issued two weeks ago! Can’t remember the last time that happened. Last week, Pennsylvania issued just 5 new permits. Ohio issued 13 new permits. West Virginia also issued 13 new permits last week. The drillers who received new permits included: Antero Resources, EOG Resources, EQT, Expand Energy, Infinity Natural Resources, Laurel Mountain Energy, and Pennsylvania General Energy.  Antero Resources | Bradford County | Butler County | Carroll County | EOG Resources | EQT Corp | Expand Energy | Guernsey County | Harrison County | INR/Infinity Natural Resources | Laurel Mountain Energy | Lycoming County  | Ohio County  | Pennsylvania General Energy  | Wetzel County

Seneca, Evolution partner on electric fracturing in Appalachian Basin -Seneca Resources, the exploration and production unit of National Fuel Gas, is partnering with Evolution Well Services to deploy electric fracturing technology across its operations in the US’ Appalachian Basin. Seneca’s operations consist of around 1.2mn acres (4,856 square km) in the Appalachian Basin, spanning both the Marcellus and Utica shale plays. According to National Fuel Gas’ website, Seneca produces around 1.2bn cubic feet (34.0mn cubic metres) per day of gas from the region on a net basis. The company has had a presence in the Marcellus since 2007 and, like other shale producers, has sought to boost its performance via innovation. Electric fracturing technology has emerged as one example of shale innovation, with benefits such as increased efficiency, as well as a reduction in greenhouse gas (GHG) emissions. Evolution says on its website that its equipment is designed as a “fully integrated platform built to maximise safety, operational efficiency and output density”. Under the three-year agreement between Seneca and Evolution, the latter will provide its electric fracturing technology, in-house power generation and advanced field gas conditioning services to the partnership. Combined with Seneca’s “responsibly sourced” gas production, the partnership will be aimed at improving operational efficiency while reducing the environmental footprint of completions, Evolution said. Both Seneca and Evolution will be able to “leverage real-time data and engineered solutions to drive efficiency during high-intensity completions” under the partnership, Evolution added. “This initiative reflects Seneca’s focus on disciplined capital allocation and operational execution,” stated Seneca and NFG Midstream’s president, Justin Loweth. “By leveraging our responsibly produced and gathered field gas to power electric fracturing operations, we can reduce fuel and logistics costs, improve reliability and uptime, and lower overall cost of ownership. Our partnership with Evolution demonstrates how thoughtfully integrated technology can drive meaningful operating efficiencies, enhance capital productivity, and deliver durable returns while maintaining strong environmental performance,” he added. “This alignment exemplifies how innovation and disciplined execution can work together to advance natural gas development,” added Evolution’s president and CEO, Steven Anderson. “By integrating our fully electric fracturing technology, in house power generation, and field gas conditioning with Seneca’s responsibly sourced natural gas, we are delivering a completion solution that prioritises safety, reliability and efficiency while reducing operational complexity.” No further details were provided. However, the latest news builds on a series of announcements by Evolution over the past few years about partnerships with other upstream players to deploy its electric fracturing fleets, often also in Appalachia.

The Hammerhead gas gathering system from EQT Corp. - quiet backbone of Appalachian production The Hammerhead gas gathering system from EQT Corp. runs mostly out of sight, a thick steel artery buried under farmland and forest that hums with a low, steady compressor noise when you stand near one of its stations on a cold morning. It is built to collect raw Appalachian gas from dozens of well pads and feed it into larger interstate pipelines for power plants, export terminals and industrial users. Hammerhead is a midstream network of gathering pipelines, compressor stations and measurement points that EQT designed specifically for Marcellus and Utica shale wells in Pennsylvania and West Virginia. It takes high-pressure gas straight from the wellhead, strips out liquids and sends a drier stream toward regional trunk lines and processing plants. For field engineers like operations manager Chris Bailey, Hammerhead is the everyday tool that keeps wells flowing and lets drilling crews focus on the rock instead of the logistics. The system’s pipes range from small-diameter laterals connecting single pads to larger trunk segments that can move hundreds of millions of cubic feet per day. That mix lets Hammerhead flex as new wells come online or older ones decline, without forcing EQT to rebuild its infrastructure grid each time. On the ground, you notice the tidy gravel access roads, fenced valve sites and the faint smell of oil at flange connections that signal a workhorse system rather than a showcase project. Within EQT’s portfolio, Hammerhead sits as a classic long-lived asset that has been in service through multiple commodity cycles. Field crews talk about its consistent operating pressure and the way compressor stations ramp up with a smooth tonal change when demand spikes, instead of the sharp, rattling start-stop you hear on older units. For traders in Pittsburgh and Houston, that stability means they can schedule volumes with confidence during winter peak days. Because Hammerhead ties together dozens of pads over a wide area, it also reduces flaring and venting. Wells can be connected faster, and temporary bottlenecks are less frequent than in scattered, third-party systems. In practice, that means fewer frustrating shut-in days for drilling supervisor Maria Lopez and a more predictable production profile feeding EQT’s sales contracts. Hammerhead is part of the infrastructure web that underpins EQT’s gas output in Appalachia and thus its revenue base, a key point for long-term holders of EQT Corp. shares. Hammerhead reflects EQT CEO Toby Rice’s push to control more of the value chain rather than rely entirely on third-party midstream providers. Owning and operating a large gathering system lets the company optimize routing, minimize downtime and balance maintenance windows against hedged sales positions. It also gives EQT negotiating leverage when it connects to downstream interstate lines and liquefied natural gas export capacity. Hammerhead’s role is more about reducing risk than chasing headline growth. A robust gathering system helps EQT avoid constraint penalties and lost volumes during extreme weather, the kind of hidden costs that can quietly erode cash flow. In the control room, operators see that impact as fewer red alarms on the screens when temperatures swing, and more green throughput bars holding firm. Appalachian gas remains one of the major supply basins feeding North American power generation and LNG projects. Hammerhead’s capacity supports EQT’s position as a top producer, making it easier for the firm to commit to long-term sales and midstream agreements into the 2030s. That structural role turns Hammerhead into a classic longseller asset, with a life measured in decades rather than quarters.

Pipeline pushback: Residents call proposed Shelby County project dangerous - — A company looking to build a pipeline across the country needs access to land in Kentucky, but some Shelby County property owners aren’t on board. For 17 years, Jerry Vandevelde has enjoyed the serenity of his Simpsonville farmland. “We like the privacy, and we like having the woods and the nature,” Vandevelde said. “My wife has bird feeders and squirrel feeders and all those kinds of things.” A few months ago, he was informed that a Texas-based company, looking to run a 265-mile-long natural gas pipeline through multiple states, has interest in sharing part of his land. “The letter itself was just asking for permission to come on the property and do a survey,” Vandevelde said. The letter came from an agent with Texas Gas Transmission, a company looking to use land across Ohio, Indiana, and Kentucky for a new natural gas pipeline as a part of “The Borealis Project." Texas Gas has operated in Kentucky for 75 years with existing pipelines running through Central and Western Kentucky. The company says the pipeline expansion will help meet a 60% increase in natural gas demand. Vandevelde says the project requires a 50-foot easement that forces the removal of wooded areas near his home. “This was just going to decimate one of the principal reasons why we moved here in the first place,” Vandevelde said. Vandevelde, who’s worked as a geotechnical engineer, says the Karst terrain in the area makes the land susceptible to frequent sinkholes. He points out several have recently opened on his property, making him worried about the possibility of having a natural gas pipeline sit on the land. “It's a 10-acre tract over here, and I’ve identified 10 sinkholes already,” Vandevelde said. "We could have an explosion, and people could be harmed and property damaged, houses burned. I mean, it's just too dangerous to have something like this close to homes in karst areas." Previous Department of Transportation investigations found other ruptures of natural gas pipelines in the state have been caused by land movement, including one in 2014 that damaged seven structures. In a statement shared with WLKY, the owner of Texas Gas Transmission, Boardwalk Pipelines, says, "Natural landscape and underlying geology are key considerations in how a route is developed." Similar pipelines in Kentucky have ruptured, causing fatalities. A final report by the National Transportation Safety Board revealed a 2019 natural gas pipeline exploded near Danville due to a manufacturing defect. The explosion of the Enbridge Inc. pipeline killed one person, injured six, and displaced 75 people from their homes. Meanwhile, Vandevelde has launched "Kentucky Counties United," comprised of other residents pushing back against the project. “We’re kind of fighting an uphill battle,” Vandevelde said. “But it's something that we have to stay with because of the risk to the people and to the environment.” Boardwalk Pipelines says they are in the early phase of development. According to the company's website, if an agreement can't be reached with landowners, "federal law allows the company to request eminent domain."

Nervous Green Groups Seek to Join NY Frack Ban “Taking” Lawsuit - Marcellus Drilling News - - In mid-April, MDN brought you the great news that a major lawsuit had been filed against New York State, alleging a “taking” of private property by the state through its ban on fracking (see New Lawsuit Brought Against NY Claims State Frack Ban a “Taking”). The state Department of Environmental Conservation and the State Attorney General Leticia James were named as defendants in the initial filing. A couple of weeks later, NY Governor Kathy Hochul was added to the list (see NY Gov. Hochul Added as Defendant in Frack Ban “Taking” Lawsuit). Big Green is obviously VERY nervous that this lawsuit against the state may succeed, so they (and their foreign financial backers) want to join the lawsuit on New York’s side as “intervenors,” giving their high-priced attorneys a seat at the table.

Fed Appeals Court Upholds New York’s Ban on NatGas in New Homes - - Marcellus Drilling News - All we can say is, get the heck out of New York while you still can. Sooner or later, property values in the “Empire” State will crash. (Probably sooner rather than later.) Yesterday, the U.S. Court of Appeals for the Second Circuit (2nd Circuit) ruled in support of New York State banning natural gas from being used in new home (and business) construction across the entire state. If it stands, it is the beginning of the end for NY. The end will eventually come when Wall Street firms finally give up and move from New York City to Texas or Florida, completely bankrupting the state from lost revenues

Years-Long, 34-Mile CT Pipeline Project “Stalled at the Finish Line” -- Marcellus Drilling News - This is so frustrating. After seven years, $150 million, and 31 of 34 miles already underground, Connecticut has halted a pipeline project designed to provide a more dependable natural gas supply to the booming southeastern Connecticut economy. Ealier this year MDN told you that Connecticut’s Department of Energy and Environmental Protection (DEEP) had determined that Eversource Energy’s plan to install a natural gas pipeline through Hurd State Park and the Connecticut Valley Railroad State Park Trail requires a formal Environmental Impact Evaluation, unnecessarily delaying a tiny portion (1.1 miles) of this critically-important reliability project (see CT DEEP Unnecessarily Delays NatGas Pipe Crossing 2 State Parks).

FERC Speeds Enviro Assessment for Constitution Pipe – Due by Aug 21 -- Marcellus Drilling News - The Federal Energy Regulatory Commission (FERC) isn’t letting any grass grow under its feet regarding the advancement of the Constitution Pipeline, a 125-mile greenfield pipeline from the Marcellus gas fields of Susquehanna County, PA, to Schoharie County, NY, to deliver Marcellus gas into New York State and New England. FERC is actively reviewing two requests related to reviving the project (see FERC Takes New Look at Constitution Pipeline Before Reissuing Cert). Last week, FERC set a schedule to complete an environmental assessment (EA) for the proposed Constitution Pipeline and the associated Wright Interconnect project, with a deadline of August 21.

FERC Issues Positive Final EIS for 2 Kinder Southeast Pipe Projects -- Marcellus Drilling News - Last September, MDN told you that two major Kinder Morgan pipeline projects that will flow Marcellus/Utica molecules in the southeastern U.S. took a big step forward at the Federal Energy Regulatory Commission (FERC) with FERC actively working on an environmental impact statement (EIS) for both projects (see FERC Begins Enviro Reviews for 2 Key Southeast Pipeline Projects). The two projects are Tennessee Gas Pipeline’s Mississippi Crossing (MSX) Project and Southern Natural Gas/Elba Express’ South System Expansion 4 (SSE4) Project. The 2.1-Bcf/d MSX and 1.3-Bcf/d SSE4 projects will move more Marcellus/Utica gas into Mississippi, Alabama, Georgia, and South Carolina. Last week, FERC issued a favorable *Final* Environmental Impact Statement (FEIS) for both projects

Kinder Morgan Forced to Sue SC Landowners for Pipe Survey Access -- Marcellus Drilling News - It never ends well for landowners who believe they can block pipeline surveyors from accessing their land. In April 2025, MDN told you about a new greenfield expansion of Kinder Morgan’s Elba Express pipeline into South Carolina to serve growing demand for natural gas in the state (see KM Pipes Update: Expand Elba to SC; SSE4 Survey Work Done. The $431 million Elba Express Bridge project is designed to provide 325 million cubic feet per day (MMcf/d) of firm transportation capacity to a new gas-fired power plant in Colleton County, SC (see SC PSC Approves Gas-Fired Power Plant Proposed for Edisto River).

TVA considers up to 26 GW of gas-fired generation | Utility Dive:

• The Tennessee Valley Authority released its preliminary 2026 integrated resource plan on Monday, saying load growth in its footprint is already outpacing the reference case forecast in its draft IRP, and that it has incremental capacity needs for between 7 GW and 26 GW of natural gas between now and 2040.
• “TVA’s actual and forecasted electricity demand has increased relative to the draft IRP’s Reference scenario and is approaching the Higher Growth Economy scenario primarily due to data center growth (e.g., artificial intelligence, hyperscaler, etc.),” the IRP said. The higher growth scenario “evaluates a higher gas price environment driven by substantial economic growth.”
• The federally-owned utility also plans to add up to 5 GW of nuclear, 1-5 GW of storage, 2-5 GW of renewables (1-8 GW nameplate) and 2-3 GW of energy efficiency and demand response additions.

“New capacity is needed in all scenarios to support load growth or replace expiring and end of life capacity,” the IRP said.TVA said that gas expansion is necessary to provide “firm, dispatchable capacity,” while new nuclear technologies “support load growth and reduce fuel volatility and regulatory risks” and solar expansion can play a “complementary role, meeting customer needs and providing economic energy.”“Storage expansion continues, driven by both battery storage and the potential for additional pumped storage,” TVA said. “Energy efficiency deployment reduces energy needs, particularly between now and 2040, and demand response programs grow with the system and the use of smart technologies.”TVA will take public comment on the preliminary final IRP until July 22, and will hold a public webinar on July 2 to discuss the plan. Final recommendations will be shared at the TVA Board meeting in August. The IRP noted that the region has “recently experienced extreme winter temperatures in each of the last few years,” with a new winter peak record of 35,319 MW being set in January 2025, and for the 2026 IRP the utility used a 26% planning reserve margin target for winter, compared to its 18% planning reserve margin target for summer. TVA established three potential strategies in the IRP: Strategy A, which sticks with TVA’s baseline and relies heavily on natural gas generation; Strategy B, which embraces technological innovation and nuclear expansion in particular; and Strategy C, which focuses on distributed energy and would increase renewables and storage.Strategy A’s higher reliance on natural gas means it has a “higher financial risk exposure than alternative strategies,” while Strategy B is the most expensive overall, and Strategy C “increases the risk of unserved energy or energy curtailment,” TVA said.The IRP recommends the utility “pursue solar to reduce total system costs or meet customer needs,” but “suspend wind additions given cost and portfolio fit challenges.” It also recommends investment in TVA’s hydro and nuclear fleets and pursuing “nuclear license extensions to maintain low-cost generation.”In the IRP’s high growth forecast, the scenario which the region is edging closer to, nuclear capacity growth is the highest due in part to increases in the natural gas price forecast.TVA noted changes in U.S. energy policy since its 2025 IRP, including the One Big Beautiful Bill Act’s curtailment of the investment tax credits available to renewable projects, and the Trump administration’s focus on coal and gas generation. President Donald Trump has pushed for TVA to turn back toward coal, and fired three Biden appointees from the TVA board in July after the board authorized the retirement of coal units at TVA’s Cumberland and Kingston power plants so natural gas could be developed there. After Trump appointed three replacements to the board, the board voted to operate Cumberland and Kingston’s coal plants past their retirement dates.In the IRP, TVA’s forecast for coal involves the “continuing operation of [its] coal fleet, subject to regulatory requirements, as an immediate, cost-effective option to reduce total system cost and system reliability risk.” Through 2040, TVA will “evaluate [the] existing fleet, as needed, considering material condition, system reliability, system cost, regulatory requirements, and replacement generation.”

CP2 LNG Feedgas Pipeline Permit Challenged in Louisiana Court -Environmental groups are using a state court strategy that has briefly delayed LNG export permitting in Louisiana to challenge a 1.9 Bcf/d pipeline that would feed Venture Global’s CP2 LNG export terminal. At a Glance:

• Marais permit challenged in Cameron Parish
• Pipeline would feed CP2 LNG
• Commonwealth ruling frames legal risk

Golden Pass LNG Offline After Sending Out First 3 Cargoes - Marcellus Drilling News -  The Golden Pass LNG terminal is a liquefied natural gas (LNG) terminal and regasification facility in Sabine Pass (Port Arthur), Texas. It is among the largest LNG facilities in the world. It can accommodate up to 15.6 million metric tons (MT) of LNG per year, the equivalent of approximately 2 billion cubic feet of natural gas per day (Bcf/d). In April, Golden Pass exported its first LNG cargo (see Inaugural Cargo Departs Golden Pass LNG, Heading to Belgium). It exported its second cargo in May. On June 25, the facility exported its third cargo since commissioning began. But by Monday, June 29, almost all feedgas flowing to the facility stopped and has stayed stopped.

Upstart US LNG Export Projects Aiming to Secure Permits in 2027 -The only two greenfield LNG export projects in the United States currently making their way through the Federal Energy Regulatory Commission (FERC) process expect to gain authorization sometime next year.IEA chart tracks global LNG project final investment decisions by region from 2015 through 2026, led by North America and the Middle East. At a Glance:
Gulfstream’s size provides advantage
Argent has signed HOAs
Both projects have secured land

Near-Full NGPL Line Gets OK to Move More Texas Natural Gas to Henry Hub --The Federal Energy Regulatory Commission (FERC) cleared Natural Gas Pipeline Company of America (NGPL) to turn on the second phase of its Texas-Louisiana Expansion Project that would add much-needed eastbound capacity to a constrained East Texas-Louisiana link. NGI Entropic Analytics chart compares Henry Hub natural gas prices with NGPL eastbound flows at Station 302 from May through June 2026. At a Glance:
NGPL adds 300,000 Dth/d in East Texas
Eastbound segment runs near full
LNG demand lifts Gulf Coast pull

XRG Deepens US LNG Bet With Expanded Rio Grande Equity Deal  -- XRG has expanded its US LNG footprint with the acquisition of an additional equity stake in NextDecade’s Rio Grande LNG expansion, giving the Abu Dhabi-backed investment firm exposure across all five trains currently under construction. At a Glance:

• BlackRock unit sells equity interest
• 5-train exposure strengthens ADNOC strategy
• US supply linked to global demand

US Natgas Advances 3% on Rising LNG Flows, Record Heat - (Reuters) – U.S. natural gas futures climbed about 3% on Tuesday on rising flows to liquefied natural gas (LNG) export plants and forecasts for record power demand in some parts of the country as homes and businesses crank up air conditioners to escape a brutal heat wave. Front-month gas futures for August delivery on the New York Mercantile Exchange rose 10.2 cents, or 3.2%, to $3.283 per million British thermal units. For the month, the front-month was down less than 1% in June after soaring about 19% in May. Looking ahead, the premium of futures for August over September rose to a record high of around 7 cents per mmBtu. High temperatures in New York, the nation’s biggest city, will reach 100 degrees Fahrenheit (37.8 degrees Celsius) on Thursday and Friday, according to weather forecaster AccuWeather. If correct, Thursday’s high would tie a record for that day set in 1966. The normal high for this time of year in the Big Apple is 84 F. With extreme heat expected, PJM, the nation’s biggest electric grid covering parts of 13 states from New Jersey to Illinois, forecast demand on July 2 would reach 166.3 gigawatts (GW), which would top the current record of 165.6 GW in 2006. Financial group LSEG said average gas output in the U.S. Lower 48 states rose to 110.0 billion cubic feet per day (bcfd) so far in June, up from 109.7 bcfd in May. That compares with a monthly record high of 110.6 bcfd in December 2025. Analysts said mostly mild weather during the spring allowed energy firms to stockpile more gas than usual. They projected the amount of gas in inventories would edge up to 5.9% above normal during the week ended June 26, up from 5.7% above in the previous week. Meteorologists forecast the weather will remain mostly warmer than normal through July 15, which should boost the amount of gas power generators burn to keep air conditioners humming. About 40% of U.S. power generation comes from gas-fired plants. LSEG projected average gas demand in the Lower 48 states, including exports, would rise from 105.1 bcfd this week to 109.6 bcfd next week. The forecast for this week was lower than LSEG’s outlook on Monday, while its forecast for next week was higher. Average gas flows to the nine big U.S. LNG export plants rose from 17.1 bcfd in May to 17.4 bcfd so far in June with record feedgas to Cheniere Energy’s 3.9-bcfd Corpus Christi plant in service and under construction in Texas. That compares with a monthly record high of 18.8 bcfd in April.

