record US oil exports; net oil exporter for 1st time since 1944; largest oil draw in 34 months; largest SPR draw in 42 months

Brent oil price hits 47 month high; US oil exports at a record high, next oil exporter first time since WW II; largest total oil inventory withdrawal since July 28, 2023; largest SPR withdrawal since October 2022; gasoline exports at a eight month low;  record distillates exports over four weeks leaves our distillates supplies at a ten month low

US oil prices rose for the sixth time in the nine weeks that have passed since Israel and the US attacked Iran at the end of February, and hit a 4 year high midweek after Trump cancelled peace talks and began to plan a new attack to force Iran to negotiate on his terms….after rising 14.3% to $94.40 a barrel last week as the US and Iran continued to attack shipping in and around the Strait of Hormuz, despite Trump's extension of the ceasefire, the contract price for the benchmark US light sweet crude for June delivery surged as global markets opened on Monday, as hopes for renewed diplomatic progress faded after weekend peace talks in Islamabad were abruptly canceled by President Trump, but pulled back from the early morning price spike during early afternoon trading in Europe, even as talks stalled and the Strait of Hormuz remained blocked, then extended the rally as morning trading began in New York, as the two-month long U.S.-Israeli war on Iran seemed no closer to a diplomatic resolution, leaving ​oil flows through the Strait of Hormuz​ at near zero, and settled $1.97 higher at $96.37 a barrel in the absence of further peace talks between the U.S. and Iran, and as shipments through the Strait of Hormuz remained limited…oil prices then rose more than 2% in Asian trading Tuesday, as efforts to end the US-Iran war remained stalled, and the crucial Strait of Hormuz waterway remained shut, keeping energy supplies from the key Middle East producing region out of the reach of global buyers, and were up more than $3 a barrel as markets opened Tuesday morning in New York, as Iran and the US remained at an impasse over conditions to continue talks to resolve the crisis, which had cut a fifth of petroleum liquids supply off the global market for two months, and settled $3.56 higher at $99.93 a barrel as persistent worries about supply constraints from the closed Strait of Hormuz outweighed concerns about the United Arab Emirates' decision to leave OPEC ‌and the wider OPEC+ group…oil prices rose further in Asian trading on Wednesday​, as talks to end the Iran war appeared to be at a standstill and the Strait of Hormuz ​was no nearer being reopened, then saw Brent, the global benchmark, top $120 in London trading for the first time since June 17, 2022, and continued to surge during the US session after the EIA reported record oil exports and exceptionally large draws from US crude, gasoline, and distillate supplies, and settled $6.95 higher at $106.88 a barrel after Trump asked U.S. oil companies about ways to mitigate the impact of a potentially months-long U.S. blockade of Iranian ports, adding to concerns that ‌disruptions to Middle Eastern oil supply could ⁠be prolonged….oil prices jumped to a four-year high on global markets on Thursday after Axios reported late on Wednesday that US the US Central Command (CENTCOM) had prepared a plan for a “short and powerful” wave of strikes on Iran in hopes of breaking the negotiating deadlock, but retreated on Thursday afternoon on those same reports that the US was considering fresh military strikes on Iran and also deploying hypersonic missiles in the Middle East, and settled $1.81 lower at $105.07 a barrel after the Trump administration said it was seeking to exchange up to 92.5 million barrels of crude from the Strategic Petroleum Reserve in an attempt to calm oil markets…oil prices rose again in Asian markets on Friday, as attempts to resolve the conflict with Iran ​remained stalled, with Tehran continuing to block the Strait of Hormuz and the US Navy restricting Iranian crude exports, but turned lower after Iranian media reported that Tehran had proposed fresh talks with the United States in a message sent via mediator Pakistan on Thursday evening, and settled the New York session $3.13 lower at $101.94 a barrel as ​the expectation that the United States and Iran would head to the negotiation table again to resolve the Middle East conflict cooled a market that still ended 8.0% higher on the week…

US natural gas prices, ​meanwhile, finished higher for the second time in three weeks after a cool shift in the early May forecast suggested a​ potential extension to the heating season….after falling 5.6% to a 17 month low at $2.523 per mmBTU last week following a record breaking injection of natural gas into storage for this time of year, the price of the benchmark natural gas contract for May delivery opened 7 cents higher on Monday and rose to an intraday high of $2.630 at 11:20 AM, as traders positioned for the May contract’s expiration ​the next day, and​ as technical resistance l​limited the downside, but trended lower through the afternoon to settle 2.7 cents higher at $2.550 per mmBTU as forecasts teased a moderate boost to demand amid mixed fundamental indicators ….May natural gas opened 2 cents lower on its last day of trading Tuesday, pressured by stout supply levels and weak weather-driven demand, but settled 0.9 cents higher at $2.559 per mmBTU as traders weighed comfortable supply in storage, downwardly trending production, LNG feed gas​ demand, and a mixed near-term weather outlook​​, while the more actively traded benchmark natural gas contract for June delivery settled 3.8 cents lower at $2.691 per mmBTU….with markets now quoting the price of the benchmark natural gas contract for June delivery, that front month contract opened 5.7 cents lower on Wednesday and dipped to the intraday low of $2.615 within minutes of the open, as risk-off traders took note of an eastern cold front and LNG strength but also solid Lower 48 supply levels, and only partly recovered before settling 4.4 cents lower at $2.647 per mmBTU, on ample amounts of fuel in storage and forecasts for less demand next week than was previously expected…June natural gas opened 1.7 cents higher on Thursday, and traded around $2.670 ahead of the weekly EIA storage report, as traders braced for a seasonally high storage reading, then rallied to an intraday high of $2.794 at 12:45PM after an in line report, as seasonal pipeline maintenance and cool seasonal temperatures provided support, and settled 12 cents higher at $2.767 per mmBTU, as storage deficits in the Midwest and East ​also provided price support…natural gas futures probed higher in early Friday trading, but fell back on surprisingly strong production​, as weather models pointed to a mostly bearish two-week demand outlook, and settled 1.3 cents higher at $2.780 per mmBTU as momentum petered out amid bearish domestic fundamentals….natural gas prices thus finished the week 10.2% higher on the switch to quoting the higher priced June contract, while the June contract itself, which had been priced at $2.683 at the end of the prior week, ended 3.6% higher..

The EIA’s natural gas storage report for the week ending April 24th indicated that the amount of working natural gas held in underground storage rose by 79 billion cubic feet to 2,142 billion cubic feet by the end of the week, which left our natural gas supplies 116 billion cubic feet, or 5.7% above the 1,921 billion cubic feet of gas that were in storage on April 24th of last year, and 153 billion cubic feet, or 7.7% above the five-year average of 1,926 billion cubic feet of natural gas that had typically been in working storage as of the 24th of April over the most recent five years….the 79 billion cubic foot injection into natural gas storage for the cited week was in line with the 80 billion cubic foot injection into storage that analysts had forecast in a Reuters poll ahead of the report, but it was less than the 105 billion cubic foot of gas that were injected into natural gas storage during the corresponding week of 2025, while more than the average 63 billion cubic foot injection into natural gas storage that had been typical for the same late April week over the past five years…

The Latest US Oil Supply and Disposition Data from the EIA

US oil data from the US Energy Information Administration for the week ending April 24th indicated that after a drop in our oil imports and record oil exports, we again pulled oil out of our stored crude supplies for the third time in ten weeks, and for 23rd time in forty-eight weeks, despite the largest (war related) withdrawal from our Strategic Petroleum Reserve since 2022 and an increase in oil supplies that the EIA could not account for….Our imports of crude oil fell by an average of 329,000 barrels per day to 5,750,000 barrels per day, after rising by an average of 787,000 barrels per day during the prior week, while our exports of crude oil rose by an average of 1,640,000 barrels per day to a record 6,438,000 barrels per day, which, when used to offset our imports, meant that the net of our trade of oil worked out to an export average of 688,000 barrels of oil per day during the week ending April 24th, our first next export average since WW II, and an average of 1,214,000 fewer barrels per day than the net of our imports minus our exports during the prior week... At the same time, transfers to our oil supplies from Alaskan gas liquids, from natural gasoline, from condensate, and from unfinished oils were 1,000 barrels per day lower than the prior week at 599,000 barrels per day, while during the same week, production of crude from US wells was 1,000 barrels per day higher at 13,586,000 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 13,497,000 barrels per day during the April 24th reporting week…

Meanwhile, US oil refineries reported they were processing an average of 16,071,000 barrels of crude per day during the week ending April 24th, 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 a net average of 1,908,000 barrels of oil per day were being pulled out of the supplies of oil stored in the US, the largest total inventory withdrawal since July 28, 2023… So, based on that reported & estimated data, the crude oil figures provided by the EIA appear to indicate that our total working supply of oil from storage, from net imports, from transfers, and from oilfield production during the week ending April 24th averaged a rounded 667,000 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 [ +667,000 ] barrel per day figure onto line 16 of the weekly U.S. Petroleum Balance Sheet, in order to make the reported data for the supply of oil and for the consumption of it balance out, a fudge factor that they label in their footnotes as “unaccounted for crude oil”, thus indicating there must have been a error or omission of that size in the week’s oil supply & demand figures that we have just transcribed….Moreover, since 206,000 barrels per day of oil  supplies could not be accounted for in the prior week’s EIA data, that means there was 461,000 barrel per day difference between this week’s oil balance sheet error and the EIA’s crude oil balance sheet error from a week ago, and hence the changes to supply and demand from that week to this one that are indicated by this week’s report are off by that much, and therefore useless.... But since most oil traders react to these weekly EIA reports as if they were gospel, and since these weekly figures therefore often drive oil pricing and hence decisions to drill or complete oil wells, we’ll continue to report this data just as it’s published, and just as it’s watched & believed to be reasonably reliable by most everyone in the industry…(for more on how this weekly oil data is gathered, and the possible reasons for that “unaccounted for” oil supply, see this EIA explainer….also see this old twitter thread from an EIA administrator addressing these ongoing weekly errors, and what they had once hoped to do about it).

This week’s rounded 1,908,000 barrel per day average decrease in our overall crude oil inventories came as an average of ​8​90,000 barrels per day were being ​p​ulled out of our commercially available stocks of crude oil, while 1,017,000 barrels per day were being pulled out of our Strategic Petroleum Reserve, the fifth consecutive Iran war related withdrawal from the SPR and the largest since October 2022, following a nearly continuous string of weekly additions to the SPR from September 2023 to February 2026, which had followed nearly continuous SPR withdrawals over the 39 months prior to August 2023… Further details from the weekly Petroleum Status Report (pdf) indicated that the 4 week average of our oil imports fell to 5,861,000 barrels per day last week, which was still 0.7% more than the 5,819,000 barrel per day average that we were importing over the same four-week period last year. This week’s crude oil production was reported to be 1,000 barrels per day higher at 13,586,000 barrels per day as the EIA’s estimate of the output from wells in the lower 48 states was 5,000 barrels per day lower at 13,161,000 barrels per day, while Alaska’s oil production was 6,000 barrels per day higher at 425,000 barrels per day...US crude oil production had reached a pre-pandemic high of 13,100,000 barrels per day during the week ending March 13th 2020, so this week’s reported oil production figure was 3.7% higher than that of our pre-pandemic production peak, and was also 40.1% above the pandemic low of 9,700,000 barrels per day that US oil production had fallen to during the third week of February of 2021.

US oil refineries were operating at 89.6% of their capacity while processing those 16,071,000 barrels of crude per day during the week ending April 24th, up from 89.1% the prior week, with the recent vacillation in the refinery utilization rate likely due to temporary shutdowns for seasonal maintenance, as refineries are ​being reconfigured to produce summer blends of fuel at this time of year….the 16,071,000 barrels of oil per day that were refined that week was barely changed from the 16,078,000 barrels of crude that were being processed daily during the week ending April 25th of 2025, but ​was 2.3% less than the 16,446,000 barrels that were being refined during the prepandemic week ending April 26th, 2019, when our refinery utilization rate was at 89.2%, which was below the pre-pandemic normal utilization rate for this time of year…

Even with the increase in the amount of oil that was refined this week, gasoline output from our refineries was somewhat lower, decreasing by 238,000 barrels per day to 9,838,000 barrels per day during the week ending April 24th, after our refineries’ gasoline output had increased by 315,000 barrels per day to a ten month high during the prior week... This week’s gasoline production was still 4.0%​ more than the 9,457,000 barrels of gasoline that were being produced daily over the week ending April 25th of last year, but 0.9% less than the gasoline production of 9,927,000 barrels per day seen during the prepandemic week ending April 26th, 2019….at the same time, our refineries’ production of distillate fuels (diesel fuel and heat oil) decreased by 13,000 barrels per day to 4,940,000 barrels per day, after our distillates output had increased by 87,000 during the prior week.  After that production decrease, our distillates output was 7.2% more than the 4,609,000 barrels of distillates that were being produced daily during the week ending April 25th of 2025, but 3.7% less than the 5,128,000 barrels of distillates that were being produced daily during the pre-pandemic week ending April 26th, 2019....

After this week’s increase in our gasoline production, our supplies of gasoline in storage at the end of the week fell for the eleventh week in a row, decreasing by 6,075,000 barrels to 222,299,000 barrels during the week ending April 24th, after our gasoline inventories had decreased by 4,570,000 barrels during the prior week. Our gasoline supplies decreased by more this week because the amount of gasoline supplied to US users rose by 49,000 barrels per day to 9,104,000 barrels per day, and because our imports of gasoline fell by 243,000 barrels per day to 344,000 barrels per day, while our exports of gasoline fell by 140,000 barrels per day to a​n eight month low of 775,000 barrels per day…  After forty-two gasoline inventory withdrawals over the past sixty-three weeks, our gasoline supplies were 1.4% lower than last April 25th’s gasoline inventories of 225,540,000 barrels, and about 2% below the five year average of our gasoline supplies for this time of year…

Likewise, after this week’s decrease in distillates production, our supplies of distillates fell for the eleventh time in twenty-four weeks, decreasing by 4,494,000 barrels to a ten month low of 103,638,000 barrels during the week ending April 24th, after our distillates supplies had decreased by 3,427,000 barrels during the prior week… Our distillates supplies fell by more this week because the amount of distillates supplied to US markets, an indicator of domestic demand, rose by 81,000 barrels to 4,113,000 barrels per day, and because our imports of distillates fell 64,000 barrels per day to 126,000 barrels per day, while our exports of distillates fell by 6,000 barrels per day to  of 1,595,000 barrels per day ... After 22 additions to distillates inventories over the past 42 weeks, our distillates supplies at the end of the week were still 1.2% higher than the 106,878,000 barrels of distillates that we had in storage on April 25th of 2025, but now about 11% below the five year average of our distillates inventories for this time of the year…NB: our exports of distillates have averaged 1,591,000 barrels per day over the past four weeks, the highest on record…

Finally, after record exports and a decrease in our oil imports, our commercial supplies of crude oil in storage fell for the 10th time in twenty-six weeks, and for the 23rd time over the past year, decreasing by 6,234,000 barrels over the week, from a 34 month high of 465,729,000 barrels on April 17th to 459,495,000 barrels on April 24th, after our commercial crude supplies had increased by 1,925,000 barrels over the prior week….After this week’s decrease, our commercial crude oil inventories were about 1% above the recent five-year average of commercial oil supplies for this time of year, and were about 33% above the average of our available crude oil stocks as of the fourth weekend of April over the 5 years at the beginning of the past decade, with the big difference between those comparisons arising because it wasn’t until early 2015 that our oil inventories had first topped 400 million barrels. After our commercial crude oil inventories had jumped to record highs during the Covid lockdowns in the Spring of 2020, then jumped again after February 2021’s winter storm Uri froze off US Gulf Coast refining, but then fell sharply due to increased exports to Europe following the onset of the Ukraine war, only to jump again following the Christmas 2022 refinery freeze-offs, changes in our commercial crude supplies have been less extreme since, and as of this April 24th were 4.3% above the 440,408,000 barrels of oil in commercial storage on April 25th of 2025, but were 0.3% less than the 460,890,000 barrels of oil that we had in storage on April 26th of 2024, and were fractionally less than the 459,633,000 barrels of oil we had left in commercial storage on April 28th of 2023…

This Week's Rig Count

The US rig count was up by thee over the week ending May 1st, as the count of rigs targeting natural gas was up by one, the number of rigs targeting oil was up by one, and miscellaneous rigs were also 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 May 1st, the second column shows the change in the number of working rigs between last week’s count (April 24th) and this week’s (May 1st) count, the third column shows last week’s April 24th active rig count, the 4th column shows the change between the number of rigs running on Friday and the number running on the Friday of the same week of a year ago, and the 5th column shows the number of rigs that were drilling at the end of that reporting period a year ago, which in this week’s case was Friday, the 2nd of May, 2025…

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Data centers killing Ohio's beloved parks before our very eyes -- Cathy Cowan Becker, Save Ohio Parks-- The Ohio Oil and Gas Land Management Commission, on March 27, took 13 minutes to rubber-stamp fracking of 8,749 acres of Egypt Valley Wildlife Area and Salt Fork State Park – despite 1,337 public comments opposed.That was just the start. Another 8,366 acres of Egypt Valley have been nominated for fracking, likely to be rubber-stamped at the commission’s next meeting.As board president of Save Ohio Parks, I’ve seen two dozen nominations for parks and wildlife areas and three dozen nominations for highway land go through this commission over the last three years.But never have I seen over 17,000 acres of our public lands nominated – much less approved – in such a short time. The question is, why?  The answer is two words: data centers.According to Data Center Map, there are 201 data centers in Ohio, with 113 in central Ohio. Another 77 projects are proposed or under development. Thanks to House Bill 15, passed last year, each data center can get state approval for a major gas plant to power its operations in just 45 days – with no public notice, no public information session and no public hearing.That’s exactly what happened at the Amazon data center on Scioto-Darby Creek Road in Hilliard. The largest fracked gas fuel cell in North America was approved with no public notice, information session or hearing to power this data center “behind the meter” – meaning power never goes onto the grid. It’s meant to provide private power to Amazon.The gas fuel cell will emit 1.45 million pounds of carbon dioxide every day – directly next to hundreds of homes, an elementary school, a park and the county’s largest animal shelter. The emissions are the equivalent of 66,000 additional gas-powered vehicles per day.It received automatic approval from the Public Utilities Commission of Ohio – meaning no formal vote – and got an air permit from the Ohio EPA before anyone knew what was happening.That’s the plan for other data centers across the state.The village of Ashville, population 5,000, is dealing with a proposal to build a data center campus whose footprint would be as large as the village itself – powered by an 800- megawatt gas facility located directly next to schools and soccer fields where children play.And a 9.2 gigawatt gas plant – enough to power more than half of Ohio – is proposed for the site of a former uranium enrichment plant to power a massive data center complex in Pike County, which already has an early death rate 107 times the national average. Where is all this gas going to come from? You guessed it – our state parks and public lands. This isn’t conjecture. House Speaker Matt Huffman and Senate President Rob McColley told the Ohio Oil and Gas Association that was their intent.Fracking our parks for gas to power data centers is a “ripe opportunity,” McColley said, according to a March 5 Gongwer News Service article.  “We are at the front of some very glorious times,” Huffman told the association.If there’s one thing I could tell local government officials, it’s this:If you approve a data center, then you will likely get a gas plant, and there won’t be anything you can do about it. The state can and will put a fracked gas plant next to homes, schools, businesses and parks. The only way to prevent a gas plant from being forced into your neighborhood is to prevent the data center from going there in the first place. The gas will come from practically the only un-fracked land in Appalachian Ohio – our parks and wildlife areas. This will produce billions of gallons of toxic and radioactive waste that is injected into disposal wells, where it is known to migrate into abandoned wells, production wells and threatens drinking water.It’s what the state legislature wants – and if local officials accept data centers, rural Appalachia, our state parks and public lands and even our villages, towns and suburbs will all be turned into fracking sacrifice zones. Put a stop to it now.Support a moratorium on building new data centers and fracking our public land. Our land, water and air were meant to be held in public trust for future generations – not sacrificed for Big Tech and Big Oil profits.

Incoming fracking at Ohio wildlife area could bring habitat loss, heavy construction and money for conservation -  by Julie Grant  - An Ohio commission is considering proposals to lease thousands of acres of a remote state-owned wildlife area for fracking. Some people who live near the Egypt Valley Wildlife Area think the leases make sense, while others are concerned about their cultural and ecological impacts.  Randi Podladnik and her husband moved to the Tappan Lake area of southeastern Ohio in the late 1990s, trading the industrial pollution of their former home for a quiet rural community. In 2013, she says the fracking industry started changing the landscape. “If we just stay in our house and don’t leave, we can pretend like it’s not happening,” she said, while driving the hilly, windy roads, dodging truck after truck. “But as soon as you leave, you run into brine trucks and sand trucks, and it’s taking your life in your hands sometimes to travel the back roads.” Some of the trucks carry sand for the fracking process, and others transport contaminated wastewater from well pads to injection wells. As Podladnik drives, she points out fracking sites and also huge stacks of logs. “You can always tell when they’re doing a pipeline or a well pad, because [of the] wall-to-wall trees they’ll be trucking in here, where they cut them through the forest,” Podladnik said. In the past year, a frack pad was built close to her house, and now she says there’s nowhere to hide from the noise and industrialization of their country home. On the main road leading toward Lake Tappan, long-time resident Sherry Lindon said in recent years, trucks started flying by at all hours.“It means a lot of nights I can’t sleep. It’s just noise, noise, noise,” Lindon said.She said the trucks have made it unsafe for kids to play in the neighborhood, and pointed to tire tracks in her yard that she said were from the trucks.“It’s just not been pleasant. The only thing I can say is hopefully some people are making money from the fracking, and hopefully it’ll go away,” she laughed.Thirty miles south, the Ohio Oil and Gas Land Management Commission has put over 12,000 acres of a remote wildlife area, called Egypt Valley, out to bid for fracking. In addition, there are proposals to lease another 8,000 acres at the state-owned site — meaning the entire wildlife area could be open to fracking. Podladnik warns that what’s happened near her home portends the future for Egypt Valley.“I wonder [if] the people who fish or harvest deer or things like that from that area, how is that going to be affected down the road?” she asked. Unlike Tappan Lake, there’s almost no traffic moving through the Egypt Valley Wildlife Area. On a recent weekday, the only vehicle on the road was a school bus, along with a couple of pickup trucks parked along the side of the road near waterways where people fish. For decades, this land was cleared for surface coal mining. In the 1990s, as that mining was ending, conservation groups, including the Ruffed Grouse Society, along with the state, acquired what is now more than 18,000 acres here, used mostly for hunting and fishing. But this area is not pristine. “The history of land use results in a condition that is very heavily departed from a highly intact ecological system,” said Karl Malcolm, vice president of conservation for the Society, which works to promote healthy habitat for grouse and the American woodcock, two game birds that have suffered long-term declines in Ohio from loss of habitat. Today, the rolling green hillsides at Egypt Valley are covered with brush and young trees. The land is dotted with wetland areas and small ponds, which the Ohio Department of Natural Resources (ODNR) stocks with bass and other fish. The ODNR reintroduced river otters in the 1990s, and according to its website, there is now a thriving population here. Malcolm said it costs “tremendous amounts of money” for the state to remove non-native invasive brush species, like buckthorn and honeysuckle, at Egypt Valley and its other properties, while promoting bird-friendly grassland and shrubland habitats.“Given the history of land use, how do we manage this in a way that’s gonna promote opportunities to hunt and also deliver conservation outcomes for other species of concern?” Malcolm said. “It comes at a high cost.” He supports fracking in Egypt Valley for the revenue it would bring into Ohio. Malcolm calls it a reasonable solution.“Where you have oil and gas revenue coming into the state, if there’s a mechanism to have some or all of those revenues invested in conservation outcomes, I see the benefit of being able to capture that value,” he said.This fiscal year (FY 2026), the state has budgeted $3 million dollars in royalties from fracking in state wildlife areas to support conservation efforts. Leasing Egypt Valley for fracking makes a lot of sense to Kyle Wood, who owns an outdoor and hunting supply store not far from the wildlife area. “They’d be crazy to pass that up,” he said. “You’re talking about a lot of money there for that kind of acreage. So I think they would be fools to pass it up.” The ODNR has added an addendum to lease agreements at Egypt Valley that well pads be built outside the wildlife area’s boundaries, that fracking companies limit noise pollution and not drill during hunting seasons. Also, it wants water sources to be tested before and after fracking. Research shows that oil and gas development can impact wildlife, like songbirds.As a Ph.D. student at West Virginia University, Laura Farwell, an avian and landscape ecologist, studied the impacts of fracking on forest songbird communities in the central Appalachian region, which includes eastern Ohio, Pennsylvania and West Virginia.     She joined a team of WVU researchers surveying birds deep in the forests, and also right up to the edge of drilling sites and pipeline corridors. They found that fracking activity changed the bird population. “So there was this immediate effect of sensitive species moving out, but then over time you’d see generalist species moving in,” Farwell said. “The entire sort of bird community would shift.” Her research team found that when more sensitive, forest-dependent species like blue-headed vireo and Canada warblers move out, others, like cowbirds, a native species that can take over a habitat, start showing up. Cowbirds are often considered a threat to vulnerable songbird species.At Tappan Lake, Randi Podladnik started noticing cowbirds about five years ago.“That was the one thing that we said, ‘Where in the heck did these guys come from?’” she said. Podladnik doubts that people who live near Egypt Valley, or hunt and fish there, understand that the state lease agreements for fracking could also mean heavy truck traffic, land disturbance, noise and pollution in their quiet wildlife area.“It’s going to an industrial zone, and is that going to get into the wildlife?” she asked.The Ohio Oil and Gas Land Management Commission is expected to consider bids and new fracking proposals at Egypt Valley at its meeting this summer.

