total domestic supplies of crude oil and petroleum products, including the SPR, are the lowest in 22 years

US oil prices finished higher for the first time in three weeks after Iran suspended peace talks with the US due to the​ ongoing Israeli invasion of Lebanon, which had already displaced a quarter of the county’s population….after falling 9.6% to $87.36 a barrel last week as traders bet that a US peace deal with Iran would soon allow oil to flow freely through the Strait of Hormuz, even while US strikes on Iranian installations continued unabated, and while Iran insisted that it would continue to regulate traffic through the strait and charge fees to transit, the contract price for the benchmark US light sweet crude for July delivery rebounded by over 3 per cent in Asian trading on Monday after fresh military exchanges between the US and Iran heightened concerns over supply disruptions in West Asia, then jumped 8% across global markets after Iran suspended all negotiations with the United States and pledged to close the Strait of Hormuz, reviving fears of a full-blown energy shock, but pulled back off the highs after President Trump said talks between the US and Iran were ongoing​, despite headlines that Iran had stopped engaging with negotiators over Israel’s actions, and still settled $4.80 or 5.5% higher at $92.16 a barrel after Iran's Tasnim news agency reported that Tehran had halted indirect negotiations with ‌the U.S., and as plans were being made for Iranian forces and their allies to completely block the Strait of Hormuz, and potentially disrupt other key shipping routes….oil contracts initially traded lower on Asian markets early Tuesday, as markets continued to assess uncertainty surrounding US-Iran negotiations, but resumed rising again on global markets as traders' fears that the conflict surrounding the Strait of Hormuz could lead to prolonged disruptions in energy supplies, and then traded lower as markets opened in New York after Lebanon announced a partial ceasefire between Israel and Hezbollah, and as U.S. President Trump claimed negotiations with Iran were ongoing and a reopening of the Strait of Hormuz was imminent. but bounced off that early low and never looked back to settle $1.60 higher at $93.76 a barrel after Iranian media reported that Iran had not communicated with the U.S. for a few days, contradicting President Trump’s statement that negotiations were ongoing….oil prices rose on Asia markets on Wednesday as tensions in the Middle East intensified following US strikes on Qesham Island and Iran’s counterattack on US bases and assets in the region, then rose for a third straight session Wednesday morning in New York on concerns that intensifying Middle East hostilities were stalling an imminent end to the Iran war and a reopening of the crucial Strait of Hormuz, and held those early gains after the EIA reported US gasoline stocks rose from their lowest level for this time of year since 2014, while 'tank bottoms' at the Cushing OK oil depot were in sight once again, and settled the session $2.26 higher at $96.02 a barrel as hostilities in the Middle East erupted anew, and the phantom talks between Tehran and Washington showed little progress….oil prices declined on global markets Thursday, following the announcement of a ceasefire agreement between Israel and Lebanon, raising hopes it could advance to a wider deal in the Middle East. and further plunged as markets opened in New York on intensifying expectations that the Middle East conflict was grinding towards a settlement, despite Hezbollah militants rejecting the Washington-brokered ceasefire between their group and Israel, and settled $2.98 lower at $93.04 a barrel on hopes for an end to the U.S.-Israeli war with Iran that would reopen the Strait of Hormuz, following a ceasefire deal between Israel ‌and Lebanon…oil prices dropped by nearly $3 per barrel on global markets on Friday, as traders reacted to a potential cooling of geopolitical tensions in the Middle East, and edged lower Friday morning in New York, extending Thursday's decline, on growing expectations of a diplomatic settlement to the U.S.-Iran war, and settled $2.50 lower at $90.54 a barrel as traders gained confidence that renewed conflict between the U.S. and Iran ‌was growing less likely, but still finished 3.6% higher on the week…

on the other hand, natural gas prices finished lower for the second time in three weeks on a drop in ​our LNG exports, and on profit taking following a mid-week rally…after rising 8.9% to $3.290 per mmBTU last week as traders focused on impending cooling demand following a switch to citing the higher priced July contract, the price of the benchmark natural gas contract for July delivery opened trading 8.5 cents lower on Monday, as analysts dismissed the re-escalating tensions with Iran and assessed the latest​ domestic fundamentals, and settled 11.1 cents lower at $3.179 per mmBTU as demand forecasts for the week ahead were revised lower…natural gas opened 5.3 cents lower on Tuesday, then traded within a tight band near $3.155 into the afternoon, as traders weighed ongoing tensions with Iran and the Strait of Hormuz against healthy storage levels, and settled 1.2 cents lower on the day at $3.167 per mmBTU, as US LNG export flows dropped to a four-month low, essentially due to plant maintenance…that front-month natural gas contract opened 2 cents higher Wednesday, then mounted a steady ascent from the early intraday low of $3.143, as traders took advantage of the recently diminished contract price and the forecast for increased cooling demand, and settled 4.7 cents higher at $3.214 per mmBTU on recent declines in output and on forecasts for warmer weather into mid-June…natural gas prices opened 8.8 cents higher on Thursday, and rose to trade near the $3.330 level by 10:00 AM, as the market priced in the impending increase in cooling demand, and settled 12.2 cents higher at $3.336 per mmBTU on the imminent onset of summer heat, and on the erasure of the year over year storage surplus after ​the EIA data landed on the bullish side of expectations….natural gas prices pulled back as markets opened Friday, as traders took profits following the two day rally, then slumped through midday as production from US wells improved, and settled 10.7 cents lower at $3.229 per mmBTU sessions, as profit taking took back a large chunk of Thursday’s gains, leaving July natural gas priced 1.9% lower on the week...

The EIA’s natural gas storage report for the week ending May 29th indicated that the amount of working natural gas held in underground storage rose by 95 billion cubic feet to 2,578 billion cubic feet by the end of the week, which left our natural gas supplies 3 billion cubic feet, or 0.1% below the 2,581 billion cubic feet of gas that were in storage on May 29th of last year, but 138 billion cubic feet, or 5.7% above the five-year average of 2,440 billion cubic feet of natural gas that had typically been in working storage as of the 29th of May over the most recent five years….the 95 billion cubic foot injection into natural gas storage for the cited week was less than the 101 billion cubic foot injection into storage that was forecast in a Reuters poll ahead of the report, and it was also less than the 119 billion cubic foot of gas that were injected into natural gas storage during the corresponding week of 2025, and also less than the average 101 billion cubic foot injection into natural gas storage that had been typical for the same mid May 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 May 29th indicated that after a big increase in our oil exports, we again needed to pull oil out of our stored crude supplies for the sixth consecutive week and for the 28th time in fifty-three weeks, with an increase in demand for oil that the EIA could not account for also contributing ….Our imports of crude oil rose by an average of 1,186,000 barrels per day to 6,397,000 barrels per day, after falling by an average of 804,000 barrels per day during the prior week, while our exports of crude oil rose by an average of 1,434,000 barrels per day to 5,874,000 barrels per day, which, when used to offset our imports, meant that the net of our trade of oil worked out to an import average of 523,000 barrels of oil per day during the week ending May 29th, an average of 248,000 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 4,000 barrels per day higher than the prior week at 494,000 barrels per day, while during the same week, production of crude from US wells was 8,000 barrels per day lower at 13,707,000 barrels per day.  Hence, our daily supply of oil from the net of our international trade in oil, from transfers, and from domestic well production appears to have averaged a total of 14,724,000 barrels per day during the May 29th reporting week…