Gas Line Was Not Marked Before Fatal Dallas Explosion, NTSB Says - A preliminary NTSB report says the natural gas line involved in the fatal Dallas apartment explosion had not been identified and marked before drilling began, as investigators continue examining the cause of the May 28 blast. (P&GJ) — A natural gas line involved in the May 28 explosion that destroyed a Dallas apartment building had not been identified and marked before drilling began, according to a preliminary report released by the National Transportation Safety Board (NTSB). The explosion and subsequent fire killed three people, injured at least six others and remain under investigation. According to the NTSB, a third-party contractor working on behalf of Engineering and Consulting Services Southwest LLP was conducting soil sampling near the apartment building before the explosion. The contractor had submitted a Texas 811 excavation notification on May 21, seven days before the incident. The report states that while some underground utilities had been identified using paint and flags before drilling began, the location of the natural gas line involved in the accident had not been identified and marked. The NTSB did not indicate why the line was unmarked or assign responsibility, noting that the investigation remains ongoing. Dallas Fire-Rescue responded to a reported natural gas leak at 12:49 p.m. local time on May 28 and notified Atmos Energy of a cut gas line two minutes later. The explosion occurred at approximately 1:15 p.m., destroying the apartment building at 409 E. Ninth St. and prompting the evacuation of eight nearby homes and three apartment buildings. Atmos Energy crews arrived shortly after the explosion and isolated the leak by hydraulically squeezing the polyethylene natural gas main in two locations. The first squeeze-off was completed at 2:09 p.m., followed by a second at 2:41 p.m., stopping the flow of gas to the damaged area. The NTSB said the distribution system serving the area included a 4-inch polyethylene natural gas main operating at approximately 38 pounds per square inch gauge (psig), below its maximum operating pressure of 55 psig. A 1¼-inch polyethylene service line connected the main to the apartment building before reducing to a ¾-inch line leading to the building's gas meter. Both the gas main and the ¾-inch section of the service line were installed in 1988. "Although the locations of some of the assets had been marked by painting and flagging, the location of this gas line had not been identified and marked," the NTSB said in its preliminary report. The agency cautioned that its investigation is ongoing and that the report does not identify a probable cause. "All aspects of the accident remain under investigation while the National Transportation Safety Board determines the probable cause with the intent to issue safety recommendations to prevent similar events," the agency said. Parties participating in the investigation include the Pipeline and Hazardous Materials Safety Administration (PHMSA), the Railroad Commission of Texas, Dallas Fire-Rescue, Atmos Energy, Environmental Consulting Services Ltd. and United States Infrastructure Corporation (USIC Locating Services LLC). The NTSB will issue a final report after completing its investigation.

US Oil Production Rose to Record High in April, EIA Says - (Reuters) – U.S. crude oil production rose to 13.93 million barrels per day in April, the highest on record, monthly data from the Energy Information Administration showed on Tuesday, as producers ramped up output in response to higher oil prices owing to the Iran war. Production rose by 216,000 bpd in April, EIA data showed, with production in New Mexico touching a record high of 2.37 million bpd. Crude production in Texas edged 36,000 bpd higher to 5.83 million bpd, the highest since November. Texas and New Mexico are home to the Permian Basin, which accounts for roughly half of U.S. crude output. Output from North Dakota, the third-largest producing state, also rose to 1.13 million bpd, the highest since November. U.S. crude futures were trading around $70 a barrel. They had traded as high as $119.50 in March. U.S. gross natural gas production eased to 135.3 billion cubic feet per day in April from 135.4 bcfd in March and a record 136 bcfd in December. In top gas-producing states, monthly output in April rose 0.2% to a record 38.8 bcfd in Texas, but fell 1.1% to 21 bcfd in Pennsylvania, the EIA said. That compares with a monthly all-time high of 38.7 bcfd in March in Texas and 21.9 bcfd in December 2021 in Pennsylvania. U.S. crude and products supplied overall grew in April to 20.81 million barrels per day, the highest level since February, the data showed, with supplies of finished motor gasoline, a proxy for demand, rising to 9.12 million, the highest in eight months. Distillate fuel oil supplied, however, fell in April to 3.89 million bpd, the lowest since December.

Oil Stocks in US Strategic Petroleum Reserve Fall by 5.5 Million to Lowest Level Since 1983 - (Reuters) – Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by 5.5 million barrels to 325.7 million barrels, the lowest level since May 1983, according to data from the Department of Energy. The drawdowns are a part of a U.S. agreement to release 172 million barrels from the facility.

US Commercial Crude Stocks hit 8-Yr Low, Gasoline Demand Rises Ahead of Holiday Weekend - U.S. crude stocks fell to their lowest last week since 2018 as domestic refinery demand rose, while gasoline inventories also fell ahead of the July 4 holiday weekend, the Energy Information Administration said on Wednesday. Commercial crude inventories fell by 3.8 million barrels to 408.4 million barrels last week, the lowest level since September 2018, compared with analysts’ expectations in a Reuters poll for a 4.5 million-barrel draw. Since the Iran war started at the end of February, total U.S. inventories, including commercial stocks and those in the government’s emergency reserve, have fallen by 120.71 million to 734 million barrels, the lowest since May 1984. Crude stocks at the flagship Cushing, Oklahoma, delivery hub rose by 709,000 barrels, the EIA said, after falling nine straight weeks to below the operational minimum of around 20 million barrels. “Cushing is still at minimum operating levels… the industry is living hand to mouth on Cushing inventories,” said Andrew Lipow, president of Lipow Oil Associates. Brent futures extended losses and fell by 1.6% while U.S. crude futures were little changed and were down around 1% after the smaller-than-expected drop in crude stocks. Refinery crude runs rose by 85,000 barrels per day in the week ended June 26, while refinery utilization rates rose by 0.5 percentage points in the week to 96.6%. “U.S. refiners are just cranking it out, operating full tilt here and it’s needed,” said John Kilduff, partner with Again Capital. Gasoline supplied, a proxy for demand, rose last week by 356,000 bpd to 9.13 million bpd. “It was a very strong gasoline demand week. I was concerned about the high prices and maybe that the economy was flagging, but to be back over 9 million barrels a day (of demand) is where we should be for this time of year,” Kilduff said. U.S. gasoline stocks fell by 2.3 million barrels in the week to 214 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 1 million-barrel draw. Stocks along the U.S. Gulf Coast fell last week to their lowest since October 2024. U.S. gasoline futures extended gains and were up 1.1% after the data showed the larger-than-expected draw in U.S. gasoline stocks. The U.S. national gasoline price at the pump was around $3.85 a gallon on Wednesday, according to the AAA. U.S. President Donald Trump said on Monday gasoline retailers must get ‌prices down immediately and warned that there will be “big problems” ahead if they did not do so. Trump urged retailers to target $2.50 a gallon. Distillate stockpiles, which include diesel and heating oil, rose by 2.5 million barrels in the week to 108.6 million barrels, versus expectations for a 0.5 million-barrel drop. U.S. diesel futures pared gains and rose around 0.4% after the data showed the surprise build in distillate stocks. Net U.S. crude imports rose last week by 370,000 barrels per day, EIA said.

Supreme Court grants North Dakota pipeline case - The Supreme Court on Monday granted a petition from North Dakota landowners asking the justices to weigh in on how much compensation companies owe for using eminent domain to take land to build natural gas pipelines. The landowners are seeking to overturn a March 2025 ruling finding that they were not entitled to compensation for legal fees and other costs associated with determining how much WBI Energy Transmission owed them for taking their land to build a 12-mile gas pipeline in northwestern North Dakota. After the justices sought his input on the case, Solicitor General D. John Sauer also argued the high court should hear the case, Leonard Hoffman v. WBI Energy Transmission, but said the justices should uphold the decision by the 8th U.S. Circuit Court of Appeals in order to resolve a split with other appellate courts. The 8th Circuit ruled that the Natural Gas Act did not explicitly allow compensation for additional legal fees and that the landowners in the case were not entitled to compensation for that expense. This is in contrast to other federal laws, which do require coverage for attorneys fees for federal takings, the court ruled. The 8th Circuit decision overturned a ruling from a lower bench, which granted the landowners more than $383,000 in attorneys’ fees. The district court had held that because federal law did not explicitly mention legal fees, then state law could be applied to determine an amount owed to the landowners.

Proposed oil pipeline to B.C. coast spurs alarm in Washington state - The province of Alberta late Thursday announced a route for a new, one-million-barrel-per-day crude oil pipeline to Canada’s West Coast that terminates within about a mile of Washington state waters. Environmental interests on the U.S. side of the border are worried. Alberta Premier Danielle Smith and Canadian Prime Minister Mark Carney jointly detailed the fast-tracked plans for the big new pipeline stretching from the Edmonton region to a new export terminal capable of handling supertankers destined for Asian markets. The terminus they identified in the project documents is the Port of Vancouver’s Roberts Bank expansion on the Strait of Georgia. Oil-filled ships traveling from the port pass by the San Juan Islands and Olympic Peninsula as they head out to sea from Vancouver. A spill in Canadian shipping lanes could easily reach north Puget Sound, the Strait of Juan de Fuca and Washington’s outer coast, threatening sensitive ecosystems and killer whale habitat. The new pipeline proposal could result in substantial additional oil tanker trips through the shared waters of the Salish Sea, warned Lovel Pratt, marine protection and policy director for the environmental group Friends of the San Juans. “This would significantly elevate the risk of catastrophic oil spills, vessel accidents, underwater noise pollution, and harm to endangered marine wildlife,” the group said in a press release that Pratt shared. “The increase in oil tanker traffic is especially alarming for the critically endangered Southern Resident killer whales, whose population currently numbers just 74 individuals,” Pratt added. Northern Washington tribes, including the Lummi, Samish, Swinomish and Makah, strongly opposed a previous Canadian pipeline expansion and can be counted on to oppose this one as well. The tribes argue that the large increase in vessel traffic endangers their treaty rights and threatens vital fisheries. If there’s a spill in the area, Pratt points out that “Oil knows no boundaries.” The project comes as Canada looks to strengthen its economic ties beyond the U.S. and as Carney has said the nation is seeking to become an “energy superpower.” Alberta Premier Smith said the province chose a southern pipeline route that ends on the shores of the Salish Sea because it can take advantage of the existing Trans Mountain Pipeline corridor as well as established relationships with First Nations. “This route offers the fastest, most cost-effective path to expanding Canada’s energy exports,” Smith said. The province’s West Coast pipeline website asserted that marine safety “will be embedded in every aspect of the project’s design and operation.” It goes on to say that the proposal would incorporate “the most advanced marine protection systems available worldwide” as well as “enhanced navigation protocols to safeguard coastal waters.” In Washington, the state Department of Ecology is the lead agency for oil spill prevention and response. On the cusp of a previous surge in crude tanker traffic in 2024, program managers at the agency told the Standard they felt good about local spill preparedness and had the capabilities to do their job. An Ecology spokesperson said late Thursday that the agency is awaiting more details on the Canadian pipeline proposal before offering a fresh assessment.

Carney Backs B.C. Tanker Ban as Alberta Unveils Pipeline Plan Prime Minister Mark Carney threw a wrench into Alberta's West Coast pipeline ambitions on Thursday just hours before Premier Danielle Smith was set to unveil details of the province's long-awaited proposal. Speaking alongside B.C. Premier David Eby in Vancouver, Carney reaffirmed that Ottawa will maintain the federal ban on oil tankers along British Columbia's North Coast, effectively taking one of the most attractive export corridors off the table before Alberta's proposal even reached the federal government. The announcement came as part of a multibillion-dollar agreement between Ottawa and British Columbia aimed at advancing resource development while preserving the North Coast tanker moratorium. Smith's government is pitching a privately financed, one-million-barrel-per-day pipeline to Canada's West Coast and wants Ottawa to designate it as a project of national interest. The proposal is intended to boost Canada's export capacity, reduce dependence on the U.S. market, and strengthen the country's energy security. But keeping the tanker ban intact immediately narrows the project's options. It doesn’t directly kill the pipeline, but it does remove one of the most politically and geographically attractive export corridors. The political signals coming out of British Columbia, meanwhile, were surprisingly mixed. Eby reiterated his opposition to lifting the tanker ban but also acknowledged that pipelines fall under federal jurisdiction and said his government would not go to court to stop a federally approved project. Instead, B.C. secured a commitment that it would be compensated for the environmental risks should a pipeline ultimately move forward. The result: Alberta gets consideration for its proposed pipeline, British Columbia keeps its tanker moratorium, and both sides claim victory.

B.C. Signals It Won't Fight New Oil Pipeline Under Federal Deal - Canada will maintain its northwest coast oil tanker ban under a new federal agreement, but British Columbia says it will not challenge a future Alberta oil pipeline if a different export route is proposed. (Reuters) — The province of British Columbia announced a deal with Canada's federal government on July 2 that maintains the federal ban on oil tankers along the country's northwest coast, but appears to open the door to neighboring Alberta's proposal for a new crude oil pipeline if a different route is proposed. The deal was announced just hours before Carney is expected to travel to Alberta to join Premier Danielle Smith as she announces her province's proposal for a new pipeline with the capacity to transport 1 million barrels per day of Alberta crude oil to the B.C. coast for export overseas. Carney has tried to strike a balance between growing Canada's oil industry, reducing its reliance on the U.S., and preserving some of Canada's environmental policies. Canada currently has one West Coast oil pipeline to access Asian markets. Ottawa's environmental policies, especially under Liberal former Prime Minister Justin Trudeau, stoked anger in oil-rich Alberta and fueled a nascent separatist movement. The province is due to hold a non-binding referendum on October 19 to decide whether to begin the process of splitting from Canada. While Alberta has said it favors a pipeline route to B.C.'s northwest coast, which is geographically closer to Asia than the province's southern coast, B.C. has long been concerned about the environmental risk of a potential oil spill in the ecologically fragile area. But British Columbia Premier David Eby on July 2 appeared to open the door to a pipeline going through his province, as long as the tanker ban remains in place and the northwest coast is protected. "This agreement doesn't require us to support any pipeline proposal from Alberta, however, as I've said before, we recognize our constitutional position, and we do not have the authority to stop a new pipeline. We will not be going to court to fight a pipeline project," Eby told reporters. Smith is expected to unveil her province's crude oil pipeline proposal at 8 p.m. EDT (midnight GMT). The proposal does not yet have a private-sector proponent. The federal government also pledged to accelerate the building of new liquefied natural gas projects in B.C. to triple LNG production in the next decade.

Hibernia oil spill posed threat of deadly blast and fire: regulator — The agency that oversees Newfoundland and Labrador’s offshore energy sector says a recent oil spill and gas leak aboard the Hibernia oil platform could have caused a deadly explosion and fire. The Canada-Newfoundland and Labrador Offshore Energy Regulator said Friday the spill on May 12 was contained on the platform. But it was classified as a “major hydrocarbon release” based on the amount that leaked from a damaged piece of equipment. No one was injured and none of the 1,600 litres of spilled crude seeped into the ocean. The regulator said Hibernia personnel were preparing to pump crude onto a tanker around 11 a.m. when they noticed unusual noises coming from the platform’s utility shaft, where a drain on a sludge pump had been sheared off, releasing crude oil. At that point, gas was also detected. But the crude discharge was stopped when a worker closed a manual valve on the broken pump. “The incident is classified as having potential for fire, explosion and fatality,” the regulator said in a statement released Friday. The independent regulator said it had requested more information from the Hibernia Management and Development Company, which operates the platform and manages the oilfield about 315 kilometres east of St. John’s. Among other things, the federal-provincial agency says it wants to determine the root causes of the accident and assess the company’s response. Meanwhile, the company is conducting an investigation and on May 27 submitted to the regulator its findings from a preliminary probe. A spokesperson for Hibernia Management and Development could not be immediately reached for comment. Hibernia is one of four oil installations off Newfoundland’s east coast. It was the first to produce oil in November 1997. Earlier this month, the president of ExxonMobil Canada, Kerry Moreland, said new wells and investments will ensure the Hibernia oilfield continue producing “well beyond” its expected 30-year lifespan. Since 2017, Hibernia Management and Development has been fined three times for spills from the massive gravity-based platform, which sits on the ocean floor. In August 2023, Hibernia’s operator was fined $400,000 following an investigation into a spill that released about 12,000 litres of crude into the North Atlantic on July 17, 2019, leaving two large slicks that extended for several kilometres. In January 2023, the company pleaded not guilty to three charges in provincial court in St. John’s. But it later pleaded guilty to a single charge and agreed to pay the fine. Meanwhile, the company was fined $28,000 in April 2022 for a spill in August 2019 that resulted in a 2,200-litre mix of water and crude leaking into the sea after a power outage. The fine had been reduced from $40,000 after the company successfully argued that its cleanup efforts had prevented wildlife from encountering the spill. And in October 2017, the company pleaded guilty to continuing to operate the platform in December 2013 after a leak was detected and about 6,000 litres of crude spilled into the Atlantic. The company was fined $80,000 and ordered to pay $170,000 into the federal Environmental Damages Fund.

LNG Canada’s First Year Tightens Focus on Western Natural Gas Supply - As LNG Canada passed the one-year milestone of the first cargo loaded from the British Columbia (BC) facility, feedgas flows have climbed to near full Phase 1 capacity, even as the flaring and equipment issues persist, according to public data. At a Glance:

• Exports climb near Phase 1 capacity
• Pacific buyers absorb Canadian LNG
• Flaring issues test operating reliability

Argentina LNG Gains Upstream Backing from Eni, XRG Deals - Eni and XRG are doubling down on their bets on Argentine natural gas with a pair of upstream equity deals for Vaca Muerta Shale production blocks expected to supply the country’s next major LNG export push. Argentine Production Graph. At a Glance:
Eni and XRG each take 32% stakes
YPF retains operatorship
Blocks tied to Argentina LNG

Colombia Eyes Upstream Licensing Reversal, Fracking to Slow LNG Imports - Colombia’s incoming president, Abelardo de la Espriella, is set to switch the nation’s stance on fossil fuels and open the nation again to drilling for natural gas. See Latin America Prices.  At a Glance:
LNG imports keep climbing
Offshore discovery reshapes supply outlook
New licensing policy gains momentum

European Natural Gas Prices Gain as Heat Keeps US LNG Demand in Focus A look at the global natural gas and LNG markets by the numbers. Table compares prompt-month natural gas futures prices over five trading days, showing daily price changes, regional cash markets and key market indicators.

• $14.57/MMBtu: Prompt Title Transfer Facility futures climbed to $14.569/MMBtu Tuesday, up from $13.685 on June 24, as heat-driven demand risks kept European gas prices supported, according to NGI data. The move came even as European trading firm Mind Energy noted that last week’s severe heat wave did not produce the same sharp gains in natural gas that it did in power markets. Mind Energy said European gas had moved mostly sideways as increased consumption tied to the heat wave was offset by relief from the reopening of the Strait of Hormuz and sustained pipeline flows. The gain came even as European gas storage continued to refill, rising to 48.6% full, from 47.0% a week ago.
• 18.9 Bcf/d: US LNG feedgas demand is on the rise again toward near-record highs, landing at 18.9 Bcf/d on Wednesday, according to NGI’s Entropic Analytics data. The day’s nominations were roughly in line with the seven-day average of 18.7 Bcf/d as maintenance wind downs and global demand boost pipeline flows. Venture Global’s Plaquemines LNG continued to run near high utilization, pulling about 3.8 Bcf/d, while Sabine Pass held in the mid-4 Bcf/d range. Golden Pass LNG rebounded to around 0.6 Bcf/d after briefly falling to minimal flows over the weekend.
• 10.4 Mt: US LNG exports rose in June to around 10.4 Mt, according to Kpler data, rebounding about 4% from May’s seasonal low point. Monthly exports had been trending downward through spring, with terminals sending out 10.7 Mt in April and 11.4 Mt in March. The June total was roughly 3% below the prior three-month average, reflecting some cooling from the record-setting pace earlier in the year. Even so, exports were about 33% higher than June 2025, when US loaded vessels totaled 7.8 Mt. Exports to Asia and Europe were almost tied during June, coming in at 3.99 Mt and roughly 3.98 Mt, respectively.
• 4.90 Mt: Chinese LNG imports have risen to the highest point since January, pointing to heated competition for spot cargoes as sweltering temperatures over Asia cut into the country’s reserves. Imports totaled 4.90 Mt in June, according to Kpler data. Rising prices for Asian spot cargoes combined with more Russian supply and domestic production have limited the country’s imports outside of periods of intense demand. US LNG deliveries to China totaled about 0.36 Mt during the month, accounting for almost all US LNG volumes shipped to China in 2026. The June total was China’s strongest since January and up from April and May, but imports remained about 13% below the two-year monthly average of roughly 5.61 Mt, leaving China behind Japan as the world’s top LNG importer so far this year.

Europe Loses Top Spot for U.S. LNG Exports as Asia Demand Surges - Europe lost its position as the leading destination for U.S. LNG exports in June as higher Asian prices and record Egyptian imports redirected cargoes, reshaping global trade flows ahead of winter. (Reuters) — For the first time in nearly two years, less than half of U.S. LNG exports last month went to Europe as stronger prices in Asia and record imports by Egypt diverted cargoes, according to preliminary ship-tracking data from LSEG. The shift marks the first time since July 2024 that Europe has not taken the majority of monthly U.S. exports of liquefied natural gas. European buyers, who still need to refill storage ahead of the next winter season, have been waiting for better prices. Asian spot prices traded at a premium to Europe last month, encouraging exporters to redirect shipments eastward. The Asian benchmark JKM averaged $17.33 per million British thermal units (MMBtu) in June, compared with the European TTF benchmark at $13.19 per MMBtu, LSEG data showed. Egyptian buyers, meanwhile, paid premiums of up to $1 per MMBtu over TTF-linked prices. Supply constraints from the Middle East, linked to regional geopolitical tensions, and softer European demand widened the price gap and created arbitrage opportunities for U.S. exporters. Total U.S. LNG exports rose slightly to 10.6 million metric tons (MT) in June, despite the month having one fewer day than May. Output was supported by facilities, including those of Cheniere Energy and Freeport LNG, returning from planned maintenance. Of that total, 4.41 MT was shipped to Europe, or just under 42% of exports, down from 5.13 MT, or just over 50%, in May. Analysts noted muted demand from Europe and said some traders have held back purchases amid expectations that global LNG supply could increase and help ease prices later this year. "This backwardation in the forward curve means that traders are holding their ground and are currently purchasing very little gas," said Hans van Cleef, head of energy research at Eqolibrium. "The fear of paying too much prevails." Egypt emerged as a major buyer, importing a record 1.06 MT of U.S. LNG in June, accounting for nearly 10% of total exports, LSEG data showed. Shipments to Asia totaled 3.25 MT, or about 31% of exports, slightly below May levels, but significantly higher than earlier in 2026, according to LSEG data. Exports to Latin America also rose to 0.96 MT as buyers replaced reduced supply from Trinidad and Tobago, where maintenance at Atlantic LNG facilities owned by Shell and BP cut output, LSEG data showed. About 0.73 MT of U.S. LNG was shipped without a fixed destination, with cargoes seeking buyers while at sea. Additional single cargoes were sold to the United Arab Emirates, South Africa and Senegal.