OH Supreme Court Rules Against AWMS Injection Well Compensation -- Marcellus Drilling News - We’ve been tracking a story that we consider an ongoing tragedy for more than a decade. American Water Management Services (AWMS) owns a wastewater injection well in Trumbull County, Ohio, that supposedly caused a low-level earthquake (that nobody could feel) in 2014. Actually, there are two injection wells located at the site, both operated by AWMS. They were both “temporarily” shut down by the Ohio Department of Natural Resources (ODNR) following the quake nobody could feel (see ODNR Temporarily Shuts Down Injection Wells After Low-Level Quake). ODNR allowed AWMS to reopen one of the injection wells but denied it the right to reopen the second well. AWMS said it makes no economic sense to reopen just one of the wells and has been locked in a legal battle to reopen the shuttered well and get compensated by the state for forcing it out of business (missed revenues). Sadly, the Ohio Supreme Court ruled in favor of the state against AWMS, denying them money for the state’s “taking” of their property.

Another Attempt to Tie Shale Fracking to Ohio Earthquakes - Marcellus Drilling News - - Last May, MDN brought you the news that the Ohio Department of Natural Resources (ODNR) was laying the blame for a series of low-level earthquakes in southeastern Ohio on fracking at a shale well in Noble County (see ODNR Says Fracking in Noble County, OH Caused Series of Earthquakes). We were somewhat incredulous. Most of the time, low-level quakes are tied to injection wells near active faults, not to fracked shale wells. The enviro-left is making the most of it, ginning up angst in and around Noble County, tying fracked shale wells (not injection wells) to a series of low-level quakes in the region.

Locals in the lurch as Rover Pipeline continues property value dispute - Canton Repository -- As the Rover Pipeline property tax valuation dispute drags on, some regional school districts and government agencies are stuck waiting for the windfall they say they were promised. “I look at it almost as a false promise when they put the pipeline in the ground," said Doug Baum, president of the Pike Township board of trustees.  Repository / file photo

Ohio’s Inflated Rover Pipeline Tax Case Lingers in Court - Marcellus Drilling News - Last December, MDN told you that Rover Pipeline had to file a lawsuit in self-defense against the Ohio Tax Commissioner for her overly aggressive property tax assessment that inflates the project’s market value, causing it to pay too much in property tax (see Ohio Tax Commissioner Putting New O&G Pipelines at Risk). The dispute centers on the state treating $2.2 billion in weather-related construction overruns and an unrealistic “infinite lifespan” assumption as value-adding assets, violating constitutional principles of fair market valuation, under which taxes should reflect what a willing buyer would pay rather than total development costs. The problem is, school districts and various municipalities thought they were going to get an extra windfall and are now in trouble because of their own poor planning and unrealistic expectations.

Ares to Acquire Rover Natgas Pipeline Stake from Blackstone - (Reuters) – Ares Management said it has acquired a stake in the Rover natural gas pipeline from a unit of fellow investment firm Blackstone for an undisclosed sum, as interest in U.S. energy infrastructure assets grows. In a statement sent to Reuters, Ares said funds led by its Infrastructure Opportunities strategy would buy 32.4% of Rover, a pipeline system spanning around 700 miles (1,130 km) in Pennsylvania, West Virginia, Ohio and Michigan which moves natural gas from the Appalachian shale basin to Midwestern markets and beyond. Natural gas is playing a key role in supporting increased power generation to meet soaring demand from data centers and industry’s wider electrification efforts, and the conflict in the Middle East has boosted the allure of assets in jurisdictions that can operate unencumbered by geopolitical tensions. “Large-scale, strategically located assets like Rover, which offer much-needed egress for in-basin supply, are playing a central role in the natural gas value chain and represent a compelling opportunity for expansion,” said Anthony Omokha, managing director in Ares Infrastructure Opportunities.

Medina County Legal fight brewing over pipeline tax school funding | WOSU Public Media –- Cloverleaf Local Schools is considering filing legal action against the Medina County Auditor for delayed collection of taxes and fines from the Nexus Pipeline that runs through the district's boundaries. Cloverleaf's board of ed authorized district leaders to take action against the auditor's office at its April 22 meeting. The district said their concern was over the auditor's office delaying collection of $200,000 of interest on delinquent tax payments from 2019, 2020 and 2021 related to the natural gas pipeline.Cloverleaf Superintendent Daryl Kubilus said he's attempted for months to work with the auditor's office to collect the money."This started in June of 2025. I've been attempting to resolve this since that point and obviously have not gotten anywhere on that potential resolution," he said.John Hunter, spokesperson for the Medina County Auditor's office, said the county is currently discussing its options with the county prosecutor. He said the previous auditor's administration was not collecting interest and penalties on delinquent taxes."In 2019 and (20)20, the auditor's office had a policy of not doing the interest and penalty on that. And we're waiting to hear from the prosecutor's office if, in fact, we could still do that or what would have to happen for us to be able to do it and work with the schools on that," Hunter said.If the prosecutor's office does give the greenlight to assess the interest and penalties, Hunter said the auditor's office will still need to send a bill to Nexus.The conflict stems from a Nexus challenge of the state's $1.6 billion assessed value of the pipeline in 2019. An Ohio Supreme Court ruling in 2025 finalized the taxable value of the pipeline last year at $985 million. Cloverleaf was paid the delinquent taxes it was owed for 2019 through 2021, but the auditor's office failed to collect the interest Nexus owes on the taxes, the district said in a press release.This is the second public dispute between Cloverleaf and the county auditor's office in recent months. The Medina County Budget Commission attempted to cut millions of dollars in tax revenues from several local schools, including $546,000 from Cloverleaf. The commission cited a new state law allowing commissions to deem some school tax funding "excessive." The budget commission was unsuccessful in reducing the taxes because it missed a deadline."Obviously with the $546,000 cut that our Medina County Budget Commission tried to make until it was discovered that that would be illegal, I think for my Board of Education created a level of distrust with the county," Kubilus saidHunter said his office is just looking to "comply with the law" and follow proper procedures. "I don't feel there's any tensions between the auditor's office and Cloverleaf," he said. "We've met regularly with the superintendent. We've met regularly with the treasurer." The Nexus Pipeline carries natural gas across 13 counties in Ohio, from Columbiana County up to the northwest corner of the state. The owners of the Rover Pipeline, which travels a similar route, settled a similar dispute on its valuation in August 2025 on its 2019 taxes, but not subsequent years, leaving local governments in the lurch, The Canton Repository reported recently.In general, school districts across the state say they will be squeezed by new property tax relief measures approved by the Ohio Legislature last year, amid underlying issues in the current school funding system.

Anti-Fossil Fuelers Plan to Protest DEP Hearing for Homer City Pipe  -- Marcellus Drilling News -   The Pennsylvania Department of Environmental Protection (DEP) is seeking public comment on an Individual Stormwater Permit for a 5.8-mile natural gas pipeline in Indiana County. Serving the proposed Homer City Generation LP 4.5 GW power plant and data center, the 30-inch pipeline will traverse Black Lick, Burrell, and Center Townships, involving several stream and wetland crossings. The DEP will host a public hearing on May 12 from 5 to 7 PM at the Indiana Theater regarding Homer City Generation’s proposed 5.8-mile natural gas pipeline in Center Township. In response to this new project, local anti-fossil fuel groups are actively mobilizing. So-called “Concerned Residents of Western PA” (CROW) is holding a preparation meeting this afternoon to help “citizens” draft their public comments and build speaking confidence.

PA DEP Hard at Work Analyzing 42 “Studies” re Increasing Setbacks -- Marcellus Drilling News –- In December, the Pennsylvania Environmental Quality Board (EQB) accepted a petition by radical green groups, including the Clean Air Council and Environmental Integrity Project, to “study” the issue of increasing setbacks for shale drilling so far that it would ban ALL new Marcellus/Utica drilling in the Keystone State, which is no exaggeration (see EQB Votes to Consider Ban on Marcellus Drilling Via Crazy Setbacks). In March, the Shapiro Department of Environmental Protection (DEP) told the EQB it is actively reviewing the rulemaking petition and will have a recommendation on setbacks for the board by the end of this year (see PA DEP Signals Recommendation on Shale Drilling Setbacks by Year End). Yesterday, the DEP provided an update on its progress.

DOE funds conversion of Utica Shale gas well to enhanced geothermal system -  The US Department of Energy’s Hydrocarbons and Geothermal Energy Office selected the Pennsylvania Department of Environmental Protection to lead the project, which will convert a horizontal Utica Shale gas well into an enhanced geothermal system. The effort will also test various techniques to create the fractures necessary for a human-made geothermal reservoir.Located in the Appalachian Basin, the project is the first enhanced geothermal systems demonstration site in the eastern United States. If successful, it is expected to offer a replicable model for expanding geothermal energy in regions without naturally occurring permeability or fluid resources. The project will build directly on horizontal drilling and completion practices developed in the Utica Shale, evaluating optimal well orientation, lateral placement and spacing as part of a $14 million enhanced geothermal systems demonstration in Pennsylvania.

Antero Midstream Announces First Quarter 2026 Financial and Operating Results - Antero Midstream Corporation today announced its first quarter 2026 financial and operating results.  The relevant consolidated financial statements are included in Antero Midstream's Quarterly Report on Form 10-Q for the three months ended March 31, 2026.  First Quarter 2026 Highlights:

• Gathering volumes increased by 14% compared to the prior year quarter
• Net Income was $118 million, or $0.25 per diluted share, in line with the prior year quarter
• Adjusted Net Income was $138 million, or $0.29 per diluted share, a 4% per share increase compared to the prior year quarter (non-GAAP measure)
• Adjusted EBITDA was $288 million, a 5% increase compared to the prior year quarter (non-GAAP measure)
• Capital expenditures were $42 million
• Adjusted Free Cash Flow after dividends was $85 million, an 8% increase compared to the prior year quarter (non-GAAP measure)
• Repurchased 1.0 million shares for $18 million

"In addition to the integration efforts that remain on schedule, we continue to invest capital to improve the connectivity and market outlets on our gathering systems. These capital projects supported our first dry gas Marcellus Shale pad in over a decade, as well as our first pad on the acquired assets, that were connected during the second quarter. These pads deliver volumetric growth and position Antero Midstream to help supply the rising demand for U.S. Energy."Justin Agnew, CFO of Antero Midstream, said, "Antero Midstream's strong balance sheet and consistent Free Cash Flow generation, combined with the sale of our Ohio Utica Shale assets, allowed us to finance the HG Energy acquisition while maintaining leverage in the low 3-times range. Looking ahead we expect our just-in-time organic strategy, bolstered by the highly accretive HG Energy acquisition, to continue delivering high-single digit EBITDA growth in the future."

12 New Shale Well Permits Issued for PA-OH-WV Apr 20 – 26 - Marcellus Drilling News - The Marcellus/Utica region received 12 new drilling permits last week, Apr. 20 – 26, down 10 from the 22 permits issued two weeks ago. Pennsylvania issued all 12 of last week’s permits. Neither Ohio nor West Virginia issued any new permits. What a disappointment! The drillers who received new permits in PA last week included: Expand Energy, PennEnergy Resources, and Snyder Brothers. Armstrong County | Bradford County | Butler County  | Expand Energy | PennEnergy Resources | Snyder Brothers

ADNOC Sets Sights on U.S. Gas With Multibillion-Dollar Expansion Plan - The UAE’s ADNOC plans to invest billions of dollars in building a presence in the U.S. natural gas industry, the Financial Times reported today, citing the chief executive of ADNOC’s international investment division, XRG. Nameer Siddiqui told the FT that the company was in the process of evaluating as many as 29 potential acquisition targets in order to build a vertically integrated natural gas business in the United States, covering everything from extraction to pipeline transportation, liquefaction, and regasification in receiving countries. XRG is not only eyeing the global LNG market, but Siddiqui also said. Any business that the company builds in the U.S. will also seek to cater to the energy needs of data center operators, the executive told the FT. As for the manner of acquisitions, the executive said the company is considering several options, including minority stake purchases, drilling joint ventures, and buying controlling stakes in attractive projects in the U.S. natural gas patch. ADNOC set up XRG at the end of 2024 with an enterprise value of $80 billion, combining the parent company’s lower-carbon energy and chemicals investment operations across the world. Initially, XRG was to focus on transformational global investments that create value across natural gas, chemicals, and lower-carbon energy solutions, ADNOC said at the time. Last year, ADNOC began shifting some of its U.S. natural gas and alternative energy stakes under the XRG umbrella. “Under the XRG umbrella, we are partnering with Exxon in the world’s biggest ammonia and hydrogen production facility in Texas; we are investing with NextDecade in the state’s largest liquefied natural gas facility; and through our acquisition of Covestro, we are supporting thousands of highly skilled US jobs in high-performance plastics and advanced polymers,” ADNOC chief executive Sultan Al Jaber said at the time. XRG bought a 35% stake in ExxonMobil’s proposed low-carbon hydrogen and ammonia production facility in Baytown, Texas. Another recent acquisition saw XRG become an 11.7% shareholder in Phase 1 of NextDecade’s Rio Grande LNG export project, also in Texas.

UAE Withdraws from OPEC, Investing ‘Tens of Billions’ in U.S. Gas -- Marcellus Drilling News - -This is really big news. Yesterday, we spotted an article in the Financial Times that the Abu Dhabi National Oil Company (ADNOC), which is the state-owned oil company of the United Arab Emirates (UAE), is planning to invest “tens of billions of dollars” to build a natural gas business in the U.S., as it accelerates efforts to diversify, as the Iran war disrupts the energy industry. We’re glad we held on to that story and kept it for today, because on the heels of that story, another, bigger one broke: The UAE is resigning from OPEC and OPEC+ as of Friday, May 1. That’s huge!

Ratings Agencies Downgrade Fossil Fuel Cos. Over So-Called ESG -- Marcellus Drilling News - Twenty-three state attorneys general are demanding explanations from the top ratings agencies, Fitch, Moody’s, and S&P, regarding “ESG-driven” downgrades of fossil-fuel companies. They allege the agencies promote a radical climate agenda, weaponizing credit ratings with flawed methodologies to push woke ideology and UN-backed net-zero goals, rather than providing objective financial analysis. The AGs contend these downgrades contradict stated methodologies, reveal conflicts of interest arising from pledges to integrate ESG, and penalize American energy while potentially favoring entities such as Chinese-owned companies.

4th Circus Clown Judges Badmouth MVP Southgate in Oral Arguments -- Marcellus Drilling News - -  Quick, send in the clowns. Don’t bother, they’re here. We’re referring to three extremely liberal Democrat judges who sit on the U.S. Court of Appeals for the Fourth Circuit (4th Circuit). These three judges, for years, blocked the construction of the 303-mile Mountain Valley Pipeline (MVP) until an Act of Congress forced them to back off and allow it to get built (see 4th Circuit Sees the Light, Dismisses Remaining Two MVP Lawsuits). These three are now considering a request from their donors (Sierra Club, Appalachian Voices, et. al.) to block the construction of an extension of MVP from Virginia into North Carolina, called Southgate. The early signals are that the clowns will do just that.

Surprise! 4th Circus Clown Judges Allow MVP Southgate Construction -- Marcellus Drilling News - Just yesterday, MDN told you that three left-wing judges from the 4th Circuit (“Circus”) who hate the Mountain Valley Pipeline (MVP) were back at it, badmouthing an extension of MVP into North Carolina, called Southgate (see 4th Circus Clown Judges Badmouth MVP Southgate in Oral Arguments). Their comments to attorneys for MVP Southgate during oral arguments exposed their bias. Big Green groups sued to overturn permits issued by North Carolina and Virginia for the project. Southgate is ready to begin construction, but a temporary “stay” was issued on March 30 while this lawsuit plays out. In a surprise decision, the clown judges lifted the stay last night, allowing construction to start.

Big Green Mobilizes Against SC Lowcountry Gas-Fired Plant & Pipe - Marcellus Drilling News - - In February 2024, members of the South Carolina Public Service Commission approved a proposed project to build a 1,020-megawatt (MW) gas-fired power plant in the state’s Lowcountry, in Colleton County (see SC PSC Approves Gas-Fired Power Plant Proposed for Edisto River). The Canadys project is a 50/50 partnership between Dominion Energy (formerly South Carolina Electric & Gas) and Santee Cooper (South Carolina’s state-owned electric and water utility). As they have from the beginning, the two companies continue to defend the project against attacks by anti-fossil fuel groups. Big Green, in the form of the Sierra Club and Savannah Riverkeeper, has joined the fight to try to block this necessary project.

Golden Pass LNG Train 2 Could Be Mechanically Complete by Year-End -- ExxonMobil expects the next two trains at Golden Pass LNG to reach key construction milestones over the next year, positioning the Texas export project to add substantial US supply as global natural gas markets tighten. At a Glance:

• Train 3 milestone expected in 2027
• Damaged Qatar trains face years
• Initial cargo heads toward Belgium

US LNG Exports Hit Record April High Despite Seasonal Dip -- A look at the global natural gas and LNG markets by the numbers. North America LNG Export Flow Tracker showing daily U.S. LNG export volumes from April 20-29, 2026, with shipments declining from about 19.16 Bcf/d to 18.16 Bcf/d, alongside facility-level data for major terminals including Sabine Pass, Corpus Christi, Freeport, Cameron, and Calcasieu Pass, highlighting capacity utilization rates and total deliveries to U.S. LNG export facilities.

• 10.15 Mt: US LNG exporters are on track to ship record April volumes. By the end of the month, US export volumes are poised to reach 10.15 million tons (Mt), according to Kpler data. It would still be a 1.28 Mt month/month decline, matching historical patterns of a slight slump after March as key LNG markets shift into shoulder season. However, exports are up 1.33 Mt year/year, driven by gains in exports to Asia and Latin America.
• 18.8 Bcf/d: US feed gas nominations to LNG terminals have slumped since the beginning of the week after running well above 19 Bcf/d for most of the month. Nominations have dipped from around 19.4 Bcf/d at the end of last week to 18.8 Bcf/d as of Wednesday, according to Wood Mackenzie data. Flows could tick back up to an average of 19.4 Bcf/d over the next seven days as Corpus Christi LNG sees additional ramp up at the sixth train of the Stage 3 expansion and Golden Pass continues to run steady with Train 1.
• 16%: Imports of Russian LNG in the European Union (EU) rose in April in the face of a key policy milestone for phasing out supply from the country by 2027. On April 25, the EU’s bloc-wide energy policy required firms to suspend all short-term LNG purchases from Russia. By the end of the month, the EU is set to receive 1.54 Mt in Russian LNG, according to Kpler data. In the first four months of the year, the EU has received 6.75 Mt from Russia, a 16% increase over 2025 volumes during the same period.
• 12 Mt/y: Lantern LNG, a proposed offshore export project proposed for Matagorda Bay in Texas, has tapped Honeywell to provide technology and automation for the three-train project. Lantern is still in the pre-permitting phase and will require final oversight from the US Maritime Administration and an export authorization from the US Department of Energy. A final investment decision on Train 1 is targeted for 2029, placing the start of commercial operations sometime in 2031.

Massive Pipeline Buildout Continues Ahead of Next LNG Export Wave -More than 20 Bcf/d of natural gas takeaway capacity could enter service next year, most of which is being built to serve the next wave of LNG exports, according to Arbo. Chart titled “New U.S. Pipeline Projects Entering Service” showing annual counts and capacity of interstate and intrastate natural gas pipeline projects from 2023 to 2027. Stacked bars indicate project counts, with interstate projects dominating each year, peaking around 15 in 2025, while intrastate projects range from about 3 to 7 annually. Overlayed circles represent pipeline capacity in Bcf/d, with interstate capacity rising significantly to a high near 15 Bcf/d by 2027, while intrastate capacity trends between roughly 4 and 7 Bcf/d.  At a Glance:
15 Bcf/d of interstate capacity being built
Four LNG terminals driving 2027 growth
Slight delays likely

US natural gas futures dip on ample storage and weaker demand - (Reuters) - U.S. natural gas futures slid about 2% on Wednesday on ample amounts of fuel in storage and forecasts for less demand next week than previously expected. On its first day as the front-month, gas futures for June delivery on the New York Mercantile Exchange fell 4.4 cents, or 1.6%, to settle at $2.647 per million British thermal units (mmBtu). In the cash market, average prices at the Waha Hub in West Texas have remained in negative territory for a record 58 days in a row as pipeline constraints continued to trap gas in the Permian region, the nation's biggest oil-producing shale basin. Daily Waha prices first averaged below zero in 2019. They did so 17 times in 2019, six times in 2020, once in 2023, 49 times in 2024, 39 times in 2025, and a record 67 times so far this year. Waha prices have averaged a negative $2.15 per mmBtu so far in 2026, compared with a positive $1.15 in 2025 and a positive $2.88 over the past five years (2021-2025). Financial firm LSEG said average gas output in the U.S. Lower 48 states has fallen to 110.0 billion cubic feet per day (bcfd) so far in April, down from 110.4 bcfd in March. That figure compares with a monthly record high of 110.7 bcfd in December 2025. On a daily basis, output was down even more, falling by around 1.2 bcfd over the past four days to a preliminary two-week low of 108.4 bcfd on Wednesday as low spot prices prompted energy firms like EQT, the second-largest U.S. gas producer, to temporarily reduce production. Analysts said mostly mild weather this spring has allowed energy firms to inject more gas into storage than usual, boosting inventories to a forecast 8% above normal levels during the week ended April 24, up from 7% above normal during the week ended April 17. Looking ahead, meteorologists forecast the weather will remain slightly cooler than normal through May 14. Cool weather in May, however, does not usually generate a lot of heating demand but does knock out early spring air conditioning use. LSEG projected average gas demand in the Lower 48 states, including exports, would slide from 102.1 bcfd this week to 99.6 bcfd next week. The forecast for next week was similar to LSEG's outlook on Tuesday. Average gas flows to the nine big U.S. LNG export plants have risen to 18.8 bcfd so far in April, up from 18.6 bcfd in March. That figure compares with a monthly record high of 18.7 bcfd in February.

US natural gas futures hit three-week high as output drops and LNG exports stay strong  (Reuters) - U.S. natural gas futures climbed about 5% to a three-week high on Thursday on forecasts for more demand this week than previously expected, near-record liquefied natural gas (LNG) exports and a drop in output over the last month. Front-month gas futures for June delivery NGc1 on the New York Mercantile Exchange rose 12.0 cents, or 4.5%, to settle at $2.767 per million British thermal units (mmBtu), their highest close since April 7. Despite the daily increase, the front-month was down about 4% in April after posting a gain of about 1% in March. The U.S. Energy Information Administration said energy firms added 79 billion cubic feet (bcf) of gas into storage during the week ended April 24. That was in line with the 80-bcf build analysts forecast in a Reuters poll and compares with an increase of 105 bcf during the same week last year and a five-year (2021-2025) average increase of 63 bcf for the period. Analysts noted the build was bigger than usual for this time of year because mild weather last week kept heating demand low. In the cash market, average prices at the Waha Hub in West Texas have remained in negative territory for a record 59 days in a row as pipeline constraints trap gas in the Permian region, the nation's biggest oil-producing shale basin. Waha prices have averaged a negative $2.16 per mmBtu so far in 2026, compared with a positive $1.15 in 2025 and a positive $2.88 over the past five years (2021-2025). Financial firm LSEG said average gas output in the U.S. Lower 48 states fell to 110.0 billion cubic feet per day (bcfd) so far in April, down from 110.4 bcfd in March. That compares with a monthly record high of 110.7 bcfd in December 2025. On a daily basis, output was down even more, falling by around 2.0 bcfd over the last five days to a preliminary 12-week low of 107.6 bcfd on Thursday, as low spot prices prompted energy firms to temporarily reduce production. Looking ahead, meteorologists forecast the weather will remain slightly cooler than normal through May 15. Cool weather in May does not usually generate much heating demand but reduces early spring air conditioning use. LSEG projected average gas demand in the Lower 48 states, including exports, would slide from 102.9 bcfd this week to 99.9 bcfd next week. The forecast for this week was higher than LSEG's outlook on Wednesday.