Meanwhile, US oil refineries reported they were processing an average of 16,881,000 barrels of crude per day during the week ending May 29th, an average of 90,000 fewer barrels per day than the amount of oil that our refineries reported they were processing during the prior week, while over the same period, the EIA’s surveys indicated that an average of 2,281,000 barrels of oil per day were being pulled out of the supplies of oil stored in the US… So, based on that reported & estimated data, the crude oil figures provided by the EIA appear to indicate that our total working supply of oil from storage, from net imports, from transfers, and from oilfield production during the week ending May 29th averaged a rounded 124,000 more 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 [ -124,000 ] barrel per day figure onto line 16 of the weekly U.S. Petroleum Balance Sheet, in order to make the reported data for the supply of oil and for the consumption of it balance out, a fudge factor that they label in their footnotes as “unaccounted for crude oil”, thus indicating there must have been a error or omission of that magnitude in the week’s oil supply & demand figures that we have just transcribed….Since 224,000 barrels per day of oil supply could not be accounted for in the prior week’s EIA data, that means there was a 348,000 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 not very usefull.... However, 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 2,281,000 barrel per day average decrease in our overall crude oil inventories came as an average of 1,139,000 barrels per day were being pulled out of our commercially available stocks of crude oil, while 1,142,000 barrels per day were being pulled out of our Strategic Petroleum Reserve, the tenth consecutive Iran war related withdrawal from the SPR, including the two largest in SPR history, 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…As the result of the recent draws on the SPR and with total fuel inventories at multi-year lows, our Total Supplies of Crude Oil and Petroleum Products, including the SPR fell to 1,573,470,000 during the week ending May 29th, the lowest since May 7th, 2004….

Further details from the weekly Petroleum Status Report (pdf) indicated that the 4 week average of our oil imports rose to 5,881,000 barrels per day last week, which was 4.5% less than the 6,084,000 barrel per day average that we were importing over the same four-week period last year​, while the four week average of our exports rose to 5,353,000 barrels per day last week, which was 41.9% more than the 3,771,000 barrel per day average that we were importing last year year at this time... This week’s crude oil production was reported to be 8,000 barrels per day lower at 13,707,000 barrels per day as the EIA’s estimate of the output from wells in the lower 48 states was 2,000 barrels per day higher at 13,293,000 barrels per day, while Alaska’s oil production was 10,000 barrels per day lower at 422,000 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 4.6% higher than that of our pre-pandemic production peak, and was also 41.3% 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 94.7% of their capacity while processing those 16,881,000 barrels of crude per day during the week ending May 29th, up from 94.5% the prior week, as refineries gear up for summertime production levels….the 16,881,000 barrels of oil per day that were refined that week was 0.7% less than the 16,998,000 barrels of crude that were being processed daily during the week ending May 30th of 2025, and were 0.3% less than the 16,938,000 barrels that were being refined during the pre-pandemic week ending May 31st, 2019, when our refinery utilization rate was at 91.8%, which was below the pre-pandemic normal utilization rate for this time of year…

With the decrease in the amount of oil that was being refined this week, gasoline output from our refineries was also lower, decreasing by 515,000 barrels per day to 9,424,000 barrels per day during the week ending May 29th, after our refineries’ gasoline output had increased by 600,000 barrels per day during the prior week... This week’s gasoline production was 4.3% more than the 9,037,000 barrels of gasoline that were being produced daily over the week ending May 30th of last year, but 6.2% less than the gasoline production of 10,049,000 barrels per day seen during the prepandemic week ending May 31st, 2019….on the other hand, our refineries’ production of distillate fuels (diesel fuel and heat oil) increased by 98,000 barrels per day to 5,180,000 barrels per day, after our distillates output had increased by 76,000 during the prior week.  After those production increases, our distillates output was 3.4% more than the 4,994,000 barrels of distillates that were being produced daily during the week ending May 30th of 2025, but 4.1% less than the 5,404,000 barrels of distillates that were being produced daily during the pre-pandemic week ending May 31st, 2019....

Even with this week’s decrease in our gasoline production, our supplies of gasoline in storage at the end of the week rose for the first time in sixteen weeks, increasing by 3,364,000 barrels to 214,955,000 barrels during the week ending May 29th, after our gasoline inventories had decreased by 2,572,000 barrels during the prior week. Our gasoline supplies increased this week because the amount of gasoline supplied to US users fell by 662,000 barrels per day to 8,594,000 barrels per day, and because our imports of gasoline rose by 225,000 barrels per day to 780,000 barrels per day, while our exports of gasoline rose by 135,000 barrels per day to 935,000 barrels per day…  After forty-six gasoline inventory withdrawals over the past sixty-seven weeks, our gasoline supplies were 5.8% lower than last May 30th’s gasoline inventories of 228,300,000 barrels, and about 5% below the five year average of our gasoline supplies for this time of year…

After this week’s increase in distillates production, our supplies of distillates rose for the sixth time in eighteen weeks, increasing by 2,107,000 barrels to 100,799,000 barrels during the week ending May 29th, after our distillates supplies had decreased by 2,107,000 barrels to a twenty-three year low during the prior week... Our distillates supplies rose this week because the amount of distillates supplied to US markets, an indicator of domestic demand, fell by 480,000 barrels to 3,468,000 barrels per day, while our imports of distillates fell by 6,000 barrels per day to 121,000 barrels per day, and while our exports of distillates rose by 57,000 barrels per day to 1,618,000 barrels per day... After 25 additions to distillates inventories over the past 47 weeks, our distillates supplies at the end of the week were 2.5% lower than the 103,408,000 barrels of distillates that we had in storage on May 30th of 2025, and about 11% below the five year average of our distillates inventories for this time of the year…