Russian Pipeline, LNG Deliveries to Europe Increase Despite Upcoming Ban - European imports of Russian natural gas continue to increase as the continent prepares for a full ban on those volumes that takes effect late next year and it grapples with another energy supply shock. Chart compares Europe's LNG imports by region of origin from 2020-2025, showing the United States as the largest supplier, followed by Russia, Qatar and North Africa. At a Glance:
Sharp increases since phase-out started
Iran war a factor
Regulators still assessing market

Shell Forecasts 65% Jump in Global LNG Demand --Shell expects LNG demand to continue growing significantly despite the market shock that has come with the conflict this year across the Persian Gulf region.Global LNG chart compares forecast supply, projects under construction and projected demand growth from 2026 through 2035.  At a Glance:
Emerging economies driving demand
LNG bunkering on the rise
New liquefaction capacity needed

Eni, Mercuria Target LNG Trading Growth as US Export Stakes Rise -- Italian energy giant Eni and energy trader Mercuria have formed a joint venture aimed at expanding their global commodities trading reach, a move that could sharpen the companies’ ability to market their growing US LNG portfolios and natural gas assets. At a Glance:

• Trading JV expands LNG reach
• Traders gain US export influence
• LNG portfolios become more integrated

Jera Separates LNG Business as Market Grows More Volatile - Jera, Japan’s largest power generation company and one of the world’s largest LNG buyers, said Wednesday it would create a separate business to run its global natural gas operations. Graph: LNG Imports. At a Glance:
Creates vertically integrated operator
Jera trades 35 Mt/y
One of largest US offtakers

Vance Says US Will Use Iran MoU To Replenish Global Oil Supply Then 'See Where the Hand Is' - -Vice President JD Vance said in an interview on “The Michael Knowles Show” published on Tuesday that the US would use the Memorandum of Understanding with Iran to “refill” global oil supplies and stockpiles and to prepare for more potential military action against the Islamic Republic. “I think what the president has told us to do is use this MoU to sort of refill the world’s oil economy, to refill some stocks, and then to see where the hand is,” the vice president said. “And … if the Iranians are willing to make the commitments that we would like them to make and are willing to back those up with verifiable milestones, then we are going to change our relationship with Iran. And if they don’t do that, then nothing has really changed except for what we’ve already accomplished from the military campaign, which is a lot. So, we kind of have two options here. We have the option of pursuing a long-term deal with the Iranians, but that requires a significant change in their behavior. We have the option of banking our wins and then, of course, doing things on top of that if the president feels that we have to. And I think both of those options are very much in play,” he added. Summarizing the position, Knowles said, “So then the message if you’re an Iranian, the message you’re getting from the US is not, okay, we’ve settled this, you get to keep the Strait of Hormuz and we’ll try to play nice. Now, the message is we’re going to serve our self-interest by replenishing the oil coffers and get back to us in 60 days, you might have some fire and brimstone coming back down.” Vance didn’t dispute Knowles’ characterization and said, “And if you actually behave, you won’t, right?” Trita Parsi, the executive vice president of the Quincy Institute for Responsible Statecraft, said in a post on X that Vance’s comments heightened suspicion in Iran that the war will restart despite the MoU. He made the comments in a post discussing the view in Iranian political circles that Israel may launch an attack before Israeli elections are held in October. “Will Israel restart the war with Iran before the October elections? This is the consensus view emerging within Iran’s internal national security debate over the past week,” Parsi said. “Several factors are driving Tehran to this conclusion. Beyond its deep—and not entirely unwarranted—suspicion of President Donald Trump’s intentions, heightened by Vice President JD Vance’s recent remark that Trump wants to use the MOU to replenish global oil reserves and then ‘see where the hand is,’ two developments stand out: the recent Israeli-Lebanese agreement and its impact on Hezbollah’s military posture over the coming months,” he added.

Goldman Sachs Warns Oil Inventory Rebuild Won’t Prevent 2027 Supply Glut - The global race to rebuild depleted oil inventories will not be enough to offset a massive glut that’s coming to the market next year, as traffic through the Strait of Hormuz appears to be headed toward normalization, according to Goldman Sachs commodity strategists.  First, arguing the bullish side, stockpiles of crude and refined petroleum products in many parts of the world have been depleted to multi-decade lows after governments raced to release strategic stockpiles in March after the Middle East crisis trapped millions of barrels of daily crude and product flows in the Persian Gulf. These inventories will now have to be rebuilt - a process that’s likely to put a floor under oil prices, Oilprice reports.. In the United States alone, the U.S. Strategic Petroleum Reserve (SPR) has been depleted to a 1983 low, while stocks at Cushing, the delivery point of WTI, have crumbled to operational-stress levels.In addition, many countries, especially in Asia Pacific, are looking to build new reserve capacity to boost their energy security and never again be caught off-guard by a massive supply disruption like the one triggered by the closure of the most important oil and LNG chokepoint.But Goldman Sachs takes the bearish side, and says that all these demand-supportive factors cannot erase the major glut coming next year. The investment bank expects the global oil surplus to be about 3 million barrels per day (bpd) next year, Samantha Dart, co-head of global commodities research at Goldman, told Bloomberg Television in an interview on Wednesday.“We do expect a little over 1 million barrels a day just of SPR rebuilding globally, but still, that would leave us close to 2 million barrels a day of a surplus,” Dart added.Other Wall Street banks have also started to predict a glut next year after the U.S. and Iran signed a memorandum of understanding in mid-June to negotiate a peace deal. Morgan Stanley, for example, has slashed its oil price forecasts for the next 18 months as it expects the reopening of the Strait of Hormuz to accelerate a new supply glut.

India crude oil imports June 2026 | India crude oil imports hit June record as Russia share crosses 50 per cent mark -  India imported 4.93 million barrels per day (bpd) of crude oil in June, the highest volume for the month on record, overcoming the impact of the West Asia crisis, data compiled by marine intelligence firm Kpler showed. During the period, Russia remained the top supplier to India, exporting 2.6 million bpd in June, Sumit Ritolia, an analyst with Kpler said. Russian supplies made up for more than half of India’s overall imports in June, up from 36.5 per cent in May when it had imported 2.13 million bpd from Moscow, Kpler data revealed. The ability to sustain record import levels while increasing purchases from Russia underscores the success of Indian refiners in diversifying supply and managing refinery economics, Ritolia argued. “India’s crude imports have quietly demonstrated remarkable resilience. Over the past 100 days, India has arguably been one of the best-positioned major importers, successfully maintaining crude inflows through proactive diversification and procurement strategies,” he said. Following US-Israel’s attack on Iran, shipping of petroleum products through the Strait of Hormuz had come to a standstill. India, which imports 90 per cent of its oil requirement, was badly hit. However, the data showed Indian refiners quickly able to diversify their procurement away from the West Asia to keep the mill rolling. Kpler’s Ritolia did not expect a ‘meaningful resumption’ of Iranian crude imports into India in the near term. While one or two opportunistic cargoes could arrive in July or August, refiners are already largely covered for feedstock requirements through early August, he observed, adding that any sustained return of Iranian crude would depend on the regulatory environment after the current sanction waiver expires on August 21. Rising exports from Africa, Russia, and Venezuela, together with higher OPEC+ production and continued crude flows through the Hormuz, should provide ample sourcing options.

Is Libya Quietly Becoming the Biggest Oil Prize the West Can’t Afford to Ignore? - At around the same time as OPEC raised its long-term oil demand forecast for the third consecutive year — now expecting global consumption to rise 19 million barrels per day (bpd), or 18%, by 2050 — Libya’s state-owned National Oil Corporation (NOC) announced that the country’s oil production is now at the highest level in 13 years. Its current 1.487 million bpd crude output is just a whisker away from the NOC’s short-term strategy of producing 1.5 million bpd of oil, which opens the way for the long-term strategic target of 2.1 million bpd to be achieved within the next three to five years. The reason underpinning OPEC’s latest increase in long-term oil demand — governments increasingly prioritising energy security, rather than aggressively transitioning away from hydrocarbons — has also been key to the rise in foreign investment and oil developments in Libya, especially from Western firms. Since the onset of the Russian war in Ukraine on 24 February 2022, they have been busily sourcing new oil and gas supplies around the world to make up for those lost due to sanctions on Russia’s energy exports. So, how realistic does Libya’s long-term 2.1 million bpd oil output target look? From a geological standpoint, nothing stands in the way of Libya reaching much higher production levels. The country holds around 48 billion barrels of proved crude reserves — the largest in Africa — and before Muammar Gaddafi was removed in 2011, it had no difficulty sustaining output of roughly 1.65 million bpd of high?quality light, sweet crude. The flagship grades, Es Sider and Sharara, were especially prized in the Mediterranean and Northwest Europe for their strong gasoline and middle?distillate yields. Production had also been on a steady upward path, rising from about 1.4 million bpd in 2000, even if still far below the more than 3 million bpd achieved in the late 1960s. Crucially, the NOC had already laid out plans before 2011 to deploy enhanced oil recovery (EOR) techniques across maturing fields. Its estimate that EOR could add around 775,000 bpd of capacity looked entirely credible, and Western interest in new upstream developments showed no sign of fading at the time. In late 2021, the country’s Government of National Unity (GNU) approved the sale of the 8.16% stake in the country’s giant Waha oil concessions held by the U.S.’s Hess Corporation to the remaining stakeholders. Those were France’s TotalEnergies (with a 16.3% share), and ConocoPhillips (also 16.3%), each of which was to be offered half of Hess’s stake. This followed positive news in April last year after the meeting between NOC chairman, Mustafa Sanalla, and the chief executive officer of TotalEnergies, Patrick Pouyanne. The French firm agreed to continue with its efforts to increase oil production from the giant Waha, Sharara, Mabruk and Al Jurf oil fields by at least 175,000 bpd and to make the development of the Waha-concession North Gialo and NC-98 oil fields a priority, according to the NOC.  The Waha concessions — in which TotalEnergies took a minority stake in 2019 — had the capacity to produce at least 350,000 bpd together, according to the NOC. At around the same time, news emerged that Shell was looking to return to Libya, after senior representatives of the company met with NOC chairman Mustafa Sanalla during their visit to Tripoli. Shell had ceased its operations in Libya in 2012, partly due to contract terms but mainly because of the deteriorating security situation after the removal of Gaddafi.However, by mid-June 2022, another blockade of Libya’s oil had begun, as key elements of the landmark peace agreement negotiated on 18 September 2020 to end the previous mammoth blockade had not been implemented. At the time, Commander of the rebel Libyan National Army (LNA), General Khalifa Haftar, had made it clear to the opposing side with which the deal had been struck —  Tripoli’s U.N.-recognised Government of National Accord (GNA) —  that it would be an interim arrangement only while a solution was worked out on how the country’s oil revenues would be distributed over the long term. The key to this in his view, and supported by the GNA back then, would be the formation of a joint technical committee, which would: “Oversee oil revenues and ensure the fair distribution of resources… and control the implementation of the terms of the agreement during the next three months, provided that its work is evaluated at the end of 2020 and a plan is defined for the next year.” To address the fact that the then-GNA effectively held sway over the NOC and, by extension, the Central Bank of Libya (CBL) in which the revenues are held, the committee would also “prepare a unified budget that meets the needs of each party… and the reconciliation of any dispute over budget allocations… and will require the Central Bank [in Tripoli] to cover the monthly or quarterly payments approved in the budget without any delay, and as soon as the joint technical committee requests the transfer.”None of these measures had been sufficiently put into place at that point in 2022 to avoid another major blockade following the one in 2020, and they still have not. Instead, 11 April this year saw rival factions enact a national budget for 2026, with a total value of LYD190 billion (US$29.6 billion). The budget framework also explicitly allocates a LYD12 billion ring-fenced operational budget directly to the NOC to guarantee energy production and stability. Although the budget idea was heavily supported by the recently appointed Governor of the CBL, Naji Mohammed Issa, alongside international mediation by U.S. Senior Adviser Massad Boulos, various factions see it as an elite-driven, anti-democratic carve-up. For example, independent military councils and militias in western Libya (Tripoli, Misrata, and Zawiya) characterise it as the financial baseline for a U.S.-brokered political roadmap that would leave Abdul Hamid Dbeibah as Prime Minister while elevating Saddam Haftar (one of Khalifa Haftar’s sons) to the presidency. Moreover, major institutional players within the western region’s governance structure — including the Presidential Council and High Council of State — have formally rejected the political arrangements underlying the budget, arguing that the deal bypasses the UN-led peace process. Additionally, Libya’s highly influential Grand Mufti, Sheikh Sadiq al-Gharyani, has fiercely opposed the budget on the basis that it amounts to “handing over full power” to Khalifa Haftar and his sons. He has publicly called on Western region military forces and Prime Minister Dbeibah to abandon the pact, framing it as an existential betrayal of the Western region’s autonomy. And finally, several factions maintain that instead of fixing state corruption, the budget has simply institutionalised it into a better-organised and more clearly coordinated framework for theft.Although this backdrop looks just as possible as the previous one to result in future oil blockades in the country, Western countries and their firms appear undaunted. “There’s a basic view that it’s [Libya] been trouble since 2011 and may well continue to be, but at some point it may work itself out, and there aren’t too many other [oil and gas] options of that size available right now,” a senior source who works closely with the European Union’s (E.U.) energy security complex exclusively told OilPrice.com last week. So, as it stands, Italy’s Eni recently announced new offshore gas discoveries in Libya, near the Bahr Essalam field, Libya’s largest producing offshore gas field, with preliminary estimates being that there is more than 1 trillion cubic feet (Tcf) of gas in place. This deepwater drilling underlines Western firms’ confidence in their ability to continue their business in Libya over many years, as it requires long-term capital and security guarantees. Great Britain’s BP is also working alongside Eni in the Sirte basin’s Matsola exploration prospect in Contract Area 38/3 in the Mediterranean Sea. The joint venture is committed to drilling a further 16 wells in Libya, across onshore and offshore areas, while BP recently signed a memorandum of understanding to evaluate options for redeveloping the giant Sarir and Messla onshore fields, and to assess potential unconventional oil and gas development. Meanwhile, TotalEnergies also recently announced the restart of production at Libya’s Mabruk oil field, illustrating its “long-term commitment in Libya,” according to the firm. And U.S.-based technology and engineering giant KBR was recently awarded a contract to provide project management and technical services for the South Refinery Project (SRP) in Ubari, southwest Libya, in line with KBR’s efforts to advance key oil and gas infrastructure across the country.

Egypt urgently acts to contain oil spill in Lake Nasser - Egypt Independent - Egypt’s Ministry of Local Development and Environment reported on Saturday that a river barge sank completely at a depth of approximately 15 meters in the High Dam East Port in Aswan Governorate, resulting in an oil slick estimated to be about 200 meters long and 100 meters wide. The oil slick was caused by a fuel and oil leak from the barge’s fuel tank and engines in a slush area of the loading port on Lake Nasser, away from the main waterway. Minister of Local Development and Environment Manal Awad ordered that all necessary measures be taken immediately – in coordination with all relevant ministries and authorities – to ensure environmental protection and maintain water quality in Lake Nasser. Awad also ordered the Aswan branch of the Environmental Affairs Agency to quickly collect water samples from the affected area and conduct the necessary laboratory analyses. The analysis revealed that some water quality indicators exceeded permissible limits due to the presence of a layer of oil and diesel fuel on the water’s surface. Cooperation was immediately established with the Environmental Police and Waterways Department to carry out operations to disperse the oil slick and mitigate its environmental impact, while environmental monitoring and water quality measurements continued. Awad emphasized the importance of continued field monitoring and full coordination among all relevant authorities, as well expediting the containment of any environmental impact. She affirmed that the state possesses a comprehensive system for dealing with environmental emergencies, relying on rapid response and institutional coordination among various entities, which aids in protecting natural resources and safeguarding citizen interests.

Fire at Petrochemical Plant in Eastern India Injures at Least 20 People - – A fire at a petrochemical plant in eastern India injured at least 20 people, five of them critically, police said. The blaze broke out Tuesday in a naphtha pipeline at a facility operated by Haldia Petrochemicals and quickly spread to nearby homes in West Bengal’s Purba Medinipur district, about 130 kilometers (80 miles) southwest of the state capital, Kolkata, AP reported. Firefighters used 12 fire engines to bring the blaze under control, while the injured were rescued and taken to nearby hospitals, police said. The injured included plant workers and at least two security guards. Video from the scene showed firefighters dousing the blaze with water as thick black smoke rose from the burning pipeline. Naphtha is a highly flammable petroleum product used in the production of fuels and other chemicals. The cause of the fire was not immediately known. Haldia Petrochemicals said in a statement it was investigating the incident.

EA confirms no oil spill near Hallaniyat Islands -Environment Authority (EA) is actively monitoring a situation involving a vessel that ran aground near Al Qibliyah Island, located within the marine buffer zone of the Hallaniyat Islands in the Dhofar Governorate.Following the incident, a technical team from the Environment Authority’s Directorate General in Dhofar visited the site on Wednesday, July 1, to conduct a thorough inspection. The team performed a visual examination of the vessel and collected water samples from the surrounding coastal areas.Official test results have confirmed that there is currently no evidence of oil pollution or contamination in the marine environment. The Authority is coordinating with the National Committee for Emergency Management to address the situation and is prepared to implement necessary measures according to established safety protocols. The public is encouraged to rely solely on official sources for information regarding this event and to avoid spreading unverified rumours.

Saudi Supertankers Exit Hormuz in Kingdom’s Biggest Oil Flow Since Iran War Truce --Saudi Arabia is exporting the most crude from inside the Persian Gulf since the the Iran war blocked the Strait of Hormuz, as producers across the region boost shipments following an interim peace deal between Washington and Tehran. Four supertankers hauling crude loaded at Saudi Arabia’s main export hub appeared in the Gulf of Oman on Thursday, ship-tracking shows. That’s the largest number of exits since the peace pact came into effect about two weeks ago.

Saudi Arabia has ramped up oil shipments through the Strait of Hormuz since U.S.-Iran deal - Saudi Arabia has ramped up oil shipments through the Strait of Hormuz since the U.S. and Iran signed an agreement to reopen the sea lane last month. The Saudis have shipped about 34 million barrels of oil through Hormuz since June 17, according to data from the trade intelligence firm Kpler. Riyadh’s exports over the past two weeks are more than double the 15 million barrels the kingdom shipped through the strait from March 9 through June 17. “Saudi crude flows inside the Gulf are reviving after months of conflict-driven rerouting,” Kpler analyst Jashan Prema told clients in a Thursday note. About 24 million barrels of Saudi oil shipped since June 17 was loaded during or before the U.S.-Iran war, according to Kpler. This indicates the Saudis are clearing a backlog of oil tankers that were unable to exit the Gulf during the conflict, the firm said. About 17 million barrels of Saudi oil loaded before the war remains in the Gulf, it said. Riyadh largely paused shipments from its Gulf export terminals of Ras Tanura and Juaymah on March 9 after tanker traffic through Hormuz plunged due to Iranian attacks. The kingdom redirected a substantial portion of its oil exports through an East-West pipeline to the Red Sea terminal of Yanbu. The Saudis are now restarting their export logistics in the Gulf and not just clearing the pre-war oil backlog, Prema said. Eleven supertankers bound for the kingdom entered the Gulf between June 23 and July 1, the analyst said. Eight of those tankers have loaded up on oil at Saudi terminals and five of them have already exited Hormuz, he said. Ships continue to transit Hormuz after an outburst of hostilities between the U.S. and Iran last week. Tehran attacked two commercial ships and the U.S. responded with strikes on Iran over the weekend. Tanker traffic fell to eight ships on Sunday and then rose to 16 on Wednesday, according to Kpler data. About 8.5 million barrels of crude passed through Hormuz on Wednesday, according to the maritime intelligence firm Windward. Nearly 15 million barrels per day passed through the strait in 2025, according to the U.S. Energy Information Administration.

OPEC Oil Production Jumps, But Gulf Supply Is Still Far From Normal --OPEC's oil production rebounded sharply in June as Gulf producers finally began bringing shut-in barrels back online after months of war-induced disruptions. But despite the impressive headline number, the cartel is still pumping nowhere near where it was before the Strait of Hormuz crisis turned Middle East oil flows upside down. According to Reuters' monthly survey, the 11 OPEC members produced 19.43 million barrels per day in June, up 3.3 million bpd from May, when output plunged to the lowest level recorded by the survey since at least 2000. The biggest gains came from Kuwait and Iran. Tehran was able to restore production after the United States lifted its naval blockade of Iranian ports under last month's 60-day agreement, while Gulf producers gradually restarted wells that had been shut as storage filled and tanker traffic through Hormuz ground to a halt. Saudi Arabia and Iraq also boosted output, while Nigeria and Libya posted smaller increases despite avoiding the worst of the Gulf disruptions. The rebound, however, shouldn't be mistaken for a return to normal. Production remains well below OPEC's collective quotas, and much of the recent recovery reflects producers simply restarting volumes they were forced to shut in rather than adding new supply. Tanker traffic through Hormuz remains well below pre-war levels, and insurers and shipowners are still approaching the waterway with caution after repeated attacks on commercial vessels. That reality helps explain why OPEC+'s repeated production quota increases have had little immediate impact on actual supply. The group has announced several quota hikes since the Iran war began, but until recently, there simply wasn't enough export capacity to move the extra barrels. Meanwhile, another challenge is emerging. The United States has just posted record crude production of nearly 14 million barrels per day, while the UAE—now outside OPEC—is exporting record volumes of its own as it empties storage built up during the conflict. Together, those developments are fueling renewed talk of oversupply and keeping pressure on crude prices.