US Has More Natural Gas Than It Can Use as War Chokes Global Supply - As the Iran war strangles natural gas supplies, countries across Asia and Africa are rationing fuel and enduring blackouts. In Europe, the conflict is raising the risk of an energy crunch this winter. Thousands of miles away, in the heart of US shale country, gas is so plentiful that producers have to pay buyers to take it off their hands. Drillers in the Permian Basin of West Texas and New Mexico have helped make the US the world’s largest oil producer. In the process, they’ve also glutted the region with natural gas, which is extracted there as a byproduct of crude. There’s so much gas, in fact, that it exceeds available pipeline capacity to get the fuel to customers or export terminals on the coast. The result: producers literally can’t give it away. Permian gas prices aren’t merely cheap — they’re negative. In other words, sellers are paying customers. While it’s not the first time that gas contracts in the region have gone subzero, prices are now lower than ever. The phenomenon feeds into the broader US market. Benchmark futures, already low by international standards, have slipped 10% since the Middle East conflict began. That’s in stark contrast to Europe, where futures have surged about 40%, and Asia, where they’ve jumped more than 50% as nations struggle to secure enough gas to run power plants and heat homes. west texas gas goes negative while prices surge in europe Note: US gas prices refer to front-month US gas futures; West Texas gas prices refer to day-ahead prices at the Waha trading hub; European gas prices refer to front-month Dutch TTF gas futures Source: Data compiled by Bloomberg With new pipelines slated to start up this year, negative Permian prices won’t last forever. But they reveal a gas bounty so massive that it’s not only insulating the US from war-driven energy shocks, but actually creating an economic tailwind. Cheap supplies of gas — a key manufacturing input and a major player in meeting power demand from artificial intelligence — stand to give the US an edge over countries facing fuel shortages. “US gas prices have not just remained lower than global benchmarks, but have remained insulated from the volatility” of major global gas and import markets in Europe and Asia, said Chris Louney, director of global commodity strategy at RBC Capital Markets. “This comparative energy security is beneficial for domestic industry that relies on natural gas as a feedstock or form of industrial grade heat, and increasingly power-hungry industries such as AI and data centers.” Americans are grappling with soaring power bills already, but without the glut of natural gas, those costs would be even higher. And while US consumers have been hit with broader inflation — including higher gasoline prices at the pump — as the Iran war upends the oil market, cheap natural gas is muting the impact, with utility gas prices falling 0.9% in March’s Consumer Price Index report. Soaring production from shale basins including the Permian has propelled US oil and natural gas output to all-time highs. That supply has been a cornerstone of President Donald Trump’s push for American energy dominance, helping to create a buffer between the US and war-driven market convulsions. In the Permian, gas prices have dipped below zero intermittently since 2019 as pipeline construction failed to keep pace with soaring production. But this year, negative pricing has been more pronounced than ever. Permian gas hit an all-time low of -$9.60 per million British thermal units on April 24 while US benchmark futures have recently traded below $3. Futures in Europe and Asia, meanwhile, are trading at about six times that level. Those higher prices are feeding directly into global inflation, pushing up the cost of electricity, heating and manufacturing. Goldman Sach Group Inc. estimates that a 10% increase in global liquefied natural gas prices adds about 8 basis points to global inflation and is a drag on economic growth. Gas scarcity has even forced some fertilizer makers to rein back production, said Pablo Galante Escobar, head of liquefied natural gas at commodity trader Vitol. That risks “transferring the energy crisis into a food crisis,” he said at the FT Commodities Global Summit in Switzerland earlier this month. Slovakia’s largest fertilizer producer, Duslo AS, said last month that it’s curbing ammonia output after gas prices surged. In India, fertilizer manufacturers including Indian Farmers Fertiliser Cooperative Ltd. are beginning to cut production after Qatari supplies of liquefied natural gas, a key feedstock, were suspended. But for the US, the picture looks much different. The divergence between gas prices in America and the rest of the world “could mean the US economy will prove more resilient than expected this year,” Anna Wong, chief US economist at Bloomberg Economics, wrote in a research note. “Natural gas is more important to the manufacturing sector — particularly chemicals, fertilizers, electricity — than crude oil is.” US petrochemical producers like Dow Inc. are among the companies benefiting from low-cost industrial gas, an important feedstock for chemicals manufacturing. “Supply and feedstock into Asia and Europe are constrained, which is triggering price increases globally,” Dow Chief Operating Officer Karen Carter said on an April 23 earnings call. “It is also leading to increased production in the Americas and is providing Dow the opportunity to capture new business in Europe.” Inexpensive gas is also putting downward pressure on the cost of electricity, and lower power prices stand to aid the buildout of data centers, Wong wrote. That could help assuage concern about soaring electricity costs tied to the AI boom — an issue that’s become a key concern for voters heading into the US midterm elections. The fuel is poised to be an asset for the US in its race against China for AI dominance, with data-center developers including Meta Platforms Inc. favoring gas over cleaner alternatives because of its reliability as a power source. “The current market is highlighting a clear divergence — global natural gas prices are rising sharply, while US prices are even lower than when the Iran War began,” Jeremy Knop, chief financial officer of EQT Corp., the second-largest US gas producer by volume, said in an emailed statement. “That’s a direct result of the scale and efficiency of domestic supply.” For some US gas producers, however, low prices have been a drag on profits. Diamondback Energy Inc., a top Permian explorer, is “consciously moving away from Waha,” as the Permian pricing hub is known, and increasing its exposure to higher-priced markets near planned data centers, gas export facilities and population centers, executives said on an earnings call late last year. “Investors want us to realize more than zero on our gas,” Diamondback CEO Kaes Van’t Hof told attendees April 15 at an energy conference in Fort Worth, Texas. “We’re an oil company. Most of our revenue comes from the oil side, but in a good year, gas is 5% of our revenue, and it’s probably headed towards 10% or so.” Even drillers outside the Permian are feeling the effects of low gas prices. Though EQT has touted the benefits of cheap US gas, the company announced plans earlier this month to cut quarterly production by 2% as gas prices languish, with domestic stockpiles well above the five-year average. “In this environment, we are taking a disciplined approach to production, including modest production curtailments during the low-demand spring season to store supply for maximum deliverability during peak summer power demand,” Knop said. As prices have fallen deeper into loss-making territory, flaring events — when operators burn off natural gas at the wellhead, releasing carbon dioxide into the environment — have spiked to seasonal multi-year highs, according to research firm Energy Aspects. While New Mexico has tight restrictions on flaring, Texas allows widespread exceptions to a state rule intended to limit the practice. Flaring in the Permian rose 13% in the first quarter, the biggest jump for that time of year in data going back to 2019, according to research firm Rystad Energy. “There’s a market failure here,” said Jon Goldstein, associate vice president for energy transition at the Environmental Defense Fund. “It makes no sense to be burning an energy resource that is needed around the world, and polluting the air, when we could be using that, putting it to productive use.”

Can US LNG Fill Natural Gas Supply Void Left by Iran War Fallout? -- Click here to listen to the latest episode of Hub & Flow as NGI’s managing editor of LNG Jamison Cocklin joins the podcast to break down the new normal for natural gas in the wake of the Iran war. The global energy market continues to grapple with its second major shock of the decade as the Iran war, which began in late February, stretches into an indefinite stalemate. With critical LNG production offline in Qatar and the Strait of Hormuz still closed, the world faces a natural gas supply void that has sent global benchmarks soaring while leaving the market skeptical of a quick resolution.  From the technical hurdles of repairing damaged liquefaction trains in the Middle East to potential knock-on effects for US LNG, Cocklin assesses whether North American exports can truly fill the global gap. This episode explores the long-term shifts in LNG's role and how this latest wave of volatility could push North American projects toward final investment decisions.

Can U.S. Exporters Plug the Qatar LNG Supply Gap? Yes We Can!  - Marcellus Drilling News - You’ve seen the headlines and maybe read the news that “Qatar supplies 20 percent of the world’s LNG.” Iran bombed Qatar’s LNG export facility in early March and took it offline. The world press had a stroke, predicting a natural gas Armageddon without 20% of LNG coming from Qatar. But what’s this? U.S. LNG exporters “have so far offset the drop in shipments from Qatar following Iranian attacks on its facilities” and the closure of Hormuz. We’ve been able to make up for the lost exports from Qatar.

Shrunken offshore energy regulator faces an outsize challenge - A new agency for offshore energy development that’s seen its workforce shrink in recent years — and is targeted for funding cuts next year by the Trump administration — will be taking on a quickly growing portfolio of responsibilities. The Marine Minerals Administration unveiled this month by Interior Secretary Doug Burgum will oversee not only a larger oil and gas leasing program but also will help set up and police the nation’s first-ever offshore mining industry. The agency merges two existing bureaus within the Interior Department that managed energy development and safety in federal waters. While the offshore regulators together once employed 1,500 full-time staffers under the Biden administration, that’s since fallen to about 1,000 employees this year, according to the Office of Personnel Management data. The Trump administration has proposed further reducing the staff down to 874 people. For Interior and offshore energy industries, the creation of the consolidated agency — reversing a reform of the Obama administration, which had separated the agencies after the deadly Deepwater Horizon disaster in 2010 — fulfills an idea first floated during President Donald Trump’s first term. Environmental advocates say the smaller, combined agency envisioned by the current administration won’t have the capacity to properly oversee the expansion of oil and gas leasing across the Gulf of Mexico and off Alaska’s coastline required by the GOP’s 2025 budget law, the One Big Beautiful Bill Act. At the same time, MMA will take on the role of permitting and monitoring a brand new offshore mining sector that Trump wants to see rapidly rolled out. “This is an agency that’s now been combined and its budget and staff decreased while being charged with not only the safety and responsibility for oversight for the existing offshore drilling infrastructure in the U.S., but now the most massive expansion in U.S. history,” said Joseph Gordon, a campaign director for Oceana, an environmental group. An Interior spokesperson said in a statement that the new structure will “better align with the Department of the Interior’s mission, streamline governance of offshore energy and mineral resources, and deliver greater value to the American public.” “Over the last decade, federal offshore energy oversight has been strengthened with stricter safety regulations, more rigorous inspections, enhanced well-control standards, improved incident investigations processes, and stronger compliance monitoring,” the spokesperson said. “Together, these reforms underscore the Department’s commitment to effective and responsible stewardship that safeguards offshore workers, protects coastal communities, and preserves the marine environment.” But low staffing at the existing Bureau of Ocean Energy Management and Bureau of Safety and Environmental Enforcement has caused some internal alarm. The top offshore safety regulator in Alaska wrote in a public comment last fall that cuts during the Trump administration had left his BSEE office at “below sustainable levels” to manage current levels of leasing, even as the budget law ramped up the number of sales off Alaskan coastlines. While regulators have held five offshore Alaskan oil and gas lease sales over the last 20 years, the law requires five more lease sales off the coast of Alaska through 2032, in addition to the one held in Cook Inlet earlier this year. After his comment made news, the Trump administration put the official on leave. The administration is seeking to cut back spending more as it combines the agencies. Interior’s fiscal 2027 spending proposal includes a 42 percent decrease in funding compared to this year, along with a 20 percent cut in staff. Those reductions would come after the administration has already shed hundreds of offshore employees through buyouts and early retirement offers. The plan would impose a 37 percent cut to oil spill research and eliminate all renewable energy activity, in line with the administration’s efforts to stymie offshore wind development, which is also under BOEM’s purview. The offshore shakeup is seen as a sensible reform within the nation’s nascent offshore mining sector, which is vying for applications to mine in domestic waters in the outer continental shelf. Federal officials have already announced — and expanded — requests for information on possible mineral leases off the shores of Virginia, Alaska, Guam and the Northern Mariana Islands.

Texas oil and gas industry reporting job losses The Texas oil and natural gas industry reported job losses in January prior to a Federal Reserve Bank of Dallas report pointing to uncertainty in the industry because of geopolitical conflicts. Despite President Donald Trump pledging during his campaign that the U.S. would increase domestic production and “drill baby drill,” that has not materialized in Texas. In March, there were 49 fewer rig counts in the U.S., according to Baker Hughes. That number has fluctuated and remained above negative 40.Lower rig counts mean less extraction jobs and less investment in drilling new wells. Many exploration and production (E&P) firms have said they are going to “wait and see” on new drilling due to increased costs and instability in the market the conflict has created, according to the Dallas Fed, The Center Square reported. That is reflected in job losses reported in January. Overall, Texas added jobs but also reported losses and high unemployment rates in January, The Center Square reported.  Based on an analysis of the latest employment data by the Texas Independent Producers and Royalty Owners Association (TIPRO), Texas upstream sector jobs decreased over the month in January by 600 for a total of 64,300. Support activities jobs remained flat totaling 128,600. “The escalation of tensions with Iran into broader conflict in early 2026 has introduced significant global energy market vulnerabilities,” TIPRO said. “Early January geopolitical risks contributed to modest price premiums, but subsequent military actions and disruptions, particularly the near-complete closure of the Strait of Hormuz, which handles roughly one-fifth of global oil and LNG flows, triggered the largest supply shock in modern history. “As a result, Brent and WTI prices surged dramatically, exceeding $100 to $120 per barrel by March 2026. For Texas operators, the higher price environment alleviates margin compression, improves cash flows, and could catalyze renewed investment in drilling, completions, and midstream infrastructure. This in turn supports workforce stability and potential job growth in upstream and related sectors, reinforcing Texas's role as a reliable domestic supplier capable of quickly responding to global signals. However, the volatility also highlights risks of prolonged uncertainty, reinforcing the need for disciplined capital allocation.” By mid-March, oil futures hit $120 a barrel on the West Texas Index. On Thursday, oil futures surpassed $112 a barrel, The Center Square reported. “Even if the conflict were to end tomorrow and the Strait of Hormuz were to reopen, oil prices would not return to pre-conflict levels of $67 per barrel,” Andrew Lipow, with Houston-based Lipow Oil Associates, said. “The damage to energy infrastructure is done and will take months, if not years, to repair the more extensively damaged facilities. The damage to Ras Laffan in Qatar will reduce LNG supplies while damage to area refineries will reduce gasoline and diesel availability.” Impacts on the Texas industry include higher oil prices that provide short-term benefit for producers and royalty owners and increased costs at major refineries, TIPRO president Ed Longanecker told The Center Square. This leads to higher costs for consumers, “which is simply a factor of market dynamics that we have no control over,” he said. Despite this, industry workforce data “continues to indicate strong job postings for the Texas oil and natural gas industry in January following a decline in Q4 2025,” TIPRO notes. According to its analysis, there were 8,644 unique industry job postings in Texas in January, a 10% increase from December, and 3,846 new job postings added during the month. Among the 19 specific industry sectors TIPRO uses to define the Texas oil and natural gas industry, Support Activities for Oil and Gas Operations has the most unique job listings, followed by gasoline stations with convenience stores, petroleum refineries and pipeline transportation of natural gas. Houston, Midland, Dallas and Odessa reported the greatest number of total unique oil and natural gas job postings. The companies with the greatest number of unique job postings in January were Love’s, Energy Transfer, ExxonMobil and Baker Hughes, according to the analysis. In January, Texas’ not seasonally adjusted unemployment rate was higher at 4.5% but less than the national rate of 4.7%. Unemployment rates in the Permian Basin were lower than the state and national average. Midland and San Angelo MSA’s reported not seasonally adjusted unemployment rates of 3.4% and 3.5%, respectively.

Why 2 oil states are slow to embrace wastewater recycling - The two biggest oil-producing states are at a crossroads as they try to solve one of the industry’s thorniest problems — getting rid of billions of gallons of salty, oily wastewater that’s produced alongside crude. Academic researchers in Texas and New Mexico say technology developed in recent years allows companies to clean up the waste, known as produced water, so it can be released into surface water like rivers or diverted for uses such as crop irrigation. But state regulators are still cautious about the idea. The Texas Commission on Environmental Quality, which regulates water in the state, said it wants to address “knowledge gaps” before it issues disposal permits for oil field waste, and it will take more than a year for companies to reach full capacity once they receive a permit. New Mexico’s Water Quality Control Commission is considering an application from the oil industry and a group of oil states, though the commission has already turned down the idea twice. A lack of new state regulations is slowing down development at a time when Texas and New Mexico are fighting a drought and looking for long-term sources of water, said Zach Stoll, assistant director of the New Mexico Produced Water Research Consortium at New Mexico State University. “Without that, it’s tough to kind of scale up and go up and go out and invest however many hundreds of millions of dollars to build a facility,” he said. The Texas environmental commission is reviewing three active permit applications to dispose of treated produced water in the Pecos River and other surface water. The commission also is preparing to release regulations for surface use of treated water. In New Mexico, the Water Quality Control Commission could decide in May whether to advance rules that would allow produced water to be reused in 13 of the state’s 33 counties. “Building a science-based regulatory framework for produced water reuse is critical to safeguarding our state’s freshwater reserves for generations of New Mexicans,” Drew Goretzka, a spokesperson for the New Mexico Environment Department, said in an email. “NMED is committed to ensuring the petition reflects those priorities and can advance successfully before the Water Quality Control Commission.” The Texas commission known as TCEQ provided slides from Chair Brooke Paup’s recent presentation on produced water showing the timeline for the proposed regulations. But the agency declined an interview request and didn’t answer detailed questions from POLITICO’s E&E News. Environmentalists are urging oil states to move slowly, arguing that oil field wastewater is both a huge problem and a complicated one. Produced water totals have surged in recent years amid a drilling boom tied to the use of hydraulic fracturing, or fracking, that uses a mix of water, sand, chemicals and high pressure to get more oil and gas out of places such as the Permian Basin.The Permian, which lies under parts of Texas and New Mexico, produces more than 6 million barrels of oil a day, according to federal data. But it produces even more wastewater — three to five times as much, according to TCEQ, and some experts say the figure is much higher.That’s billions of gallons of waste a day. The fluid can hold more salt than ocean water, and it’s often contaminated with drilling chemicals, oil and other hydrocarbons, heavy metals and sometimes radioactive material.The salinity and the levels of pollutants often vary from place to place and can change over the lifetime of a well, making them harder to treat. And researchers don’t always know the safe levels for some of the chemicals found in the wastewater.“It’s a highly, highly variable waste stream, and so it’s basically impossible to have a one-size-fits-all treatment,”

US Oil Stocks Plummet, Country Becomes Net Crude Exporter on Weekly Basis for First Time, EIA Says - (Reuters) – The United States became a net exporter of crude for the first time since World War Two as ‌the country shipped a record volume of oil to refiners scrambling for supplies after the Iran war, leading to large drops in domestic inventories, the Energy Information Administration said on Wednesday. Europe and Asia have increasingly become dependent on crude from the Americas after the U.S. and Israel’s war on Iran triggered the largest-ever disruption to the global energy market and halted shipping via the Strait of Hormuz, which handles a fifth of the world’s oil and gas supplies. Total U.S. crude exports climbed to a record 6.44 million barrels ⁠per day, marking a 1.64 million bpd rise from the week prior. Oil futures extended gains following the report. Global Brent crude futures were up $8.11 at $119.37 a barrel at 12:35 p.m. ET (1635 GMT), while U.S. West Texas Intermediate futures were up $7.06 a barrel at $106.91. Net imports of crude oil (USOICI=ECI), or the difference between imports and exports, fell by 1.97 million bpd to minus 688,000 bpd, the first time it turned negative on a weekly basis, meaning outflows surpassed imports. On an annual basis, the U.S. was last a net exporter of crude in 1943, while on a monthly basis, the country was last a net exporter in 1944. The large exports pushed U.S. crude inventories down by 6.2 million barrels to 459.5 million barrels in the week ended April 24, the EIA said, compared with analysts’ expectations in a Reuters poll for a 231,000-barrel draw. ‌Crude stocks ⁠at the Cushing, Oklahoma, delivery hub (USOICC=ECI) dropped by 796,000 barrels in the week, the EIA said. “Refineries didn’t change. Domestic production was unchanged. It was all about the export numbers. Those barrels are going overseas rather than into storage,” said Bob Yawger, director of energy futures at Mizuho. MicroWatt Controls: Instrumentation & Safety System Experts Total exports of crude oil and petroleum products also touched a record 14.18 million bpd, up 1.298 million bpd from the week prior. U.S. gasoline stocks fell by 6.1 million ⁠barrels in the week to 222.3 million barrels, the EIA said, compared with analysts’ expectations in a Reuters poll for a 2.1 million-barrel draw. That marked the 11th straight week of draws, raising some concerns about fuel stocks as U.S. driving season looms. U.S. gasoline futures rose over 5% to $3.74, touching their highest price ⁠since 2022. Distillate stockpiles, which include diesel and heating oil, fell by 4.5 million barrels in the week to 103.6 million barrels, versus expectations for a 2.2 million-barrel drop, the EIA data showed. “With refinery runs still in check, solid draws were seen to both gasoline and distillate inventories,” ⁠said Matt Smith, an analyst with ship tracking firm Kpler. Refinery crude runs (USOICR=ECI) rose by 84,000 barrels per day in the week, the EIA said, while utilization rates (USOIRU=ECI) increased by 0.5 percentage point in the week to 89.6%. Product supplied, a proxy for demand, rose by 1.4 million bpd to 21.13 million bpd.

Gasoline Stocks Plummet, Prices Climb with Peak Demand Season Around the Corner - (Reuters) – U.S. drivers can expect another spike in gasoline prices in the coming days, just as the summer driving season gets underway, as the conflict in Iran drives oil prices higher and pushes countries around the world to call on American energy supplies. Gasoline demand typically peaks in the summer as many Americans embark on road trips and other travel. So far, relatively well-supplied stockpiles of gasoline have shielded U.S. consumers from the worst of the supply disruptions resulting from the Iran war and the effective closure of the Strait of Hormuz, a key trade chokepoint, even as prices have climbed to their highest level in four years. But that could be changing. Government data released on Wednesday showed a 6.08 million-barrel decline in gasoline stockpiles last week, part of a massive drawdown in U.S. energy inventories as countries turn to America to cover supply gaps. Exports of crude oil hit a record last week, helping to further drive up prices which are already over $100 a barrel. Gasoline stockpiles are now 5.98 million barrels, or nearly 3%, below the previous five-year average, according to EIA data. Refinery production, meanwhile, held relatively steady week-over-week at just under 90% utilization. “We’re drifting in the wrong direction on gasoline stocks heading into summer driving season. You’d be building stocks in anticipation of the start of the driving season and we can’t do that. This is getting ugly fast,” The national average price for retail gasoline hit $4.229 a gallon on Wednesday, the highest since July 2022, according to data from AAA. Refinery outages in the Midwest and on the U.S. Gulf Coast are compounding the supply crunch. BP’s 440,000 bpd Whiting refinery was hit by a power outage on Sunday, while Shell’s 250,000 bpd Norco refinery in Louisiana suffered a fire on Tuesday. In parts of the Midwest, prices are anticipated to climb above $5 a gallon as a result of the Whiting outage, according to Patrick De Haan, an analyst for GasBuddy. Elsewhere, costs at the pump are also expected to rise further, particularly as oil prices remain above $100 a barrel. On Wednesday, Brent crude futures were trading at $118.34 a barrel, up $7.08 a barrel, while U.S. crude futures were at $106.35 a barrel, up $6.42. Gasoline futures were trading up 5% on Wednesday at $3.7423 a gallon, their highest level since 2022.

U.S. gas prices at 4-year high as oil exports hit new record  -– United States gasoline prices pushed higher for the sixth consecutive day Wednesday, reaching $4.23 a gallon, as federal data released midmorning showed domestic inventories of crude oil and motor fuels fell for the 12th week in a row while the nation’s exports hit a new record high. U.S. Energy Department data released at 10:30 A.M. ET showed the nation’s crude oil exports hit a record high 6.44 million barrels per day in the seven-day period ending on April 24, about 810,000 barrels a day more than the previous record high of 5.63 million barrels a day set in the third week of February in 2023. While exports surged, domestic stocks of crude oil, gasoline, and diesel fell sharply. Before the war began in the Middle East, which closed the Strait of Hormuz to most ship traffic, global oil and motor fuels markets were awash in supply. While total inventories of most key U.S. petroleum products hover just below seasonal norms, diesel supplies remain the critical outlier, stuck at levels well below the five-year average for this time of year. At 103.6 million barrels, U.S. diesel supplies are about 11% below the seasonal average for the end of April. Because diesel powers most of the nation's freight trucks, farm equipment, and construction machinery, the price increases threaten to drive up the cost of everything from spring planting to grocery deliveries. Energy Secretary Chris Wright, in Croatia Tuesday promoting the country’s energy products at a summit of government officials in Dubrovnik, said in an interview with Bloomberg television that the world’s gasoline, diesel, and jet fuel buyers are enduring “a period of discomfort to solve a 47-year crisis” in Iran. Wright said the administration wants U.S. refineries to ramp up production. “If we didn't export our diesel and jet fuel, we'd have to turn down our refineries. Who would want to turn down their refining capacity in today's world?” Wright said in the interview. “At higher utilization rates, throughput and production are higher, allowing the refineries to run efficiently and produce more. While exports of U.S. crude oil and gasoline surged during the week, Energy Department data showed the nation’s refineries operated at below peak efficiency, due in part to seasonal factors. The refinery utilization rate—a measure of how much crude oil these plants are running as a percentage of their maximum capacity—dropped to 89.1%, down from 89.6% the previous week and below the 90.0% level analysts consider the baseline for optimal operations. The administration wants to increase the utilization rate at America’s refineries to benefit consumers, the energy secretary said. “That puts a downward pressure on prices, not just in the United States but for everyone abroad,” said Wright. “That's what America's about, bringing more energy to the world and pushing prices down.” Wright said the administration has taken other measures to boost motor fuel supplies, including the approval of increased blending of ethanol in gasoline. The energy secretary noted that EPA recently issued an emergency waiver to allow year-round, nationwide sales of E15, a blend of 85% gasoline with up to 15% ethanol, which is typically restricted to summer months. Benchmark oil futures prices around the world settled at near four-year highs Wednesday as the conflict in the Middle East entered the 63rd day, U.S. West Texas Intermediate crude oil futures for delivery in June rose $6.95 or 6.96% on Wednesday to settle at $106.88 per barrel, a four-year high. Brent Crude oil futures, the global benchmark, jumped 6.08% on Wednesday to finish the day at $118.03 a barrel, marking the second highest settlement price in almost four years. Gasoline prices spiked by more than a dime in several major markets between Tuesday and Wednesday. According to AAA, Ohio’s average for regular grade jumped 13.4 cents to reach $4.22. This price spike comes as two regional refineries cut production to perform seasonal maintenance and the Whiting facility near Chicago – the largest in the Midwest – worked to recover from a Sunday power disruption. Gasoline prices rose by more than a dime in key markets from April 28 to April 29. According to AAA Data, the price of regular grade gasoline in Ohio jumped 13.4 cents, rising to $4.22 on Wednesday, as two regional refineries curtailed production while another, the Whiting facility near Chicago – the largest in the Midwest – recovered from an outage caused by a disruption on Sunday to its electrical power.