Finally, after the jump in our oil exports, our commercial supplies of crude oil in storage fell for the 13th time in twenty-six weeks, and for the 27th time over the past year, decreasing by 7,974,000 barrels over the week, from 441,686,000 barrels on May 22nd to 433,712,000 barrels on May 29th, after our commercial crude supplies had decreased by 3,327,000 barrels over the prior week….After this week’s decrease, our commercial crude oil inventories were about 3% below the recent five-year average of commercial oil supplies for this time of year, while they were still 24% above the average of our available crude oil stocks as of the last weekend of May over the 5 years at the beginning of the past decade, with the difference between those comparisons arising because it wasn’t until early 2015 that our oil inventories had first topped 400 million barrels. After our commercial crude oil inventories had jumped to record highs during the Covid lockdowns in the Spring of 2020, then jumped again after February 2021’s winter storm Uri froze off US Gulf Coast refining, but then fell sharply due to increased exports to Europe following the onset of the Ukraine war, only to jump again following the Christmas 2022 refinery freeze-offs, changes in our commercial crude supplies had been less extreme until the Iran war, and as of this May 29th were 0.5% below the 436,059,000 barrels of oil we had in commercial storage on May 30th of 2025, and were 4.9% less than the 455,922,000 barrels of oil that we had in storage on May 31st of 2024, and 5.6% less than the 459,657,000 barrels of oil we had left in commercial storage on May 26th of 2023…

This Week's Rig Count

The US rig count was up by one over the week ending June 5th, as the count of rigs targeting oil was up by two, the number of rigs targeting natural gas was down by one, and miscellaneous rigs were unchanged…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 June 5th, the second column shows the change in the number of working rigs between last week’s count (May 29th) and this week’s (June 5th) count, the third column shows last week’s May 29th 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 5th of June, 2025…

+++++++++++++++++++++++++++++++++++++++++++++++++++++

Ohio officials ignore scientific facts to allow our public air, land, and water to be abused • Ohio Capital Journal - Randi Pokladnik -  Svante Arrhenius, a Swedish physics professor, is best known for his development of the pH scale for acids and bases. He was also interested in heat-absorbing gases in the atmosphere. He gave a lecture in early 1895 in which he “linked climatic change to long-term variations in atmospheric carbon dioxide levels, CO2.” He deduced that carbon dioxide emissions from combustion of fossil fuels would have an impact on warming of the Earth’s surface. Eunice Foote, another scientist of those times, discovered that a glass tube of CO2 absorbed infrared heat whereas a tube of oxygen did not.This experiment helps us to understand that some gases, like methane, water vapor, carbon dioxide, and fluorinated gases, are indeed climate changing gases as they absorb infrared energy and heat up Earth’s atmosphere.  These early discoveries led to what is known as climate science. This field of research is rooted in studies, experiments, and facts collected during the past 120 years. Yet a majority of Republicans, including the current president, insist that climate change is a hoax, going as far as reversing the 2009 Endangerment Finding (the finding that greenhouse gas emissions, including carbon dioxide, are air pollutants under the Clean Air Act and they contribute to pollution that endangers public health or welfare).  Even ExxonMobil scientists concluded decades ago (late 1980s and early 1990s) that CO2 absorbs heat and increases atmospheric temperatures, but company spokesmen denied, challenged, and obscured this science. Elected officials who deny climate change get an F in physics. For over three years, Ohio citizens have tried in vain to stop the leasing of Ohio’s State parks and wildlife areas to out-of-state oil and gas companies. If Ohioans had been able to submit public comments for H.B. 507, the bill that opened up the public lands to fracking, they would have said NO to fracking of our public lands. But H.B. 507 was passed during a lame duck session in December 2022, with no public input.   The Oil and Gas Land Management Commission (OGLMC), a five-membered commission appointed by Gov. Mike DeWine, are responsible for approving state lands for fracking.The OGLMC is primarily made up of lawyers. No one on the OGLMC has any significant background in health or science. Science is not guiding the decisions to frack our parks; money is.   On March 31, 2026, the OGLMC decided to lease more than 8,000 acres at Egypt Valley Wildlife Area and more than 500 additional acres at Salt Fork State Park, during a meeting that lasted less than twenty minutes.They ignored that facts that fracking results in: billions of gallons of water use, excessive noise, truck traffic, light pollution, radioactive brine wastes, habitat fragmentation, and air and water pollution. All will negatively impact our parks. The OGLMC are supposedly guided by the statute ORC 155.33, which says the commission can “approve or disapprove” lease nominations on the basis of nine considerations, including economic benefit, environmental impact, geological impact, impact on visitors, and public comments and objections.Considering the number of leases “rubber stamped” since this process began, it raises the question of what is really considered behind closed doors. During a January meeting this year, Theresa White, head of the commission, said nothing legally requires the commission to explain its decisions. The OGLMC and Gov. DeWine deserve an F in ecology and health. Since the passage of S.B. 52, many Ohio counties are vetoing utility-scale renewable projects. Unfortunately, they are being misled by anonymously funded groups spreading misinformation about rural renewable energy projects.A recent report claimed these groups have ties to fossil fuel proponents. The much needed economic benefits renewable projects could bring to communities and farmers are lost. Wind power occupies very little land and these leases help the farmers maintain a viable economic plan for their families. The blades extend vertically and the size at the base is almost negligible, which makes wind power compatible with other uses of the land at the same time. I have stood beside wind turbines in Iowa and West Virginia and the noise is negligible.  According to the Department of Energy, wind power is one of the lowest-priced energy sources, with land-based utility-scale costs often under $30/MWh. It stimulates rural economies through tax revenue, job creation (over 125,000 in the U.S. in manufacturing and maintenance), and stable, long-term land-lease payments to farmers and ranchers. The Nottingham Solar project (a 120-megawatt (MW) solar energy farm located in Athens Township, Harrison County) will pay the county approximately $800,000 yearly in tax revenue.     Over the 35-year life span of the project, it is expected to generate over $29 million, replacing property that previously generated only about $400 a year. Solar installation leases are lucrative and bring steady revenue to landowners and families with long-term leases that are usually three to five times greater than the income earned from traditional crops. These leases provide rural families revenue, stability and the ability to retain ownership for generations to come.The Ohio Department of Health did their own study on solar farms and photovoltaics in 2022 which showed that there are “no public health burdens” from solar materials, heat, glare, end of life disposal, noise, electromagnetic fields and crystalline silicon. According to the Great Plains Institute, in no area of the United States does the amount of both existing and potential solar in a county surpass 0.5% of the county’s total land.Why are township trustees and county commissioners with little to no science education permitted to make decisions for entire counties by banning solar and wind power and infringing on private property rights?Local officials get an F in renewable energy education. Communities all around the state of Ohio are expressing their concerns over the exponential expansion of data centers into their communities.Some of the concerns expressed by communities located close to data centers include: the noise, water usage, acres of land transformed into industrial centers, exposure to air pollution from power generation, high voltage transmission lines cutting through communities and farmlands, and probable increases in their utility bills due to the increases in power consumption.  Data centers require large quantities of water for cooling purposes. A single data center can consume up to 5 million gallons of water per day and operate 24/7/365.Yet, from “2017 to 2024, Ohio provided $2.5 billion in tax incentives to attract and expand data-center projects, according to estimates included in a September report produced for the Ohio Chamber of Commerce Research Foundation.” Most data centers will only employ a handful of people. Ohio elected officials get an F in cost/benefit analysis when it comes to data centers. The same elected officials that do not believe in climate change want citizens to pay ethanol plants, power plants and other polluting industries $85/ton for carbon dioxide emissions they capture from their processes. This procedure is called carbon capture and sequestration (CCS) and it is very energy and water intensive as well as expensive. Ohio’s elected officials are considering H.B. 170, a bill that will push Ohio to take over the regulations of carbon capture wells (Class VI wells) from the United States EPA. The wells will be used to inject dangerous CO2 gas at 1000 psi into the bedrock under our farms, forests, and communities.Once again, the ODNR would be the sole authority in permitting and regulating these wells.Currently the proposed sites for the wells are in areas where there is ongoing fracking and an abundance of old mines and orphan oil and gas wells. These activities can result in a fracturing of the caprock, resulting in possible pathways for CO2, a known asphyxiant, to escape. To date, all CCS projects globally can capture only 0.17 percent of industry emissions. Carbon dioxide pipelines will be required to transport the pollutant across the state.This will put our communities at risk, and the state legislators may use eminent domain to run pipelines across private lands.Our local fire departments lack the training and equipment needed to address any accidents like the one which occurred in Satartia, Mississippi. Carbon capture is a give-away for the fossil fuel industry. Once again, Ohio’s elected officials get an F in environmental economics and health.  Last but not least we must give all elected officials, including federal, state, and local, a big red F for allowing the oil and gas industry to spread oilfield brine wastes across Ohio’s roads and inject it into our communities via Class II wells. This waste is not only radioactive but contains other toxic components like carcinogenic hydrocarbon liquids and bromine salts. Elected officials in Ohio are ignoring science and technology as they do the bidding of the fossil fuel industry. They are failing to keep the citizens of the state safe.