Oil prices rose after renewed US-Iran strikes disrupted shipping through Strait of Hormuz - Oil prices climbed on Monday as renewed military exchanges between the United States (US) and Iran raised concerns over energy supplies and shipping through the Strait of Hormuz, one of the world’s most important oil transit routes. Brent crude futures rose 58 cents, or 0.8%, to $72.57 per barrel, while US West Texas Intermediate (WTI) crude gained 88 cents, or 1.3%, to trade at $70.11 per barrel. The gains followed several days of tit-for-tat strikes between the US and Iran, which highlighted the fragility of their interim peace agreement and disrupted tanker traffic through the Strait of Hormuz. Shipping activity had previously recovered to its highest level since the conflict began in late February, but recent attacks on commercial vessels have again slowed the movement of oil exports. Market analysts said investors remain concerned about the pace of supply recovery despite reports that Washington and Tehran have agreed to pause hostilities and resume negotiations over regional tensions and maritime security. Analysts at ING said the oil market still faces considerable risks, although many participants appear focused on the eventual recovery of oil flows. They warned that any delays in restoring normal supply could push prices higher. ANZ analysts also noted that the market may need to reassess expectations for a rapid recovery in Persian Gulf oil exports, citing ongoing logistical challenges, damaged infrastructure and production disruptions. Saudi Arabia’s state-owned oil company Aramco resumed crude loadings at its Ras Tanura export terminal on Friday after operations had been suspended for nearly four months. Export activity continued despite a helicopter crash at the facility on Sunday that killed 14 people. Authorities have not yet determined the cause of the accident. Analysts said tanker backlogs, infrastructure damage and production shutdowns could continue to limit crude supplies, adding that oil output and exports may not fully recover to pre-conflict levels until later this year. Markets are expected to closely monitor developments in US-Iran negotiations and shipping conditions in the Strait of Hormuz, which remain key drivers of global energy prices.

Oil Prices Climb as U.S.-Iran Flare-Up Shakes Market Complacency - Oil prices were climbing early on Monday morning after a fresh escalation between the U.S. and Iran over the weekend. The price rise was relatively delayed, as markets continue to price in a potential peace deal while discounting more bullish geopolitical catalysts.A growing number of analysts have been arguing that markets are being too optimistic about a quick return of Hormuz traffic and too complacent about the continued drawdown in global inventories to multi-decade lows. At the time of writing, Brent Crude prices were up by 1.18% at $72.84 per barrel, while the U.S. benchmark, WTI Crude, was up 1.73% at $70.43. The latest price movement appears to suggest that the market is concerned about a reduction in tanker traffic through Hormuz following attacks on two commercial vessels on Thursday and Friday last week, and a further flare-up over the weekend.The Thursday attack on the container ship Ever Lovely prompted some shipowners to pull back and wait for additional information about how safe transiting the Strait is. The U.S. military on Friday carried out strikes on Iran in response to the attack on the vessel.  On Saturday, an Iranian attack on a Panama-flagged oil tanker, Kiku, while it was transiting the Strait of Hormuz prompted additional strikes by the U.S. forces.  After the flare-up this weekend, the U.S. and Iran appear to have agreed to cease attacks ahead of tentatively planned new talks this week. “Participants appear to be shrugging off these developments, instead focusing on what a continued recovery in oil flows would mean for the global balance,” ING’s commodities strategists Warren Patterson and Ewa Manthey warned in a note on Monday.“This complacency is odd and clearly leaves significant upside risk if the supply recovery proves slow – or if we see significant re-escalation. While the oil market is technically in oversold territory, momentum appears to still be to the downside,” they added.ING’s strategists continue to believe “the market is too optimistic about the timeline for a recovery in Persian Gulf supplies.”The recent price movement suggests that reality might be setting in at last.

Oil Market Rises as U.S.-Iran Ceasefire Faces New Strains - The crude market posted an inside trading day and settled higher after attacks by the U.S. and Iran increased concerns over the ceasefire. The crude market initially opened higher and traded to $70.97 before it quickly sold off to a low of $69.32 following an Axios report of the U.S. and Iran ending their hostilities after both countries accused each other of breaking the ceasefire. The market was pressured amid the news of U.S. and Iranian technical teams meeting in the coming days to work on the implementation of an interim peace deal. Iran’s Foreign Minister said Iranian and Omani experts will also start talks on redefining transit paths through the Strait of Hormuz in the coming days. The oil market traded mostly sideways for much of the day before it rallied to a high of $71.15 in afternoon trading. The August WTI contract settled up $1.52 at $70.75, while the August Brent contract settled up $1.16 at $73.15. Meanwhile, the product markets ended the session in mixed territory, with the heating oil market settling up 12.35 cents at $3.3317 and the RB market settling down 10.43 cents at $3.0614. According to the Department of Energy, crude oil stocks in the U.S. Strategic Petroleum Reserve fell by 5.5 million barrels to 325.7 million barrels, the lowest level since May 1983. The drawdowns are a part of a U.S. agreement to release 172 million barrels from the facility. The United States said a high-level meeting on Iran would be held in Doha on Tuesday with President Donald Trump’s top envoys Steve Witkoff and Jared Kushner attending while technical talks would also continue on the sidelines. President Trump said that Iran had requested a meeting and that it would take place in the Qatari capital without giving any details. A source said Iranian and U.S. technical teams working on the implementation of a memorandum of understanding are set to meet in Doha in the coming days. The source added that mediators have established communications channels to de-escalate any incidents and technical talks are set to continue. However, Iran’s Deputy Foreign Minister, Kazem Gharibabadi, said that technical working group meetings under the Iran-U.S. memorandum of understanding were not scheduled for this week. He also said consultations between Iran and Qatar regarding the U.S. commitments were continuing as planned but that technical working group talks in Doha had not been confirmed. According to BloombergNEF, oil refining capacity is set to increase by 1.1 million bpd this year, reversing a decline of 690,000 bpd in 2025. Much of the gains are due in the fourth quarter when projects in India and China come online. A power outage on Sunday forced the shutdown of Venezuela’s 645,000 bpd Amuay refinery, though the electric service was later restored. Amuay, which is part of the 955,000-bpd Paraguana Refining Center, was the second refinery without electricity following two deadly earthquakes in the country.

Oil settles up on US-Iran strikes; cautious hopes for shipping cap gains (Reuters) - Oil prices settled up more than 1% on Monday after attacks by the U.S. and Iran underscored the fragility of their interim peace deal, while cautious hopes of a continued recovery in energy shipping through the Strait of Hormuz limited gains. Iranian and U.S. technical teams working on the implementation of an interim peace deal are expected to meet in Doha in the coming days, a source told Reuters on Monday, after the tit-for-tat weekend strikes threatened to derail the accord. Brent crude futures settled up $1.16, or 1.61%, at $73.15 a barrel. U.S. West Texas Intermediate crude gained $1.52, or 2.2%, to $70.75. Brent crude fell 10.6% last week in a third consecutive weekly decline after crude shipments through the strait rose to their highest since the U.S.-Israeli war on Iran began in late February. Iranian and Omani experts will start talks on redefining transit paths through the Strait of Hormuz in the coming days, Iranian Deputy Foreign Minister Kazem Gharibabadi told state TV on Monday, adding that his country will try to obstruct vessels outside of defined paths. Outbound Persian Gulf crude exports are quickly rebounding to at least 75% of pre-war levels, Gelber & Associates analysts said in a note on Monday. However, analysts cautioned that traffic through the strait is far from being fully recovered, helping keep prices somewhat elevated. "I think that reality is starting to sink in. Not every barrel is going to come out the Gulf in the next week or two, you can’t really jam as many barrels through there as possible to pre-war levels. As long as the situation is risky, anyone owning a boat runs the risk of having that boat attacked as it heads through the strait," Mines in the waterway as well as insurance companies not yet being fully on board are also factors weighing on traffic through the strait, according to Yawger. Meanwhile, Middle East producers are pushing ahead with loading oil and LNG despite fresh ship attacks in the Strait of Hormuz and renewed strikes between the U.S. and Iran in recent days, shipping data showed. Saudi oil giant Aramco resumed crude oil loadings on Friday at its Ras Tanura terminal, west of the Strait of Hormuz, after they were halted for nearly four months. Loadings continued even after a helicopter belonging to the company crashed on Sunday at Ras Tanura, killing 14 nationals. The cause of the crash was unknown.

(June 30): Brent crude falls to $72/barrel as investors await US-Iran talks - Oil prices declined on Tuesday as investors awaited the outcome of possible talks between US and Iran in Doha after tit-for-tat strikes over the weekend spooked markets about the fragility of their interim peace deal and slowed down shipping in the Strait of Hormuz. Brent crude futures dropped around 1% to $72.50 a barrel while US West Texas ‌Intermediate (WTI) crude futures ⁠fell around 0.7% to $70.28 per barrel, as seen at 7.20 am on Monday. Brent crude fell nearly 11% last week to mark its third week of loss after crude shipments through the strait rose to their highest level since the US-Israeli conflict with Iran began earlier this year. Possible US-Iran talks in Doha "The meeting in Doha is going to be perhaps important, perhaps not. We're going to find out," US President Donald Trump told reporters in the Oval Office. Iranian and Omani experts will start talks on redefining transit paths through ⁠the Strait ‌of Hormuz in the coming days, Iranian Deputy Foreign Minister Kazem Gharibabadi said on Monday, adding that his country will try to obstruct vessels ⁠outside defined paths.  However, Iran's Foreign Ministry spokesperson Esmaeil Baghaei said there will not be any negotiation meetings at any level with the American side in the coming days. This uncertainty over whether the two sides would meet highlights the fragility of a June 17 agreement to pause fighting that has disrupted global oil flows through the ‌Strait of Hormuz and posed a political challenge for Trump ahead of November's congressional elections. "Investors are pricing in hopes of a positive outcome from the Doha talks, even though real normalisation of flows through the Strait of Hormuz is not yet visible," Reuters quoted Tim Waterer, chief market analyst at KCM Trade, as saying. "The market is cautiously hopeful but still hedging its bets until we see more tangible signs of de-escalation," he added. "Assuming Persian Gulf flows continue to recover at the same average pace as over the last two weeks... Gulf flows could return to pre-war levels of 23 million barrels per day already by early July," analysts at Goldman Sachs wrote in a note dated June 29, as reported by Reuters.

-Oil Prices Inch Higher Amid Peace Talk Uncertainty - Oil prices were little changed Tuesday morning as market participants were awaiting the next step in negotiations between Washington and Tehran. By 08:15 a.m. EDT, ICE Brent for August delivery was up $0.19 to trade near $73.34 barrel (bbl), and NYMEX WTI for August delivery rose $0.41 to $71.16 bbl. Downstream, NYMEX ULSD futures for July delivery advanced $0.0263 to $3.3580 gallon on their last trading day and front-month RBOB futures edged higher $0.0035 to $3.0649 gallon. The more actively traded August contracts were up $0.0522 and $0.0112 gallon, respectively. The U.S. Dollar Index strengthened by 0.278 points to 101.155 against a basket of foreign currencies. Oil futures were on track for the third consecutive monthly decline as the risk premium tied to the U.S.-Israeli war on Iran and the ensuing supply disruption has seemingly all but disappeared. While the current ceasefire has largely held and exports from the Middle East have picked up the pace, a permanent settlement of the conflict has yet to be reached, keeping many shippers reluctant to send empty tankers back into the Persian Gulf. Conflicting statements about potential future peace talks, meanwhile, kept the longer-term outlook murky. U.S. President Trump on Monday claimed U.S. and Iranian negotiators were -- at Tehran's request -- set to meet Tuesday in Qatar. Qatari and Iranian officials denied any direct talks taking place but said "technical meetings" would continue. Crude oil prices having shed almost all of their war-time gains were not just a result of easing supply disruptions and heightened peace prospects. Oil flows from the Persian Gulf are still far from pre-war levels, but may be high enough to temporarily satisfy considerably weakened global demand. Refiners in Asia who were forced to slash runs amid the lack of crude availability are unlikely to immediately ramp up operations, but demand may receive a boost from the need to refill commercial and strategic inventories. Globally, oil inventories have in three months plummeted from five-year highs to the lowest in a decade. Record high crude oil exports and releases from the Strategic Petroleum Reserve have also accelerated the seasonal draw in U.S. inventories, with commercial stockpiles falling to their lowest since January 2025. The American Petroleum Institute's weekly inventory estimate is scheduled for release later today, followed by U.S. Energy Information Administration data on Wednesday.

Oil Market Trades Within Range as Focus Shifts to U.S.-Iran Talks -  The oil market on Tuesday continued to trade within Friday’s trading range but posted an outside trading day as the market focused on the potential U.S.-Iran talks on Doha after the strikes against each other over the weekend tested the interim ceasefire agreement. U.S. President Donald Trump’s son-in-law Jared Kushner and envoy Steve Witkoff arrived in Doha on Tuesday but were not expected to hold high level meetings with Iran, casting doubt on the progress to bring a lasting end to the Iran war and fully reopen the Strait of Hormuz. A Qatari official said there would be technical talks this week that could later be elevated to senior level. The crude market breached its previous high and rallied to a high of $71.60 by mid-morning. However, the market erased all of its gains and posted a low of $69.22 ahead of the close. The August WTI contract settled down $1.25 at $69.50 and the August Brent contract settled down 23 cents at $72.92. The product markets ended the session lower, with the heating oil market settling down 1.49 cents at $3.3168 and the RB market settling down 4.7 cents at $3.0144.  The EIA reported that U.S. crude oil production increased to 13.93 million bpd in April, the highest on record, as producers increased their output in response to higher oil prices due to the Iran war. Production rose by 216,000 bpd in April, EIA data showed, with production in New Mexico touching a record high of 2.37 million bpd. Crude production in Texas increased 36,000 bpd to 5.83 million bpd, the highest level since November. Output from North Dakota also increased to 1.13 million bpd, the highest level since November.U.S. President Donald Trump said gasoline retailers must get prices down immediately and warned that there will be “big problems” ahead if they did not do so. Last week, President Trump said he instructed the Department of Justice to look into oil companies for not lowering gasoline pump prices in line with falling crude costs, accusing the companies of “gouging” customers.Morgan Stanley lowered its Brent crude price forecast for the rest of the year and next, citing a faster than expected reopening of the Strait of Hormuz, and said market focus has shifted back to a larger surplus expected in 2027. The bank lowered its third-quarter 2026 forecast and fourth-quarter 2026 view to $75/barrel from earlier estimates of $90/barrel and $80/barrel, respectively. It sees Brent at $75/barrel in the first half of 2027 and $70/barrel in the second half, compared with an earlier forecast of $80/barrel. The bank said that with the Middle East exports ramping up again, a supply shortfall that has been rapidly diminishing is now causing a surplus in the Brent and Dubai markets. Morgan Stanley now projects an implied global oil market surplus of 4.8 million bpd in 2027. At the start of 2026, before the conflict, its balances had pointed to a 2 million-3 million bpd surplus for the year and the closure of the Strait of Hormuz temporarily flipped that surplus into a deep deficit. Morgan Stanley analysts said that to balance the market in 2027, flows through Hormuz only need to recover to 11 million-12 million bpd, or about 65% of the pre-conflict level.

Oil prices little changed but set for steepest monthly and quarterly losses since 2020 (Reuters) - Oil prices were little changed on Tuesday but were headed for their biggest monthly and quarterly losses since the COVID-19 pandemic in early 2020, with investors eyeing potential U.S.-Iran talks in Doha amid a strained ‌interim ceasefire in the four-month-long war. Brent futures fell 23 cents, or 0.3%, to settle at $72.92 a barrel, while U.S. West Texas Intermediate (WTI) crude fell $1.25, or 1.8%, to settle at $69.50 a barrel. Brent futures for August delivery expired on Tuesday and will be replaced by the September contract, which is trading around $73.31 a barrel. Both crude benchmarks were close to where they were trading on February 27, the day before the start of the U.S.-Israeli war on Iran, when Brent closed at $72.48 a barrel and WTI closed at $67.02. "I wouldn't say the market has priced out a risk premium, but previously stranded ships have become available with the increase in ships moving out of the Gulf, creating ⁠a temporary wave of new supply," UBS analyst Giovanni Staunovo said. Morgan Stanley said it now models an implied global oil market surplus of 4.8 million barrels per day in 2027. Top U.S. envoys who arrived in Doha will not hold a high-level meeting with Iran, a Qatari official said on Tuesday, casting doubt on the progress of efforts to bring a lasting halt to the Iran war and fully reopen the Strait of Hormuz. About 20% of global oil supplies passed through the strait before the war. Instead, there will be technical talks this week on issues including regional security that could later be elevated to senior level, Qatar's Foreign Ministry spokesperson Majed Al Ansari told a media briefing. The arrival of U.S. President Donald Trump's son-in-law Jared Kushner and envoy Steve Witkoff in Doha on Tuesday followed exchanges of fire over the weekend that tested the June 17 interim accord between the United States and Iran. The allowed 60 days for the two sides to negotiate a permanent truce and to resolve thorny issues including the future of . Tuesday's lack of price movement ‌kept both crude ⁠benchmarks in technically oversold territory with Brent for 13 days in a row and WTI for 11 consecutive days. For the month, Brent was down about 21% in June after dropping some 19% in May. That was its biggest monthly decline since falling by a record 55% in March 2020 due to COVID demand destruction. Brent was down about 38% in the second quarter after soaring 94% in the first quarter. That was its biggest quarterly decline since falling by a record 66% in the first quarter of 2020. Last quarter's 94% gain was the highest since futures soared by a record ⁠142% in the third quarter of 1990. Supply of the five North Sea crude oil grades underpinning the dated Brent benchmark in August will not include Brent crude for the first time since at least 2021. In the U.S., crude oil production rose to a monthly record of 13.93 million barrels per day in April, monthly data from the Energy Information Administration showed on Tuesday, as producers ramped up output in response ⁠to higher oil prices owing to the Iran war. The oil market awaited weekly storage reports from the American Petroleum Institute trade group later on Tuesday and the U.S. Energy Information Administration on Wednesday. Analysts estimated energy firms pulled 4.5 million barrels of crude from storage during the week ended June 26. If correct, that would be the first time energy ⁠firms pulled crude out of storage for 10 weeks in a row, tying a record set in January 2018. It compares with an increase of 3.8 million barrels in the same week last year, and an average decline of 5.5 million barrels over the past five years (2021 to 2025).

Oil prices rise as Iran skips direct talks with US, ceasefire uncertainty grows - Oil prices climbed in early trading on Wednesday after Iran declined to hold direct talks with US envoys, raising concerns over the stability of the interim ceasefire between the two countries and renewed uncertainty over global crude supplies. Brent crude futures rose 50 cents, or 0.69 per cent, to $73.45 a barrel, while US West Texas Intermediate (WTI) crude gained 63 cents, or 0.91 per cent, to $70.13 a barrel. The gains came after US President Donald Trump's son-in-law Jared Kushner and special envoy Steve Witkoff arrived in Doha for what the White House described as "high-level" discussions. However, Iran and host nation Qatar said the Iranian delegation would not meet the US officials directly and would instead engage through mediators. Qatar confirmed that Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani met with Witkoff and Kushner during the discussions. Oil prices had fallen sharply over recent months following signs of easing tensions in West Asia. Brent crude recorded its steepest quarterly decline since the 2008 global financial crisis, while US crude futures posted their biggest quarterly drop since the COVID-19 pandemic in 2020. Analysts have also lowered their oil price forecasts for 2026 for the first time since the Iran conflict began, citing the reopening of the Strait of Hormuz and reduced fears of prolonged supply disruptions. US Vice President JD Vance said Iran would not be allowed to impose tolls on ships passing through the strategic Strait of Hormuz, adding that oil shipments through the waterway had returned to pre-war levels. Supporting prices further, industry data released by the American Petroleum Institute indicated that US crude oil inventories fell by 6.1 million barrels during the week ending June 26. Gasoline stockpiles also declined, signalling firm fuel demand. Markets are now awaiting official inventory data from the US Energy Information Administration, due later on Wednesday, for further direction on crude prices.