Energía Costa Azul LNG Achieves Key Commissioning Milestone  -The first volumes of feed gas have entered facilities at Sempra Infrastructure’s Energía Costa Azul (ECA) LNG export project in Baja California, a critical mark ahead of targeted first production later this year. At a Glance:

• Feed gas flows near 26 MMcf/d
• Liquefaction startup still months away
• Border prices average 71.5 cents

Trump Signs Order Authorizing Bridger's Canada-Wyoming Crude Pipeline - U.S. President ‌Donald Trump on Thursday signed an order authorizing a proposed project to transport Canadian oil across the border as part of an effort to revive parts of the cancelled Keystone XL pipeline. South Bow, the Canadian pipeline company behind the cancelled Keystone XL pipeline, is partnering with U.S. company Bridger Pipeline on the proposed project. South Bow is considering reviving some of the already built line in Alberta and Saskatchewan. Bridger Pipeline is pursuing construction of a potential 1,038-kilometre pipeline beginning near the U.S.-Canada border in Phillips County, Mont., and transiting to Guernsey, Wyo. As Trump signed the order, White House Staff Secretary Will Scharf told the president, “This is a trans-border pipeline similar to the old Keystone XL pipeline.” Trump responded: “A lot of jobs, too. A lot of jobs. OK, very good.” The pipeline could increase Canada’s crude exports to the U.S. by more than 12 per cent if it goes ahead. The new proposal involves ⁠a different route ⁠through the U.S. than the ‌previous Keystone XL project, which was cancelled by former U.S. president Joe Biden in 2021 after years of Indigenous and environmental opposition. However, it would use ⁠some of the previously built pipe on the Canadian side, where the Keystone XL line is already fully permitted. In 2021, about 150 kilometres of pipe were installed in Alberta. “South Bow continues to evaluate the Prairie Connector project, a potential expansion of its Canadian asset base that would leverage existing infrastructure and permitted corridors to improve market access for Canadian crude oil,” South Bow spokesperson Solomiya Martoiu said in an emailed statement. “The Prairie Connector project remains in early stages and is subject to ongoing commercial, stakeholder and rightsholder discussions, regulatory processes and evaluation,” Martoiu said. South Bow was ‌created in 2024, when former Keystone XL proponent TC Energy spun off its oil pipeline business. “One reason we see it keep coming back is that there are some market realities that make a lot of sense,” “There are continued increases in oil production in Canada. We are seeing right now the biggest threats to waterborne traffic of oil that we’ve ever seen in the world,” he said. North America is uniquely well positioned to deal with the energy crisis caused by the U.S. war in Iran because of the continent’s mix of heavy oil, light oil, refining capacity and natural gas, Coleman said. Still, Coleman warned there could be legal challenges to this proposal, similar to the lawsuits against Keystone XL. The pipeline could transport about 550,000 barrels of Canadian crude per day to the U.S. “Canada has benefited for decades from having fully integrated infrastructure tied to the United States, the largest oil and gas consuming market on the planet,” Lisa Baiton, CEO of the Canadian Association of Petroleum Producers, said in an emailed statement. Baiton said the association supports “any new capacity that is commercially viable and can move Canadian energy reliably.” State regulatory permits will still be required for the project to proceed. “We are aware of the issuance of permits to Bridger Pipeline. The Government of Canada remains focused on strengthening Canada’s position as an energy superpower, supporting North American and global energy security, and advancing the diversification of our trade partnerships,” Charlotte Power, a spokesperson for natural resources minister Tim Hodgson, said in an emailed statement. The presidential permit comes at a time when Canada and the U.S. are facing an ongoing trade war and will soon begin negotiations on a new North American trade agreement. Last October, Prime Minister Mark Carney floated the idea of Keystone XL to Trump during a meeting at the White House. During the construction of the Canadian leg of the Keystone XL pipeline, about 1,000 workers were based in the town of Oyen, located 300 kilometres east of Calgary. The 1,897-kilometre Keystone XL pipeline was first announced in 2005 and designed to carry 830,000 barrels of crude a day from Hardisty, Alta., to Nebraska. It would then connect with the original Keystone pipeline, which runs to U.S. Gulf Coast refineries. In 2024, TC Energy lost its bid to recoup $15 billion US from the U.S. government after claiming it was treated unfairly and inequitably.

Enbridge gets green light for $2.9-billion pipeline expansion - The Canadian Government has approved Enbridge’s CAD 4-billion (USD 2.9 billion) Sunrise Expansion Program to increase natural gas transport capacity over the Westcoast Pipeline system in British Columbia, Enbridge announced on Friday. The project will add 8.5 mcm (300 mcf) of transportation capacity to the southern portion of the Westcoast Pipeline system, which delivers gas for power generation and industrial customers, as well as to liquefaction facilities for export as LNG. Enbridge’s Westcoast Pipeline carries up to 102 mcm (3.6 bcf) per day over a network covering more than 2,900 kilometres between Fort Nelson in British Columbia and Gordondale in Alberta to the Huntingdon-Sumas border crossing into the US. Construction is scheduled to begin in July 2026, with the project expected to come on stream in late 2028. Planned works include the construction of new pipeline segments along the existing system, the incorporation of new compression facilities and general upgrades. “The multi-billion-dollar Sunrise Expansion Program is a shovel-ready, critical natural gas infrastructure project that supports the advancement of Canada’s energy superpower ambitions,” said Enbridge president and CEO Greg Ebel.

Canada launches $25-billion fund to back oil, gas and LNG infrastructure growth | GUPC The Government of Canada has unveiled a $25-billion sovereign investment vehicle aimed at accelerating large-scale energy and infrastructure projects, signaling increased federal support for oil, gas and LNG development. The newly announced Canada Strong Fund will invest alongside private capital in projects tied to energy production, export infrastructure and resource development, with a focus on improving market access and supply chain resilience. The initiative is expected to support a range of major projects, including LNG facilities, transportation corridors and critical energy infrastructure. Officials said the strategy is designed to unlock Canada’s resource base and expand exports to global markets beyond the U.S. At least 15 major projects have already been identified for potential development, spanning LNG, critical minerals and transportation, with total investment estimated at more than $126 billion. The fund is intended to help advance these projects by addressing financing gaps and accelerating timelines. “Canada’s new government is catalyzing a series of nation-building projects in energy, trade and infrastructure,” Prime Minister Mark Carney said in a statement. For upstream operators, the fund could improve access to capital for projects linked to LNG supply, pipeline capacity and export growth. Canada’s Montney and other resource plays are expected to benefit from expanded infrastructure and market connectivity. The fund will operate as an arm’s-length entity, with returns reinvested to support future projects. Additional details on its structure and investment priorities are expected in the coming months.

Shell Adds ‘Missing Piece’ for LNG Canada Expansion With Feed Gas From ARC Deal - Shell’s incentive to reach a positive final investment decision (FID) and advance the second phase of LNG Canada has increased significantly after it secured a deal to acquire ARC Resources and with it a massive resource base in the Montney Shale to feed the expansion.Map showing LNG Canada shipping route to Asia at about 10 days versus U.S. Gulf Coast exports taking up to 24 days, highlighting shorter transit advantage for Canadian LNG to Asian markets. At a Glance:
Assets would supply phase one and two
Deal better captures international spreads
Would increase non-AECO exposure

Shell Bets on Canada as a ‘Heartland’ in C$22B ARC Resources Takeover - Shell has forged a multi-billion-dollar definitive agreement to acquire key Montney Shale natural gas producer ARC Resources as it moves to center Canada as a major LNG hub for its Asian customers.Stacked bar chart titled “Western Canada Natural Gas Production Outlook” showing production rising from about 14 Bcf/d in 2024 to nearly 19 Bcf/d by 2030 and over 22 Bcf/d by 2040, led by growth in BC Montney and Alberta Montney, with overall increases of 32% by 2030 and 19% by 2040. At a Glance:
Acquisition adds 370,000 boe/d production
Weak AECO highlights LNG-driven upside
LNG Canada Phase 2 boosts margins

Shell Bets $16.4 Billion On Canadian Gas In Major LNG Growth Push | GUPC - Shell is doubling down on North American gas in a major bet on long-term LNG demand, agreeing to buy Canada’s ARC Resources in a $16.4-billion deal that will add roughly 370,000 barrels of oil equivalent per day to production and strengthen the supermajor’s position in one of the continent’s most strategic gas corridors.The acquisition gives Shell access to roughly 2 billion barrels of reserves while bolstering supply feeding LNG Canada, the export project Shell operates with a 40% stake and increasingly views as a cornerstone of its Asia growth strategy. With ARC’s assets adjoining Shell’s Canadian operations that feed LNG Canada, the deal boosts Shell’s LNG supply position while also replenishing reserves.The move also addresses a growing concern hanging over Shell’s long-term production outlook. Analysts had warned earlier this year that the company faced a potential production gap of 350,000 to 800,000 boed by the middle of the next decade as mature fields decline. ARC’s output, which averaged a record 374,000 boed last year, effectively plugs much of that hole while allowing Shell to lift its compound annual production growth target for the decade to 4% from 1%.Shell said the transaction, structured as roughly 25% cash and 75% shares, values ARC at a 20% premium to its 30-day average share price. Including assumed debt, Shell will take on an enterprise value of $16.4 billion, one of the biggest upstream deals since Chevron Corporation acquired Hess Corporation.Beyond adding volumes, the deal deepens Shell’s tilt toward gas at a time LNG is emerging as one of the sector’s tightest long-term growth markets. Canadian gas has become especially attractive because Pacific Coast exports can reach Asian buyers faster than U.S. Gulf Coast cargoes while avoiding some shipping chokepoints.The acquisition also extends Shell’s reserve life, which had fallen below eight years at the end of 2025, and is expected to boost free cash flow per share from 2027 without changing the company’s $20 billion to $22 billion investment budget through 2028.

Halliburton awarded Greenland Energy Arctic drilling contract -Halliburton has been awarded a contract by Greenland Energy Company to deliver integrated services for a planned 2026 onshore drilling campaign in Greenland’s Jameson Land basin. The scope includes well planning, drilling services and logistics coordination, placing Halliburton at the center of one of the basin’s first modern exploration programs. Located in eastern Greenland, Jameson Land is a frontier area with limited drilling history but identified hydrocarbon potential based on seismic data. The contract forms part of Greenland Energy’s broader Arctic development strategy, following earlier agreements covering rig services and marine logistics. Together, the arrangements are intended to enable drilling in a region defined by harsh conditions, remote access and limited infrastructure. “By working with Halliburton, we can tap into world-class expertise and advanced technologies that will enhance drilling accuracy, safety and efficiency under Arctic conditions,” said Greenland Energy CEO Robert Price. Greenland Energy plans to drill its first two exploration wells in 2026 after more than a year of site preparation and logistics planning. The company holds approximately 2 million acres with multiple identified targets. Halliburton will focus on integrated execution and technical delivery to support efficient drilling under Arctic conditions. The campaign reflects growing interest in frontier basins as operators expand exploration beyond established producing regions.

Argentina Balances LNG Export Ambitions With Ongoing Import Demand - Camuzzi Gas Inversora, one of Argentina’s largest natural gas distribution companies, has inked a memorandum of understanding with energy trader Vitol to advance a proposed LNG project at the Port of La Plata.  Chart showing Argentina natural gas production by basin from 2020 to 2025, led by Neuquen with steady growth, alongside Austral, Noroeste, San Jorge, and Cuyana contributing smaller volumes.  At a Glance:
LNG del Plata targets 2028 startup
Vaca Muerta gas underpins project
Energía Argentina tenders for cargoes

GeoPark drills first wells at Vaca Muerta block - GeoPark initiated drilling of lateral sections at the Loma Jarillosa Este block in Argentina’s Vaca Muerta during Q1 2026, with the first two wells of a five-well pad reaching their respective target depths on 1 April and 15 April.The company is drilling the remaining three of five lateral sections at Pad-1030, which had been partially drilled by the previous operator. GeoPark operates the Loma Jarillosa Este block with a 100% working interest.The company also executed a second artificial lift installation campaign across three wells in the block, reducing total shut-in time by 10 days compared with the previous intervention. Construction of the first stage of an expansion of the Loma Jarillosa Este gathering station has also begun, targeting an increase in capacity from 6,000 to 10,000 bopd. GeoPark plans to frack a five-well pad in Argentina in Q2 2026, ahead of a factory drilling phase expected to begin in Q4 2026.

Southeast Europe Emerges as Next Growth Market for US LNG Supply - The United States has brokered a series of deals to send more LNG to Europe and back key infrastructure projects that could increase natural gas flows throughout the European Union (EU). At a Glance:

• LNG volumes sourced from Venture Global
• Agreements include power gen products
• Infrastructure gaps remain key constraint

Europe Paid $32B More for Energy Due to War against Iran, EU’s Von Der Leyen Says -  --- Europe has had to pay €27 billion ($32 billion) more for oil and gas imports since the start of the US and Israel’s war against Iran, European Commission chief Ursula von der Leyen said on Monday. Speaking at a news conference in Berlin, von der Leyen said Europe is experiencing its second serious energy crisis in the last four years, and EU member states have to draw lessons from it, Anadolu Agency reported. “In 2022, (Russian President) Putin cut off our gas supply, and now it’s the Strait of Hormuz,” she told reporters. “Our heavy dependence on imported fossil fuels makes us vulnerable. We must reduce this dependence,” she said. Von der Leyen said European countries should expand renewable energy production and explore nuclear innovation, including small modular reactors, to ensure reliable energy. “Every kilowatt-hour of energy generated here contributes to economic stability, affordable energy, and thus to Europe's independence,” she said.

Archer secures three-year Equinor wireline extension on Norwegian Continental Shelf - Archer was awarded a three-year contract extension by Equinor for the provision of wireline and intervention services on the Norwegian Continental Shelf, building on an integrated wireline contract originally awarded in 2021.While the original agreement included optional extension periods of three times two years, the current award represents a firm three-year extension, providing continued operational continuity and visibility. The extension has a total value of approximately NOK 3 billion, with around half attributed to Archer and the remainder allocated to its alliance partners.Under the agreement, Archer will continue to deliver integrated wireline and intervention services across key Equinor assets alongside its alliance partners, incorporating cased-hole mechanical wireline services, tractor and powered mechanical services, and electric-line logging services.

International LNG Prices Rise Amid Strait of Hormuz Closure-- Marcellus Drilling News - Following the February 28 closure of the Strait of Hormuz, global and U.S. natural gas prices have sharply diverged. The shutdown halted roughly 20% of global LNG supplies, primarily from Qatar, forcing Asian and European buyers to scramble for replacement cargoes. Consequently, European TTF and Asian JKM benchmark prices surged 35% ($14.80/MMBtu) and 51% ($16.02/MMBtu), respectively. In stark contrast, U.S. Henry Hub prices fell 9%. Because U.S. LNG export terminals are already operating at near-maximum capacity, producers cannot significantly increase exports to capture these high global prices. This leaves ample gas domestically, insulating the U.S. market from international price volatility.

Global Natural Gas Price Rally Loses Steam as Hopes Grow Iran Could Reopen Strait of Hormuz -- Asian and European natural gas prices eased Monday amid reports Iran would reopen the Strait of Hormuz if the United States ended a blockade of its ports.European Union natural gas storage chart showing inventories at 349.13 TWh, or 30.8% full, as of April 22, 2026, down from 414.96 TWh a year earlier, with levels trailing the five-year average and historical seasonal trends from 2021-2026.  At a Glance:
Risks continue to grow
LNG buying increasing in Asia
Oil nears $110/bbl

LNG Vessel Finally Transits Strait of Hormuz, Others Moving Toward Waterway (Map of Persian Gulf LNG import and export terminals highlighting facilities in Qatar, UAE, Kuwait, and Bahrain, with the Strait of Hormuz marked as a critical natural gas shipping chokepoint for global LNG trade.)  The first fully loaded LNG tanker has crossed the Strait of Hormuz since the start of the Iran war on Feb. 28, vessel tracking firm Kpler said earlier this week. It remains unclear exactly when it crossed the waterway, which has been effectively closed since hostilities began. The Mubaraz vessel was near Malaysia on Friday. It is chartered by the United Arab Emirates’ (UAE) ADNOC and loaded at the company’s 6 million ton/year (Mt/y) Das Island facility on March 2.

ADNOC L&S takes delivery of sixth LNG carrier to expand global supply fleet | GUPC - ADNOC Logistics & Services plc has taken delivery of its sixth new-build liquefied natural gas (LNG) carrier, expanding its shipping capacity as global demand for gas transportation remains strong. The 175,000-cubic-meter vessel is part of a broader fleet expansion program launched in 2022, aimed at modernizing ADNOC’s LNG shipping capabilities and supporting long-term supply commitments. Most of the additional capacity is already secured under multi-year contracts with third-party customers and ADNOC group entities. The company said the expanded fleet will support both international LNG trade and its integrated upstream and downstream operations. ADNOC L&S and its AW Shipping joint venture generate a majority of revenue from long-term contracts, providing stable cash flow as capacity grows. The new carrier incorporates updated efficiency technologies designed to reduce emissions compared to older vessels, reflecting broader industry efforts to improve performance across LNG transport. ADNOC L&S continues to build out its fleet, with additional LNG, ethane and ammonia carriers under construction as part of a multibillion-dollar vessel order pipeline. The expansion highlights the increasing role of LNG shipping in maintaining global energy supply, particularly as demand for flexible gas delivery continues to grow.

Bearish Start, Bullish Finish With Asia Heat Set to Tighten LNG Markets - A split in global weather patterns is helping to push international natural gas prices into bearish territory in the short term before searing heat in Asia is expected to increase competition for US LNG cargoes. Chart showing trailing 365-day mean temperatures for Northwest Europe, Beijing, Seoul, and Tokyo as of April 28, 2026, comparing daily mean temperatures versus normal levels, with all regions displaying seasonal winter dips and recent rebounds toward spring, highlighting below-normal trends in parts of Asia during late 2025 and early 2026.  At a Glance:
European warmth suppresses near-term demand
Mid-May heat drives strong Asian demand
Strong US LNG exports continue

Asia Leads Global LNG Demand Destruction as Middle East Conflict Knocks Out Supplies  -- Asian LNG imports have hit the lowest point since the pandemic in 2020 as the region manages without supplies from Qatar and the United Arab Emirates (UAE) that have been shut down by conflict in the Middle East. Chart of Asia LNG parity prices showing Japan/Korea JKM futures near $16.555/MMBtu as of April 27, 2026, with Brent crude at $108.23/bbl and implied slope around 15.3%, alongside 12-month trends in LNG, oil parity and coal benchmarks. At a Glance:
Asia’s core imports adjust policies
More coal, nuclear being used
European demand weak for now

Australian LNG Output Threatened by Labor Strike at Ichthys Terminal - Ichthys LNG workers in Australia have voted to strike over pay and conditions, jeopardizing even more LNG output as 20% of global supplies remain offline amid conflict in the Middle East. At a Glance:

• Work could stop May 15
• Strike impacts NatGas, LNG production facilities
• Australia is Japan’s largest LNG supplier

BP profits more than double, beating expectations as Iran war boosts oil prices - British energy major BP on Tuesday reported that first-quarter profits more than doubled from a year ago, following a surge in oil and gas prices driven by the Middle East conflict. The oil giant posted underlying replacement cost profit, used as a proxy for net profit, of $3.2 billion for the first three months of the year. That comfortably beat analyst expectations of $2.63 billion, according to an LSEG-compiled consensus. The company said the first-quarter results reflect “exceptional” oil trading contributions and stronger midstream performance. BP’s net profit came in at $1.38 billion over the same period last year and $1.54 billion in the final three months of 2025. “Overall, our business continues to run well. This was another quarter of strong operational and financial delivery, and we made further progress towards our 2027 targets,” BP CEO Meg O’Neill said in a statement. BP’s earnings come as oil and gas companies experience a significant share price boost, with fossil fuel prices soaring since the U.S.-Israeli war against Iran started on Feb. 28. Ongoing and severe disruption through the strategically vital Strait of Hormuz has resulted in what the International Energy Agency has described as the biggest energy security threat in history. Analysts at Citi said the first statements from BP’s new CEO show “a clear emphasis on financial de-leverage and decreasing the company’s cost of debt.” BP’s net debt came in at $25.3 billion at the end of the first quarter, up from $22.18 billion at the end of last year. The company is aiming to bring its net debt down to between $14 billion and $18 billion by the end of next year. Looking ahead, BP said it expects reported upstream production to be lower when compared to the first three months of the year, citing seasonal maintenance and Middle East disruptions. The company reaffirmed its 2026 capital expenditure guidance at $13 billion to $13.5 billion and said it expects divestment and other proceeds to be at $9 billion to $10 billion through the year. “Elevated oil prices tend to lift all boats in the energy sector, but being an integrated player in the market means BP will see enhanced cash flow as oil prices remain elevated, and for as long as talks between the US and Iran remain unproductive, these positive outcomes are likely to be prolonged,” BP’s board suffered a shareholder revolt at its annual general meeting last week following a tense clash with investors over corporate governance and climate transparency.  The company failed to get majority shareholder approval on two highly anticipated motions, which would have permitted online-only AGMs and retired two company-specific climate disclosure obligations. It formed part of a broader investor rebellion at the AGM, one that resulted in weaker-than-typical support for BP Chair Albert Manifold and robust backing for a motion calling on the energy major to justify its capital discipline on oil and gas investments.

TotalEnergies Middle East Oil, Natural Gas Production Offline Indefinitely - TotalEnergies said about 15% of its oil and natural gas production in the Middle East remains offline and didn’t offer a timeline for restarting the output as conflict continues there with no end in sight.  Map of Arabian Peninsula Maritime Chokepoints highlighting key global energy transit routes including the Strait of Hormuz between Iran and Oman, the Bab el-Mandeb Strait between Yemen and Djibouti, the Suez Canal and SUMED Pipeline in Egypt, and Saudi Arabia’s East-West crude oil pipeline, major pathways for Middle East oil and LNG shipments to Europe and global markets.  At a Glance:
Iraq, Qatar, UAE volumes impacted
Could take up to three months to restart
Elevated commodity prices boost bottom line

Oil spill cleanup continues on Estonia's north coast next week -  Pollution has washed up along Estonia's north coast in Lääne-Viru County and the cleanup operation will continue next week, as it was not possible to remove everything on Saturday. On Friday, it was reported that oil and garbage had washed ashore on Estonia's northern coast, likely from Russian "shadow fleet" vessels at anchor nearby.There is no sign of a large-scale mazut spill, but small sticky lumps can be found along the shoreline all the way from Käsmu to Kunda.On Saturday, volunteers worked in the rain to clear the pollution at Suureliiva in Vainupea, around 100 kilometers east of Tallinn. The popular beach spot is near Lahemaa National Park.Environmental Board inspectors also sent cleaners to other locations."The aim is still to reach Käsmu, where pollution is also known to be present. There is also pollution in Lobi, locals said. We want to reach a few more areas—it may go on until evening. The pollution has also spread to Kunda, which we will not reach today," said Marit Mändmets, lead inspector for the eastern region of the Environmental Board, told evening news show "Aktuaalne kaamera.""We would like to clean everything up. So that animals do not get hurt. And we would like this not to happen again. But for some reason, I doubt that," said Anna Lillepärg, a volunteer with NGO Iga Elu.The Rescue Board handed out equipment, some of which was acquired from the State Forest Management Center. The volunteers could not clean up all the pollution in a single day. Mändmets said the Rescue Board and Environmental Board will continue the work next week. Drone debris, likely from Ukrainian drones following attacks on Russia's Baltic ports, has also been found in the area. "In Altja, there are two drone pieces, which we will report to the Rescue Board," she said.  Following Ukraine's attacks on Russian ports, oil tankers waiting to collect their cargo have been anchored in the Baltic due to delays. At the start of this month, the number of ships off Estonia was close to 40, but the number had dropped to 20 by last week.