Fairport Harbor schools evacuated after construction crew strikes gas line - Cleveland 19 News (WOIO) - A construction crew working outside of the new Fairport Harbor School campus struck a gas line Friday morning. The crew struck the line at approximately 11:20 a.m., and the Fairport Harbor Exempted Village School District said students and staff were evacuated from the building and relocated to designated emergency sites as a safety precaution. Elementary students were relocated to McKinley Elementary School, while middle and high school students were moved to St. Anthony’s. The district said that Fairport Harbor Fire Department Chief Bob Lloyd, the Fairport Harbor Police Department and school administration met to assess the situation and determine the safest course of action. Based on information provided by emergency responders and utility personnel, the decision was made to dismiss the students for the remainder of the day. Fairport Harbor Schools said school staff implemented the district’s safety protocols and completed a safe and orderly dismissal process. The district said the safety of the students, staff and community members remains its highest priority. Following an assessment by the appropriate authorities and utility personnel, the building was deemed safe for reentry, and the graduation ceremony was able to take place as scheduled Friday evening. The district extended its gratitude to St. Anthony’s for allowing its use for the emergency plan.

Columbia Gas plans major gas-main replacement across Tiffin's east side -  Columbia Gas of Ohio plans to replace aging natural gas mains across much of Tiffin’s east side this summer, a company representative told Tiffin City Council on Monday, June 1.The update was one of two utility presentations at the meeting, where council also passed four ordinances, gave first readings to three others and scheduled a public hearing on next year’s tax budget.Katie Rosa, a public affairs specialist with Columbia Gas of Ohio, said the company’s Coe Street Accelerated Main Replacement Program will cover a large portion of the city’s eastern half. The program replaces older cast-iron and bare-steel pipe — some of it in the ground since the 1950s and 1960s, Rosa said — with plastic line the company expects to last more than 100 years.

Ohio Landowners Win Case Against Ascent Resources re Arbitration - Marcellus Drilling News - - In a significant ruling for Utica and Marcellus shale landowners, the Ohio Seventh District Court of Appeals affirmed a trial court’s decision denying a motion by Ascent Resources to compel arbitration in a lease-expiration dispute. The court ruled that when an oil and gas lease expires by its own terms without active production or drilling operations, the lease’s arbitration clause does not survive the lease’s expiration to govern subsequent disputes—such as claims of trespass and unauthorized drilling. To force arbitration on post-expiration events, a lease must contain explicit “survival” language or involve rights that accrued/vested while the lease was still active.

On-Site Power Plants for Data Centers Drive New Pipe Projects - Marcellus Drilling News - -Data center growth is driving new investment in natural gas midstream in 2026, especially for behind-the-meter gas-fired generation as grid interconnection delays persist. S&P Global Energy CERA has tracked 130 North American data center projects planning on-site generation, with more than 80% relying on gas. Major activity is emerging in Marcellus and Utica-adjacent markets, including UGI’s Pennsylvania deal with Prime Data Centers, National Fuel expansions in western Pennsylvania, and Williams’ Ohio Aristotle and Neo projects.

Data Centers Look to Natural Gas for Behind-the-Meter Power -- Marcellus Drilling News -- Data center developers are turning to behind-the-meter natural gas generation as grid interconnection delays now exceed five years, making traditional utility connections commercially unworkable for AI-scale (hyperscale) facilities. Natural gas turbines and engines provide continuous, dispatchable baseload power that unreliable renewables cannot deliver at the required scale and reliability. However, this shift transforms data centers from energy consumers to energy producers, requiring sophisticated gas supply strategies including managing basis risk, securing firm pipeline transport capacity, evaluating supply reliability during site selection, and structuring contracts that accommodate volume growth

PA’s Homer City Gas-Fired Project Completes Site Demolition Early -- Marcellus Drilling News - Homer City Generation announced the early completion of demolition and excavation work at its Indiana County, Pennsylvania, site, marking a major milestone in transforming the former coal-fired power plant into a gas-fired power plant and AI data center complex. Over nine months, partner Independence Excavating led 130 union workers and 65+ pieces of equipment to recycle over 112,000 tons of scrap material and excavate approximately 3 million cubic yards (comparable to the Great Pyramid’s volume), all while maintaining zero safety incidents

30 New Shale Well Permits Reported for PA-OH-WV May 25 – 31 - - Marcellus Drilling News - The Marcellus/Utica region received 30 new drilling permits last week, May 25 – 31, up from 15 permits issued two weeks ago. However, not all 30 permits reported last week were issued last week. Ohio, which is occasionally tardy in updating its public reports, included permits in last week’s report that should have been included in the previous week’s report. Last week, Pennsylvania issued 8 permits. Ohio issued 17 new permits, of which 9 were from last week, and 8 were from the week before but not reported until last week. West Virginia issued 5 new permits last week. The drillers who received new permits included: Antero Resources, Ascent Resources, Clean Energy E&P, EOG Resources, Expand Energy, Grenadier Energy, and Range Resources. Antero Resources | Ascent Resources | Belmont County | Bradford County | Carroll County | Clean Energy E&P | EOG Resources | Expand Energy | Grenadier Energy | Harrison County | Range Resources Corp | Tioga County (PA) | Tyler County | Washington County

M-U Man Camp & Mobile Command Center Provider Sold for $17 Million - Marcellus Drilling News - -KLX Energy Services has acquired all assets of Wolfpack Rentals for $17 million, including $14 million at closing and two deferred payments of $1.5 million each. Wolfpack, founded in 2005 and based in Texas, provides surface rental equipment and services to oil and gas E&P, midstream, construction, and industrial customers across Texas and the Marcellus/Utica region, including regional offices and operations in West Virginia and Ohio. A better way to understand Wolfpack is to think of them as renting trailers for "man camps" — temporary settlements of oil and gas workers in remote locations.