Oil Prices Rise As Iran-US Talks Stall, Supply Risks Return To Focus - Oil prices rose in Asian trading on Wednesday as the breakdown in direct talks between the United States and Iran renewed concerns over oil supply risks in the Middle East, offsetting recent optimism that tensions around the Strait of Hormuz were easing. Brent crude futures gained 33 cents (0.45%) to $73.28 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 34 cents (0.49%) to $69.84. The gains followed confirmation that Iranian officials would meet Qatari mediators instead of U.S. representatives in Doha, delaying efforts to reach a broader agreement after the recent conflict.The market is also awaiting official U.S. crude inventory data from the U.S. Energy Information Administration (EIA) after industry figures pointed to another sharp draw in stockpiles, while investors continue to monitor diplomatic developments that could influence oil exports from one of the world's most important producing regions. Diplomatic efforts suffered a setback after Iran and Qatar said Tehran would hold discussions through mediators rather than engage directly with senior U.S. officials, including special envoy Steve Witkoff, who travelled to Doha for negotiations.  The uncertainty has raised concerns that progress toward a lasting agreement could be delayed, increasing the risk of renewed disruptions to energy shipments through the Strait of Hormuz, a strategic waterway that carried an average of about 20 million barrels per day of crude oil and petroleum liquids in 2024, representing roughly 20% of global petroleum liquids consumption, according to the U.S. Energy Information Administration (EIA). Vandana Hari, founder of Vanda Insights, said shipping through the Strait of Hormuz has resumed but remains uneven, adding that markets are likely to remain cautious until Washington and Tehran reach a clearer understanding that reduces geopolitical uncertainty.  Oil prices have retreated sharply from their recent highs as fears of prolonged supply disruptions eased following the end of active hostilities. Brent crude fell by about $45 per barrel between the first and second quarters of 2026, marking its largest quarterly decline since the 2008 global financial crisis, while WTI dropped roughly $31 per barrel, its steepest quarterly fall since the demand collapse during the COVID-19 pandemic in 2020.A Reuters survey released Tuesday showed analysts lowered their 2026 oil price forecasts for the first time since the Iran conflict began, reflecting expectations that improving shipping conditions through the Strait of Hormuz will support global supply.U.S. Vice President JD Vance said Iran would not be allowed to impose transit charges on vessels using the Strait of Hormuz and added that oil shipments through the waterway had returned to pre-conflict levels, reinforcing expectations that major export disruptions have largely subsided.  Supporting prices, data from the American Petroleum Institute (API) showed U.S. crude inventories fell by 6.1 million barrels during the week ended June 26, according to market sources, while gasoline inventories also declined. Investors are now awaiting official inventory figures from the EIA, which publishes weekly petroleum status reports widely used to gauge U.S. fuel demand and supply conditions. A confirmation of another sizeable draw would indicate continued strength in summer fuel consumption despite elevated interest rates and slowing global economic growth.  participants will continue to monitor both inventory trends and diplomatic developments between Washington and Tehran, as any breakthrough in negotiations or renewed disruption to Middle East exports could significantly influence oil prices during the third quarter.

Oil Extends Decline as More Tankers Return to Persian Gulf  (DTN) -- Crude oil futures extended their decline Wednesday as traffic through the Strait of Horuz picked up amid signs that indirect negotiations between the U.S. and Iran were progressing. By 08:25 a.m. EDT, ICE Brent for August delivery was down $0.94 to trade near $72.01 barrel (bbl), and NYMEX WTI for August delivery fell $0.69 to $68.81 bbl.  Downstream, NYMEX ULSD futures for August delivery advanced $0.0643 to $3.2934 gallon, and front-month RBOB futures edged higher $0.0159 to $2.9108 gallon.The U.S. Dollar Index strengthened by 0.233 points to 101.19 against a basket of foreign currencies. Ship tracking data revealed traffic through the Strait of Hormuz on Tuesday increased for the first time since last week's Iranian attacks on two vessels. Inbound traffic into the Persian Gulf ticked markedly higher, showing shipper's growing confidence that the chokepoint will remain safely traversable.White House envoys arrived in Qatar on Tuesday to resume technical talks, the first stage on the road to a permanent peace deal. The negotiations, however, took place with Qatari mediators rather than representatives from Tehran. Markets have largely been kept in the dark over the outcome of these latest negotiations, but several media outlets reported technical talks were progressing, citing an anonymous U.S. source.  Meanwhile, markets are expecting OPEC to raise production quotas for August at their monthly meeting scheduled for Sunday. Since the closure of the Strait of Hormuz in early March shut production in the region, however, changes to the group's output targets have had no impact on actual oil supply. Producers who rely heavily on the Persian Gulf for exports have been ramping up operations since the reopening of the waterway, but so far, only Iranian oil flows have closed in on pre-war levels. It will likely take weeks before inventories will feel reprieve from the supply resurgence. Commercial crude oil stocks in the U.S. have been depleting rapidly amid record-high exports and the American Petroleum Institute on Tuesday estimated nationwide stockpiles have shrunk by another 6.1 million bbl last week. If confirmed by U.S. Energy Information Administration data scheduled for 10:30 a.m. EDT release Wednesday, the tenth consecutive weekly draw would leave commercial inventories at a seven-and-a-half -year low 406 million bbl.

WTI Holds Losses As SPR Drain Slows, Cushing Just Off 'Tank Bottoms'  - Oil extended its biggest quarterly drop since the pandemic this morning as traders monitored US-Iran peace talks and a market for real-world barrels that’s been in freefall. WTI is holding below $70 as US negotiators Jared Kushner and Steve Witkoff had positive discussions in Qatar and technical talks with Iran are moving ahead, a senior administration official said, while President Trump said the meeting was good. Crude has fallen in recent days as the warring parties continued discussions to reach a more lasting accord, although recent attacks around Hormuz have marred negotiations. Oil tanker traffic is now showing signs of recovery, and has picked up since the US and Iran exchanged strikes over the weekend, though vessel flows remain below pre-war levels. “We expect that by the end of July this is done,” said Samantha Dart, co-head of global commodities research at Goldman Sachs, referring to the conflict. “Once we have a normalization of flows through the strait, the expectation is that we go into an oversupply.” API reported another sizable crude drawdown... API

• Crude -6.1mm
• Cushing +500k
• Gasoline -2.1mm
• Distillates +2.9mm

DOE:

• Crude -3.775mm
• Cushing +709k - first build in 10 weeks
• Gasoline -2.33mm
• Distillates +2.48mm

The official DOE data shows the 10th straight week of crude drawdowns, but stocks at Cushing rose (for the first time in 10 weeks). Products were mixed... Source: Bloomberg ...BUT... Cushing stocks remain at 'tank bottoms'... On the Gulf Coast, gasoline stocks are down to their lowest since October 2024 -- and the lowest for this time of year since 2015. Nationally, they remain at the lowest for this time of year since 2014... The SPR saw another drawdown last week, but it was notably smaller than recent declines... A total of 89 million barrels of crude has been taken out of the SPR since late March under a program to release 172 million barrels as part of a relief plan coordinated by the International Energy Agency aimed at lowering energy costs. The US still plans to release all those barrels. US crude production remains near record highs as rig counts are rising rapidly... Crude imports from the Middle East fell in the week to June 26. Inflows from Iraq fell to zero, while 56,000 barrels a day of Saudi crude were offloaded. Customs data show that crude came from storage tanks in tanks in the Bahamas. WTI was hovering around $69 ahead of the official print and dipped on the data... In the meantime, Bloomberg reports that physical markets are looking weak. Brent’s nearest timespread remained in contango (red oval in chart below) - a sign of oversupply - after expiry of the August contract. Barrels from West Africa to the North Sea were offered at multiyear lows on Tuesday, as the rise in supply from Hormuz outpaces refinery demand. Saudi Arabia is making rare spot sales of oil as the kingdom’s shipments ramp up. Finally, what Mr Trump really cares about - gas prices - are coming down...

Oil prices fall 1% to 4-month lows as progress in US-Iran talks cools supply concerns (Reuters) - Oil prices fell more than 1% on Wednesday to their lowest levels since March as optimism over U.S.-Iran talks allayed supply concerns after U.S. President Donald ‌Trump said talks in Qatar had gone well. Brent futures settled down $1.38, or 1.89%, to $71.57 a barrel, while U.S. West Texas Intermediate crude lost 92 cents, or 1.32%, at $68.58 a barrel. Both benchmarks closed at their lowest levels in four months. "The negotiations that are currently taking place in Qatar are perceived as being positive (and) that has allowed prices to drift further," Saxo Bank analyst Ole Hansen said. "There is a chance that we could see even lower prices." Trump said on Wednesday the U.S. was getting along ⁠very well with Iran and that recent meetings in Qatar went well. The U.S. and Iran held technical talks in Doha as they seek to agree on the flow of shipping through the Strait of Hormuz and secure a lasting ceasefire, a source with direct knowledge of the talks and an Iranian official said. The U.S. and Iran have sparred publicly over the meaning of the interim pact, exchanging military strikes over the past week. "There's more optimism as more oil goes through the Strait of Hormuz," said Phil Flynn, senior analyst for Price Futures Group. "The market is signalling that once we get past this, the gloves are going to come off and we're going to probably produce more oil in the world than we ever have." Tanker traffic through the strait has started to recover, with U.S. Vice President JD Vance saying ‌oil ⁠flows through the waterway had returned to pre-war levels, without citing figures. In the U.S., crude inventories fell by 3.8 million barrels to 408.4 million barrels last week, the lowest level since September 2018, as domestic refinery demand rose ahead of the July 4 holiday weekend, the Energy Information Administration said on Wednesday. The draw, however, was smaller than analysts' expectations in a Reuters poll for a drop of 4.5 million barrels. Following five straight monthly ⁠increases, analysts have cut their 2026 oil price forecasts for the first time since the Iran war began, as the reopening of the Strait of Hormuz eased concerns over prolonged supply disruptions, a Reuters poll showed. Brent fell by around $45 a barrel in the second quarter of this year, its largest quarterly drop ⁠since the global financial crisis in 2008. U.S. crude futures, meanwhile, fell by around $31 a barrel, their largest quarterly decline since 2020, when the COVID-19 pandemic crushed global oil demand. The declines followed progress towards ending the Middle East conflict, after sharp gains in March triggered ⁠by the U.S.-Israeli attack on Iran. Meanwhile, OPEC+ oil-producing countries will likely agree on a further hike in their output targets from August when they meet on Sunday, three sources said on Wednesday.

Oil prices decline ahead of key OPEC+ production meeting amid US-Iran talks progress - Pakistan Observer  – Global oil prices declined by around one percent on Thursday, marking a third consecutive day of losses, as signs of progress in indirect negotiations between Iran and the United States eased concerns over potential disruptions to energy supplies through the Strait of Hormuz. Brent crude futures fell by 77 cents, or 1.1 percent, to $70.80 per barrel, while US West Texas Intermediate (WTI) crude dropped 84 cents, or 1.2 percent, to $67.74 per barrel in early trading. Both benchmark contracts had already fallen by more than one percent in the previous session, reaching their lowest levels in nearly four months. The decline followed comments from Qatar’s Foreign Ministry indicating that indirect discussions between Tehran and Washington had achieved positive progress on issues linked to the memorandum that ended hostilities in June. However, officials acknowledged that the negotiations have yet to produce a comprehensive agreement capable of ensuring long-term regional stability. Market analysts said the continued operation of the Strait of Hormuz, one of the world’s most critical oil transit routes, has reduced fears of supply disruptions. With crude exports continuing uninterrupted, expectations of increased global supply and stronger competition among oil producers have added downward pressure on prices. Investors are also closely watching the upcoming meeting of OPEC+ scheduled for Sunday, where member countries are widely expected to approve another increase in oil production targets beginning in August. A further rise in output is anticipated to add more supply to the global market, reinforcing the current bearish sentiment. Meanwhile, global financial institution UBS revised its outlook for Brent crude, lowering its price forecasts for the coming quarters following the easing of geopolitical tensions and the recovery of oil shipments through the Strait of Hormuz. The bank now expects Brent to average around $80 per barrel during the second half of the year and approximately $75 per barrel in 2027. Despite the improved outlook, analysts cautioned that risks remain, noting that oil tanker traffic entering the Persian Gulf continues to trail outbound shipments, leaving room for renewed market volatility if regional tensions escalate again. Qatar also confirmed that the next round of indirect talks between Iran and the United States is expected to take place after the funeral ceremonies for Iran’s late Supreme Leader, Ayatollah Ali Khamenei, scheduled for July 9.

Brent Slides to Pre-War Levels on Middle East Supply Surged (DTN) -- Oil futures slid for the third consecutive trading day Thursday as Middle Eastern producers rushed to send barrels through the now reopened Strait of Hormuz. By 08:00 a.m. EDT, ICE Brent for August delivery was down $1.27 to trade near $70.30 barrel (bbl), the lowest since the week before the start of the U.S.-Israeli war on Iran. NYMEX WTI for August delivery fell $1.41 to $67.17 bbl. Downstream, NYMEX ULSD futures for August delivery retreated $0.0342 to $3.1837 gallon, and front-month RBOB futures slumped $0.0585 to $2.8867 gallon. The U.S. Dollar Index softened by 0.276 points to 100.88 against a basket of foreign currencies. The abrupt surge in oil supply has led to a glut in some markets, given that refiner demand is still reeling from the nearly four-month long disruption and emergency stockpiles continue to be released. This imbalance is likely temporary in nature, given that demand is set to recover and inventories will need to be restocked -- all while oil flows from the region are still trailing pre-war levels by some 4 million to 5 million barrels per day (bpd). Progress in the ongoing U.S.-Iranian peace process also weighed on prices. Qatari officials spoke of "positive progress" in the technical talks between mediators and U.S. diplomats and announced the next round of direct negotiations between Washington and Tehran may take place as early as next Friday, July 10. In the U.S., meanwhile, crude oil stockpiles continued to decline at a rapid pace. The U.S. Energy Information Administration on Wednesday reported commercial inventories have now fallen to an eight-year low 408.4 million bbl. Total crude oil stocks including those in the Strategic Petroleum Reserve are the most depleted since 1984, and combined oil, LPG and refined product inventories at their lowest since 2003.

Oil gains on short covering before US holiday  --Oil prices made small gains on Thursday as buyers sought to assure supply over the long US Independence Day weekend. "We're seeing a little short covering here," "The focus has shifted to how much supply are we going to see in the markets from how much supply are we going to lose." Brent futures settled at US$71.80 a barrel, up 23 cents or 0.32%. US West Texas Intermediate crude finished at US$68.69 a barrel, up 11 cents, or 0.16%. During the session, both benchmarks hit their lowest levels since before the US-Israeli war on Iran began in late February. For the week, Brent finished down 0.60%, while WTI was down 0.78%. Mediator Qatar said the US and Iran made progress in talks toward a permanent peace agreement ending the four-month war that shut the key oil shipping through the Strait of Hormuz. The talks made "positive progress" on matters related to the memorandum that halted the war in June, a Qatar Foreign Ministry spokesperson said in a post on X. There was no sign yet that the sides made headway towards a lasting peace. The next meeting between Iran and US negotiators will take place after July 9 funeral processions for Iran's late Supreme Leader Ayatollah Ali Khamenei, the Qatar ministry added. "Oil has been flowing out of the Strait of Hormuz, while at the same time we're also pouring oil out of strategic reserves. And on top of that, crude oil buying from China and oil demand has not really properly revived yet," said Bjarne Schieldrop, chief commodities analyst at SEB. "This could be sort of a dynamical picture of price moving down sharply and then rebounding at some point." At least five supertankers carrying a total of 10 million barrels of Saudi oil loaded from Ras Tanura have exited the Strait of Hormuz, with Saudi Aramco switching to spot pricing to speed up sales in Asia, according to trade sources and shipping data. "It seems the refineries can get as much oil as they need, but squeezing it out of the refineries is harder,". "The market thinks the Iran situation is getting better but there are going to be ups and downs, but it's getting better." US crude stocks fell to their lowest last week since 2018 as domestic refinery demand rose, while gasoline inventories also declined, the Energy Information Administration said on Wednesday. UBS cut its Brent forecasts, citing the increase in oil shipping through the Strait of Hormuz, through which 20% of the world's oil is carried by tanker ships. The bank lowered its Brent crude price forecasts. It cut its third-quarter estimate by US$25 per barrel to US$80 and reduced its fourth-quarter forecast by US$10 per barrel to US$80. It trimmed its 2027 outlook by US$10 per barrel to US$75. Analysts at HSBC expect the market "to absorb returning Middle East barrels through gradual restocking, alongside the end of IEA strategic stock releases in July". "As the near-term 'mini-glut' fades, Brent could move back towards US$80/b or higher," the HSBC note said. Meanwhile, Nigeria has become the first Opec member to join the International Energy Agency as an associate member, a step that deepens ties between the global energy watchdog and Africa's largest oil producer. Elsewhere, Ukrainian forces struck the Lukoil-Nizhegorodnefteorgsintez oil refinery in Russia's Nizhny Novgorod region, Ukraine's General Staff said on Thursday. —

Oil Prices Hold Steady But Headed For Fourth Weekly Loss   - Oil prices held steady on Friday but headed for their fourth straight weekly loss on eased concerns over supply disruptions in the Middle East. Brent crude futures were 0.4 percent higher at $72.11 a barrel, hovering near levels last seen before the Middle East conflict in late February on signs of improved shipping activity through the Strait of Hormuz and progress in U.S.-Iran talks. WTI crude futures edged up by 0.2 percent to $68.84. U.S. President Donald Trump said in an interview with CNBC that talks with Iran are moving forward and that Tehran has agreed to "just about everything we need." Trump claimed that Iran will buy U.S. agricultural products as part of a potential peace agreement to end the war - a statement that Iran has refuted. Meanwhile, Iran's main military command, Khatam al-Anbiya Central Headquarters said that the Strait of Hormuz is not the "aggressive U.S. playground" and that any U.S. interference in the vital waterway will be met with a "decisive and swift" response. Separately, Iran's Foreign Minister Abbas Araghci slammed the U.S. CENTCOM's regional security dialogue in Bahrain, which saw participation from 12 countries. Questioning the U.S. role in the region, he said lasting peace in West Asia could only be achieved without outside interference and claimed, "outsiders cannot even protect themselves." Elsewhere, Ukrainian President Volodymyr Zelenskyy said his country would "definitely" retaliate after Russian forces launched a major drone and missile attack on Kyiv overnight, killing at least 30 people.

Forget Iran — AI Capex Is Now the Real Force Driving Oil Prices --Crude oil is going through a structural shift that I think most coverage is still missing. The market hasn’t stopped reacting to the Gulf — it’s stopped treating the Gulf as the only variable that matters. I think the recent de-escalation between the US and Iran is genuinely good news for markets, but it would be a mistake to read it as the end of uncertainty in energy. Investors know political agreements in the Gulf rarely hold for long, which is exactly why a risk premium remains baked into oil prices even as the probability of immediate supply disruption falls. We’ve watched this pattern repeat itself directly: a fragile ceasefire has already shattered once this year, with Iranian missile strikes wiping out weeks of relief-rally optimism in a single session. The cautious, modest gains we’re seeing in Brent and WTI right now look less like optimism and more like a market that has learned not to fully trust the news cycle. The renewed talks over the Strait of Hormuz read to me as a confidence-building gesture rather than a guarantee. It remains one of the world’s most critical chokepoints, and any disruption there moves shipping costs, insurance premiums and crude prices immediately. But markets have become more disciplined about not overpricing geopolitical risk unless it escalates into an actual physical supply threat. I think the more consequential driver for the second half of the year isn’t geopolitics at all — it’s how OPEC+ manages supply against a softening demand backdrop. If the alliance keeps exercising the same disciplined restraint it showed when it paused planned production increases rather than risk flooding an already fragile market, that should keep prices broadly supported even if global growth cools. An unanticipated output increase, on the other hand, would put real downward pressure on crude, particularly if it lands alongside weaker industrial activity in major economies. My view is that financial markets are gradually shifting weight away from short-term geopolitical headlines and toward macroeconomic data — inflation prints, rate expectations, growth indicators. Oil is no longer driven by security risk alone; it’s increasingly a function of whether the global economy can sustain stable growth. If central banks hold restrictive policy for longer, consumption and investment activity will weaken, and energy demand will soften with it. This is the same dynamic we flagged when the new Fed under Kevin Warsh signalled one to two rate hikes this year rather than the cuts markets had been pricing — a shift driven as much by energy-linked inflation as by AI-fuelled exceptionalism in the US economy. The Bank of New York’s observation about supply-side constraints tied to AI investment deserves far more attention than it’s getting. Markets tend to focus on demand as the primary driver of oil prices while overlooking that the scale-up of data centres, semiconductor fabrication and digital infrastructure requires enormous capital investment — and that investment pulls hard on energy, industrial metals and global supply chains simultaneously. We’ve already seen this collide directly with energy markets once this year, when an AI valuation selloff, a Fed turning hawkish and a Gulf oil spike arrived within the same 48 hours, and the inflationary impact of that crude spike worsened the macro picture before a single jobs report had even landed. The deeper structural version of this story is the one we explored in our look at how the AI data centre buildout is now colliding with a genuine power infrastructure ceiling — securing energy capacity has become as much of a competitive moat for AI players as the algorithms themselves. That’s not a tech story anymore. It’s an energy demand story with the scale to keep inflation stickier than current forecasts assume, even as Gulf tensions ease.