Oil spill hits shoreline in Guimaras village — An oil spill was reported along the shoreline near the covered court and barangay hall of Sitio Sambag and Sitio Baluarte in Barangay Hoskyn, Jordan, Guimaras at around 7:05 a.m. on Saturday, April 25. Barangay officials of Hoskyn immediately alerted residents after an oil-like substance was observed floating along the shoreline, raising concerns over potential risks to public health and the environment. In an advisory posted on the barangay’s official Facebook page, authorities warned that the substance “may pose risks to marine life, coastal resources, and public safety.” Residents, particularly fisherfolk living near the affected areas, were urged to avoid the shoreline until proper assessment and cleanup operations are completed. Barangay officials are currently coordinating with concerned agencies for immediate response and continuous monitoring of the situation. “We ask for everyone’s cooperation and vigilance. Please report any related observations to the Barangay Hall immediately,” the advisory added. The incident was later confirmed by the Office of Civil Defense (OCD) Regional Office 6 after coordination with the Philippine Coast Guard (PCG)–Guimaras. According to OCD-6, the spill appears to be minimal in scale. The Coast Guard has initiated containment and collection efforts while an investigation is ongoing to determine the source of the spill.

Goldman Sachs forecasts oil demand drop amid Persian Gulf production loss  Goldman Sachs forecasts a 1.7 million barrels per day drop in global oil demand in the second quarter of 2026 to partially offset an estimated 14.5 million barrels per day production loss of Persian Gulf crude, according to analyst commentary released Monday.The firm raised its 2026 Brent oil forecast by $10 to $90 per barrel. Front-month Brent rose approximately 3% Monday to around $102 per barrel. The United States Oil Fund (USO) has surged 91% year-to-date to $135.01, trading near its 52-week high. InvestingPro data shows the fund posted a 9% gain over the past week alone, with over a dozen additional ProTips available for subscribers tracking the energy sector.The Federal Reserve meets this week with a statement due Wednesday afternoon. Goldman Sachs expects the FOMC to reiterate its wait-and-see message because the war with Iran continues to cloud the economic outlook, presenting risks to both inflation and activity.

First full gas tanker exits Strait of Hormuz since Iran war began - A tanker ship passed through the Strait of Hormuz headed for China on Monday — the first shipment of natural gas to successfully exit the Persian Gulf since the start of the war with Iran.Liquefied natural gas tanker Mubaraz, loaded with more than 130,000 cubic meters of gas from the United Arab Emirates, had been loitering in the contested waterway when its transponder went off in late March, according to financial data provider LSEG. The signal finally reappeared Monday west of the Indian coast, indicating it had managed to navigate the Strait of Hormuz, through which passes 20% of the world’s natural oil and gas supplies, reported the Wall Street Journal. Mubaraz has become the first full gas tanker to successfully navigate the Strait of Hormuz since the start of the Iran war. The ship is now en route to Tianjin, northern China, according to ship-tracker MarineTraffic. The Mubaraz is managed by a subsidiary of Abu Dhabi’s state-owned oil company, ADNOC.Earlier in April, an empty gas tanker crossed the Strait of Hormuz after spending weeks idling south of Pakistan.More than a dozen gas tankers are still trapped inside the Persian Gulf, according to analysts.Last week, the number of ships passing through the Strait fell to its lowest level since the start of the war on Feb. 28, after the US blockaded the waterway to top Iranian-linked tankers. Iran has previously threatened and attacked commercial ships that tried to pass through Hormuz without paying a toll. The ship is now west of India, after turning its signal off in late March. Marine Traffic dataJust 35 transits were made in the week of April 20 to April 26, down from 78 the previous week, according to data from Lloyd’s List Intelligence.Of the 35 ships, 24 were linked to Iranian trade, including 16 involving vessels belonging to the Islamic regime’s sanction-evading shadow fleet. Before the war, some 130 ships crossed the Strait every day to reach markets, particularly those in Asia.It comes as Iran renewed its attacks on commercial ships on April 19, a week after the US blockade began.Lloyd’s numbers only include large cargo ships of more than 10,000 tons.

Japanese tanker transits Strait of Hormuz after obtaining Iran’s permission - A Japanese-owned supertanker carrying two million barrels of crude oil has successfully transited the Strait of Hormuz after securing permission from Iranian authorities, marking a rare passage through the strategic waterway since the launch of the US-Israeli war on Iran. The vessel, identified as the Idemitsu Maru, a Panama-flagged VLCC managed by a subsidiary of Japanese refiner Idemitsu Kosan, began its journey late Monday after having remained stationary off Abu Dhabi for over a week. It transported crude loaded from Saudi Arabia’s Juaymah terminal in early March. According to ship-tracking data, the tanker briefly altered course near Iran’s Qeshm and Larak Islands before continuing eastward past Larak. The passage required coordination with Tehran. This is believed to be the first time a Japanese-linked oil vessel has moved through the waterway since the war began on February 28. Japan typically sources about 95 percent of its oil imports from West Asia, much of which passes through the Strait of Hormuz.

Russian Billionaire’s Yacht Slips Through Closed Strait Of Hormuz Despite Restrictions —  A superyacht belonging to Russian billionaire Alexey Mordashov passed through the Strait of Hormuz despite ongoing restrictions on maritime traffic in the region amid the US and Israeli military operation against Iran. According to The Moscow Times and vessel tracking data from MarineTraffic and VesselFinder cited on April 25, the 142-meter yacht Nord departed Dubai on April 24 and transited the Strait of Hormuz overnight, heading toward Oman. The same data indicated that several other vessels—including two tankers under US sanctions, five cargo ships, and a passenger ferry—also crossed the strait during that period.According to NBC News, Iranian authorities allowed limited maritime movement through the strategic waterway despite earlier restrictions. The outlet reported that the passage included vessels linked to sanctioned entities, raising questions about enforcement consistency in the region.The yacht belongs to Alexey Mordashov, the majority owner of Severstal. According to Forbes, Mordashov recently became Russia’s richest individual, with an estimated net worth of $37 billion.He is currently under sanctions imposed by the US, the United Kingdom, and the European Union. His yacht, built by the German shipyard Lürssen, was re-registered in Russia following the introduction of Western restrictions.Iran had made exceptions for Russian-linked vessels, allowing them to transit the Strait of Hormuz without paying standard fees. The Iranian ambassador to Moscow previously indicated that such measures were in place despite broader maritime limitations.The developments come amid ongoing tensions in the region. Iran declared the closure of the Strait of Hormuz following the launch of military operations by the US and Israel in late February. In response, the US imposed a maritime blockade targeting Iranian ports and warned it would pursue vessels associated with Iran’s so-called “shadow fleet,” including in international waters.Iran briefly reopened the waterway for commercial shipping on April 17 after a temporary ceasefire agreement involving Israel and Hezbollah. However, the permission was later revoked, with Tehran accusing Washington of “piracy.”On April 19, Iran’s Islamic Revolutionary Guard Corps stated that navigation would only fully resume once the US lifted its maritime restrictions.The Strait of Hormuz remains one of the world’s most critical maritime chokepoints, handling a significant share of global oil shipments, making any disruption or selective access a key concern for international shipping and energy markets.Earlier, Iran’s Islamic Revolutionary Guard Corps seized two commercial vessels in the Strait of Hormuz, according to Reuters on April 22, marking the first such incidents since the start of the US–Israeli military campaign.

'Empowered': UAE's exit from Opec appeases Trump, delivers blow to Saudi Arabia | Middle East Eye The UAE’s exit from Opec next month is a shot across the bows to Saudi Arabia and a potential offering to US President Donald Trump, in the latest sign the war on Iran is exacerbating old tensions in the Gulf instead of uniting the region. On the surface, the UAE’s exit from the Organization of Petroleum Exporting Countries (Opec) is a culmination of its long-running spat with Saudi Arabia over how much oil member states should be allowed to pump. Until recently, Riyadh wanted to limit supply to support prices while the UAE favoured looser production. “The UAE has always been on the side of volume strategy, and the Saudis have been on the side of price strategy,” Arne Lohmann Rasmussen, chief analyst and head of research at Global Risk Management, told Middle East Eye. This difference goes back to how the economies of Saudi Arabia and the UAE function. The former is home to 35 million people and holds more than double the UAE’s proven oil reserves. The UAE has only one million citizens, and therefore fewer nationals share the oil profits pie. Meanwhile, the UAE has invested heavily in infrastructure that will allow it to pump and export more oil, which analysts call boosting production capacity. “The UAE is the Opec country with the largest amount of spare capacity compared to production,” Rasmussen said. “You can argue that this is the right economic calculus because what's inside the ground might not have the same value that it will in five or ten years". But experts say that before the US-Israeli war on Iran, Saudi Arabia had actually moved closer to the UAE’s position. Riyadh, which once warned oil traders they would be “ouching like hell” if they doubted the kingdom’s dedication to curb oil supplies, threw in the towel and backed massive increases in production. “The policy differences between the UAE and Saudi Arabia have been there for a long time, but Saudi Arabia has pivoted to taking back market share, and the war has actually made their old argument less salient. This exit is much more political,” 'It is possible that this break could also be [the] result of some sort of ‘deal’ between the UAE and Israel and [the] US' The departure of Opec’s third-largest producer comes at a time when Abu Dhabi is lobbying the US to continue its war on Iran and nudging closer to Israel. Axios reported this week that Israel sent an Iron Dome air-defence system and technicians to the UAE, when the small Gulf state was under Iranian drone and missile attack. The Gulf states are home to thousands of US troops and are joined at the hip to US weapons systems. The region has generally rallied behind the US despite frustration that it ignored their pleas not to attack Iran. Saudi Arabia has helped the US wage war on Iran by providing enhanced basing access and overflights, but it has also backstopped mediation efforts by its close partner, Pakistan. In contrast, the UAE has lobbied publicly and privately for the US to continue attacking Iran and tried to prevent Pakistan from bringing the US and Iran together for talks.

Oil Prices Climb as U.S.–Iran Tensions Disrupt Supply Through Key Shipping Route – Oil prices surged on Monday, extending recent gains as stalled diplomatic efforts between the United States and Iran and continued disruptions in a critical global shipping lane kept markets on edge. Concerns about tightening supply have intensified, pushing crude benchmarks higher and reinforcing fears of prolonged volatility in the energy market. Brent crude futures rose by $1.35, or 1.3%, reaching $106.68 per barrel in early trading, although that marked a pullback from earlier gains of more than $2 per barrel. Meanwhile, U.S. West Texas Intermediate crude climbed 95 cents, or 1%, to $95.35 per barrel. The upward movement builds on last week’s strong performance, when Brent and WTI recorded their largest weekly gains since the beginning of the conflict, rising by nearly 17% and 13% respectively. The latest rally comes as hopes for renewed diplomatic progress faded over the weekend. A planned trip to Islamabad by U.S. envoys Steve Witkoff and Jared Kushner was abruptly canceled by President Donald Trump, dampening expectations of meaningful negotiations. This development occurred even as Iran’s Foreign Minister Abbas Araqchi arrived in Pakistan, signaling a lack of coordination and further complicating the already fragile geopolitical situation. Market analysts point to escalating rhetoric from Washington as a major factor driving prices higher. Recent statements from President Trump, including a warning about potential military action against Iranian vessels suspected of laying mines in the Strait of Hormuz, have heightened fears of direct confrontation. Such comments have contributed to what analysts describe as an increasing “war premium” in oil markets, where prices rise in anticipation of potential supply disruptions caused by conflict. The Strait of Hormuz, one of the world’s most strategically important chokepoints for oil transportation, remains at the center of the crisis. Iran has significantly restricted access through the strait, while the United States has imposed a blockade on Iranian ports. As a result, tanker traffic has slowed dramatically. Data from shipping analytics firm Kpler indicated that only one oil products tanker entered the Gulf on Sunday, underscoring the severity of the disruption. This bottleneck has amplified concerns about global supply shortages, especially given the region’s critical role in energy exports. The Middle East accounts for a substantial share of the world’s oil production, and any sustained disruption in shipments through the Strait of Hormuz can have far-reaching consequences for global markets. In response to these developments, Goldman Sachs has revised its oil price outlook for the fourth quarter, projecting Brent crude at $90 per barrel and WTI at $83 per barrel. The bank cited reduced output from the Middle East and the ongoing geopolitical uncertainty as key drivers behind the upward revision. Analysts at the firm also warned that the broader economic implications could extend beyond crude prices alone. Elevated refined product prices, potential shortages, and the sheer scale of the current supply shock could pose significant risks to global economic stability. The combination of constrained supply and heightened geopolitical tension has created an environment where energy markets remain highly sensitive to any new developments. As the situation continues to evolve, traders and policymakers alike are closely monitoring both diplomatic signals and shipping activity in the region. With tensions still high and no immediate resolution in sight, the oil market appears poised to remain volatile in the near term, with prices likely to respond sharply to any shifts in the geopolitical landscape.

Oil Prices Climb As U.S.-Iran Talks Stall And Strait Of Hormuz Stays Blocked --Oil prices rose again on Monday on stalled negotiations between the United States and Iran aimed at bringing the conflict in the Middle East to an end.Trading in Asia saw both the global proxy benchmark Brent as well as the U.S. benchmark West Texas Intermediate rise by more than 2%. However, early afternoon trading in Europe saw a pullback from early morning price spikes.At 7:19 a.m. EDT on Monday, the Brent front-month contract was up 1.06%, or $1.01, to $100.18 per barrel, while the WTI traded at $95.16 per barrel, up 1.01% or $0.76.Over the weekend, attempts to bring the U.S. and Iran to the negotiating table failed again. Iran’s foreign minister Abbas Araghchi, left talks with Pakistan in Islamabad on Saturday, where he said he had put forward his country’s position on a framework to end the war but added that he is "yet to see if the U.S. is truly serious about diplomacy."Shortly afterward, U.S. president Donald Trump said his envoys Steve Witkoff and Jared Kushner’s trip to Pakistan for talks on the war with Iran had been called off. In a post on Truth Social, the president said: “I just cancelled the trip of my representatives going is Islamabad, Pakistan, to meet with the Iranians. Too much time wasted on traveling, too much work! Besides which, there is tremendous infighting and confusion within their 'leadership.’ Nobody knows who is in charge, including them. Also, we have all the cards, they have none! If they want to talk, all they have to do is call!!!"

Oil Prices Rise as Hormuz Stays Shut After Canceled Talks -- Oil and product futures extended their rise Monday morning as the two-month long U.S.-Israeli war on Iran seemed no closer to a diplomatic resolution, keeping at near zero flows through the Strait of Hormuz, passageway for a fifth of global petroleum liquid supply. By 8:45 a.m. EDT, NYMEX WTI crude for June delivery was up $1.77, or 2%, to $96.17 bbl, after a three-week high of $97.10. ICE Brent for June rose $1.94, or 1.6%, to $107.27 bbl, after reaching a three-week high $108.50 bbl earlier in the session. Downstream, NYMEX ULSD futures for May delivery advanced by $0.1209 to $4.0083 gallon, and front-month NYMEX RBOB futures edged up $0.0010 to $3.4547 gallon. The U.S. Dollar Index softened by 0.264 points to 98.10 against a basket of foreign currencies. The two sides remained at an impasse over conditions to continue talks. The U.S. demands any peace deal to address the nuclear issue, while Iran is reluctant to negotiate while under total U.S. embargo. Tehran last week presented a proposal to reopen the Strait and end the war that would leave negotiations about its nuclear program for later. U.S. President Donald Trump on Saturday canceled a planned trip by special envoys to Islamabad, saying Tehran didn't "offer enough." While the U.S.-Iranian ceasefire is holding, the U.S. Navy continued to intercept sanctioned Iranian vessels and block traffic in and out of Iranian ports. Despite President Trump's announcement last week that the Israeli-Lebanese ceasefire was being extended by three weeks, Israel launched new strikes on Lebanon on Sunday. The ceasefire, originally announced on April 16 for a period of 10 days, was a key demand by Tehran, which in response lifted its blockade of the Strait of Hormuz. The blockade was reinstated the next day after the U.S. seized an Iranian cargo ship.

Oil Rises as Iran Talks Stall and Shipments Remain Limited -   The crude market posted an inside trading day and settled higher on Monday in the absence of further peace talks between the U.S. and Iran and shipments through the Strait of Hormuz remained limited. The oil market retraced Friday’s losses after U.S. President Donald Trump over the weekend called off a trip by his envoys and said Iran should call the U.S. when it wants a deal. The market remained supported by the diplomatic standoff. The market posted a low of $94.59 early in the morning as work continued to bridge gaps between the U.S. and Iran. The market later bounced off its low and continued to trend higher, posting a high of $97.67 ahead of the close. The June WTI contract settled up $1.97 at $96.37 and the June Brent contract settled up $2.90 at $108.23. The product markets ended the session higher, with the heating oil market settling up 8.73 cents at $3.9747 and the RB market settling up 2.84 cents at $3.4910. Shipping data showed that at least seven ships, mainly dry bulk vessels, crossed the Strait of Hormuz in the past 24 hours, in line with muted activity in recent days, while talks between Iran and the United States have stalled. According to ship tracking data from Kpler and separate satellite analysis from data analytics specialists SynMax, the vessels included ships leaving from Iraqi ports and one dry bulk vessel from an Iranian port. Goldman Sachs has raised its oil price forecasts for the fourth quarter to $90/barrel for Brent crude and $83/barrel for U.S. West Texas Intermediate on lower output from the Middle East. It estimates 14.5 million bpd Mideast crude output losses driving global oil inventories to draw at a record pace of 11-12 million bpd in April. It estimates that the global oil market will swing from a 1.8 million bpd surplus in 2025 to a 9.6 million bpd deficit in the second quarter of 2026. It estimates that global oil demand will fall 1.7 million bpd in the second quarter and 100,000 bpd in 2026. Citi raised its outlook for average Brent crude prices for the rest of 2026, warning prices could increase to $150/barrel if oil flows through the Strait of Hormuz remain disrupted through the end of June. The bank lifted its base-case forecast for Brent to $110, $95 and $80/barrel for the second, third and fourth quarter of 2026, respectively, assigning a 50% probability to that scenario. Citi also pushed back its expected reopening of the Strait of Hormuz to the end of May, from mid-to-late April, after the United States and Iran failed to reach an agreement during their second round of peace talks. IIR Energy said U.S. oil refiners’ capacity is expected to increase by 409,000 bpd in the week ending May 1st from the previous week, pushing their total offline refining capacity down to 799,000 bpd. Offline capacity is expected to fall to 627,000 bpd in the week ending May 8th. Valero reported planned maintenance work scheduled to be performed on Monday at its 195,000 bpd McKee, Texas refinery. BP’s Whiting refinery in Indiana experienced a brief power outage on Sunday that led to flaring but no fire.

Oil prices climb past US$110 with no end to Iran war stand-off in sight | The Straits Times – Oil prices rose more than 2 per cent on April 28, extending gains from the previous session, as efforts to end the US-Iran war appear stalled, with the crucial Strait of Hormuz waterway still mainly shut, keeping energy supplies from the key Middle East producing region out of the reach of global buyers. Brent crude climbed 2.4 per cent to US$110.82 (S$141) a barrel as at 3pm Singapore time, after gaining 2.8 per cent the previous day. The contract is up for a seventh day. US West Texas Intermediate (WTI) crude rose 2.1 per cent to US$98.40 a barrel, after gaining 2.1 per cent in the previous session. President Donald Trump is unhappy with the latest Iranian proposal aimed at ending the war, a US official said on April 27. Iranian sources disclosed that Tehran’s proposal avoided addressing its nuclear programme until hostilities cease and Gulf shipping disputes are resolved. Mr Trump’s displeasure with the Iranian offer leaves the conflict deadlocked, with Iran shutting shipping flows through the Strait of Hormuz, which typically carries supply equal to about 20 per cent of global oil and gas consumption, and the US keeping in place its blockade of Iranian ports. An earlier round of negotiations between the US and Iran collapsed last week following failed face-to-face talks. “Talks around ‘peace’ still look largely superficial and lack concrete evidence of de-escalation. Despite the rhetoric, vessel movement through the Strait of Hormuz remains curtailed, and that prolonged disruption is what’s keeping oil risk premiums elevated,” said Phillip Nova’s senior market analyst Priyanka Sachdeva. Ship-tracking data revealed significant disruptions in the region, with six Iranian oil tankers forced to turn back due to the US blockade. However, a liquefied natural gas tanker managed by the United Arab Emirates’ Abu Dhabi National Oil Co did cross the Strait of Hormuz and appears to be near India, ship-tracking data showed on April 27.

Oil Prices Rise to 3-Week High as Peace Efforts Stall (DTN) -- Crude oil futures jumped more than $3 bbl Tuesday morning as efforts to end the U.S.-Iran war have stalled. The two sides remained at an impasse over conditions to continue talks to resolve the crisis which has cut a fifth of petroleum liquids supply off the global market for now two months. By 8:38 a.m. EDT, NYMEX WTI crude for June delivery was up $3.68, or 3.8%, to $100.05 bbl, after reaching an intra-day high of $101.85 bbl. ICE Brent for June rose $3.22, or 3%, to $111.45 bbl, after advancing to $112.70 bbl earlier in the session. Downstream, NYMEX ULSD futures for May delivery edged higher by $0.0022 to $3.9769 gallon, and front-month NYMEX RBOB futures advanced $0.0568 to $3.5478 gallon. The U.S. Dollar Index strengthened by 0.31 points to 98.625 against a basket of foreign currencies. The White House on Monday said that U.S. President Donald Trump is not considering Tehran's peace proposal submitted late last week. The proposal reportedly contained a plan to reopen the Strait and end the war but did not address Iran's nuclear program. The U.S. demands any peace deal to address the nuclear issue, while Iran is reluctant to negotiate while under total U.S. embargo. Pricing suggests that hopes of a quick restoration of flows are fading, and market participants are bracing for a prolonged supply disruption as they are awaiting a U.S. counterproposal in the coming days. Crude oil futures dropped sharply after President Trump in early April announced a two-week ceasefire, which together with rumored negotiations fueled bets on a diplomatic resolution. After a seven-day rise, they are now back near pre-ceasefire levels. The United Arab Emirates on Tuesday announced they will exit OPEC on May 1. The country, one of the largest oil producers in the coalition, was often opposed to Saudi-led production curtailments given the growth potential of its fossil fuel industry which dwarfed that of most other OPEC members. An end to restrictions on the UAE's oil output would allow the country to reach its declared goal of 5 million bpd by next year. As long as the Strait of Hormuz remains closed, however, this decision does not impact global supply in any way. The market reaction to the announcement was consequently muted.

Oil Extends Gains as Iran Conflict Persists and Hormuz Stays Shut -  The oil market extended its previous gains on Tuesday amid the lack of any progress in ending the Iran war and the Strait of Hormuz remaining mostly shut. According to a U.S. official, President Donald Trump was unhappy with the latest Iranian proposal to end the war as Iranian sources disclosed that the proposal avoided addressing the nuclear program until hostilities cease and Gulf shipping disputes are resolved. The oil market posted a low of $96.24 in overnight trading before it bounced off that level and breached its previous highs. The market posted a high of $101.85 in early morning trading. It later retraced some of its gains after the UAE announced that it would exit OPEC and the wider OPEC+ group. While the announcement could mean increased output from the fourth largest producer in the group, there is currently nowhere for the supply to go with the closure of the Strait of Hormuz. The market traded in a sideways trading range during the remainder of the session as the supply constraints outweighed concerns over the UAE’s decision to leave OPEC. The June WTI contract settled up $3.56 at $99.93 and the June Brent contract settled up $3.03 at $111.26. The product markets ended the session in mixed territory, with the heating oil market settling down 35 points at $3.9712 and the RB market settling up 6.94 cents at $3.5604. Bloomberg reported that Iran’s ability to keep producing oil is quickly eroding as the U.S. blockade tests the country’s economic resilience. According to Kpler, Iran has 12 to 22 days left before its unsold production fills its storage capacity. It is longer than President Trump has predicted, but still a pressing issue for Iran. Once storage is full, Iran would have nowhere to put barrels it pumps out of the ground, forcing it to start shutting production. On Monday, U.S. Treasury Secretary, Scott Bessent, said that Iran had already started shutting down wells. Iran may find itself in the same difficult position as other oil producers in the Persian Gulf. Countries like Iraq and Kuwait that were quickly forced to cut output after the Strait of Hormuz was effectively closed. U.S. Energy Secretary, Chris Wright, said that if Iran has to take similar action, it could damage their old, low-pressure reservoirs. Saudi Crown Prince Mohammed bin Salman chaired a consultative meeting of the Gulf Cooperation Council in Jeddah on Tuesday, the first in-person meeting of Gulf leaders since their states became a front in the Iran war two months ago. A Gulf official said the meeting aimed to craft a response to the thousands of Iranian missile and drone attacks Gulf states have faced since the U.S. and Israel launched the war with strikes on Iran on February 28th. Saudi state media said the summit discussed “topics and issues related to regional and international developments, and the coordination of efforts regarding them.” The United Arab Emirates said it would exit OPEC and OPEC+ effective May 1st. According to an official statement, the move “reflects the UAE’s long-term strategic and economic vision and evolving energy profile,” and disruptions in the Strait of Hormuz “continues to affect supply dynamics.” According to data from the American Automobile Association, the U.S. average gasoline price average increased to nearly $4.18/gallon on Tuesday, reaching its highest level since August 2022. National average retail gasoline prices have increased about $1.19/gallon or about 40%, since the U.S. and Israel attacked Iran at the end of February.