M-U has More Supply Than We Can Use In-Basin for New Powergen -- Marcellus Drilling News - - Marcellus Drilling News - -Northeast natural gas demand (the amount we use in-basin, in the Marcellus/Utica) has grown by 46% over 15 years, reaching 20.1 Bcf/d in 2024, driven primarily by power-sector consumption, which has doubled since 2010 as coal plants have retired. Gas-fired generation serves to balance seasonal fluctuations in unreliable wind and solar, peaking in the summer months. Future growth in new demand for natural gas, says RBN Energy, faces “headwinds” from renewable expansion. The U.S. Energy Information Administration (EIA) projects a small increase of 230 MMcf/d in new gas supplies needed through 2030. However, six major data center projects—led by Frontier Group’s 3.6 GW Shippingport facility and Nscale’s 1.4 GW Monarch center—could add 1 Bcf/d in demand by 2029, totaling potential growth of 1.2 Bcf/d in new supply needed. However, there’s still an ongoing mismatch between supply and demand.

WV Supreme Court Upholds Some Local Zoning for Gas Drilling -- Marcellus Drilling News -   Here’s a West Virginia court case we were not previously aware of, one that affects the entire state regarding local zoning for shale gas drilling. The West Virginia Supreme Court of Appeals ruled Wednesday that municipal zoning laws are not entirely preempted by state environmental regulations, reversing an intermediate court decision and siding with the City of Weirton against SWN Production Company (Southwestern Energy, now part of Expand Energy). The 4-1 decision found no conflict between the state Department of Environmental Protection’s authority over drilling processes and municipalities’ power to regulate land use under the Land Use Planning Act.

NY Gov. Hochul Added as Defendant in Frack Ban “Taking” Lawsuit - Marcellus Drilling News - - In mid-April, MDN brought you the great news that a major lawsuit had been filed against New York State alleging a “taking” of private property by the state via the state ban on fracking (see New Lawsuit Brought Against NY Claims State Frack Ban a “Taking”). We have an update on the case. Two weeks after the original “complaint” (as lawsuits are called) was filed, an amended complaint was filed, something that escaped our notice until today. The amended complaint repeats almost all of the original with one major addition: It names NY Governor Kathy Hochul as a co-defendant.

New England’s Lib Dem Governors Cave, Ready for New Gas Pipelines - Marcellus Drilling News - -The governors of the New England states (all except for New Hampshire) are liberal Democrats. And most have, in the past, bad-mouthed fossil energy, including natural gas. In 2022, then-Massachusetts Attorney General (now Governor) Maura Healey bragged she had “stopped two gas pipelines from coming into this state” and that she opposed new natgas infrastructure in the state. She later tried to cover up what she had said (see Mass. Gov. Again Changes Story re Blocking Two NatGas Pipelines). Healey, along with Connecticut Governor Ned Lamont and Rhode Island Gov. Dan McKee, is now singing a different tune. They’ve caved on the issue of new natural gas pipelines and supplies coming into their respective states.

Whitewater’s Thrasher Lateral to Supply Haynesville Natural Gas to Commonwealth LNG -Midstream operator WhiteWater is once again expanding the scope of the Pelican Pipeline, this time adding a lateral to directly supply natural gas for the recently sanctioned Commonwealth LNG export project. At a Glance:

• Extension would move 2.5 Bcf/d
• Commonwealth eyeing 2030 in-service
• US exporters cashing in on arb spreads

US LNG Feedgas Demand Holds Steady as Maintenance Limits Utilization A look at the global natural gas and LNG markets by the numbers. North America LNG export flow tracker showing US LNG feed gas deliveries at 16.69 million Dth/d on June 4, 2026, led by Sabine Pass and Plaquemines.

• 17.4 Bcf/d: US LNG feedgas demand remained steady through the week, but has continued to flag below late-May levels as maintenance weighs on utilization. Wood Mackenzie estimated LNG demand at 17.4 Bcf/d for Thursday, up from the 16.8 Bcf/d low on June 2. The recent seven-day average was 17.6 Bcf/d, while the coming seven-day outlook is slightly stronger at 17.9 Bcf/d. Plaquemines remained the largest feedgas draw at about 4.01 million Dth, followed by Sabine Pass at 4.29 million Dth, according to NGI’s US LNG Flow Tracker.
• 100,000 MMBtu/d: Feedgas flows to Golden Pass LNG have been in flux after pipeline data showed a spike in nominations at the end of May. Nominations climbed to 100,000 MMBtu/d on Thursday after falling below 50,000 MMBtu/d the prior day, but volumes were still well below the roughly 400,000 MMBtu/d levels reached more than a week ago. The latest pull represented less than 4% of the terminal’s 2.6 million MMBtu/d operational capacity. An LNG vessel scheduled to take the third export cargo has been floating in anchorage south of the facility in Sabine Pass, TX, but estimated loading has been shifted to Sunday, according to Kpler data.
• 1.13 Mt: Lagging feedgas flows to Freeport LNG since mid-May have also been weighing on the overall demand outlook, with signs that weakened nominations could continue. Deliveries into the South Texas facility remained below normal Thursday, with scheduled volumes reported at just under 1 Bcf/d Thursday. NGI’s LNG Export Flow Tracker also showed Freeport running at only about 53% utilization. The facility reported a train outage almost three weeks ago, followed by heavily curtailed nominations. Freeport shipped around 1.13 Mt in May, the lowest monthly total since last August, when the terminal also saw several outage events during the month.
• 1.4 Mt/y: Ineos Energy has signed a long-term LNG supply agreement with major Japanese conglomerate Marubeni for delivery into Asian markets starting in 2029. The companies did not disclose contract volumes or the terms of the deal, which would be on a delivered ex-ship basis. Ineos has previously secured 1.4 Mt/y of LNG from Sempra Infrastructure’s Port Arthur LNG Phase 1 project in Texas under a 20-year offtake agreement, on a similar timeframe as the Marubeni deal.