49 attacks recorded in Hormuz despite ceasefire, IMO says – (news video)  The International Maritime Organization has confirmed 49 separate incidents in the Strait of Hormuz and the wider Middle East region, even as a fragile ceasefire technically remains in place. US Joint Chiefs Chairman Dan Caine says Iran has fired at commercial vessels nine times, seized two container ships, and carried out more than ten attacks on US forces since the truce was announced. Washington says the incidents remain "below the threshold" for restarting the war, despite continuing maritime tensions. WooGlobe Ref : WGA706506

Strait of Hormuz traffic was increasing until a fresh wave of strikes - Fresh attacks on commercial vessels in the Strait of Hormuz have exposed the fragility of the 60-day ceasefire deal between the United States and Iran, which was meant to allow ships to transit through the area again. The strait, which carries about a fifth of the world's oil, has become one of the biggest sticking points in efforts to turn the ceasefire into lasting stability. Last week, traffic in the critical waterway rose to its highest levels since the start of the war, according to data from marine intelligence company Kpler. During the height of the conflict, fewer than 10 commodity ships a day were crossing the strait. But on Wednesday, 73 ships passed through, and on Thursday, 54, according to data from Kpler. Then in two separate incidents on June 25 and June 27, two commercial ships were attacked by projectiles in the strait. The United States and Iran have exchanged strikes against targets in the Middle East, underscoring rising tensions that threaten the interim deal between the two nations to stop the war. US President Donald Trump responded by describing it as a "foolish" breach of the ceasefire and carrying out strikes against Iran on Saturday.. Tehran was supposed to fully reopen the strait within 30 days as part of its Memorandum of Understanding (MOU) with Washington. The agreement stipulates that Iran will use its "best efforts" to ensure ships can "pass safely" through the strait, and states that Iran will work with Oman on the "future administration" of the narrow waterway. But for Iran, re-opening the strait does not appear to mean relinquishing control. Conflicting reports have emerged about US-Iran talks supposedly planned in Qatar for Tuesday to try to resolve the dispute in the Strait of Hormuz and get the fragile ceasefire back on track. US President Donald Trump posted on social media that Tehran had requested the meeting and that it would take place in Doha. The White House said two of the president's closest allies, his son-in-law Jared Kushner and Special Envoy Steve Witkoff, would fly to the Qatari capital for the "high-level meetings" as the two countries "continue to discuss the memorandum of understanding". But Iran's Foreign Ministry Spokesperson Esmaeil Baghaei said no talks between Iran and the United States were scheduled in the coming days. The first strike on Thursday came hours after Tehran warned ships not to use what it described as an "unauthorised route". An increasing number of ships had been trying to get around Iranian control by taking the south corridor route, which hugged the Omani coast, rather than the north corridor route that sailed close to Iran. Iran's foreign minister warned any challenge to Tehran's control of the strait and its approved route would delay its reopening. "Any attempt to adopt new or separate arrangements from those currently being implemented by the Islamic Republic of Iran will only complicate the situation, delay the reopening of the Strait of Hormuz and raise the level of tension," Foreign Minister Abbas Araqchi said on Sunday, local time. Principal freight analyst at Kpler Matthew Wright said Tehran "will want vessels to take the Iranian route so they can exert … control", which will make it harder for traffic to return to normal. "There's a fundamental limitation in getting back to normal transits that way because the navigation is trickier," he told the ABC. "You've got to go through tighter choke-points around the islands … you can't have full vessel movement the way you can with the International Maritime Route." There are effectively three options for ships: the international route through the middle of the strait, the Iranian route along Iran's coast, and a southern route shadowing Oman's coast. Amid new strikes, the future of the Strait of Hormuz has again been plunged into uncertainty, but ships are finding a way through. Mr Wright said very few vessels are choosing the middle route, which is the recommended path by the International Maritime Organisation because of ongoing concerns about sea mines laid by Iran. "Some ships are going through the middle, but very few," he said. "If they were completely confident that they weren't going to be attacked, and there were no mines, all vessels would take that route."

Warnings Against Hormuz Crossings Grow, Pushing Up Commodity Prices - Global natural gas prices climbed again Monday as vessel traffic through the Strait of Hormuz slowed down significantly after renewed fighting between the United States and Iran. At a Glance:
Crossings fall
TTF, JKM climb
Asia outbidding Europe

Even amid strikes, shipping traffic remains elevated in the Strait of Hormuz -After the US and Iran traded new strikes over the weekend, shipping traffic in the crucial Strait of Hormuz has remained elevated and seems at least partially unfazed by the stop-and-start peace talks. Independent traffic service MarineTraffic reported Monday that three container vessels entered the Persian Gulf over the weekend, a significant sign of confidence as they represent the first commercial container ships to make the journey in that direction since the start of the conflict. One hundred and eight verified crossings were recorded in total from June 26-28, MarineTraffic reported, which was only a modest slowing from levels the week before. "The Strait of Hormuz remained open over the weekend," MarineTraffic said. Positive signals like this keep adding up — even as the political headlines have been causing alarms.  Recent days of attacks have tested the fragile ceasefire before an abrupt cessation of hostilities was announced on Sunday night. President Trump confirmed on Monday that new negotiations are set for this week in Qatar.It was a return to diplomacy for the region after an Iranian projectile hit a cargo vessel in the Strait of Hormuz last Thursday, leading to more attacks and counterattacks as both the US and Iran accused the other of breaking the ceasefire.Iran also attacked an oil tanker on Saturday, prompting what US Central Command described as strikes on 10 Iranian military targets "at multiple locations in and near the Strait of Hormuz."It was a clear setback for peace efforts and also came as Iran continues to claim it will manage the strait and attack ships that get out of line. The United Kingdom's closely watched Maritime Trade Operations center advised ships to transit with caution. Still, shipping traffic continued, though it remains well below the 100+ ships that crossed the strait daily prior to the war.The data released Monday from MarineTraffic showed that shippers have been utilizing multiple routes and successfully crossing along both Oman's and Iran's coastlines.The varied routes have meant significant traffic is getting through. Bloomberg reported Monday that two empty supertankers had been recorded entering the Persian Gulf, and Saudi Arabia saw a supertanker and three carriers from the country apparently make passage on Monday with their signals off.The White House also continued to sound optimistic. National Economic Council director Kevin Hassett predicted on CNBC on Monday that traffic will soon be "really moving [and] back to more than 100 ships a day," which he added will ease price pressures around the world.

Shipping through Strait of Hormuz rebounding after weekend strikes -Shipping traffic through the Strait of Hormuz began to rebound Monday following weekend tit-for-tat strikes between the U.S. and Iran.Reports from the maritime tracking firm Kpler said 40 vessels passed through the critical waterway on Monday, while 24 ships transited the strait on Sunday in addition to 39 ships on Saturday.Energy markets have responded in tandem with stabilized prices. West Texas Intermediate crude trading sits at around $70-$71 per barrel, and Brent Crude rests at $73-$75. Closure of the strait, a key waterway transporting roughly a fifth of the global oil supply, has been a major hiccup during the more than four-month-long conflict in the Middle East. Iran’s threats to down commercial vessels transiting the channel, the regime’s implementation of pricy tolls to ensure safe travel and the now-lifted U.S. naval blockade added to the struggle.Despite the latest round of strikes — launched after Iran struck a Qatar-operated crude oil tanker on Saturday, a Singapore-flagged cargo vessel last week and targeted U.S. bases in Gulf states on Sunday — both countries agreed to “stand down” for the time being and allow safe passage through the Strait of Hormuz.The U.S. and Iran were already under a shaky 60-day ceasefire reached on June 17, when President Trump signed a 14-point memorandum of understanding with Tehran seeking to bring an end to the conflict and open up talks on the regime’s nuclear program.The stalled period of fighting commences as Vice President Vance, Middle East envoy Steve Witkoff and Trump’s son-in-law Jared Kushner lead negotiations with counterparts in the Middle East. The talks scheduled for Tuesday are technical and not direct, regarding low-stakes details of a longer-term deal between the U.S. and Iran. Witkoff and Kushner won’t meet with Iran directly but will speak with the Qatari prime minister, Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani. Qatar, Pakistan and Egypt are serving as mediators.

Container Ship Runs Aground In Hormuz Chokepoint -   Hormuz vessel traffic continues to flow, but at a sharply reduced pace compared to the previous week, as US-Iran technical talks resume in Doha without senior negotiators meeting face-to-face. Data research firm Kpler noted, "Hormuz traffic holds steady." The latest disruption in the strait, beyond the persistent threat of Iranian naval mines and suicide drones, was caused by a foreign container ship running aground after entering shallow waters outside the Iranian-designated shipping route. Qatar-funded international news network Al Jazeera cites Iran's state media, which provided more details on the maritime incident early Wednesday: A foreign container ship has run aground in the Strait of Hormuz after entering shallow waters outside ‌the shipping route designated by Iranian authorities, Iran's state media says. The news report reiterated the Revolutionary Guard's warning that vessels should transit only through the corridor south of Iran's Larak island, which Tehran says is the sole approved entry and exit route ‌for ships passing through the strait. In a separate report, Bloomberg cites the Iranian Navy as saying that it "has repeatedly warned ship captains, owners and officials of global shipping companies that any entry or exit via routes other than the authorized one could lead to irreparable incidents." Beyond the Strait, and focusing on markets, the beginning of the normalization process to reopen the critical waterway sent commodity prices sliding 9% month on month in June, as conflict fears eased following the US-Iran interim peace deal.

CMA CGM ship hit by missile in Hormuz strait may go for scrapping, CEO says (Reuters) - A CMA CGM container ship struck by a missile in the Strait of Hormuz in early May is so badly damaged that the French shipping group may send ‌it for scrapping, its chief executive said on Friday. The attack on the CMA CGM San Antonio injured several members of the crew, who were evacuated. The ship is one of dozens of commercial vessels to be struck during the Iran war. "It ⁠was so damaged that we're wondering whether we should send it for scrapping," CMA CGM's Chairman and CEO Rodolphe Saade told a business conference in southern France. After being stranded in the strait for weeks, the San Antonio has been escorted to safety, he added, without giving further details. The group does not plan for now to start sending ships towards the Gulf again, he said, adding it was ‌the ⁠Iranian side that was currently advising not to do so. Saade, who controls CMA CGM with other family members, reiterated his opposition to transit fees for using the Hormuz strait, which are among unresolved issues in U.S.-Iranian peace ⁠talks. CMA CGM, the world's third-largest container shipping line, had 14 ships inside the Gulf at the start of the Iran war that virtually closed the waterway. Several ⁠have since exited the zone and of the remaining vessels CMA CGM would like another four to come out, Saade said. The ⁠CEO indicated in a French press interview this week that some of its vessels there are intended to operate inside the Gulf.

On the Strait of Hormuz, BBC finds seized ships and shark fishermen as uneasy calm returns - It's a sweltering summer's day and fishermen are unloading their catch on the docks. In many ways this looks like an ordinary fishing port, but the docks are in Bandar Abbas, an Iranian city on the Strait of Hormuz, one of the world's most vital shipping lanes and a key focal point of the US-Israeli war with Iran. This is the first time international journalists have visited the Iranian side of the strait since the conflict began. When the US and Israel launched attacks on 28 February, the Iranian regime responded by attacking Israel and neighbouring Gulf states hosting US forces and turned its geography into one of its greatest sources of leverage. Iran's Islamic Revolutionary Guards Corps (IRGC) began firing on commercial ships attempting to go through the strait without its permission, effectively making the waterway impassable. Seafarers from around the world were stranded and oil prices surged, pushing up the cost of energy and fuel, along with a vast range of goods that are shipped around the world. The US retaliated with a blockade of its own, targeting any ships using Iran's Gulf ports. As a result, these waters have been too dangerous to fish for months. Many fishermen stopped going out, while others continued, knowing they were heading into a battlefield. Now, weeks after Iran allowed the partial reopening of the strait - under a ceasefire agreement with the US that is mostly holding - the sea is calm once more and fishermen are returning. One of them, Abdol Rahman, took the BBC through the strait for a close-up view of how the war has affected life in and around Bandar Abbas. As we sailed through the strait, two container ships seized by the IRGC in April, at the height of the conflict, came into view. At the time, the IRGC said the vessels had endangered maritime security "by operating without the necessary permits and tampering with navigation systems". Despite the ceasefire, the MSC Francesca and the Epaminondas, which were flagged to Panama and Liberia respectively, have not been released. Dozens of other cargo ships could be seen offshore, waiting for permission from the Iranian authorities to pass through the strait. As we approached Hormuz Island, 8km (five miles) off the coast of Bandar Abbas, our guide Rahman pointed out an old fortress overlooking the sea. Its weathered red walls are a reminder that control of the strait has been fought over for centuries. Built in the early 16th Century, it was central to the Portuguese Empire's control of this vital waterway - until 1622 when Portugal was driven out by Shah Abbas I of Persia, after whom Bandar Abbas is named. Today, Bandar Abbas remains just as strategically important. Sitting on Iran's southern coast, close to the narrowest point of the strait, it is home to Iran's Navy and the naval arm of the IRGC. Around a fifth of the world's oil and gas shipments pass through these waters in peacetime, making the city central to the world's economy and key to Iran's military doctrine of "asymmetric warfare" designed to fight more powerful adversaries. US President Donald Trump has repeatedly threatened an escalation of the conflict, warning that Iran "won't have a country" if it did not reopen the strait. Yet, despite his threats and the ceasefire, Iran has not fully reopened the strait and analysts argue it remains a key point of leverage for Tehran in the ongoing talks to reach a lasting peace agreement between the US and Iran. When the BBC reached Bandar Abbas city, there were signs of life returning to normal. Families have gone back home, shops have reopened and traffic once again fills the streets. The market, for centuries the place where goods arrive by sea before making their way into southern Iran, is once again bustling. Yet, nearby, the effects of war remain. On Khushnoodi Street, behind Bandar Abbas's main university, an apartment block is in ruins. It was hit on 26 March by an Israeli strike. Half of the building is standing, while the other half has collapsed into a pile of concrete and twisted metal. Exposed rooms where families once lived can be seen, and Iranian flags fly from the shattered façade. The building also had some offices and Fatima, a 40-year-old business owner who worked there, was elsewhere at the time of the strike. "I knew many of the families who lived here," she said. "There were mothers and children. They were asleep when the attack happened. Some survived, but three people were killed. One of them was a military officer who lived here with his family. But it wasn't a military base." Israel Defense Forces said the intended target was IRGC Navy commander Alireza Tangsiri - and four days after the strike, Iran confirmed he had been killed. According to the Red Crescent, 261 people, including civilians and military personnel, have been killed in Hormuzgan province, of which Bandar Abbas is the capital. The strike illustrates how closely civilian and military life can overlap, blurring the distinction between military targets and residential dwellings. There were at least 96 separate US strikes in and around Bandar Abbas between 28 February and when the ceasefire came into effect on 8 April, according to data compiled by the monitor Armed Conflict Location and Event Data Project (Acled). It says that more than a third were reported to have targeted military infrastructure, including IRGC facilities, missile sites, naval assets and the air base at Bandar Abbas International Airport. Many of these locations are close to residential neighbourhoods. US-Israeli strikes during the war killed senior Iranian leaders, including Supreme Leader Ayatollah Ali Khamenei, destroyed military and economic infrastructure and damaged the country's nuclear programme. Yet Bandar Abbas's mayor rejects suggestions the war has left Iran weakened. Speaking to the BBC from a government compound with a gleaming golden minaret, Mehdi Nobani, said neither Israel nor the US had achieved their military objectives, including regime change. He also argued the appointment of the new Supreme Leader, Mojtaba Khamenei, Ali's son, had united Iran rather than divided it. If the ceasefire were to break down, "Iran would close the Strait of Hormuz for sure", he said. At the market, many of the people the BBC approached were reluctant to speak to us - not all gave a reason but some said they didn't trust the way the media portrays Iran. Eventually, a young woman, who had recently returned from living in China, told us she had come back to be with her family during the conflict. "Iranians have come together to support each other," she said. Further down the market's winding alleyway, 55-year-old Fatemeh sits selling peaches. There are sections devoted to almost everything: fresh fish brought in that morning from the Gulf, dates from southern Iran, imported electronics, perfumes, household goods, and traditional Bandari clothing. She tells us her son lost his job during the war, and the family now relies on what she earns from her stall. "We didn't want a war. When the bombings happen, we are scared. Trump wanted a war. He attacked us unexpectedly. We didn't want this." Nearby, 40-year-old Masoumeh overhears our conversation and joins in. "Every war creates problems," she says. "It affects the economy and people's lives. But we have to be patient." As negotiations continue, and the ceasefire is tested, the Strait of Hormuz is likely to remain central to the stand-off between Iran and the US. But for the people who live here, the conflict is measured in different terms - livelihoods lost, nights spent under the threat of air strikes, and the hope that this fragile ceasefire will endure.

Can Washington’s Oman Corridor Rewrite the Rules of Hormuz? – – Reports emerged today that a foreign container ship ran aground in the Strait of Hormuz after leaving the officially designated navigation route and entering shallow waters. According to the reports, the vessel had been sailing outside the established corridor, and efforts to refloat it could prove both time-consuming and costly.Regardless of the technical details surrounding the incident, its significance lies in the message it sends to the maritime market: in one of the world’s most sensitive energy chokepoints, the issue is not simply about passing through a route—it is about trust in that route. Every incident, every shift in traffic patterns, and every new risk assessment can influence the decisions of shipping companies and insurers. This is precisely where the new battle over the Strait of Hormuz begins. The Strait of Hormuz has once again become one of the world’s most important arenas of geopolitical competition. According to estimates by the U.S. Energy Information Administration (EIA), roughly one-fifth of global seaborne oil trade passes through the waterway. As a result, any disruption or change in shipping patterns is far more than a regional issue; it can directly affect global energy markets, transportation costs, and oil prices.As military tensions have eased, the nature of the competition has entered a new phase. In the early days of the crisis, attention was focused on warships, military movements, and force deployments. Today, however, the primary battleground has shifted to something less visible: the struggle for the confidence of the global maritime transport market.In this competition, the winner is not necessarily the country with the stronger military presence. Rather, success will belong to the actor whose proposed routes are viewed by shipping companies, insurers, and cargo owners as safer, more reliable, and less risky.Within this context, the first commercial vessels choosing post-crisis transit routes have attracted considerable attention from analysts. Their significance lies less in the ships themselves and more in the signal they send to the market: which routes major players in the global shipping industry are choosing under the new circumstances. Following the escalation of tensions, the United States, in cooperation with Oman and through maritime security arrangements, sought to create conditions allowing commercial vessels to transit through the southern part of the Strait of Hormuz. The objective was to reduce dependence on conventional shipping routes closer to Iran’s coastline.The purpose of this initiative was not merely to redirect a handful of ships. From Washington’s perspective, if the route eventually becomes a reliable option for shipping companies, the global market’s dependence on routes where Iran plays a significant role in security provision could decline, thereby weakening part of Tehran’s geopolitical leverage in the Strait of Hormuz. In other words, rather than attempting to alter the geography of the strait, Washington appears to be trying to reshape the market’s “architecture of trust” — gradually encouraging shipping companies to conclude that global trade can continue without relying on routes endorsed by Iran. The reason goes beyond Iran’s geographical position. Although the Strait of Hormuz appears on maps as a relatively wide waterway — approximately 55 kilometers across — the realities of navigation are far more complex. Large oil tankers cannot simply pass through any point they choose. Water depth, underwater formations, currents, traffic separation systems, and international safety regulations limit navigable areas to a handful of specific corridors.For that reason, creating a new route is not simply a matter of political declarations or even military presence. If shipping companies, insurers, or risk-assessment institutions determine that an alternative route carries greater safety concerns, costs, or long-term uncertainties, they are unlikely to adopt it — even if it enjoys the backing of a major power.Recent developments in shipping patterns have added a new dimension to this competition. Maritime tracking data suggests that the so-called “Oman Corridor,” promoted in recent weeks as an alternative route, has experienced a noticeable decline in traffic.According to published tracking information, while a considerable number of vessels initially used the route after its introduction, newer reports indicate that transit numbers have fallen and that some shipping activity has begun returning to established routes.Some analysts link this change to Iranian security warnings and growing risk assessments among shipping operators. Others argue that it remains too early to draw firm conclusions and that a temporary decline in traffic does not necessarily indicate the failure of a new route.Nevertheless, even if these developments prove temporary, they highlight an important reality: in maritime shipping, decisions are ultimately driven less by political statements and more by calculations of cost and risk.

Only Iran can demine Hormuz Strait under MoU with US: Deputy FM - Iran’s Deputy Foreign Minister for Legal and International Affairs Kazem Gharibabadi has rejected France’s bid to demine the Strait of Hormuz in collaboration with its allies, saying the operation will exclusively be carried out by the Islamic Republic. Gharibabadi made the remarks on Monday after French President Emmanuel Macron said that his country and Oman had decided to work jointly, in coordination with partners, on demining the Strait of Hormuz to secure maritime routes and ensure free and unconditional passage through the strategic waterway. “Under the Islamabad Memorandum of Understanding (MoU) demining [the strait] will be carried out solely by Iran and not by any other country,” he said. The deputy foreign minister also noted that Iran will not allow any foreign meddling in the removal of mines from the Strait of Hormuz given the current “sensitive and complex” situation in the critical energy chokepoint. “We strongly advise France not to make the situation more complicated with its provocations,” he added. Iran restricted transit through the Strait of Hormuz, responsible for a fifth of global oil demand, in response to the illegal US-Israeli aggression on the country that began on February 28 and came to a halt under a ceasefire on April 8.‌ On July 17, Iran and the US signed the Pakistan-brokered MoU, which calls for a permanent end to hostilities across all fronts and includes a commitment from both sides to hold further talks on a final agreement in the next 60 days. Under the 14-point deal, Iran is required to ensure toll-free passage for commercial vessels for at least 60 days, with full restoration of traffic in the Strait of Hormuz within 30 days. Iran has stressed that the strait will not return to pre-war conditions, emphasizing its legitimate right to sovereignty over the waterway.

Management of Strait of Hormuz solely Iran’s responsibility: Senior MP -The Strait of Hormuz is an “inseparable” part of Iran’s national sovereignty and its management is exclusively the responsibility of the Islamic Republic, says a senior Iranian lawmaker. Ebrahim Azizi, head of Parliament’s National Security and Foreign Policy Committee, on Tuesday dismissed a US-backed statement by the Persian Gulf Cooperation Council (GCC) as “overt interference” in regional affairs. The US-GCC statement followed talks in Manama co-chaired by US Secretary of State Marco Rubio and Bahraini Foreign Minister Abdullatif bin Rashid Al Zayani, in which foreign ministers from other Persian Gulf nations, including Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates, also participated. It defied “any tolls, fees, or attempts to assert control over the strait,” saying free and unrestricted navigation “remains essential to regional and global security.” Iran closed the Strait of Hormuz to hostile states and their allies in response to the US-Israeli aggression and then began asserting more control in retaliation for the US sustaining an illegal naval blockade of Iranian ports and vessels despite a standing ceasefire. The GCC statement also said, “Lasting regional peace and security requires addressing the full spectrum of Iran’s alleged threats, including its ballistic missiles, drones, and support of proxies in the region.” According to Azizi, however, “Iran’s missile and drone capabilities are a red line and will not be restricted by any deal.” Addressing GCC leaders, the senior parliamentarian warned that “Lebanon’s sovereignty is not secured through disarming the Resistance, but through ending occupation and aggression.” He added that “imported security from Washington is nothing but a mirage; gambling on America’s scenario will undermine your stability and security.” “The era of US intervention in the region is over, and the return of the defeated will bring no achievements,” Azizi concluded.