Oil ends up nearly 3% as Hormuz disruption outweighs UAE OPEC exit (Reuters) - Oil prices closed up nearly 3% on Tuesday as persistent worries about supply constraints from the closed Strait of Hormuz outweighed concerns about the United Arab Emirates' decision to leave OPEC ‌and the wider OPEC+ group. Brent futures for June ended up $3.03 or 2.8% at $111.26 a barrel, marking its seventh consecutive day of gains. U.S. West Texas Intermediate (WTI) futures for June settled up $3.56 or 3.7% at $99.93 a barrel, after briefly trading above $100 earlier in the session for the first time since April 13. Prices trimmed some of the advances after the United Arab Emirates, the fourth-largest producer in OPEC+, said on Tuesday it would exit the group on May 1, dealing a blow to the oil-exporting groups and their de facto leader, Saudi Arabia. "In normal times, this would have been very bearish news for the oil market and sparked a sizable selloff," s He estimated the UAE could quickly ⁠add between 1 million and 1.5 million barrels per day of output. "But with the Strait of Hormuz effectively closed, there's nowhere for that supply to go ... so we're likely to see oil prices continue their slow march higher," he added. U.S. President Donald Trump was unhappy with the latest Iranian proposal to end the war, a U.S. official said on Monday, as Iranian sources disclosed that the proposal would avoid addressing the nuclear programme until hostilities cease and Gulf shipping disputes are resolved. Trump's displeasure with the offer leaves the conflict deadlocked, with Iran shutting shipping flows through the strait, a conduit for about 20% of global oil and liquefied natural gas supplies, and the U.S. retaining its blockade of Iranian ports. "With peace talks stalled and no clear path to reopening the Strait of Hormuz, traders are factoring in a prolonged disruption to a critical artery of global supply," said Rystad Energy analyst Jorge Leon. An earlier round of negotiations between the United States and Iran collapsed last week after face-to-face talks failed. Oil importer Japan just intervened to prop up a yen that has been weakened by the conflict. Ship-tracking data showed significant disruptions in the region, with six Iranian oil tankers forced to turn back due to the U.S. blockade, but some traffic is still moving. The Idemitsu Maru, ‌a Panama-flagged ⁠tanker carrying 2 million barrels of Saudi oil, and an LNG tanker managed by the United Arab Emirates' Abu Dhabi National Oil Co (ADNOC) crossed the Strait on Tuesday, shipping data showed. The ADNOC tanker was the first loaded LNG tanker to cross since the Iran war started on February 28. Prior to the U.S.-Israeli war on Iran, which began on February 28, between 125 and 140 vessels transited the strait daily. The amount of crude oil held around the world on tankers that have been stationary for at least seven days rose to 153.11 million barrels as of April 24, Vortexa data shows. That figure is the highest since ⁠January, and up 25% from 122.60 million on April 17.

Oil prices rise further | The Daily Star -- Oil prices rose Wednesday as talks to end the Iran war appeared to be at a standstill and the crucial Strait of Hormuz no nearer being reopened. While the White House has said Donald Trump and his team were considering Tehran’s latest proposal to restore traffic through the waterway, CNN and the Wall Street Journal said the president was sceptical. Google News LinkFor all latest news, follow The Daily Star's Google News channel. The Islamic republic this week submitted a plan that would reportedly see it ease the chokehold and Washington lift its retaliatory blockade on the country’s ports as talks continued, including over its nuclear programme. While US Secretary of State Marco Rubio said Iran’s proposal was “better than what we thought they were going to submit”, he insisted any eventual deal had to be “one that definitively prevents them from sprinting towards a nuclear weapon”. Iranian defence ministry spokesman Reza Talaei-Nik said Washington “must abandon its illegal and irrational demands”, adding the United States was “no longer in a position to dictate its policy to independent nations”. Qatar warned of the possibility of a “frozen conflict” if a definitive resolution is not found. Concerns about the stalled peace push have pushed crude prices higher for more than a week, with Trump’s decision to cancel his envoys’ trip for peace talks in Pakistan last weekend adding to the downbeat mood. Brent is above the level it hit before the two sides announced a ceasefire at the start of April, while West Texas Intermediate broke $100 Tuesday for the first time in two weeks. Both contracts continued to rise Wednesday, with Brent holding above $113 and WTI above $101. “Iran wants the blockade lifted and access to its flows restored,” wrote Stephen Innes at SPI Asset Management. “Washington holds that lever and is in no hurry to give it away without extracting value. “Meanwhile, the longer this drags on, the more second-order effects start to bite. Storage pressure builds, production risks emerge, and the system begins to strain in ways that futures prices cannot ignore.” There was little major reaction to news that key producer United Arab Emirates had decided to withdraw from the OPEC and OPEC+ oil cartels on Friday, calling it a strategic decision. Still, CNN also cited sources familiar with the mediation as saying the two sides were not as far apart as they seemed. It added that intense diplomacy continued and talks were focused on a staged process with the first part of a potential deal aimed at returning to the pre-war status and reopening the Strait. Iran’s nuclear programme would be dealt with down the line, it said. Despite the uncertainty, Asian equity markets mostly rose with Hong Kong up more than one percent, while Shanghai, Seoul, Wellington, Manila, Bangkok, Mumbai and Jakarta also advanced. Sydney, Singapore and Taipei fell along with London, Paris and Frankfurt. Tokyo was closed for a holiday. Traders were given a weak lead from Wall Street, where the Nasdaq led losses owing to a tech selloff that came on the back of a report in the Wall Street Journal that ChatGPT-maker OpenAI had missed targets on the number of users and revenue. The news came as markets gear up for the release of earnings from Wall Street titans Amazon, Google, Meta and Microsoft this week. The Federal Reserve will also conclude a two-day meeting later in the day, with investors keeping tabs on its outlook for inflation and interest rates as energy costs soar.

Oil prices extend rally as Trump issues new threat to Iran amid stalled talks - — US President Donald Trump has threatened Iran to “better get smart soon” and accusing Tehran’s leadership of failing to “get their act together" as efforts by Washington and Tehran to end hostilities appeared at a standstill. Oil prices advanced again on Wednesday as traders balanced the United Arab Emirates’ shock departure from OPEC with indications that a near-term conclusion to the Iran war is unlikely. ADVERTISING Trump is unhappy with Tehran’s latest proposal to end the war and has instructed aides to prepare for an extended blockade of Iran, the Wall Street Journal reported late Tuesday. Iran is expected to submit a revised peace proposal soon, sources say, after Trump indicated that he would not accept an earlier version. International benchmark Brent crude futures with June delivery traded 3% higher at $114.64 per barrel at 6:00 a.m. ET, extending gains after notching its seventh consecutive positive session on Tuesday. US West Texas Intermediate futures with June delivery rose 3.6% to $103.54 per barrel. The WTI contract, which settled up 3.7% in the previous session, has racked up gains of more than 49% since the US and Israeli-led war against Iran started on Feb. 28. The latest move higher comes amid reports that the US will look to extend its blockade of Iranian ports, deepening fears of prolonged disruption through the strategically vital Strait of Hormuz. “Concerns about a more prolonged stagflationary shock have risen,” Deutsche Bank analysts said, noting that Brent futures contracts for delivery later this year were trading close to the highs reached in late March. Stagflation refers to a period of low economic growth and high inflation. US stock futures were mixed, pointing to a cautious start on Wall Street ahead of a raft of Big Tech earnings and a Federal Reserve meeting that looks set to be Jerome Powell’s last as chairman. Amazon, Alphabet, Meta and Microsoft are all due to report financial results after the closing bell. Investors are betting the Fed will leave interest rates unchanged until there is more clarity on the extent to which the war in Iran will feed through into consumer prices. Higher oil prices weighed on European stock markets which were broadly lower in midsession trade. Strategists at Dutch bank ING said in a research note published Wednesday that the UAE’s exit from the oil producer group represents “a big blow” to OPEC and would certainly be welcomed by Trump “as it erodes OPEC’s influence in the oil market, while it should also be beneficial for importers and consumers.” “However, in the near term, the biggest driver for oil prices remains developments in the Gulf and the timing of a resumption in oil flows through the Strait of Hormuz,” they added.

Oil Prices Surge: Brent Crosses $120 Level -  The price of Brent crude oil futures for delivery in July 2026 on the London ICE Exchange rose above $120 per barrel for the first time since June 17, 2022, according to trading data, The Caspian Post reports. As of 11:32 PM (Baku time), Brent crude oil prices were up 7.88% and stood at $120.03 per barrel.By 11:37 PM (Baku time), Brent crude oil had slightly eased its gains and was trading at $119.95 per barrel, representing an increase of 7.81%.Meanwhile, West Texas Intermediate (WTI) crude oil futures for delivery in June 2026 rose by 8.15% to $108.07 per barrel.

Oil price briefly hits $120 after reports of 'extended' Iran blockade - Oil prices have soared following reports that the US is preparing for an "extended" blockade of Iran.The global benchmark oil price, Brent crude, rose above $120 (£89) a barrel on Wednesday, briefly hitting $122, its highest price since 2022.The BBC understands that energy executives including Chevron chief executive Mike Wirth met US President Donald Trump at the White House on Tuesday to discuss how to limit the fallout from the conflict on American consumers.Oil traders appear to have taken the meeting as a sign the effective closure of the Strait of Hormuz will continue for a long time.The executives discussed topics including domestic energy production, progress in Venezuela, oil futures, natural gas, and shipping, according to a White House official.They described the meeting as being part of the President's regular meetings with energy executives to discuss their industry.The meeting follows separate reports from the Wall Street Journal that US President Donald Trump has instructed aides to prepare to extend the ongoing blockade of Iran's ports, in an effort to squeeze the country's economy.Iran has said it will continue to disrupt traffic travelling through the Strait of Hormuz in response to the US blockade.The price of oil has seen sharp swings since the start of the war, as the key Strait of Hormuz has been effectively closed for weeks due to the conflict.Iran has severely restricted shipping through the strait — which usually carries about a fifth of the world's supply of oil and liquid natural gas — in response to US and Israeli strikes that began on 28 February.Earlier this month, Tehran warned that any vessel that approaches the strait would be targeted. The US then announced that its forces would intercept or turn back vessels travelling to or from Iran's ports. Analysis by BBC Verify shows that at least four vessels tracked from Iranian ports appear to have crossed the US blockade line.Despite the fluctuations of recent weeks, the price of oil remains much higher than the pre-conflict price of a barrel.The price of Brent crude dropped to $90 a barrel on 17 April, after a ceasefire between Israel and Lebanon was announced. The US said it would pause attacks on Iran on 8 April. It remains much higher than the pre-conflict price of a barrel.However, the oil benchmark has been rising steadily over the last 12 days, as the US continued its blockade. Lindsay James, investment strategist at Quilter, said that the impact of the war so far in the UK has been largely limited to higher petrol and diesel prices, but "every day that passes without a resumption of supply sees the risk of physical shortages and steeper price rises on a range of goods increasing".The Iranian economy is facing a deepening crisis, with rapidly rising prices, falling currency value, and prospects of the oil exports grinding to a halt.According to the Statistical Center of Iran, the annual inflation rate has risen to 53.7%. The country's currency, the rial, has fallen to a record low.Around two million Iranians have lost their jobs, directly or indirectly, as a result of the war, the Iranian government had said last week.On Wednesday, Trump urged Iran to "get smart soon" and sign a deal, following days of deadlock in efforts to end the conflict.In a post on Truth Social, Trump said the country "couldn't get its act together".The Wall Street Journal cited US officials as saying the president had instructed aides to prepare for an "extended" blockade of Iran's ports in a bid to force Tehran's hand.Officials said Trump had opted to continue squeezing Iran's economy and oil exports with the blockade as his other options - resuming bombing or walking away from the conflict - carried more risk, according to the report.Iranian officials said on Tuesday the country could withstand the blockade as it was using alternative trade routes.The World Bank on Tuesday forecast energy prices would surge by 24% in 2026 to their highest level since Russia's full-scale invasion of Ukraine four years ago, if the most acute disruptions caused by the Iran war end in May.

US Oil Exports Soar To New Record High As Inventories Tumble, SPR Drained Most Since October 2022 - One week ago we lamented that the record oil inventory drawdown, which has seen over 250 million barrels drained from storage since the start of the war, has not led to higher oil prices (for those who missed it, Goldman forecast that global visible oil inventories are likely to reach record-low levels even in an optimistic scenario where Hormuz flows start to recover by the end of April). Moments ago the already precarious inventory picture turned even more ominous after the DOE reported that Crude stocks tumbled by a whopping 6.234 million barrels, far more than the 190K draw expected. The huge decline on US crude stockpiles was the largest draw since early February. It took nationwide storage numbers to around 459.5 million barrels. But it wasn't just crude: all other products drew as well:

• Crude -6.234MM, Exp. -190K, and much bigger than the 1.8-million-barrel decrease seen by the API on Tuesday
• Gasoline -6.075MM
• Distillates -4.494MM
• Cushing -796K

Gasoline declines in the middle of their predicted range at 6.1 million barrels. That’s the biggest draw since earlier in April, but the bigger story is total supplies falling to their lowest since December. Seasonally, stocks are at their lowest since 2014. Gasoline futures got a nice bump on this, extending their gains to new intraday highs, though the big story, as ever, is the Strait of Hormuz.Since the war started, Crude stocks had risen significantly, while gasoline inventories have seen non-stop draws. However, oil has now also inflected lower as it too starts to draw, painting an ominous picture for US gasoline prices which are already at multi-year highs. The big draw in distillate stocks - the largest since March 2025 - came from the Gulf Coast. That’s now below seasonal levels from 2022 in that region, when global diesel supplies were strained by the war in Ukraine. Distillate exports out of the US ticked down nominally last week, but they remain pretty elevated, near 1.6 million barrels a day for the fourth straight week as the US once again becomes a key supplier of diesel to the rest of the world. Stocks of jet fuel, which has been more stressed than nearly every other refined product, ticked up marginally as the US produced the most of the fuel since July 4, 2024, which is a key travel period. In the Gulf Coast, more of the fuel was produced than any time on record. Despite the big drop in inventories, which also saw the second largest drain in Cushing stocks since the start of the war (and third largest in 2026) dragging total Cushing stocks back under 30mm... ... total US production rose by just 1 barrell/day in the past week to 13.586 million b/d. Adding insult to injury, the drop in commercial stocks was compounded by a huge 7.121 mm barrel drawdown from the SPR, the biggest since October 2022. And while US consumers are now facing the highest gas prices in years, at least US producers are rolling in the profits: US exports just hit a new record high as the Iran war sends overseas buyers hunting for replacements to Middle Eastern oil. The surge in the volatile weekly crude exports figure helped send overall shipments of US oil and fuel abroad to a fresh record high above 14 million barrels a day. As US crude exports skyrocketed, imports declined, falling to around 5.75 million barrels per day. Most notably, imports into the East Coast hit an all-time low. The region is thirsty for barrels and even imported crude from the US Gulf Coast last week thanks to a shipping waiver signed by President Donald Trump. Crude imports from five key Latin American producers slipped in the week ended April 24, dropping by one-fifth to average 893,000 barrels a day. Increased inflows from Mexico, Colombia and Ecuador were more than offset by drops in imports from Brazil and Venezuela. No crude was imported from Brazil for the first time since November. While it didn't actually need the boost, having soared earlier in the day on continued indefinite Hormuz closure, WTI Crude rose above $105 the highest in two weeks, and up $6 on the day... ... while Brent is about to surpass its post-war highs. And speaking of gasoline, the four-week average of gasoline demand rose to 8.9 million barrels a day, which is in-line with regular summer driving trends. Concerns of higher gasoline prices -- and $4 gas -- does not yet seem to be reflected in the demand numbers, with the implied demand figure at its highest seasonal level since 2019. Meanwhile, US refinery runs bounced back and are back above 16 million barrels a day. Oil processing rose despite a small decrease on the Gulf Coast, where Valero continues to attempt a full restart of its Port Arthur, Texas, refinery following a fire in March.

Oil prices settle at multi-week highs as global supply worries mount (Reuters) - Oil prices surged over 6% on Wednesday to settle at their highest in weeks, as deadlocked U.S.-Iran negotiations made investors more concerned about prolonged disruptions to Middle Eastern supply. U.S. ‌government data showed a bigger weekly draw in crude and fuel inventories than expected, which also put upward pressure ‌on oil prices. Brent crude futures for June rose for the eighth consecutive session and settled up $6.77, or 6.1%, at $118.03 a barrel, the highest since March 31. The global benchmark climbed further in post-settlement trade to hit $120 a barrel for the first time since June 2022. U.S. West Texas Intermediate futures for June rose $6.95, or 7%, to $106.88 a barrel, the highest since April 7. A White House official said that President Donald Trump had asked U.S. oil companies about ways to mitigate the impact of a potentially months-long U.S. blockade of Iranian ports, adding to concerns that ‌disruptions to Middle Eastern oil supply could ⁠be prolonged. Over $50 billion worth of crude oil supply had been lost since the start of the Iran war, according to Reuters calculations as of mid-April. "If Trump is prepared to extend the blockade, supply disruptions ⁠would worsen further and continue to push oil prices higher," Haitong Futures analyst Yang An said. Signs of tightening supply have started to show in the U.S. Energy Information Administration data showed U.S. crude stocks fell over 6 million barrels last week, versus analysts' estimate of just over 200,000 barrels. [EIA/S] U.S. stockpiles of gasoline and distillate fuels, made up primarily of diesel, also fell ‌more than expected last week, raising concerns of potential shortages in the top fuel-consuming nation just as peak summer driving season gets underway. "Prices will likely find renewed support as summer approaches and incremental product demand converges with supply constraints," RBC Capital Markets analysts wrote on Wednesday. Elsewhere, Abu Dhabi National Oil Company has notified some customers they could load two crude grades outside of the Gulf next month because the Strait of Hormuz remains closed, according to two people with knowledge of the matter and a notice ‌seen by Reuters. Investors were also assessing ramifications of the United Arab Emirates' decision to quit OPEC. Analysts do not expect any major near-term impact on the market. Over the near term, Middle Eastern producers will bring whatever they can to market, Investec head of commodities Callum Macpherson said. Still, ‌the UAE's exit is the most significant fracture in OPEC's history and it increases the risk of oversupply that could cause oil prices to decline from 2027, Wood Mackenzie said. "UAE's departure from OPEC will have minimal impact on market fundamentals in 2026, even if the Strait of Hormuz reopens," said Simon Flowers, chief analyst at Wood Mackenzie. "Beyond this year, losing the ‌UAE will compound OPEC's challenge to balance the market and increase the risk of oversupply weakening prices," Flowers said.

Oil price tops $126 a barrel after Trump warns Iran blockade could last ‘months’  -- The global oil price hit $126 a barrel on Thursday, its highest level since 2022, after Donald Trump said the US blockade of Iranian ports could last for months and peace talks remained stalled. After surging more than 13% in 24 hours, the price of Brent crude futures reached its highest price since the war began on 28 February. Not since Russia’s 2022 invasion of Ukraine has Brent topped $120, with the price then peaking at $139.Oil markets have been spooked this week as Trump appeared willing to maintain the US navy’s blockade of Iranian ports, with Iran responding by keeping the strait of Hormuz all but shut to other oil tankers.Market observers believe that traders are beginning to look beyond the early optimism that a diplomatic resolution could restore Gulf oil flows through the vital trade route, and towards “the reality of the supply situation”. “The breakdown of talks between the US and Iran, along with President Trump reportedly rejecting Iran’s proposal for a reopening of the strait of Hormuz, has the market losing hope for any quick resumption in oil flows,” Warren Patterson, the head of commodities strategy at the investment bank ING, said. Oil later fell back from its four-year high, to about $114 a barrel on Thursday afternoon.Trump told oil executives this week that the US would “continue the current blockade for months if needed”, according to a White House official.US officials hope the blockade will force Iran to cap its oil wells and shutter production once its oil facilities, such as Kharg Island, have filled to the brim. “The blockade is somewhat more effective than the bombing,” Trump told Axios. “They are choking like a stuffed pig.”The sharp rise in oil prices has raised the risk of a global recession fuelled by the rising cost of fuels and industrial feedstocks.The economist Paul Krugman, a former New York Times columnist, said he believed most analysts had been “far too sanguine” about the effects of a prolonged Hormuz crisis.“In my view, a full-on global recession is more likely than not if the strait remains closed for, say, another three months, which seems all too possible,” he wrote on his Substack on 20 April.Jim Reid, a market strategist at Deutsche Bank, said there were now “growing fears about an extended stagflationary shock”, leading to higher interest rates – or yields – on government bonds.“Overnight we’ve seen Japan’s 10-year yield move up to 2.51%, which would be its highest closing level since 1997. It was a similar story in Europe too, with the 10-year [German] bund yield at a post-2011 high of 3.11%, whilst 10-year [UK] gilt yields hit a post-2008 high of 5.07%,” Reid added.US inflation soared in March, with prices up 3.3% over the year. Meanwhile, Britain is facing a £35bn economic hit and the risk of a recession in 2026 because of the war, a thinktank has said. Without an end to the oil market’s biggest supply crisis in history oil prices could return to all-time record highs of about $147 reached in 2008. Tehran said two weeks after shutting the strait that the world needed to prepare for $200 barrels of oil.

Brent Crude Oil Price Surges to 4-Year High, Tops $126 -- Brent crude oil prices surged to a 4-year high on Thursday, driven by reports that the U.S. military plans to brief President Donald Trump on possible actions against Iran. This has heightened concerns that armed conflict might escalate, further exacerbating the impact of the ongoing U.S. blockade on Iranian exports. U.S. Central Command is set to present Trump with plans for possible military action against Iran, citing two sources familiar with the situation, The Caspian Post reports, citing foreign media. It was previously reported that Trump rejected Tehran's proposal to reopen the Strait of Hormuz, signaling that the naval blockade will remain in place until a broader nuclear deal is reached. . Brent crude futures for June delivery rose 6.84% to $126.10 a barrel as of 00:22 ET (7:22 in Kyiv), while U.S. West Texas Intermediate crude rose 3.14% to $110.24. According to LSEG data, Brent crude prices reached their highest levels since early 2022, as conflict in the Middle East constrains supply. Goldman Sachs estimates that exports through the Strait of Hormuz have dropped to 4% of normal levels, with negotiations between the U.S. and Iran and the ongoing U.S. blockade tightening supplies. Iran's limited exports and constrained storage capacity could exacerbate supply disruptions if the blockade persists, bank analysts said, adding that production increases in the UAE following its exit from OPEC are likely to occur gradually over the medium term rather than offsetting short-term deficits. In a post on Truth Social on Wednesday, Trump appeared to threaten Iran, stating that the country "better get smart fast." Bill Perkins, chief investment officer at Skylar Capital Management, said oil markets are being influenced by a combination of physical shocks, geopolitics, and investor psychology, with traders closely monitoring tanker movements and political signals as the U.S.-Iran conflict drags on. "We are quite far from a deal, and perhaps combat operations or a bit more time are necessary to open the Strait of Hormuz," he said. While strategic reserves and existing oil in transit have helped mitigate the impact of price increases, he described petroleum product markets as significantly tighter, highlighting the sharp rise in diesel prices and persistent logistical challenges even if a truce is reached. Goldman pointed to emerging downside risks to demand, noting that global oil consumption in April could be approximately 3.6 million barrels per day lower than in February, with weakness concentrated in the jet fuel and petrochemical feedstock segments. Looking ahead, Perkins said the price of oil could jump to $140-$150 per barrel if disruptions persist, though elevated prices would eventually curb demand.