Delfin LNG Seen Nearing FID After Samsung Heavy Reports $2.9B FLNG Contract -South Korean shipbuilder Samsung Heavy Industries (SHI) has disclosed it received a contract to deliver a floating LNG (FLNG) export vessel to a North American company, pointing to an impending final investment decision for Delfin LNG. Delfin LNG offshore export project map showing floating LNG vessels, the UTOS pipeline and Gulf of America natural gas infrastructure. At a Glance:
First FLNG may add 0.6 Bcf/d by 2030
Offshore LNG model nears first US execution
Transco Zone 2 could feel Delfin pull

Delfin Sanctions First US FLNG Export Project  -Delfin LNG has sanctioned the first floating LNG export project in US waters, advancing a 4.4 Mt/y vessel that could add a new offshore component to Gulf Coast export growth by the end of the decade. Map of the proposed Delfin LNG offshore export project in the Gulf of America, illustrating the UTOS Pipeline system connecting onshore infrastructure at Station 44 and Grand Chenier Station in Louisiana to multiple floating liquefied natural gas (FLNG) vessels. The diagram shows FLNG 1, FLNG 2 and FLNG 3 positioned offshore, along with a designated future development area for additional LNG production capacity. The project is designed to export U.S. natural gas from offshore floating LNG facilities to global markets. Source: Delfin Midstream. At a Glance:
Transco Zone 2 demand may rise
GIP-led investors back first phase
UTOS repairs remain key project hurdle

US natural gas futures fall 3% on lower demand forecast (Reuters) - U.S. natural gas futures slid about 3% on Monday on as demand forecasts for this week were revised lower. Front-month gas futures for July delivery NGc1 on the New York Mercantile Exchange (NYMEX) fell 11.1 cents, or 3.4%, to settle at $3.179 per million British thermal units (mmBtu). On Friday, the contract closed at its highest price since February 6. After futures gained 19% in May, speculators last week boosted their net short futures and options positions on the NYMEX and Intercontinental Exchange to their highest levels since April 2024, according to the U.S. Commodity Futures Trading Commission's Commitments of Traders report. Financial group LSEG said average gas output in the U.S. Lower 48 states fell to 109.6 billion cubic feet per day (bcfd) in May, down from 109.8 bcfd in April and a monthly record high of 110.6 bcfd in December 2025. Analysts said mild spring weather allowed energy firms to stockpile more gas into storage than usual. But they noted recent output declines likely reduced the inventory surplus to around 5.9% above normal during the week ended May 29 from 6.2% above normal the previous week. Looking forward, meteorologists forecast mostly warmer-than-normal weather through June 16, which should boost demand for gas from power generators to keep air conditioners humming. About 40% of U.S. electricity generation comes from gas-fired power plants. LSEG projected average gas demand in the Lower 48 states, including exports, would rise from 98.4 bcfd this week to 101.4 bcfd next week. The forecast for this week was lower than LSEG's outlook on Friday. Average gas flows to the nine big U.S. LNG export plants fell from a monthly record high of 18.8 bcfd in April to 17.1 bcfd in May due to spring maintenance at several plants, including ExxonMobil/QatarEnergy's Golden Pass facility and Freeport LNG's plant in Texas.

US natural gas futures ease as LNG export flows hit four-month low (Reuters) - U.S. natural gas futures eased on Tuesday as daily flows to liquefied natural gas export plants dropped to a four-month ‌low. Front-month gas futures for July delivery on the New York Mercantile Exchange fell 1.2 cents, or 0.4%, to settle at $3.167 per million British thermal units. Financial group LSEG said average gas output in the U.S. Lower 48 states fell to 108.8 billion cubic feet per day so far in June, down from 109.7 bcfd in May and a monthly record high of 110.6 bcfd in December 2025. Analysts said mild spring weather allowed energy firms to stockpile more gas than usual. But they noted recent output declines likely reduced the ⁠surplus of gas in inventories to around 5.9% above normal during the week ended May 29, down from 6.2% above normal the previous week. Meteorologists forecast the weather would remain mostly warmer than normal through June 17, which should boost demand for gas from power generators to keep air conditioners humming. About 40% of U.S. electricity generation comes from gas-fired power plants. LSEG projected average gas demand in the Lower 48 states, including exports, would rise from 98.2 bcfd this week to 101.0 bcfd next week. Those forecasts were similar to LSEG's outlook on Monday. Average gas flows to the nine big U.S. LNG export plants fell from 17.1 bcfd in May to 16.0 bcfd so far in June due to spring maintenance at several plants, including ExxonMobil (XOM.N), opens new tab/QatarEnergy's Golden Pass facility and Freeport LNG's plant in Texas. That compares with a monthly record high of 18.8 bcfd in ‌April. On a ⁠daily basis, LNG feedgas was on track to drop to a four-month low of 15.7 bcfd on Tuesday.

US natural gas futures rise as output drops and heat drives demand (Reuters) - U.S. natural gas futures climbed about 1.5% on Wednesday on forecasts for warmer weather into mid-June and recent declines in output. Front-month gas futures for July delivery NGc1 on the New York Mercantile Exchange rose 4.7 cents, or 1.5%, to settle at $3.214 per million British thermal units (mmBtu). Financial group LSEG said average gas output in the U.S. Lower 48 states has dropped to 109.0 billion cubic feet per day (bcfd) so far in June, down from 109.7 bcfd in May and a monthly record high of 110.6 bcfd in December 2025. Meteorologists forecast the weather will remain mostly warmer than normal through June 18, which should boost demand for gas from power generators to keep air conditioners humming. About 40% of U.S. electricity generation comes from gas-fired power plants. LSEG projected average gas demand in the Lower 48 states, including exports, would rise from 98.3 bcfd this week to 99.9 bcfd next week. The forecast for next week was lower than LSEG's outlook on Tuesday. Average gas flows to the nine big U.S. LNG export plants fell from 17.1 bcfd in May to 16.3 bcfd so far in June due to ongoing spring maintenance at several plants, including ExxonMobil/QatarEnergy's Golden Pass facility and Freeport LNG's plant in Texas. That reading compares with a monthly record high of 18.8 bcfd in April.