Iran Tightens Grip on Strait of Hormuz Tanker Traffic -  Just when the oil market was getting comfortable with the idea that the Strait of Hormuz was reopening, Iran reminded everyone who's still directing traffic. Iran's joint military command warned on Thursday that all oil tankers transiting the Strait of Hormuz must follow routes approved by Tehran or face an "immediate and forceful response." The warning, carried by Iranian state television, also cautioned that any U.S. interference in the waterway would prompt a "rapid and decisive reaction." The warning came a day after U.S. and Iranian negotiators met in Qatar for another round of talks aimed at turning last month's interim agreement into a broader peace deal. Those discussions reportedly made progress, but the next round is expected only after funeral ceremonies for Supreme Leader Ayatollah Ali Khamenei conclude next week. The latest threat also throws cold water on the increasingly popular narrative that Hormuz is returning to business as usual. It isn't. Yes, tanker traffic has recovered from the near standstill seen during the height of the conflict. But it's still running well below pre-war levels. According to AP, 258 vessels transited the strait last week, up from 138 the previous week, while traffic this week has settled into roughly 30 to 60 crossings per day—still nowhere near the roughly 130 daily transits seen before the war. More importantly, Iran isn't backing away from its insistence that it controls navigation through the world's most important oil chokepoint. The interim agreement allows ships to pass toll-free for 60 days, but Tehran continues to argue that it has the authority to dictate routes now and charge transit fees once the temporary arrangement expires. Washington and Gulf Arab states reject that interpretation entirely. That unresolved dispute matters because oil traders have spent the past week pricing in a rapid return of Gulf exports. Brent has slipped back toward pre-war levels as stranded cargoes finally leave the Persian Gulf and expectations of oversupply return.

Iran is jealously competing with Oman as decision-maker over Strait of Hormuz - The strait of Hormuz is Iran’s chief bargaining tool in the negotiations with the US and so it was always likely to be the greatest point of contention. Every inch of the 24-mile-wide waterway is being contested in a test of wills and patience. For Iran, the continuation of the dispute is not a problem so long as it does not lose control. Under the memorandum of understanding signed with Washington on 18 June, substantive talks over Iran’s nuclear programme do not need to start until the lifting of the blockade of the strait – something Iran is required to use only “its best endeavours” to achieve. Moreover, the longer the blockade lasts, the closer come the US midterm elections for Trump. Iran’s government may yet find itself in a reckoning with its inflation-ravaged electorate but no date for that is fixed. Iran is adopting a maximalist interpretation of the memorandum, decreeing that it alone can lift the blockade. Jealously guarding this prerogative, it has been resisting the involvement of any other country or institution in opening the strait. For that reason, Iran rejected the suggestion of a southern route close to the coast of Oman developed with the UN’s International Maritime Organization. The idea was that, as the central route through the strait had been closed because of mines, two new shipping lanes could be opened, one in Omani waters overseen by the US Joint Maritime Information Center, and one farther north close to Iran. The IMO thought it had Iran’s agreement for the proposal. But either different parts of the Iranian regime adopted different positions or the IMO misunderstood Iran’s flexibility. Either way the Iranian attack on a Singaporean ship passing through the southern route on Thursday led the IMO to abandon the plan. For Iran, losing the strait card would mean returning to negotiations on prewar terms and losing an important strategic tool. At a news conference in Baghdad the Iranian foreign minister, Abbas Araghchi, said: “Any attempt to adopt new or separate arrangements from those currently being pursued by the Islamic Republic will only lead to further complications, delays in reopening the strait of Hormuz and an increase in tensions.” But the row over the southern route – likely to be discussed in talks in Doha – has the potential to overshadow the search for a long-term solution to the management of the strait – a solution that has been worked up in considerable legal detail by Oman over the past two months. The plan has been crafted with the aim of meeting the requirements of international law and also securing Iran’s eventual support. But Oman, a neutral nation by temperament and practice, is in a delicate diplomat spot. It knows that if it ignores Iran’s objections, Tehran is less likely to agree to Oman’s plan for the future of the strait. But if Oman does not take the initiative in helping the humanitarian operation to release thousands of trapped sailors, the less likely it is that its proposals for the strait will be accepted by the region or by the UN – and the more likely it is the US will return to all-out war. The very fact that Iran’s deputy foreign minister, Kazem Gharibabadi, held joint discussions in Muscat with Oman’s minister of state for foreign affairs, Abdulaziz al-Hinai, is a tacit acknowledgment by Tehran that it does not have sole decision-making powers in the strait’s future management. What Oman has tried to do is construct a management system that will ensure littoral states receive income from commercial shipping passing through the strait but the income would come as much as possible in the voluntary contributions, or payments for specific navigational services made by trade groups, ships or states.

Report: Oman Proposes Strait of Hormuz Plan That Involves Collecting Fees - - The New York Times reported on Tuesday that Iran and Oman are moving forward with a plan for the Strait of Hormuz that would involve collecting fees for ships transiting the waterway, despite the US expressing vehement opposition to the idea.Sources told the paper that Oman recently delivered a formal proposal to the US and other Western states outlining a plan in which shipping companies would pay service fees to use the strait.  Some of the sources speaking to the Times said the toll would be voluntary, while an Iranian official said it would be obligatory. Omani Foreign Minister Badr bin Hamad , environmental and navigational services” could be discussed voluntarily.There’s no sign of Iran backing down on its demand for an arrangement where it collects fees from ships transiting the strait, a consequence of the war President Trump launched with Israel on February 28. Iranian officials have said they want to cooperate with Oman on the issue, but that Iran is willing to move forward on its own if needed. While the US is strongly opposed to fees, the US-Iran Memorandum of Understanding (MoU) only rules out fees for the first 60 days after it’s signed and doesn’t establish any long-term rules. It states that Iran will “conduct dialogue with the Sultanate of Oman, to define the future administration and maritime services in the Strait of Hormuz.”

Oman backs Iran’s plan to charge Strait of Hormuz ‘service fees’ - Oman’s Foreign Minister Badr al-Busaidi has expressed support for Iran’s plan to impose “maritime service fees” on vessels crossing the Strait of Hormuz. In an interview with Monte Carlo Doualiya, published by Oman’s Foreign Ministry on Monday, al-Busaidi reaffirmed Muscat’s commitment to the United Nations Convention on the Law of the Sea (UNCLOS). He clarified that Oman opposes any tolls on transit passage itself. However, the minister drew a clear distinction between transit tolls and legitimate maritime, environmental, and navigational service fees, which can be discussed voluntarily with benefiting states and companies. Al-Busaidi explained that such fees would enhance navigational safety, protect the waters from pollution, and improve preparedness for accidents and emergencies, models already successfully implemented in the Strait of Malacca and around Singapore. He stressed that Oman and Iran are in full agreement that any future arrangements for the strait must remain strictly within the framework of international law. Regarding French and British proposals to clear mines in the waterway, al-Busaidi emphasized that primary responsibility for ensuring the safety of the strait and international shipping lanes lies with Iran, in line with the recent memorandum of understanding signed between the Iranian and American presidents. His remarks follow the first meeting of the newly established Iran-Oman joint Hormuz committee, which focused on future governance of the strait. Iran closed the Strait of Hormuz to its enemies and their allies after the latest round of unprovoked American-Israeli aggression against the Islamic Republic. A Pakistan-mediated memorandum of understanding was recently signed between Tehran and Washington to help end the cycle of aggression. Under the 14-point deal, Iran is required to ensure toll-free passage for commercial vessels for at least 60 days, with full restoration of traffic in the Strait of Hormuz within 30 days. The MoU’s fifth clause explicitly recognizes Iran’s sovereignty over this vital chokepoint.

Four ways the Gulf makes Iran’s Hormuz toll backfire | Opinion - When Iran’s chief negotiator said this month that the Strait of Hormuz “will never return” to what it was before the war, it sounded like bravado from a state that had just lost much of its nuclear programme, its arsenal and its supreme leader to a punishing air campaign. It was not bravado. It was a business plan. Iran lost the war it chose to fight. It is now winning the only one it can still win: the right to price the passage of the Gulf’s wealth to the sea. For four months, roughly a fifth of the world’s seaborne oil and gas—the lifeblood of the Saudi, Emirati, Qatari, Kuwaiti and Bahraini economies—moved at Tehran’s discretion or not at all. The June memorandum that ended the war did not resolve this. It deferred it. Iran agreed only to waive transit fees for 60 days while talks continue—waive, not abolish—and has already rejected the alternative corridor Oman set up with the International Maritime Organization, insisting ships use lanes Iran itself designates. The toll booth is built. Only the billing is paused. And the Gulf is being set up to pay at both ends. When the clock runs out, Iran can charge a toll as the price of not closing the strait. Meanwhile, President Donald Trump has floated his own counter-fee, musing that Washington might bill the Gulf “for services rendered as the Guardian Angel” of the region. Rent to the threat, a retainer to the protector, and no seat at the table, where the United States and Iran negotiate the terms the Gulf will live by. Refusing that arrangement is the right instinct, but it has to be realist, because the geography is permanent. Iran owns the strait’s northern shore and the longest coastline on the Gulf; no coalition or air campaign erases that. The war just proved the ceiling of force, even a combined American-Israeli assault of extraordinary intensity could not strip Iran’s ability to hold the waterway hostage. The answer is not to eliminate Iran’s leverage but to make using it cost more than it pays. Four moves would do exactly that. First, make the corridor a collective Arab claim, not an Omani solo. Muscat’s IMO-coordinated route is the right instrument: an international, rules-based lane that denies Iran the authority to “approve” who sails. But Oman cannot carry that claim alone while its neighbors issue statements. The Gulf Cooperation Council should adopt the corridor as a bloc and anchor it explicitly in the United Nations Convention on the Law of the Sea, as the settled position of the states whose trade actually transits the strait. A rule one small country asserts is a request. A rule six states assert together is a fact. Second, put Gulf hulls behind that rule. For 30 years the region has outsourced the security of its own jugular to the U.S. Fifth Fleet and, lately, to improvised Western coalitions. When the strait closed, the Gulf states were spectators to their own strangulation. Pooled escort and presence operations—Emirati naval technology, Saudi mass, Omani access—would not push the Americans out, but they would end the posture of waiting to be rescued. Borrowed deterrence can be withdrawn. Deterrence you own cannot. Third, devalue the hostage. The most durable answer to a chokepoint is to need it less. The closure vindicated every dollar Saudi Arabia and the UAE have spent on pipelines that bypass Hormuz toward the Red Sea and the Arabian Sea, but those lines move a fraction of the volume and do nothing for the imports the Gulf cannot live without, from fertilizer to food. Finishing the long-stalled GCC railway, expanding bypass capacity and building real strategic reserves are not infrastructure projects. They are deterrence by other means. Every barrel that reaches a buyer without passing Iran’s guns is a barrel Tehran can no longer price. Fourth, demand the seat. The Gulf states are the war’s principal casualties and the principal stakeholders in its settlement, yet they are absent from the room. They should make co-signatory status on any Hormuz arrangement a condition of their alignment, and they hold more cards than they admit, from basing rights to the energy and investment flows both Washington and a recovering Iran will need. Sovereignty that is not asserted at the table is simply priced by whoever sits there instead. None of this means choosing war over diplomacy. It means recognizing that the diplomacy is the war now, fought by other means, and that passivity is not neutrality but surrender by installment. The strait will be governed by rules. The only question is whose. Iran has taught the Gulf, at enormous cost, that Hormuz belongs to whoever is willing to set its terms and enforce them. The Gulf can be that party, or it can pay the toll. It cannot do neither.

Iran is selling oil at 20% premium as U.S. blockade removal frees up sales -Iran has exported more than 40 million barrels of crude oil since the U.S. removed its naval blockade of Iranian ports, and is now selling oil at prices roughly 20% higher than before the war, parliament speaker and chief negotiator Mohammad Bagher Ghalibaf said Tuesday. The U.S. and Iran signed a memorandum of understanding on June 17 to end nearly four months of war and reopen the Strait of Hormuz, and set up 60 days of negotiations to work out a permanent peace deal. The two sides briefly traded strikes over the weekend after Iran attacked two transiting vessels.The ceasefire prompted a surge in crude shipments through the vital waterway where traffic had largely ground to a halt during the conflict, sending oil prices sharply lower.  “Since the day the naval blockade was lifted, we have exported more than 40 million barrels of oil,” Ghalibaf said in a television interview published on his Telegram channel. Iran had been unable to export a single barrel during the roughly two-month blockade that preceded the accord, he added.Tanker tracking firm TankerTrackers.com said Wednesday that it estimated Iran had exported 50 million barrels of crude oil since the U.S. lifted its naval blockade on the country’s energy exports two weeks ago. The firm uses satellite imagery, shoreside photography, and a real-time automatic identification system to monitor vessel movement. Brent crude traded near $73 a barrel Wednesday, down almost 40% from the war’s peak of $118 in April, as diplomatic progress and expectations of a Gulf supply rebound weigh on prices. Iranian crude sold at a discount of $10 to $15 a barrel below Brent before the war to compensate buyers for sanction risks, according to Gregory Brew, senior analyst at Eurasia Group. Iran has agreed to let ships transit Hormuz toll-free for 60 days under the MOU, but insisted that it will retain control over the waterway’s administration. “The sovereignty of the Strait of Hormuz lies with Iran and Oman, and traffic in the strait is subject to arrangements determined by Iran,” Ghalibaf said. “Iran will not give up its rights in the Strait of Hormuz under any circumstances, and these are our territorial waters.” It remains unclear how the strait will be governed once the 60-day window expires. Vessels have crossed the Strait of Hormuz via a southern corridor along Oman’s coast or through Iranian-controlled lanes to the north. Ghalibaf also pushed back on President Donald Trump’s claim that unfrozen Iranian assets will be used to purchase American agricultural goods, saying that $12 billion of the roughly $24 billion in frozen assets abroad would go to the country’s central bank “to purchase any goods it needs, at any price and in any currency in the world.”

Tehran Is Racing the Clock to Export as Much Oil as Possible - Iran is wasting no time in returning full steam to the oil export market after the Islamic Republic and the United States agreed in mid-June on a 60-day window to negotiate a deal. Since the memorandum of understanding was signed and the U.S. blockade aimed at preventing Iranian oil exports was lifted, Tehran has exported millions of barrels of its oil and has probably raised more revenues from these sales as the discounts of the Iranian crude to benchmarks have narrowed. In the memorandum of understanding, Iran won several key concessions for the 60-day negotiations period. Not only was the U.S. blockade in the Gulf of Oman lifted – in exchange for Iran reopening the Strait of Hormuz – but the U.S. sanctions on Iran’s oil sales were temporarily waived until August 21. Iran Rushes to Ship Oil While It Can Iran was prepared for a surge in shipments as soon as the U.S. lifted the blockade. Three days after the memorandum was signed, at least three supertankers, carrying a total of 6 million barrels of Iranian crude, moved to transit the Strait of Hormuz, in open AIS navigation showing Singaporean waters as a destination, vessel-tracking data compiled by Bloomberg showed. On June 20, the volumes of Iranian crude transiting the Strait of Hormuz were the most Iranian oil openly making its way out of the key Iranian oil port at Kharg Island and into the Strait of Hormuz in a day since the war began on February 28, according to Bloomberg’s estimates. The surge in Iranian shipments out of the Gulf and into waters near the Malacca and Singapore Straits gives Iran a lifeline to boost its exports that had suffered from the U.S. blockade in the past two months. “Iranian-origin laden departures rose only 16% post-MoU because Iran was already the single largest origin during the blockade period, and a significant number of barrels were already positioned at Chabhahar (outside Hormuz) ready to move when the US blockade was lifted,” Claire Jungman, Director of Maritime Risk and Intelligence at Vortexa, said last week. Iranian cargo movements had soared through March and early April, before the U.S. blockaded shipments, with peaks near 7 million barrels per day (bpd) on some days, according to Vortexa’s crude cargo tracking. Iran’s shipments then collapsed through May as the U.S. tightened the blockade outside the Strait of Hormuz. But after the MoU was signed on June 17, Iran’s crude volumes rebounded sharply, reaching a single-day peak of around 8 million bpd, Vortexa’s Jungman noted. Iran’s rebound remains concentrated in familiar sanctioned-flow channels and opaque shipping patterns, according to Vortexa, despite the U.S. waiving the sanctions on Tehran’s oil sales. “Since the day the naval blockade was lifted, we have exported more than 40 million barrels of oil,” Iran’s chief negotiator and parliament speaker, Mohammad Bagher Ghalibaf, said in an interview on state television on Tuesday. Ghalibaf’s claim was largely supported by tanker-tracking services. According to TankerTrackers.com, Iran has exported 50 million barrels of crude oil since the US-imposed blockade was lifted two weeks ago. This equates to 1.66 million barrels per day for June 2026. “Most other countries in the region are still nowhere near pre-war levels,” TankerTrackers.com said. Ghalibaf also admitted that the U.S. blockade effectively choked off all Iranian oil shipments in May and early June, saying that “By contrast, during the previous 50 to nearly 60 days, we were genuinely unable to export even a single barrel of oil.” With the blockade lifted and oil sales de-sanctioned until August 21, Iran is returning vessels to the Persian Gulf to load from Kharg Island and other key ports and clear the backlog it was unable to ship between mid-April and mid-June. China remains Iran’s key customer as other buyers are reluctant to commit to purchases during a 60-day window that may close sooner than expected, if talks collapse. But now Chinese refiners could even buy Iranian oil in U.S. dollars by August 21 without the risk of secondary sanctions. The price of Iranian oil is 20% higher than before the MoU was signed, Ghalibaf said. This is giving Iranians additional income from oil sales, even if international benchmark crude prices have crumbled to pre-war levels. However, visibility beyond August 21, when the 60-day window for negotiations expires, is low. Visibility is actually low on a daily basis during these talks, as U.S. and Iranian officials often contradict in statements to the media on what was discussed and what was agreed. The 60-day negotiations period may be extended, Iran could resume insisting on a toll for Strait of Hormuz passage going forward, fresh attacks on commercial vessels, or U.S. strikes on Iran could derail the talks, yet again. What is certain, though, is that Iran is taking full advantage of the limited free-pass window it was given for several weeks. Tehran appears determined to ship as much oil as it can out of the region, obtaining handsome revenues in the process as the discounts on Iranian crude have narrowed.

Ghalibaf Says Iran Won't Stop Pushing for Full Israeli Withdrawal from Lebanon -   Iranian Parliament Speaker Mohammad Bagher Ghalibaf reaffirmed on Sunday that Tehran will continue pushing for a full Israeli withdrawal from south Lebanon following the signing of a new “framework agreement” between Israel and the Lebanese government. “Our goal is to end the war in Lebanon, [help] return of refugees to their homes, end the occupation and [secure] withdrawal of the Zionist regime from Lebanese territory,” Ghalibaf told Lebanese Parliament Speaker Nabih Berri in a phone call, according to Iran’s PressTV.  The agreement has been strongly rejected by Hezbollah, which wasn’t involved in the negotiations. Berri, leader of the Amal Movement, a Shia political faction that’s largely aligned with Hezbollah, has also rejected the deal, saying it is “contradictory and impossible to implement” and calling it an “incitement to civil war.”  While not explicitly stated in the text of the agreement that was published, Israeli Prime Minister Benjamin Netanyahu has said the deal allows Israel to continue its occupation of southern Lebanon. Israeli media is also reporting that the security annex of the deal maintains the occupation and gives the IDF “full freedom of action.” Hezbollah Secretary-General Naim Qassem called the agreement “null and void” and said the Lebanese government had given unilateral concessions and undermined Lebanon’s sovereignty.Like other agreements between Israel and the Lebanese government, the framework agreement failed to achieve a ceasefire as Israeli strikes and clashes between the IDF and Hezbollah have continued in southern Lebanon since the deal was signed.US Secretary of State Marco Rubio oversaw the signing of the framework and has previously said that the situation in Lebanon was separate from the ceasefire with Iran, despite the US-Iran Memorandum of Understanding explicitly stating that the agreement includes a full ceasefire in Lebanon.

Katz Says Israel Could Launch a 'Pre-Emptive' Attack on Iran for a Third Time - Israeli Defense Minister Israel Katz threatened on Wednesday that Israel could launch a “pre-emptive” attack on Iran for the third time, as Israeli officials continue to make clear they’re eager for the full-scale US-Israeli war against the Islamic Republic to restart. Speaking at a memorial for Israelis killed in the 2006 Lebanon war, Katz said Israel could strike Iran again “if necessary” despite the US-Iran Memorandum of Understanding. “We have attacked twice with proactive, preemptive strikes in Iran and, if necessary, we will strike a third time as well,” he said, according to Middle East Eye. Israel launched a sneak attack on Iran in June 2025 under the cover of negotiations that were ongoing between Washington and Tehran. President Trump assisted in keeping Iran off guard, as he said in a post on Truth Social hours before the first missiles hit, that he was “committed” to diplomacy with Tehran. The current war also began as the US and Iran were engaged in negotiations and started with joint US-Israeli strikes. Earlier this week, Katz said Iran’s new supreme leader, Ayatollah Mojtaba Khamenei, was “marked for death.” Iranian Foreign Minister Abbas Araghchi responded to Katz’s threat on Wednesday, saying that the US had committed to “muzzling” Israel under the MoU. “The terms of the Islamabad MoU are crystal clear and public for all to see,” Araghchi wrote on X. “POTUS has committed the U.S. to muzzling its pets in Tel Aviv. If they ignore their master, Iran will school them. Any threat against our People and Leadership will receive Immediate Powerful Response.” The MoU states that the US, Iran, and their allies in the conflict must “refrain from the threat or use of force against each other.” Katz also said at the ceremony that the IDF will remain in Lebanon, Gaza, and Syria for an “unlimited period of time,” which is not compatible with the MoU as it calls for a complete halt to the Israeli war in Lebanon and commits the US to “ensuring the territorial integrity and sovereignty of Lebanon.”