Oil Slumps After Reaching 4-Year High on US War Plan Reports (DTN) -- Oil and product futures softened Thursday morning, retreating from the highs reached earlier in the session on reports the U.S. is considering new strikes on Iran. Near 8:30 a.m. EDT, ICE Brent for June delivery on its last trading day fell $3.92 to $114.11 bbl, after reaching a four-year high $126.41 bbl earlier in the session. The July contract declined $1.40 to $109.04 bbl. NYMEX WTI crude for June delivery was down $2.14 to trade near $104.74 bbl after hitting an intraday high of $110.93 bbl. Downstream, NYMEX ULSD futures for May delivery softened $0.0490 to $4.1497 gallon, and front-month NYMEX RBOB futures slid $0.0356 to $3.7055 gallon. The U.S. Dollar Index eased by 0.5 points to 98.325 against a basket of foreign currencies. A ceasefire, in place since early April, lowered the geopolitical risk premium tied to the two-month-old U.S.-Israeli war on Iran. Oil prices fell in the initial days of the ceasefire on hopes of a resurrection of flows from the Persian Gulf, but have been moving higher over the past two weeks after the U.S. instated a full naval blockade of Iranian maritime trade, prompting Tehran to declare the Strait of Hormuz closed for traffic after a one-day reprieve. Reports of the U.S. considering extending the embargo propelled front-month Brent futures above $118 bbl by Wednesday's market close, just 30cts shy of its highest closing price since the start of the conflict. Earlier this morning, media reports suggested U.S. President Trump was being briefed on new military options for strikes on Iran, catapulting Brent for June delivery to $126.41 bbl, the highest since the early days of Russia's invasion of Ukraine in 2022. The more actively traded July contract reached $114.7 bbl, the highest since June 2022. The ongoing supply disruption, which so far has accumulated to more than 3% of global yearly petroleum liquids supply, has put a strain on global inventories and led to a surge in foreign buying interest for U.S. crude oil and refined products. The Energy Information Administration on Wednesday reported petroleum exports last week soared to 14.18 million bpd, pulverizing the 12.88 million bpd record pace, which itself was 700,000 bpd above the previous all-time high, set just the week prior. Crude oil exports reached a historic high of 6.44 million bpd, topping the previously fastest weekly pace by 809,000 bpd, or 14%. Over the past four weeks, crude oil exports from the U.S. clocked in at 5.15 million bpd, up 29% year-on-year.

Crude Reverses After Overnight Spike on Iran Headlines - -The oil market ended the session lower after it reversed course from its sharp overnight gains that had pushed the market over the $110 level. The crude market rallied higher in overnight trading following an Axios report that U.S. President Donald Trump was scheduled to receive a briefing on plans for a series of military strikes on Iran in hopes that it will return to negotiations on its nuclear program. The market rallied to a high of $110.93 in overnight trading. However, the market gave up its gains and sold off to $103.50 by the morning. The crude market settled in a sideways trading range before further selling ahead of the close pushed the market to a low of $103.34. The June WTI contract settled down $1.81 at $105.07 and the June Brent contract settled down $4.02 at $114.01. The product markets ended the session lower, with the heating oil market settling down 6.03 cents at $4.1384 and the RB market settling down 3.04 cents at $3.7715. Technical Analysis: The crude market on Friday will likely retrace some of Thursday’s losses and look to the latest headlines for further direction. The market will look to further developments regarding the U.S. considering possible military action to break the negotiation deadlock with Iran. The oil market is seen finding support at $105.00, $103.34, $98.72, $98.42, $96.24, $94.95, $94.59, $92.68, $92.30 and $91.18. Meanwhile, resistance is seen at $110.93, $117.63 and $119.48. Fundamental News: Shipping data showed and analysts said a U.S. naval blockade of Iranian ports has cut Tehran’s oil exports, stranding a growing stockpile of crude on tankers as Iranian storage sites run out of space. Oil analytics firm Vortexa said just a handful of carriers carrying Iranian crude have left the Gulf of Oman between April 13th and 25th. LSEG data shows that its crude exports are down over 80% from a comparable period in March, when Iran exported 23.4 million barrels. Analysts at Kpler said they had not observed any Iranian crude tankers exiting the Gulf of Oman since the blockade began. U.S. Central Command said “Right now there are 41 tankers with 69 million barrels of oil that Iranian regime can’t sell.” Kpler analyst, Johannes Rauball, said Iran may be forced to start cutting output within a week or two. Onshore storage is about 60% full, with stocks above 50 million barrels, and capacity at 86 million barrels. The Trump administration said it is seeking to exchange up to 92.5 million barrels of crude from the Strategic Petroleum Reserve, as it seeks to calm oil markets. The U.S. agreed earlier this year to loan 172 million barrels from the SPR as part of a wider agreement with more than 30 countries in the International Energy Agency to release about 400 million barrels. The U.S. has so far offered 126 million barrels of crude in three batches of crude, but oil companies only took less than 80 million barrels or about 63% of what was offered. The new offer, if all of it is taken by oil companies, would fulfill the U.S. goal to loan 172 million barrels. White House economic adviser, Kevin Hassett, said the Trump administration is talking to oil companies and considering measures to increase production in the United States “really soon” to ease the impact of the Iran war on energy supplies. The International Energy Agency’s head, Fatih Birol, reaffirmed the world is facing its biggest energy crisis in history due to disruption caused by the conflict with Iran. U.S. President Donald Trump signed an order authorizing the Bridger Pipeline’s proposed project to transport Canadian crude from the U.S.-Canada border to Wyoming.

World Oil Prices Surge Above $110 as Strait of Hormuz Crisis Deepens Global Energy Fears  — World oil prices climbed sharply on Friday as the ongoing blockade of the Strait of Hormuz continued to threaten global supply, with Brent crude hovering near $111 per barrel and West Texas Intermediate trading around $105 amid heightened geopolitical tensions. The benchmark prices reflect persistent worries over disrupted shipments through the critical waterway, which normally carries about one-fifth of global oil. The latest surge comes as diplomatic efforts to reopen the strait have stalled, pushing energy markets to four-year highs and raising concerns about inflation, economic growth and energy security worldwide. As of early May 1, 2026, Brent crude futures for June delivery rose to approximately $111 per barrel, up more than 1% in early trading. WTI crude for May settlement traded near $105, reflecting similar upward pressure. Both benchmarks have gained over 80% year-to-date, driven largely by Middle East supply risks that have overshadowed demand concerns. The crisis stems from the broader 2026 Iran conflict. Iranian forces effectively closed the strait in late February following U.S. and Israeli strikes, with limited commercial traffic resuming only under strict conditions. U.S. naval actions, including a blockade on Iranian ports, have further complicated shipping. Only a handful of vessels from select nations have passed recently, far below normal volumes. Analysts at S&P Global and others warn that prolonged disruption could keep prices elevated throughout the year. While U.S. production and strategic reserves provide some buffer for American consumers, Asia and Europe face steeper challenges as alternative routes increase costs and insurance premiums skyrocket for tankers near the region. OPEC+ has responded with modest production increases, but members' spare capacity is limited and internal dynamics complicate coordinated action. The UAE's recent exit from the group adds another layer of uncertainty to supply forecasts. U.S. shale producers have ramped up output, but logistical constraints and investor caution limit rapid scaling. The price spike is already rippling through economies. Gasoline prices in the United States have climbed toward $4 per gallon in many areas, while European energy costs surge amid reliance on imported LNG and refined products. Developing nations in Asia, heavily dependent on Middle East crude, face the greatest strain, with some governments considering subsidies or strategic releases to ease consumer pain. Energy experts note the Strait of Hormuz's unique vulnerability. The narrow passage between Iran and Oman is difficult to secure fully, and even threats of attacks or mines deter shipping companies. Recent incidents involving seized vessels and reported strikes have heightened risk premiums, with insurers demanding significantly higher rates or refusing coverage altogether. U.S. officials, including President Donald Trump, have pushed for a maritime coalition to guarantee safe passage, but allied support has been mixed. Diplomatic talks mediated by Pakistan continue, yet mutual distrust between Washington and Tehran has slowed progress. Iran has demanded the end of the U.S. blockade before fully reopening the strait, while the administration insists on verifiable security guarantees. Market participants are watching several upcoming catalysts. The next OPEC+ meeting, weekly U.S. inventory reports and any breakthroughs in Iran negotiations could swing prices dramatically. Technical analysts point to resistance levels near $115 for Brent, with potential for further upside if disruptions worsen. Longer-term forecasts vary. Some banks project Brent averaging around $100-$110 for the year if the strait reopens gradually, while others warn of sustained premiums if tensions persist. Demand destruction from high prices could eventually cap gains, but current supply fears dominate trading. For consumers and businesses, the volatility creates planning challenges. Airlines have raised fares, manufacturers face higher input costs and households brace for increased heating and transportation expenses. Governments are exploring diversification strategies, including accelerated renewable energy investments and strategic partnerships with alternative suppliers. The crisis also highlights the geopolitics of energy. The Strait of Hormuz has long been a flashpoint, but the current conflict has brought its importance into sharper focus. Nations dependent on Gulf oil are reassessing vulnerabilities, while producers weigh the balance between revenue and security risks. As trading continues, oil prices reflect both immediate supply threats and broader uncertainty. Whether the latest spike proves temporary or the start of a new era of elevated energy costs depends on diplomatic outcomes in the coming weeks. For now, the world watches the narrow strait with heightened anxiety, knowing that events there can reshape economies far beyond the Persian Gulf.

Oil prices fall after Iran sends updated peace proposal to mediators in Pakistan - Oil prices fell Friday after Iran sent an updated peace proposal to mediators in Pakistan, raising hopes again that a settlement with the U.S. is still possible. U.S. crude oil futures fell 3% to close at $101.94 per barrel. International benchmark Brent lost nearly 2% to settle at $108.17. Pakistani officials confirmed to MS NOW that mediators received an updated proposal from Iran to end the war. The proposal has been delivered to the U.S., the officials said. President Donald Trump later said he was not satisfied with Iran’s offer. “Iran wants to make a deal, but I’m not satisfied with it,” Trump told reporters at the White House. “Iran wants to make a deal because they have no military left.” Trump faces a 60-day deadline under the War Powers Resolution related to military action in the Iran war.  Under the 1973 law, a president must withdraw troops within 60 days of notifying Congress of their deployment, unless lawmakers authorize the military action.. Congress has not done so. The Trump administration argued on Friday that a ceasefire reached three weeks ago had “terminated” hostilities between the two sides, according to MS NOW. This would allow the White House to avoid seeking Congressional approval for the war. An administration official said that the absence of direct fire between U.S. forces and Iran since a ceasefire was first agreed to on April 7 means the 60-day clock no longer applies. “For War Powers Resolution purposes, the hostilities that began on Saturday, February 28, have terminated,” an administration official told MS NOW. The argument was first raised by Defense Secretary Pete Hegseth during his hearing before the House Armed Services Committee earlier Thursday, where he said the ceasefire effectively paused the war. The U.S. and Israel launched strikes on Iran on Feb. 28, and Trump formally notified Congress on March 2, starting the 60-day clock and setting up a May 1 deadline. Trump could seek a 30-day extension under the law but has not done so, according to lawmakers. Tensions remain elevated despite a ceasefire. Trump on Wednesday escalated threats against Tehran, vowing to maintain the U.S. blockade on Iran until Tehran agrees to a nuclear deal. Tehran has refused to reopen the Strait of Hormuz unless the U.S. lifts its blockade of Iranian ports. Axios also reported that the U.S. Central Command had prepared a plan for a “short and powerful” wave of strikes on Iran in hopes of breaking stalled talks between Washington and Tehran. While the two sides are currently in a ceasefire, a senior official from Iran’s Revolutionary Guards had reportedly threatened “long and painful strikes” on U.S. positions if Washington renewed attacks on Iran, Reuters reported, citing Iranian media.

Crude Prices Tumble on Hopes Negotiations to End Iran War Will Resume  - June WTI crude oil (CLM26) today is down -3.37 (-3.21%), and June RBOB gasoline (RBM26) is down -0.0448 (-1.24%).  Crude oil and gasoline prices gave up early gains today and retreated , with gasoline falling from a 3.75-year high, on hopes that negotiations to end the US-Iran war will resume.   Crude prices initially moved higher today after the dollar index ($DXY) fell to a 2-week low, and as the Strait of Hormuz remains closed, tightening global energy supplies. Crude oil prices initially moved higher today after President Trump said he was sticking with a naval blockade of Iran, and Iran’s Supreme Leader, Mojtaba Khamenei, vowed not to give up Iran’s nuclear or missile technologies and said Iran would keep control of the Strait of Hormuz. Crude prices also have support on signs that the US will maintain its naval blockade of Iran for the foreseeable future.  President Trump told his aides to prepare for an extended blockade and that it carries less of a risk for the US than resuming hostilities or walking away from the conflict without securing a deal that curbs Iran’s nuclear activities.Energy prices remain underpinned amid the Strait of Hormuz’s continued closure, threatening to deepen the global energy crisis.  The ongoing blockade could exacerbate global oil and fuel shortages, as about a fifth of the world’s oil and liquefied natural gas transits through the strait.  Goldman Sachs estimates that crude output in the Persian Gulf has been curtailed by about 14.5 million bpd, and that the current disruption has drawn down nearly 500 million bbl from global crude stockpiles, which could hit a billion bbl by June.Persian Gulf oil producers have been forced to cut production by roughly 6% due to the closure of the Strait of Hormuz as local storage facilities reach capacity.  On April 13, the US began a blockade of all vessels passing through the Strait of Hormuz that call at Iranian ports or are headed there.  President Trump said that the US naval blockade in the strait “will remain in full force” until a deal is fully agreed.  Iran had been able to export crude during the war before the blockade, as it exported about 1.7 million bpd in March.On Tuesday, the United Arab Emirates (UAE) said it will leave OPEC on May 1.  The UAE’s decision to leave OPEC, the third-largest producer in the cartel, is potentially bearish for crude prices, as it allows the UAE to boost production without being constrained by OPEC’s output quotas.On April 13, the International Energy Agency (IEA) said that about 13 million bpd of global oil supply has been shuttered by the Iran war and the closure of the Strait of Hormuz.  The IEA also said that more than 80 energy facilities have been damaged during the conflict, and a recovery could take as long as two years.In a bearish factor for crude, OPEC+ on April 5 said it will boost its crude output by 206,000 bpd in May, although that production hike now seems unlikely given that Middle East producers are being forced to cut production due to the Middle East war.  OPEC+ is trying to restore all of the 2.2 million bpd production cut it made in early 2024, but still has another 827,000 bpd left to restore.  OPEC’s March crude production fell by -7.56 million bpd to a 35-year low of 22.05 million bpd.  Expectations are that OPEC will boost its crude output by 188,000 bpd in June when the cartel meets in a video conference on Sunday, May 3.Vortexa reported on Monday that crude oil stored on tankers that have been stationary for at least 7 days rose +25% w/w to 153.11 million bbl in the week ended April 24, the highest in 3 months.The most recent US-brokered meeting in Geneva to end the war between Russia and Ukraine ended early as Ukrainian President Zelenskiy accused Russia of dragging out the war.  Russia has said the “territorial issue” remains unresolved with Ukraine, and there’s “no hope of achieving a long-term settlement” to the war until Russia’s demand for territory in Ukraine is accepted.  The outlook for the Russia-Ukraine war to continue will keep restrictions on Russian crude in place and is bullish for oil prices.Ukrainian drone and missile attacks have targeted at least 30 Russian refineries over the past ten months, limiting Russia’s crude oil export capabilities and reducing global oil supplies.  Bloomberg data show Russia’s average refinery runs in April fell to 4.69 million bpd, the lowest in 16 years.  Also, since the end of November, Ukraine has ramped up attacks on Russian tankers, with at least six tankers attacked by drones and missiles in the Baltic Sea.  In addition, new US and EU sanctions on Russian oil companies, infrastructure, and tankers have curbed Russian oil exports.Wednesday’s EIA report showed that (1) US crude oil inventories as of April 24 were +1.2% above the seasonal 5-year average, (2) gasoline inventories were -2.4% below the seasonal 5-year average, and (3) distillate inventories were -10.3% below the 5-year seasonal average.  US crude oil production in the week ending April 24 was unchanged w/w at 13.586 million bpd, mildly below the record high of 13.862 million bpd posted in the week of November 7.Baker Hughes reported last Friday that the number of active US oil rigs in the week ended April 24 fell by -3 to 407 rigs, just above the 4.25-year low of 406 rigs posted in the week ended December 19.  Over the past 2.5 years, the number of US oil rigs has fallen sharply from the 5.5-year high of 627 rigs reported in December 2022.

Hormuz transits dry up, US intercepts newly sanctioned tanker  - Following last week’s seizure of two container ships by Iran transits of the Strait of Hormuz have slowed to a trickle while the US blockade forces more vessels to u-turn at the Arabian Sea.The seizing of two containers the Epaminondas and MSC Francesca by Iran’s Islamic Revolutionary Guard (IRGC) Navy on 22 April has transits reduced to a trickle with most by sanctioned or Iranian-flagged vessels. Figures from the Joint Maritime Information Center (JMIC) showed three cargo ships and one tanker crossed the Strait of Hormuz on 25 April – two eastbound and two westbound. The 51,202 dwt Liberian-flagged tanker Well Sail transited the Strait eastbound on 24 April sailing to an anchorage at Fujairah broadcasting AE FJR CHINA OWN as its destination according to AIS data from Pole Star Global. Two sanctioned false-flag chemical/product tankers Majesty and Oceanjet also transited eastbound on 24 April and are showed anchored off Shinas, Oman, stopping short of the US blockade at the edge of the Gulf of Oman. US Central Command (Centcom) said US forces had directed 38 ships to turnaround or return to port since its naval blockade situated at the edge of the Arabian Sea came into force on 13 April.US Centcom said it had intercepted the Panama-flagged LPG carrier LPG Sevan, sanctioned by the US Treasury Department’s OFAC just a day earlier, and forced it to turn back to Iran under escort. AIS tracking showed the LPG Sevan as having sailed from offshore Oman out in the Arabian Sea before turning back to Bandar e-Jask in Iran.An analysis by Signal Ocean using AXSMarine AIS data of the first seven weeks of conflict from 1 March – 21 April showed 446 confirmed crossings of the Strait or an average of 8.6 per day although with significant variation across the period.“Seven weeks in, the Strait of Hormuz functions at roughly 7–9% of its pre-conflict utilisation rate during stable periods, with brief spikes when political signals align and sharp contractions when they don’t. The corridor that remains is dominated by operators with higher risk appetite, diplomatic exemptions, or ownership structures that make the calculation different from the one facing mainstream commercial fleets,” Signal Ocean said.The highest number of crossings was during a brief period on 18 April where both Iran and the US had declared the Strait fully open with 28 crossings. This brief period increased activity was followed by Iran again closing the Strait in retaliation of the continued blockade by the US, and firing on two Indian-flagged vessels and a French container ship.

US Naval Blockade Squeezes Iran’s Oil Exports, Forces Crude Onto Floating Storage - (Reuters) – A U.S. naval blockade of Iranian ports has shrunk Tehran’s oil exports, stranding a growing stockpile of crude on tankers as Iranian storage sites run out of space, shipping data showed and analysts said. With some vessels switching off tracking systems and U.S. forces turning back Iranian tankers, how much crude Iran is delivering to customers, particularly main customer China, is impossible to measure. Just a handful of carriers carrying Iranian crude have left the Gulf of Oman between April 13-25, oil analytics firm Vortexa said. That’s down over 80% from a comparable period in March, when Iran exported 23.4 million barrels, LSEG data shows. Some of Tehran’s vessels have been intercepted by the U.S. after leaving Iranian ports, along with sanctioned container ships and Iranian tankers in Asian waters. “At this stage, we estimate that around 4 million barrels of Iranian crude has successfully moved out of the Gulf of Oman. We are not currently able to confirm whether any of those vessels have since been interdicted,” it said in an email to Reuters. The loss of Iranian supply adds to wider market tightness as the war has effectively closed the Straight of Hormuz, curtailing oil exports from Saudi Arabia, the UAE, Kuwait and Iraq and sending prices higher, something the U.S. has sought to avoid. Last month, the U.S. granted Tehran an unexpected temporary sanctions waiver on energy exports to allow prices to cool. Benchmark Brent crude oil futures have jumped by about $50 a barrel since the Iran war began on February 28, raising prices of gasoline, diesel and jet fuel. The International Energy Agency has called it the world’s largest oil output disruption. Analysts at Kpler said they had not observed any Iranian crude tankers exiting the Gulf of Oman since the blockade began. U.S. authorities said on Wednesday their blockade was denying Tehran of much-needed revenue from crude exports. “Right now there are 41 tankers with 69 million barrels of oil that Iranian regime can’t sell,” U.S. Central Command (CENTCOM) said on Wednesday. Iran’s currency, the rial, fell to a record low against the U.S. dollar on Wednesday, highlighting the financial difficulties that face the oil-reliant economy. Despite the pressure, Iran is still loading crude at its main export hub on Kharg Island, maritime intelligence firm TankerTrackers said. Satellite imagery shows at least 10 tankers parked off Iran’s Chah Bahar port on the Gulf of Oman, it added. Iran pumped about 3.24 million bpd of crude in February, around half for domestic refining. Yet, the country may be forced to start cutting output within a week or two, said Kpler analyst Johannes Rauball, with storage scant. Onshore storage is about 60% full, Kpler said, with stocks above 50 million barrels, and capacity at 86 million barrels.

Iran is flooded with so much unsold oil that it’s stashing it in derelict tanks --Iran is scrambling to find new ways to store its oil, hoping to avoid a crippling production shutdown as a U.S. naval blockade bottles up its exports and negotiations to end the war remain deadlocked. With oil backing up at home, Iran is reviving derelict sites known as “junk storage,” using improvised containers and trying to ship crude by rail to China. The unusual steps are aimed at delaying an infrastructure crisis and blunting Washington’s leverage in the standoff over the Strait of Hormuz.The war between the U.S. and Iran has turned into a race to see whether Tehran’s oil industry or global energy consumers crack first. Every barrel that can’t leave the country through normal export channels must go somewhere: into a tank, onto a ship, into an improvised storage site—or remain underground. Iran hopes to avoid the risk of having to turn off the spigots and deepen its revenue losses, said Sanam Vakil, Middle East and North Africa program director at Chatham House, a nonpartisan London think tank. “The shutdown will add pressure and motivate the negotiations,” Vakil said. The first round of talks between the U.S. and Iran ended earlier this month with little progress, then collapsed last week when Iran refused to meet again. Iran has presented regional mediators with a new offer to stop its attacks in the Strait of Hormuz in exchange for a full end to the war and a lifting of the U.S. blockade of Iranian ports, The Wall Street Journal has reported. It would see discussions about Iran’s nuclear program put off for now. On Monday, President Trump discussed Iran’s proposal with his national-security team, White House press secretary Karoline Leavitt told reporters. Leavitt said Trump’s red lines on Iran remain clear. Iran choked off transits through the crucial shipping lanes early in the war with attacks on around two dozen ships. It continued to ship its own oil out for weeks until the U.S. imposed a blockade on traffic going in or out of Iranian ports on April 13 in an effort to pressure Iran’s oil-dependent economy. The blockade has sharply reduced the amount of oil that Iran, a net energy exporter, has been able to load on tankers, commodity analytics firm Kpler said. Iranian crude oil and condensate loadings averaged 2.1 million barrels a day between April 1 and April 13. Only five cargoes have been observed since the blockade, bringing the average down to 567,000 barrels a day between April 14 and April 23. In February, before the war, Iran exported on average 2 million barrels a day. With limited ability to load crude onto ships, Iran’s national oil company has already begun reducing output, according to Kpler. Production cuts often start before storage is technically full, because operators need to preserve room in the system and avoid dangerous bottlenecks. Kpler estimates Iranian crude production could fall from current levels by more than half, to between 1.2 million and 1.3 million barrels a day, by mid-May if the blockade holds. Meanwhile, the constraints on Iran and Gulf oil exporters as the strait stays closed have pushed oil prices higher, raising the cost of gasoline and diesel at the pump. It has also constricted supplies of some products such as jet fuel. That is putting pressure on consumers and businesses. International benchmark Brent oil futures rose nearly 3%, to $108.23 a barrel, Monday amid the continued lack of progress in peace talks. While prices are well above where they were before the war, they have remained below the high near $120 a barrel that they hit earlier in the conflict. Analysts debate how long it will take Iran to hit “tank tops”—industry parlance for running out of room to store the crude it pumps—but many think it could happen in under two weeks. Trump said Sunday that it would be about three days before Iran’s oil infrastructure backs up. An Iranian energy official vowed in a post Sunday on social media to strike back if any Iranian oil wells are damaged during the blockade. Iran’s onshore oil inventories have swelled by 4.6 million barrels to roughly 49 million barrels under the blockade, according Kpler, which puts the country’s capacity at 86 million barrels, or potentially 90 million to 95 million barrels once several northern refinery tanks are included. But operational constraints, safety limits and geography mean much of that space might not be usable.