How Texas Leads The New Natural Gas Pipeline Boom --Texas is once again proving why it stands as America’s unrivaled energy powerhouse.According to the U.S. Energy Information Administration (EIA), more than 66% of planned U.S. natural gas pipeline capacity additions for 2026 and 2027 — roughly 29.7 billion cubic feet per day (Bcf/d) out of a national total of 44.9 Bcf/d — originate in the Lone Star State.This marks a second major pipeline expansion boom in just over a decade, far outpacing other regions like Louisiana (19%). While the Marcellus/Utica shale in the Northeast remains hobbled by partisan politics in New York that have blocked critical takeaway capacity for years, Texas and its booming economy moves inexorably ahead. This infrastructure surge is a direct response to exploding demand across multiple sectors. Permian Basin producers, sitting atop the nation’s most prolific oil and gas play, have long grappled with stranded associated gas from thousands of oil wells. Gross natural gas withdrawals in the Permian hit record levels, exceeding 21 Bcf/d in recent years, but pipeline constraints have periodically led to flaring or negative prices at the Waha Hub in the southwest Texas panhandle. New pipelines are needed to unlock this resource, turning waste into wealth and boosting economic output.The global LNG export market provides another powerful driver. U.S. LNG exports have surged, with Texas facilities playing a starring role, exporting billions in value and supplying allies worldwide. Projects like NextDecade’s Rio Grande LNG and others along the Gulf of America coast require big volumes of reliable feedgas.Permian supplies complement output from the Haynesville, Cotton Valley, and Bossier plays, feeding terminals that position America as far and away the world’s top LNG exporter. Without expanded pipelines, these export ambitions, and the jobs, tax revenue, and geopolitical leverage they deliver, could struggle to meet rising global demand.Domestically, Texas power providers are racing to add natural gas-fired generation to the ERCOT grid. Over 130 proposed gas power plant projects could add up to 58 GW of capacity, driven by surging electricity demand.Governor Greg Abbott’s Texas Energy Fund has already greenlit major facilities, such as a 1,350 MW plant in Ward County. These plants provide reliable, dispatchable power essential for a grid that has been overloaded with intermittent wind and solar capacity.The AI and data center boom adds yet more urgency. Hyperscale facilities in Texas are increasingly turning to behind-the-meter natural gas generation — on-site power plants dedicated to the facility. Companies like VoltaGrid, Energy Transfer, and others are deploying gigawatts of gas-fired capacity for Oracle, Vantage, and other clients. In the Permian Basin region, developers pair associated gas with microgrids to power AI campuses directly. This approach not only meets explosive demand but also monetizes stranded gas while shielding local ratepayers.These myriad converging demand drivers — Permian takeaway, LNG exports, ERCOT reliability, and AI infrastructure — have combined to create a compelling case for rapid pipeline expansion. Projects like the Blackcomb Pipeline (2.5 Bcf/d from Waha to Agua Dulce), Hugh Brinson, and Rio Bravo exemplify the momentum. This rapid buildout echoes the shale revolution’s earlier infrastructure wave but on an even grander scale, with tens of billions in investment flowing into the Texas economy.What it all boils down to is the enduring reality that, despite a half-decade of incessant narratives about the supposed death of fossil fuels and a mythical energy transition, the world wants and need more natural gas. This second major, Texas-based pipeline boom in just the past decade also highlights the reality that, more than any other state, Texas is set to fuel America’s energy future.While Texas is blessed with the geology and geography needed to step into this role, a state government which values the industry is equally critical to success. Governor Greg Abbott isn’t Kathy Hochul or Gavin Newsom: If he were, all these demand drivers would be forced to search elsewhere to fill their natural gas needs and the pipelines needed to deliver it. It’s a lesson that voters in other states should take to heart.

Trump administration to rejoin offshore drilling agencies separated after 2010 Gulf oil spill –   The Trump administration said Friday it is combining two agencies that were separated in the aftermath of the 2010 Gulf oil spill. The Interior Department said the overhaul would increase efficiency and speed up permitting for offshore oil and gas drilling.The new Marine Minerals Administration will bring together the functions of the current Bureau of Ocean Energy Management and Bureau of Safety and Environmental Enforcement, Interior Secretary Doug Burgum said. Doing so will enable a “streamlined approach” that will maintain existing regulatory protections and rigorous safety standards, he said.The combined agency will “deliver clearer coordination, better service to the public and stronger, more integrated oversight of offshore energy development,” Burgum said in a statement.The new name is reminiscent of the old Minerals Management Service, which for decades was the federal agency responsible for overseeing offshore drilling. In April 2010, a deadly explosion destroyed BP’s Deepwater Horizon drilling rig in the Gulf of Mexico, killing 11 people and discharging nearly 5 million barrels of crude oil into the sea over the next three months in the largest offshore oil spill in U.S. history.Lawmakers from both parties and outside critics accused the agency of lax oversight of drilling and cozy ties with industry. A 2008 report by the Interior Department’s inspector general said employees accepted gifts, steered contracts to favored clients and engaged in drug use and sex with employees of the energy firms they regulated.The head of the agency resigned in May 2010 — less than a year into her tenure — under public pressure as the Obama administration moved to impose stricter control over drilling in the wake of the spill.The Bureau of Ocean Energy Management and the Bureau of Safety and Environmental Enforcement replaced the disbanded Minerals Management Service in 2011. The former agency’s revenue management function was also separated into a new office. The Obama administration said the reorganization was designed to remove the complex and sometimes conflicting missions of the former agency.BOEM oversees development of oil and gas, as well as renewable energy and mining on the U.S. Outer Continental Shelf, while BSEE enforces safety and environmental regulations.Environmental groups slammed the reorganization as a replay of the agency's troubled past.The MMS was intentionally split up after the Gulf spill because regulators were too cozy with industry and “we couldn’t trust the integrity of their work,” said Miyoko Sakashita, oceans director at the Center for Biological Diversity.The new set-up "sounds like yet another handout to the oil industry that will fast-track risky projects. It sure won’t make the people or wildlife on our coasts any safer,” she wrote in an e-mail Friday.The National Ocean Industries Association, which represents offshore developers, said that two separate — yet overlapping — government agencies responsible for administering the Outer Continental Shelf Lands Act can understandably result in inconsistencies and delays.“Bringing them back together should result in closer coordination and a more efficiently functioning government, for the benefit of American citizens who rely upon the energy produced from the U.S. Outer Continental Shelf to fuel our economy and lift society,” Association President Erik Milito said in a statement.

Independent oil companies eye Permian production boost  Three months after the war in Iran sent crude prices soaring, oil producers in the biggest U.S. oil field are starting to ramp up their production. The catch: The new push may only boost production by about 250,000 barrels a day, too little to lower the price of oil or provide relief for drivers. Independent drillers have begun adding rigs in the Permian Basin, albeit slowly, according to the data analysis firm Enverus. And the same companies are working through a backlog of wells that can be brought online quickly. The trends show that producers expect high oil prices to last into 2027 because it will take that long for the new wells to come online. And the volume of oil expected from the new activity isn’t likely to bring them down. “It does not move the needle in the greater scheme of things,” Alex Ljubojevic, a lead supply analyst at Enverus, said in an interview. As recently as January, benchmark U.S. oil was trading below $60 a barrel and companies were shutting down rigs and slowing production. Permian Basin rigs dropped from a high of 257 last June to 221 on Jan. 1, according to Enverus data. When the U.S. began bombing Iran in February, sending crude prices above $90 a barrel, producers were cautious about drilling new wells because they were concerned that the price increase wouldn’t last. Independent producers, particularly shale drillers in the Permian Basin, are typically willing to take on more risk than major oil companies. The price of oil has traded above $90 a barrel this week as sporadic violence continued in Iran and other Persian Gulf nations. Some small operators in the Permian Basin have opted to finish off what the industry calls drilled but uncompleted wells (DUCs) that haven’t been hydraulically fractured, because it brings on production faster than new drilling, said Kirk Edwards, president of Latigo Petroleum in Odessa, Texas, and a former chair of the Permian Basin Petroleum Association. “It’s a definite interim strategy,” Edwards said in an interview. “They’re trying to accelerate their return on investment with these $90–$100 oil prices, so they’re trying to get as much oil, everybody is trying to get as much oil in the market as they can right now, to take advantage of these prices.” Diamondback Energy, a shale producer based in Midland, Texas, has 73 unfracked wells as of April 2026, the most among independent producers, according to data analytic firm Rystad Energy. Diamondback announced in May that it will deploy five fracking crews to complete some of them. “This level of incremental activity maintains our current level of capital efficiency and puts Diamondback in a differentiated position,” CEO Kaes Van’t Hof said in a letter to stockholders. The number of drilling rigs in the Permian Basin has been climbing, too, hitting 245 in May, according to Enverus. The number dropped to 240 this week. Some operators in the Permian are also looking for new places to drill. A group of independent shale producers obtained 761 new drill permits in the first quarter of 2026, up from 514 in the last quarter of 2025, according to Rystad. Among gas-focused producers, some independent companies are not expanding operations due to low gas prices, said Michael Banschbach, an oil and natural gas marketing consultant. Gas prices at the benchmark Henry Hub have stayed below $3.50 per million British thermal units most of this year, despite the war in the Middle East. “These producers don’t have a lot of oil, so with this gas it’s an easy decision for them to shut down,” he said.