Katz Says Israel Could Be Back at War With Iran 'Tomorrow' -   Israeli Defense Minister Israel Katz said on Monday that the Israeli military was ready to restart the war against Iran and that it could happen as soon as “tomorrow.”Katz vowed that Israel would bomb Beirut’s southern suburb of Dahiyeh if Hezbollah rockets were fired into northern Israel and that the IDF was prepared to respond if that prompted Iranian attacks on northern Israel.“There is no reality in which Israel will not respond to an Iranian attack,” Katz said, according to Israel Hayom. “The equation stands – rocket fire on Israeli communities means an immediate assault on the Dahiyeh. “The possibility exists that Iran will attack Israel not only in response to strikes in the Dahieh. We could find ourselves at war with Iran tomorrow.”The Israeli minister said that a second potential scenario that would lead to a renewed war with Iran would be if President Trump decides to restart the bombing campaign. “There are two scenarios that would resume full-scale fighting – a decision by President Donald Trump or Iranian missile fire. This could happen in two days,” he said.Katz also insisted that Israel was ready to fight Iran on its own, which he called a “blue and white operation,” despite the fact that Israel is extremely reliant on US air defenses. “The IDF is just waiting for it. We have selected targets to strike in Iran, and the IDF is prepared and alert, but we will not interfere with the US President’s current moves vis-a-vis the Iranians,” he said.  Katz also boasted about the destruction of Shia Muslim villages in southern Lebanon. “It was clear during Operation Silver Plow that the Shia villages along the contact line had to disappear,” he said, using the codename for Israel’s recent operations in southern Lebanon.“We are currently in a situation where there is nearly 100% destruction in the contact-line villages of the western and central sectors. In the eastern sector, we are at 73% of villages destroyed,” Katz added.

Protests in Beirut as Many Lebanese Oppose ‘Shameful’ Israel Deal -  Friday’s announcement of a new “trilateral deal” between Israel, Lebanon and the United States quickly proved controversial, and major protests erupted in the Lebanese capital of Beirut. Centering around the Shi’ite suburbs of southern Beirut, which have been repeatedly attacked by Israel during the war, the protesters complained it did little to nothing to actually end the war. Since it was also the important Shi’ite religious holiday of Ashoura, the religious processions tended to overlap in Shi’ite areas with protests, with many waving flags and holding banners during Ashoura processions.Though some media presented the protests as a Hezbollah-fueled event, the unrest may well span beyond that group itself, including a lot of the displaced people from across southern Lebanon, calling the language of the deal “shameful” and primarily a capitulation to Israel. They also faulted the government for saying the “end goal” of the deal was to ensure a withdrawal of Israeli troops from Lebanon, when in practice there was neither a timeline to that effect nor any guarantee the occupation would ever actually end.Israeli Prime Minister Benjamin Netanyahu confirmed as much in his presentation of the deal, saying it allows the IDF to remain in Lebanon as long as they want. Rather, he says, the deal is primarily about restraining Hezbollah and Iran within Lebanon. Notably, neither Iran nor Hezbollah were parties to negotiations in the first place, nor were they signatories to the deal. The deal aims to set up a “pilot program” requiring the Lebanese government to fully disarm Hezbollah, which Hezbollah officials have warned could lead to internal conflict. That’s been a concern for some time, as Hezbollah has long refused to disarm without assurances that Israeli invasions and occupations were no longer a threat. Since this deal comes amid an active invasion and occupation, the opposition is likely to be even greater.The Lebanese Army issued a statement warning protesters against blocking traffic or conducting any “threat to civil peace.” Though they conceded the army would respect the right to peaceful freedom of expression, they cautioned protesters to behave responsibly. The Lebanese judiciary issued a decree Saturday calling on security forces to employ all means necessary to deter “civil disobedience.” What that’s going to amount to remains to be seen, but the Army’s statement suggests they prefer not to be directly involved unless the situation turns violent.

IDF Postpones Token Pullouts From Lebanon ‘Pilot Zones’ --- In an effort to make the latest Israel-Lebanon ceasefire agreement seem like it was doing something more than the half dozen that came before, there was talk during negotiations of Israel agreeing to “symbolic” withdrawals from small segments of Lebanon as a good faith gesture. It wouldn’t impact the overall occupation, but it’d be something to reference to present the deal as an accomplishment.That notion ended up in the final deal as so-called “pilot zones” that would be the first ones Israel would withdraw from, with the Lebanese military meant to replace them and immediately crack down on local Hezbollah themselves, to prove to Lebanese people that Israel was leaving, albeit slowly and prove to Israeli hawks that the crackdown would continue even in areas not directly occupied.Now the IDF seems to be backing away from even that token program, announcing that they are “postponing” the withdrawal from Zawtar and Frun, the two pilot areas in the south, until such a time as they are satisfied with the US “monitoring” system to confirm that the Lebanese Army crackdown is being carried out in compliance with the “secret annex” to the deal.How long that’s going to take remains to be seen, and Israeli officials are saying there are “no timetables” at all for any of this to get done, leaving open the question whether even symbolic drawdowns will ever come to pass.Indeed, between the occupation of the south of Lebanon, the ongoing destruction of Shi’ite villages in southern Lebanon, and the continued Israeli strikes on Lebanese territory, this deal appears to be again a deal that comes and goes, while the situation on the ground remains functionally unchanged.The Lebanese Health Ministry has issued an updated casualty figure from the ongoing war, putting the death toll at 4,297 with 12,196 wounded since the Israeli invasion began in early March. This toll has continued to rise despite ceasefires being announced on a fairly regular basis since mid-April.

Lebanon Villages Burned After Israeli DM says Shi’ite Villages Must ‘Disappear’ -- While Israeli officials continue to try to present their ongoing war in Lebanon as aimed exclusively at attacking Hezbollah, the focus is increasingly on religion-driven forced depopulation in southern Lebanon, and the destruction of Shi’ite villages.Israeli Defense Minister Israel Katz was quite open about that being a long-standing military goal, saying “it was clear during Operation Silver Plow that the Shia villages along the contact line had to disappear.”Operation Silver Plow was first publicized in April, when Israeli soldiers testified that despite public framing, the war’s goal was exclusively the destruction of Shi’ite homes and villages near the blue line, saying individual IDF commanders are required to provide daily reports as to how many homes they’ve destroyed. Katz’s comments were followed by reports out of Lebanon that the villages of Ayta al-Jabal and Beit Hanoun, in the Bint Jbeil District, have seen a number of homes set on fire, reportedly by Israeli troops. Katz has been playing up the idea that the “Yellow Line” area Israel has defined during the course of their invasion and occupation of southern Lebanon will remain entirely depopulated, and he’s repeatedly been quoted in the press as saying hundreds of thousands of Lebanese civilians will never be allowed to return to their homes.Katz’s argument for this is that the resistance by Hezbollah came when those villages had civilians living in them, therefore since that situation cannot be allowed to continue, the villages “have to disappear.”Amnesty International warned a few weeks back that Israel is almost certainly committing war crimes with their mass force displacement of civilians and prohibition of them returning to their homes. Israel rejected those allegations at the time, arguing that they were not engaged in illegal population transfers. Their own defense minister, however, seems not only to be conceding this point, but actively bragging about it as one of the primary goals on the ongoing war.

Smotrich Says Israel Has Plans Drawn Up To Establish Three Jewish Settlements in Gaza, Waiting for Netanyahu's OK - Israeli Finance Minister Bezalel Smotrich said on Monday that the Israeli government has plans drawn up to establish three Jewish settlements in the Gaza Strip and is just waiting for approval from Israeli Prime Minister Benjamin Netanyahu.The settlements, which would clearly be illegal under international law, are being planned by the Israeli Defense Ministry’s Settlement Administration, a body created under Smotrich, who also holds a position in the Defense Ministry, in 2023.Smotrich said the administration has “completed the groundwork to establish three settlements in the north Gaza area” and called on Netanyahu to “give the approval” in order to “complete the mission and restore true security for the residents of the south.”Israeli military officials said last week that the IDF now controls 70% of Gaza, a violation of the US-backed ceasefire deal, which left Israeli troops occupying about 53% of the Palestinian territory. The deal explicitly stated that Israel couldn’t take any more territory if Hamas fulfilled its obligations under the agreement, which the group did by releasing all remaining Israeli hostages and retrieving the bodies of the deceased Israelis.Israeli officials claim Hamas has violated the deal by not disarming, but Hamas didn’t commit to laying down its weapons under the ceasefire deal. The issues of the group’s disarmament and Israel’s withdrawal from Gaza were meant to be worked out in follow-up negotiations, which have been impeded by Israel’s constant violations of the agreement, which have killed more than 1,000 Palestinians.Smotrich said in his remarks that Israel should take more than 70% of Gaza, and Netanyahu had hinted last month that taking over all of the Palestinian territory was the ultimate goal. “First 70%. We’ll start with that.” Netanyahu said at a conference last month when someone shouted that Israel should take “100%” of Gaza.Smotrich’s comments about settlements come as Israeli media is reporting that Israeli government officials are reviving their push for an ethnic cleansing plan to forcibly remove the Palestinian population of Gaza, which they are rebranding as a “free movement plan.” So far, Israel has failed to find any countries willing to be complicit in the effort and take in Palestinians from Gaza.

No End in Sight To Israel's Genocidal Conquest of Gaza After 1,000 Days - Thursday marked 1,000 days since the October 7, 2023, Hamas attack on southern Israel and the start of Israel’s genocidal war in Gaza, and there’s no end in sight to the destruction campaign as senior Israeli ministers are vowing to take over the entire Palestinian territory and establish Jewish settlements despite the US-backed ceasefire deal, which the IDF has constantly violated.In recent weeks, the IDF has ramped up its ground incursions as it has been taking more territory in Gaza, an explicit violation of the October 2025 ceasefire agreement. Israeli officials have said the IDF now controls about 70% of Gaza, while Gaza officials said on Thursday that the number was closer to 80%. Gaza’s Health Ministry said on Thursday that since October 7, 2023, Israeli forces have killed at least 73,074 Palestinians in Gaza, including 1,059 who have been killed since the so-called ceasefire deal was signed. The ministry said that 21,730 children have been killed, including 1,078 who didn’t make it to their first birthday.The ministry said another 173,537 Palestinians have been injured, putting the total number of Palestinian casualties close to 250,000. While the Health Ministry’s numbers show a massive number of casualties, several studies have found they are likely a significant u ndercount and that the real violent death toll could be as high as 100,000.  The US has kept quiet about Israel’s constant violations of the ceasefire deal, and according to a report from Israel Hayom, the President Trump-led “Board of Peace” is preparing to create “Hamas-free humanitarian zones” in southern Gaza for Palestinian civilians as Israel continues to take territory and launch attacks while “staying below the threshold of international criticism.”The plan sounds very similar to what Israeli officials were calling for last year when they said they wanted to create concentration camps, dubbed “humanitarian cities,” for Gaza’s entire civilian population in a tiny part of southern Gaza, as the IDF destroyed the rest of the Strip, and the ultimate goal was then to push the Palestinian civilians out of Gaza altogether.According to Israeli media, the Israeli government has recently revived its push for the ethnic cleansing of Gaza and has rebranded it as a “free movement plan” in an effort to gain some international support.

Report: Israel Reviving Gaza Ethnic Cleansing Plan, Rebranding It as 'Free Movement Plan' - The Israeli government is seeking to revive its push for the ethnic cleansing of Gaza and is rebranding the plan in an attempt to gain international support, according to reports from Israeli media. Citing Israel’s Channel 13, The Times of Israel reported that Israeli security officials have been told to stop calling the plan “voluntary migration” due to global opposition and now refer to it as a “plan for free movement.” The report cited Israeli officials who expressed optimism that the change in terminology could get countries where Palestinians could potentially go to drop their opposition to cooperating with the plan. One senior Israeli official said that Israel wants as many Palestinians to leave Gaza as possible.The report came five days after Haaretz reported that the new head of Israel’s National Security Council, Shmuel Ben Ezra, convened Israeli officials for a meeting on Tuesday to discuss the potential ethnic cleansing plan for Gaza. During the meeting, Mossad officials said that there are still no countries willing to be complicit in the plan.The Haaretz report suggested that the meeting and revival of the push to cleanse Gaza of its Palestinian population could be related to the US-Iran Memorandum of Understanding and the US requests for Israel to de-escalate in Lebanon.The report said: “A defense official who spoke with Haaretz could not rule out that the revival of this plan is connected to quiet agreements reached recently between Prime Minister Benjamin Netanyahu and US President Donald Trump, constituting ‘compensation for painful concessions’ that Washington imposed on Israel as part of its deal with Iran.” While Israel has failed to find countries to absorb Palestinians, Israel has already cleansed much of Gaza of its Palestinian population, as the IDF occupies more than 60% of Gaza, and besides the Israeli-backed militias and gangs and a small number of civilians who live with them, there are no Palestinians in the IDF-occupied part of Gaza.

Israeli Minister Vows Israel Will Control 100% of Gaza -   - Israeli Energy Minister Eli Cohen, who is also a member of the Israeli security cabinet, vowed on Wednesday that Israel will control 100% of Gaza as the IDF continues capturing more land in the Palestinian territory in violation of the US-backed ceasefire deal.“I say this because I sit in the Security Cabinet, and I understand that we cannot allow Hamas to raise its head again – not even by a millimeter. There is no such thing,” Cohen said in an interview with Galei Israel Radio, according to Israel National News.The Israeli minister said that the IDF is steadily increasing its territorial control of Gaza, which aligns with what Palestinians are reporting on the ground. “We already see that we are progressing. I assume you will speak to me [again] in a few months – our control of the territory will only continue to expand until we reach 100%,” Cohen said. After the Israel-Hamas ceasefire deal was signed in October 2025, the IDF was left occupying about 53% of Gaza, and the agreement explicitly said Israel couldn’t take more territory if Hamas lived up to its end of the deal, which the group did by releasing the remaining Israeli hostages and finding the remains of deceased Israelis. In the months following the signing of the deal, the IDF increased its control to 60% of the territory, and Israeli Prime Minister Benjamin Netanyahu said in May that he ordered an increase to 70%. “If two months ago we controlled 53% of the Strip, about a month ago around 60%, and today we’re approaching 70% of the Strip’s area,” Cohen said.Israeli military officials speaking to media outlets have said that the IDF has already taken control of 70% of Gaza, and the Israeli newspaper Haaretz reported on Tuesday that Palestinians on the ground say that the Israeli military is controlling more than 70%. For weeks now, there have been reports of increased Israeli ground operations and Israeli troops moving the “yellow line,” which separates the IDF-occupied side of Gaza from the rest of the Strip, further west.The increase in Israeli ground operations comes amid reports that say the Israeli government is reviving its plans for the ethnic cleansing of Gaza and rebranding it as a “free movement plan” to gain some international support. Israeli Finance Minister Bezalel Smotrich, who also holds a position in the Defense Ministry, said that a Defense Ministry committee he oversees has drawn up plans to establish three Jewish settlements in Gaza and is seeking Netanyahu’s approval.

Ukrainian Drone Attacks in Russia Kill Two, Set Oil Refinery on Fire - Ukrainian drones killed at least two civilians in Russia on Sunday and set another oil refinery on fire, according to local Russian officials, as Ukraine continues sending drone swarms into Russian territory on a daily basis.According to the Russian news agency TASS, a civilian was killed in Russia’s Belgorod region, which borders Ukraine, and another was killed by falling debris in the southern Krasnodar region, where drones also set a local refinery on fire. On the Ukrainian side, Ukrainian officials reported that at least four civilians were killed by Russian attacks. In the southeastern Zaporizhzhia region, strikes killed two people, including a 53-year-old woman. The latest exchange of attacks came two days after Ukraine launched one of its largest drone swarms of the war, with the Russian Defense Ministry reporting that more than 660 drones were shot down over 12 Russian regions.Russian President Vladimir Putin on Sunday acknowledged that Russia had begun using its fuel reserves amid Ukraine’s intensified attacks on its oil infrastructure. He added that Russia’s gasoline reserves stand at about 1.7 million tons, down 4% from last year.“I’ll add that previously accumulated fuel volumes have entered the domestic market,” Putin said, according to the Anadolu Agency. “However, despite the fact that we’ve begun using these reserves, gasoline reserves are currently almost at the same level as last year.”While Ukraine’s intensified drone attacks have had an impact on Russia’s energy supplies, they haven’t changed the situation on the frontline, where Russian forces continue to make slow but steady gains. The Russian Defense Ministry claimed on Sunday that its forces captured two more villages in Zaporizhzhia. Ukraine’s drone attacks always risk an escalation between Russia and NATO since they are known to be supported by US and NATO intelligence.

Russia Launches 'Largest Attack' on Kyiv, Killing at Least 21 -   Russia launched a massive missile and drone bombardment on Kyiv on Thursday, which the Russian Foreign Ministry described as the “largest attack” on the Ukrainian capital, and said was a response to Ukrainian drone attacks that have killed civilians inside Russia. According to Ukrainian officials, the Russian bombardment killed at least 21 civilians in Kyiv and injured more than 90, and children were among the casualties. The Associated Press reported that the attack lasted for 11 hours, and about 50,000 Ukrainians took shelter in subway stations. Ukraine’s air force said that Russian forces fired 74 missiles and 496 drones at Kyiv. It claimed that most were intercepted, while 25 ballistic missiles and 12 drones struck 33 locations in the Ukrainian capital.The Russian Defense Ministry claimed the attack targeted “enterprises of the military-industrial sector, fuel, and energy” located in Kyiv, though photos show apartment buildings were also hit during the bombardment. The ministry said the attack was launched in retaliation for “Ukraine’s terrorist attacks on civilian facilities on Russian territory.”In recent months, Ukraine has dramatically ramped up its drone attacks on Russia, which have targeted oil infrastructure and killed many civilians. A Russian Foreign Ministry official said on Tuesday that Ukrainian drone attacks over the past week have killed 42 Russian civilians, including two children, and, on the same day, a six-month-old baby was killed during a drone attack on the Moscow region. Ukraine’s drone attacks are known to be supported by NATO and the US, which provide intelligence for the operations, meaning they always risk an escalation between Russia and NATO.

Kremlin Confirms Rare Talks To Import Gasoline Amid Drone Strike Mayhem - Russia has confirmed its government is currently in negotiations with other countries to purchase gasoline while desperately seeking to stabilize its domestic market after months drone mayhem out of Ukraine. "Discussions are actively being held," Kremlin spokesman Dmitry Peskov said at a press briefing Tuesday, though without specifying which countries. "If agreements can be reached at acceptable price points, then [imports] will move forward," he added. The development is surprising given that Russia remains the world's second-largest crude oil exporter and third-largest supplier of refined petroleum products - and yet it is now facing the somewhat humiliating prospect of importing gasoline. Last week, Reuters dropped a bombshell citing industry insiders who revealed that Moscow has been in backroom talks to import a staggering 50,000 metric tons of AI-92 grade gasoline from neighboring Kazakhstan. India has also been mentioned in reports. President Putin just over the weekend estimated Russia's total gasoline reserves to be at at 1.7 million metric tons, which would constitute a 4% decline compared to the same period last year.Politico notes further: Deputy Prime Minister Alexander Novak has described imports as one of the government's key tools for stabilizing the market, while Russian lawmakers last week approved tax changes creating subsidies to help finance gasoline purchases from abroad. Putin had further in a speech and separate interview belatedly acknowledged Sunday that his country is facing a "certain shortage" of fuel following weeks of ramped-up drone warfare coming out of Ukraine, which has chiefly targeted oil refineries and domestic supply facilities, including in the Moscow region."As for strikes against critical infrastructure in general, and energy infrastructure in particular, of course, these attacks on our infrastructure facilities create problems," Putin said. "That's obvious." "Right now we're observing a certain shortage, but it's not critical," he added. He also made wide-ranging public remarks at a major summit of the ruling 'United Russia' party.

German Prosecutors Charge Ukrainian Over Alleged Role in Blowing Up Nord Stream Pipelines - German prosecutors have charged a Ukrainian national over his alleged role in the September 2022 bombing of the Nord Stream pipelines, which previously brought natural gas from Russia to Germany.The prosecutors say that the man, identified as Serhii K, a former Ukrainian military officer, led a sabotage team on the yacht Andromeda, from which the attack was allegedly carried out on behalf of Ukrainian authorities. Serhii K, who was extradited from Italy, is being charged with attacking civil energy infrastructure, a war crime under international law. For his part, Serhii K has denied involvement, and his lawyer told Reuters he was confident the charges would be dropped.Germany also sought the extradition of another Ukrainian allegedly involved in the attack, who was arrested in Poland. But last year, a Polish court ruled against his extradition and ordered his release. Polish officials also said they opposed the extradition and expressed support for the attack on Russia and Germany’s energy infrastructure.There have been conflicting narratives over the Nord Stream bombings, with investigative journalist Seymour Hersh first reporting in February 2023 that President Biden himself ordered the attack and that it was carried out by US Navy divers who planted explosives during NATO drills in the Baltic Sea.In the aftermath of the attack, US officials spoke positively of it, with then-US Secretary of State Antony Blinken calling it a “tremendous opportunity” to get Europe off Russian gas.