Iran FM Meets Putin in Russia following Failed Islamabad Negotiations - Palestine Chronicle - Iranian Foreign Minister Abbas Araqchi arrived in St. Petersburg on Monday to hold high-level consultations with Russian officials, including a scheduled meeting with Vladimir Putin, as part of an ongoing diplomatic tour. Speaking upon arrival, Araqchi said the visit aims to “continue close consultations between Tehran and Moscow on regional and international issues,” Press TV reported. He added that the talks would provide an opportunity to review the latest developments in the war and strengthen bilateral coordination. Iran’s foreign minister also noted that recent US-Israeli military actions had disrupted regular diplomatic engagement with Russia, making the current round of consultations particularly significant. According to Press TV, Araqchi pointed to his recent visit to Islamabad, where Iran engaged in consultations with Pakistani officials acting as mediators in indirect talks with Washington. He said that earlier negotiations “despite some progress, did not achieve their goals,” attributing the breakdown to what he described as American “excessive demands” and “wrong policies.” “We must secure the rights of the Iranian people after 40 days of resistance and protect the country’s interests,” Araqchi stated, emphasizing that Tehran’s conditions remain central to any future diplomatic process. During his stop in Muscat, Araqchi held talks with senior Omani officials focusing on the strategic Strait of Hormuz. He stressed that as two coastal states, Iran and Oman must coordinate closely on maritime security, particularly as the strait has become a focal point of global concern amid escalating tensions. Al Mayadeen reported that Araqchi confirmed that both sides reached a broad understanding and agreed to continue consultations at the expert level to safeguard navigation and shared interests. The visit to Russia marks the latest stage in an intensive diplomatic effort to consolidate regional coordination following weeks of conflict. Tehran maintains that any future negotiations must address core issues, including guarantees against further military action and respect for Iran’s sovereignty, while ongoing consultations with regional and international partners aim to shape the next phase of the crisis.

'Everything in Our Power': Putin Reaffirms Support for Iran, Warns against Escalation - Palestine Chronicle -- Russian President Vladimir Putin said Moscow is ready to do “everything in its power” to ensure peace in the Middle East during talks with Iranian Foreign Minister Abbas Araqchi in St. Petersburg on Monday. According to the Russian news agency TASS, Putin emphasized that Russia would act in a way that serves the interests of Iran and the broader region, expressing hope that peace would be achieved “as quickly as possible.” Al Mayadeen reported that Putin also praised the Iranian people, saying they are “fighting courageously and heroically for their sovereignty,” and voiced hope they would overcome the current “difficult period of trials.” Putin confirmed he had received a message from Iran’s leadership, asking Araqchi to convey his “gratitude” and best wishes. According to the Iranian news agency Tasnim, Putin stressed that Russia intends to maintain and further develop its strategic relations with Iran, reiterating Moscow’s commitment to cooperation despite ongoing regional tensions. He added that Russia’s efforts would not only serve Iran’s interests but also those of all countries in the region. Araqchi said he was “very pleased” to meet Putin and conveyed greetings from Iran’s leadership, including President Masoud Pezeshkian. According to TASS, he described relations between Tehran and Moscow as a “strategic partnership at the highest level” that will continue to strengthen regardless of circumstances. Al Mayadeen reported that Araqchi also thanked Russia for its support during the war, stressing that Iran would continue to resist US pressure and defend its national interests. Araqchi said the talks in St. Petersburg were an opportunity to review developments in the war and coordinate efforts with Russia following his recent visits to Pakistan and Oman. According to Tasnim, he highlighted the need for continued coordination to end the conflict and manage regional developments, including ongoing diplomatic efforts. He reiterated that Iran’s position in negotiations remains firm, emphasizing the need to secure the rights of the Iranian people after weeks of conflict. Kremlin spokesperson Dmitry Peskov said Moscow believes all parties must avoid returning to military confrontation, warning that renewed escalation would not serve Iran, regional countries, or the global economy. Peskov reportedly added that Russia is prepared to offer mediation efforts to help resolve the conflict and support stability.

‘Wartime’: Iran Rejects Nuclear Concessions, Ties Hormuz Access to End of War - Palestine Chronicle - Iran will not make concessions on its nuclear program, according to statements by Iranian officials, who stressed that negotiations will not achieve what military pressure failed to impose. Ibrahim Rezaei, spokesperson for Iran’s parliamentary Security and Foreign Policy Committee, said Tehran “will not compromise on the nuclear issue,” asserting that adversaries “will not obtain through negotiation what they failed to achieve on the battlefield.” Rezaei also said Iran has prepared “numerous surprises” for its enemies, adding that the country maintains full control over the Strait of Hormuz. Iranian military officials signaled continued readiness despite the ceasefire. Brigadier General Mohammad Akrami Nia said the armed forces do not consider the war to be over, stating that “the conditions are still considered wartime,” and confirming that Iran has updated its “target bank” and military capabilities. He added that Iran’s preparedness has deterred ground attacks, saying the enemy “did not dare” to launch a land offensive. Rezaei stressed that Iran’s armed forces remain on high alert and would respond harshly to any renewed aggression. He also clarified that recent diplomatic tours by Foreign Minister Abbas Araghchi were not linked to nuclear negotiations, but focused on regional developments and bilateral relations. Iranian officials have consistently framed their posture as defensive, while signaling readiness for escalation if necessary. According to Press TV, Iranian Deputy Defense Minister Brigadier General Reza Talaei Nik said Tehran could allow commercial shipping through the Strait of Hormuz once the war fully ends. He stated that safe passage would resume “after the end of the war,” provided that security protocols protecting Iran’s interests are respected.

Iranian Currency Hits All-Time Low As Tehran Threatens 'Unprecedented' Response To US 'Maritime Piracy' -Iran’s currency plummeted to a record low on Wednesday, dropping to 1.8 million against the dollar following the brutal US-Israeli war, coinciding with uncertainty over the fragile truce and rising energy prices worldwide. The currency began a sharp descent two days ago after several weeks of artificial stability. During the initial weeks of the US-Israeli war on the Islamic Republic – which broke out on February 28 – the rial remained relatively steady, largely due to a total halt in imports and minimal market trading.Hundreds of textile workers have been laid off, according to Iran’s Shargh newspaper. According to ISNA, in the last two days, the rial has plummeted by 15 percent. The drop comes as Washington continues to enforce an aggressive blockade on Iranian ports, seizing multiple vessels recently and prompting Tehran to respond similarly. Iran has repeatedly warned that it will confront this blockade and use military action if necessary. A high-ranking Iranian security source told Press TV on Wednesday that Tehran will soon use “practical and unprecedented military action” if Washington’s “piracy” does not come to an end. “Iran's armed forces – operating under the Khatam al-Anbiya Headquarters as the war command – believe that patience has limits and that a punishing response is necessary if Washington maintains its illegal naval blockade around the Strait of Hormuz,” the source added.

Iran's Parliament Speaker Calls for 'Maintaining Unity' in the Face of US Blockade, Economic Sanctions - Mohammad Bagher Ghalibaf, the speaker of Iran’s parliament, has called for the Iranian people to “maintain unity” in the face of the US blockade and other economic pressure, which he warned is aimed at collapsing Iran “from within.” In a statement issued through Iranian media, Ghalibaf said that President Trump “divides the country into two groups: hardliners and moderates, and then immediately talks about a naval blockade to force Iran into submission through economic pressure and internal discord.”The Trump administration has been pushing a narrative that the Iranian leadership is divided, with some wanting a deal with the US while others don’t. But publicly, Iranian leaders have maintained a unified front and have insisted that real diplomacy won’t happen until the US lifts the blockade.Ghalibaf said that the US has entered a “new phase and wants to activate economic pressure and internal division through naval blockade and media hype to weaken or even make us collapse from within.”Also on Wednesday, an Iranian military source speaking to PressTV warned that the US would soon face “practical and unprecedented action” if it continues the blockade.“Iran’s armed forces – operating under the Khatam al-Anbiya Headquarters as the war command – believe that patience has limits and that a punishing response is necessary if Washington maintains its illegal naval blockade around the Strait of Hormuz,” the Press TV report said.President Trump has signaled that he’s planning a long-term blockade, but the continued enforcement will exacerbate the global economic crisis caused by the war and the rising gas prices in the US. Joe Kent, the former head of the US National Counterterrorism Center, who resigned over objections to the Iran war, said in a post on X that the blockade really puts more pressure on the US. “Continuing the blockade puts far more pressure on us than on Iran. Iran has proven it can endure economic pain — it has been doing so since 1979. The blockade will not force Iran to abandon uranium enrichment, ballistic missiles, or its proxy networks,” Kent wrote.“Instead, the blockade is hurting the American people and creating serious domestic pressure on POTUS: Gas prices will continue to rise as we head into the midterms, harming the working-class voters who overwhelmingly backed Trump and Republicans—putting GOP majorities in serious jeopardy,” he added.Kent also noted that the blockade is creating a “global fertilizer shortage that will cause major food security crises and potential famines in vulnerable regions.”

BBC visits US and UK military base in Iraq as ceasefire continues (video report) The BBC has been given access to a military base in Iraq where UK forces have been working together with their US counterparts during the conflict in the region. The US announced an extended but fragile ceasefire on the US-Israel war in Iran - but prior to the ceasefire up to 28 drones were fired at the base on a daily basis. "You hear weapons of destruction going off around you, and it's bloody difficult," an RAF air specialist at the base told the BBC's defence correspondent Jonathan Beale. British and US forces were working side by side at this military base long before the war with Iran started – in the fight against the Islamic State group. Sharp differences over the war Iran have certainly strained transatlantic relations. But on this base the two are still joined at the hip. Armed Forces Minister Al Carns said the close co-operation between the two militaries was a "message that needed to be elevated". Since the conflict began "We've helped move Americans out of harms way; we've helped protect them and they've helped protect us," Carns said - though he stressed that British forces were in a "defensive posture". Air Chief Marshal, Sir Harvey Smyth, said he'd met with the US commander of the base who'd been "effusive in praise" of UK forces. "I think our relationship is as strong as ever, and this operation has brought us even closer", he said. But that certainly hasn't been reflected in the language between Washington and Westminster.

Israeli Bulldozers Smash Solar Panels, Olive Trees in Southern Lebanon ‘Infrastructure’ Demolition - During the Israeli invasion of Lebanon, the Christian village of Debel has spent an undue amount of time in the spotlight. In the lead-up to the ceasefire, an image emerged of an Israeli soldier smashing a statue of Jesus in the village with a sledgehammer, sparking international outcry and leading to Israel jailing a pair of soldiers for the incident.This weekend, Debel was a topic of discussion again, as Israeli military bulldozers were seen in the video destroying solar panels that provided the village’s electricity and supported its water supply. Homes and olive trees and Debel were similarly destroyed by the IDF.The IDF, for its part, reported that they are investigating the videos, and the destruction being committed by the soldiers in the video does not align with the “values of the IDF and the conduct expected of its soldiers.” While Israel has been pretty open about systematically destroying municipalities in Lebanon’s far south, nominally for national security reasons, the wanton destruction within Debel, which is in the south but not immediately along the border, is a recurring headache for the IDF as it tries to paint its forcible population transfers and destruction of entire towns as limited and in some way not a violation of international law.Debel is a uniquely bad fit for Israel’s narrative of fighting Hezbollah, as not only is it a known Christian village but the things the IDF is seen destroying, like statues of Jesus or solar panels, are plainly not military targets and do not speak to Israeli troops behaving responsibly in occupied territory.This is compounded by the report from Haaretz late last week that Israeli troops have been engaged in ‘routine’ looting of Lebanese homes with relative impunity, undercutting IDF claims to be holding violators of codes of conduct to strict account in a war and occupation that is seeing more and more ugly visuals.

New Evacuations Orders in Southern Lebanon as Israel Escalates ‘Ceasefire’ Strikes -  While the ceasefire that was extended last week in Lebanon continues to inexplicably be presented as “holding,” Israeli Prime Minister Benjamin Netanyahu ordered substantial escalation in the Israeli military action in Lebanon’s south, and the amount of strikes seems to be growing substantially over the weekend.At least 14 people have been confirmed killed over the weekend in Israeli strikes, and at least 37 others wounded. While Israel had largely confined its military operations during the “ceasefire” to the area south of the newly established Yellow Line, Israel Sunday began ordering evacuations of seven municipalities north of the Litani River, and already those areas are coming under Israeli attack.The casualties continue to include Israel attacking seemingly anybody who is on a vehicle anywhere south of the Litani, but also include a number of people wounded in Israeli airstrikes on a cafe in Kfar Tebnit and general attacks on what it purports to be “Hezbollah infrastructure.”  Netanyahu insisted, of course, that this was because Hezbollah was trying to undermine the ceasefire with violations, while Hezbollah presented their own rocket fire against northern Israel as retaliation for Israeli violations of the ceasefire.At most this has led some media to conclude the ceasefire is “under strain,” though a more accurate description, at least for the people still living south of the Yellow Line, would be to say it is functionally non-existent.The ceasefire was announced on April 16, and extended on April 23, both announcements being book-ended by strikes. The deal is nominally between the Israeli and Lebanese governments, and Hezbollah was neither present at the talks nor a party to either ceasefire. Hezbollah objected to the ceasefire as well since it didn’t include Israel withdrawing from Lebanese territory, and insisted that resisting the occupation would continue.The end result is continued fighting, and more and more people being displaced in southern Lebanon, and being warned not to attempt to return home during the ceasefire. Already an estimated 20% of Lebanon’s population has been displaced by the latest war, and with new evacuation orders being issued, that number is likely to grow, further complicating an already disastrous situation.

As Israel Continues to Destroy Lebanon’s South, Locals Are Turning to Hezbollah - With US and Israeli officials constantly insisting everything that is happening in southern Lebanon is Hezbollah’s fault, there was an underlying assumption that there would be a public backlash against Hezbollah as locals lives got progressively worse. While there were early reports that people resented Hezbollah’s role in the war during the early days, that view seems to be shifting as the destruction continues to scale.Occupied by Israel, and watching Israeli military bulldozers destroy their homes and villages, many have less and less time to hold Hezbollah responsible, and are instead turning to Hezbollah for protection, as the only faction that is in any way resisting the ongoing attacks.This should come as no surprise, as making the local population desperate and leaving them with only one group to turn to has continually ended with the locals, whether they want to or not, becoming more reliant on that group. Israel’s narrative likely isn’t helping matters in this case, as they continue to insist everything they’re destroying is Hezbollah infrastructure, and that it’s all “terror sites,” its increasingly apparent that the IDF is destroying everything in its path, including large numbers of civilian homes. IDF commanders even admitted earlier this week that the de facto policy is to destroy Shi’ite villages.While the Lebanese government is talking about eventually “reclaiming” the lost territory from Israel, they continue to engage in talks that end in “ceasefires” that don’t actually end Israeli attacks on the south, so when Hezbollah politicians say they is no real ceasefire in place, it rings true.That ceasefire continues to accomplish very little, and Israel’s strategy within the “buffer zone” closely mirrors what Israel has done in the Gaza Strip in recent years. Earlier this week, Defense Minister Israel Katz even made that comparison, saying governing the buffer zone was like governing Gaza.For those living inside the buffer zone, this sense of constant intermittent displacement, threatened by permanent displacement if Israel follows through on plans to erase their villages, this is just a continuation of a long problem. As Israeli strikes on paramedics and civilian homes full of women and children continue apace, the idea that they were going to blame Hezbollah for everything was simply unrealistic.

Israeli Attacks in Gaza Kill 19 Palestinians in Three Days as IDF Continues Constant Ceasefire Violations -   Israeli attacks in Gaza killed at least 19 Palestinians and wounded 43 over the past three days, according to Gaza’s Health Ministry, as the IDF continues its constant violations of the US-backed ceasefire.Israeli attacks have also significantly increased in Gaza since the US and Israel halted attacks on Iran under a very fragile ceasefire. The UN reported last week that its partners on the ground in Gaza recorded about a 46% increase in Israeli attacks from April 12 to April 18.Gaza’s Health Ministry said on Saturday that IDF attacks killed at least 17 Palestinians and wounded 32 over the previous 48 hours. On Sunday, the ministry said it recorded the killing of two Palestinians and the injury of 11 over the previous 24 hours, figures that are based on the number of dead and wounded Palestinians who arrive at hospitals and morgues.Among the victims of the attacks was Islam Karsou, a woman who was pregnant with twins and was killed on Friday alongside her two young children, according to Reuters.“A number of victims are still under the rubble and in the streets, as ambulance and civil defense crews have been unable to reach them so far,” the ministry wrote on Telegram. It said that since the so-called ceasefire was signed in early October, Israeli attacks have killed at least 811 Palestinians and wounded 2,278.Israeli attacks continued on Sunday, with Al Jazeera reporting that at least four Palestinians were killed throughout the day. A woman was reported killed in Khan Younis, southern Gaza, one Palestinian was killed in the central part of the Strip, and two people were killed by Israeli gunfire and shelling in Gaza City.IDF troops in Gaza have also continued to expand the so-called “Yellow Line,” which divides the IDF-occupied side of the Strip from the rest of the Palestinian territory. When the ceasefire deal was first signed, the IDF was controlling 53% of Gaza, but by the end of December, Israeli troops were occupying at least 58%.

Live: Hundreds aboard Gaza-bound flotilla stranded at sea after Israeli interception  -- Tensions remain high between Iran and the US, with Axios reporting that President Donald Trump has rejected Iran’s peace proposal. He signalled the US will maintain its naval blockade of Iranian ports until Tehran agrees to a nuclear deal.  Iran’s Oil Minister Mohsen Paknejad said the US naval blockade of Iranian ports has not affected the country’s fuel supply or distribution. Overnight, the Israeli navy reportedly launched a "violent raid" against various boats of the Global Sumud Flotilla, leaving hundreds of participants stranded onboard "powerless, broken" vessels. Here are the latest developments:

• The Global Sumud Flotilla warned that an approaching storm further threatens the lives of participants stranded at sea following Israel's raids.

• US President Donald Trump on Wednesday said that Russian President Vladimir Putin offered to help on the issue of Iran’s enriched uranium.

• The Israeli army Chief of Staff Eyal Zamir said that "there is no ceasefire" with Lebanon, as the military continues to launch demolitions and attacks in the country.

• US President Donald Trump is expected to receive a briefing on new plans slated for potential military action in Iran on Thursday from Centcom leader Brad Cooper, according to a report by Axios. Some of the plans that could be discussed include a wave of strikes against Iran, the possibility of a ground invasion and a special forces operation to secure Iran’s stockpile of enriched uranium.

• Ultra-Orthodox Jews have staged protests across Israel against military conscription, with police using stun grenades to disperse demonstrations in Jerusalem.

Gaza-bound flotilla says hundreds stranded at sea following Israeli interception - The Global Sumud Flotilla indicated in a post on X that hundreds of participants are stranded onboard "powerless, broken" vessels as a result of the Israeli navy's interception.  They warned that amid jammed communications with some boats, an approaching storm further threatens the lives of participants.  "In a violent raid in international waters, Israeli naval forces have intercepted, boarded, and systematically disabled various boats of the Global Sumud Flotilla," the movement said.

Zelenskyy Accuses Russia of Stealing Ukrainian Children as Kyiv Races to Bring Them Home Before Moscow Erases Their Identity - Ukrainian President Volodymyr Zelenskyy has renewed his call for the return of Ukrainian children taken to Russia, describing their transfer as one of the most cynical crimes of the war. Speaking to participants of the Civil Society and Expert Day, Zelenskyy said Ukraine must keep working to bring the children home before Russia has more time to erase their identity, separate them from their roots, and expose them to militarization. Zelenskyy accused Russia of carrying out a deliberate policy of moving Ukrainian children into Russian territory, scattering them across the country and hiding details about their fate. He said the process is not accidental or chaotic. In his view, it is organized, calculated, and designed to weaken the children’s connection to Ukraine. He also accused Russia of trying to “reprogram” their culture, suggesting that Ukrainian children are being pressured or shaped into accepting a Russian identity. The Ukrainian president also warned that children taken by Russia are being subjected to militarization. That accusation reflects one of Kyiv’s biggest concerns: that Ukrainian minors are not only being removed from their families and communities, but also being exposed to state-driven narratives and military-style influence. Zelenskyy said bringing them back is urgent because every delay gives Russia more time to break their ties to Ukraine. Zelenskyy said Ukraine’s Bring Kids Back UA initiative has helped secure the return of 2,126 children so far. He stressed that the work will continue and said Ukraine has brought in strong international mediators to support the effort. The figure shows progress, but also underlines the scale of the challenge, as Kyiv continues to seek the return of many more children. Zelenskyy thanked every country that has joined the Coalition for the Return of Children, as well as leaders and First Ladies who have supported the cause. He also expressed gratitude to diplomats, international organizations, journalists, and members of the Bring Kids Back team for keeping global attention on the issue. His message was clear: Ukraine sees the return of abducted children as an international responsibility, not only a domestic Ukrainian matter.

Russia Unleashes a Massive Drone and Missile Barrage Across Ukraine as Dnipro, Odesa, Mykolaiv, Kharkiv, and Zaporizhzhia Suffer Fresh Damage -  Ukrainian President Volodymyr Zelenskyy says several regions are dealing with fresh casualties and damage after another wave of Russian attacks hit cities and infrastructure across the country. According to Zelenskyy, seven people remain hospitalized in Dnipro, while five people were hospitalized in Odesa, including two in serious condition. One person was also injured in the Kharkiv region. He said dozens of people were affected by the strikes and are receiving assistance. The latest attacks caused damage in multiple areas. In Dnipro, Zelenskyy said a bus was destroyed, while a residential building, a store and passenger cars were damaged. In Odesa, residential buildings were hit, leaving several people injured. The Kharkiv region also reported one injury, while Zaporizhzhia suffered damage from the attack. The Ukrainian president did not provide full details on the scale of destruction in Zaporizhzhia, but included it among the affected areas. The Mykolaiv region was also targeted, with energy grid facilities coming under attack. Zelenskyy said the strikes left thousands of families without electricity. That kind of infrastructure damage has become a major part of the war’s daily toll. Even when casualty numbers are limited, attacks on power systems can disrupt homes, businesses, hospitals, water supply systems and essential services. Zelenskyy said Russia launched more than 200 drones overnight, most of them described as Shaheds, along with ballistic missiles. He added that since morning, Russia had launched about 30 more strike drones. The scale of the attack shows the pressure Ukraine continues to face from repeated drone and missile strikes. Even when air defenses intercept many incoming weapons, the volume of attacks can still overwhelm communities and cause damage across several regions. The Ukrainian president used the latest strikes to remind Ukraine’s partners that the war is not slowing down. He said security is needed every day because Russia continues attacking Ukrainian cities and civilians. Zelenskyy argued that Russia must be forced to end the war through sustained pressure. He said sanctions must continue working and warned that international pressure on Moscow should not be reduced.    

Worker Killed by Ukrainian Drone Attack on Zaporizhzhia Nuclear Power Plant –    A Ukrainian drone attack on Monday killed a driver at the Zaporizhzhia Nuclear Power Plant (ZNPP), which has been under Russian control since the early days of Russia’s invasion of Ukraine.According to a spokeswoman for the plant’s Russian-installed management, the attack marked the first time an employee was killed by a Ukrainian attack. “This is the first case when a Zaporizhzhia NPP employee was killed in a Ukrainian strike while at his workstation,” the spokeswoman said, according to Russia’s TASS news agency. “Previously, our employees had only been wounded in such enemy attacks. The lone death was Andrey Korotky, who was killed in a terror attack by the Kiev regime in Energodar,” she added.The International Atomic Energy Agency (IAEA), which has inspectors based at the ZNPP, also released a statement on the attack. “IAEA has been informed by the ZNPP that a drone strike this morning killed a driver at its transport workshop in the vicinity of the plant site,” the IAEA said.The agency added that its director, Rafael Grossi, “reiterates that strikes on or near NPPs can endanger nuclear safety and must not take place. The IAEA’s team on the site will look into the incident and continue to monitor the situation.”Ukraine hasn’t commented on the attack, but it came a day after Ukrainian President Volodymyr Zelensky said Russia was engaged in “nuclear terrorism” because its drones pass over the Chornobyl Nuclear Power Plant and one once crashed into the plant’s protective shell, though Moscow denied responsibility.The incident at the ZNPP comes as Russia and Ukraine have been trading daily massive drone attacks, resulting in civilian deaths on both sides.

Finland's Government Proposes Lifting Nuclear Weapons Import Ban to Align With NATO -  Finland’s government has proposed an amendment to parliament that would lift restrictions on importing nuclear weapons, a move to align the country with NATO, an alliance it joined in 2023.“The Government proposes to remove the legal barriers on importing nuclear devices into Finland and on transporting, supplying or possessing them in Finland in the context of Finland’s homeland defense, the collective defense of NATO or defense cooperation,” Finland’s Ministry of Defense said in a statement on April 23. The statement said that acquiring, manufacturing, developing, or detonating nuclear weapons would remain criminalized. “The objective of the government proposal is to remove legal barriers concerning nuclear devices to enable Finland’s homeland defense as part of the Alliance and the full use of NATO’s deterrence and defense,” the ministry said.The changes to Finland’s law would leave open the possibility of the country, which shares a border with Russia of more than 800 miles, joining NATO’s nuclear sharing program, under which the US has nuclear bombs stationed in five NATO states: Germany, Italy, Belgium, the Netherlands, and Turkey.France is also looking to deploy its nuclear weapons to other countries, with French President Emmanuel announcing last month that Paris plans to expand its arsenal and will allow the deployment of nuclear-armed French aircraft to eight allied countries: Germany, Britain, Poland, the Netherlands, Belgium, Greece, Sweden, and Denmark. So far, there are no confirmed plans for French deployments to the eight states listed above, but if the plan does come to fruition, it would put NATO nuclear weapons much closer to Russia. Finland’s president, Alexander Stubb, recently said that his country doesn’t intend to host nuclear weapons in “peacetime,” but if the law is changed, such deployments would be possible.