There are thousands of dirty old drill sites in Colorado. The state gave oil firms a $1bn pass Investigation reveals regulator let firms off the hook on cleanup bonds despite backlog that will take decades to clear. (see maps) When Christiaan van Woudenberg moved to Erie, Colorado, in 2007, he never imagined he would become an anti-fracking activist. He simply thought he was buying his dream home – a four-bedroom with a panoramic mountain view, 30 minutes north of downtown Denver.Then, in 2014, the drilling started. Oil and gas rigs sprang up, some just 800ft (240m) from his bedroom window. The dream turned to nightmare: loud noises rumbled all night long, and the air stank like exhaust. Neighbors started getting headaches and nosebleeds, and Van Woudenberg developed new respiratory issues. He kept his windows shut and worried about his daughters going outside.“So I got mad,” he said. “Like, ‘Oh, if they can do this to me in my fancy house as an upper-middle-class white guy, they can do it to anybody.’”Van Woudenberg looked for ways to visualize the scale of the industry’s pollution. A software developer, he sorted through vast data published by the state energy and carbon management commission (ECMC), Colorado’s oil and gas regulator. What he discovered shocked him. Chemical spills were turning up daily in Weld county, where he lives – sometimes at new drilling projects, but more often at old, defunct sites where contamination had gone undetected for years. He started charting locations where wells, storage tanks and underground flow lines had leaked toxic material into the environment, bringing his detailed maps to anti-fracking protests and community meetings. Without highly specialized skills, the toll was nearly impossible to see.“We’re trying to show the oil and gas infrastructure burden on this state,” he told the Denver Post in 2018, a year when more than 11 spills a week were uncovered on average in Colorado. “There’s heaps and heaps of it. It is everywhere.”An investigation by the Guardian and DeSmog examined thousands of state documents to create an unprecedented picture of that invisible public toll, as an ageing oil industry struggles to clean up – and pay for – its own decommissioning.Major reforms gave the ECMC an opportunity to solve the problem in 2019. But rather than use those powers to hold the biggest companies accountable, the agency found new ways to let them off the hook.The damage stems in particular from Chevron, Oxy (Occidental Petroleum) and Civitas Resources, collectively the Big Three. Together, they produce the vast majority of Colorado’s oil and natural gas.But as this investigation found, they also own more than 14,600 dead oil and gas sites, where production has ended but pollution or other impacts remain. These sites overlap heavily with their more than 6,000 open spills, locations where toxic chemicals may be contaminating soil and groundwater. By law, the companies must remediate pollution and restore the land. But reports pulled from the Colorado Oil and Gas Information System database reveal that the Big Three have allowed many of these dirty and environmentally damaged sites to languish for years – or, in some cases, decades.Since 2019, the ECMC has had broad power to ensure compliance. Had the agency simply followed its own protocols, it could have forced Chevron, Oxy and Civitas to hand over as much as $1.3bn in financial collateral – funds in the form of bonds the state could hold in trust to incentivize cleanup, or deploy itself if necessary. Instead, the agency twisted its own rules, allowing all three companies to provide just a sliver of what they might have owed.“It is unambiguous that these obligations are owed to the people of Colorado,” said Dwayne Purvis, a petroleum engineering consultant who has co-authored a report on Colorado’s looming fossil fuel liabilities. “I don’t see any reason that the work should not be done promptly, and I don’t see any reason that it shouldn’t be fully bonded.”In 2024, the regulator said contractors for all three companies had falsified environmental paperwork at hundreds of sites including over pollution levels in water and soil – a situation the companies and the commission say they are investigating.But even then, the ECMC still didn’t use its power to increase the Big Three’s financial assurance totals.And the agency has continued to forfeit that crucial source of leverage at a time when it needs every tool at its disposal. If the current pace of cleanup continues, this investigation found, it will take Chevron, Oxy and Civitas decades to clean up their existing backlog of dead and dirty sites.Meanwhile, rates of remediation and reclamation still lag far behind plugging – and as those final, costly steps drag out, the toll continues to rise.Across the US, more than 2m oilwells will require plugging and cleanup in the coming years, an undertaking that could cost more than $150bn, according to an analysis of state data by ProPublica and Capital & Main. But rather than foot the bill, industry has routinely found ways to avoid financial assurance, “orphan” their dead wells and finally dump decommissioning expenses on the public – a tactic so widespread some experts call it “the playbook”.

Middle East war drains US oil inventories to lowest since 2004; analysts warn of price spike ahead - U.S. stocks of crude oil and petroleum products have dropped to their lowest level since 2004 after falling by 10.6M barrels last week, according to new data released Wednesday from the U.S. Energy Information Administration. Crude inventories fell by 8M barrels to 433.7M barrels in the week ended May 29, the EIA reported, 3% below the five-year average and more than double the draw analysts had forecast. Sponsored U.S. crude oil production was steady at 13.7M bbl/day, while crude shipments surged from 4.4M bbl/day to 5.9M bbl/day last week, continuing a pattern of sharply higher exports since the start of the Iran war. Oil stored in the Strategic Petroleum Reserve plunged by 8M barrels to 357.1M barrels to its lowest since January 2024; the oil is a part of 172M barrels authorized for release from the SPR to keep a lid on spiking crude prices. Oil stocks at the Cushing, Oklahoma, delivery hub fell by 583K barrels to 22.4M barrels. Overall, crude inventories have declined by 63.9M barrels since the U.S.-Israeli launched strikes on Iran on February 28. Analysts say inventories are now critically low and warn of a sharp increase ahead in oil prices. "SPR barrels continue to be pulled from inventories, dropping a further 8M bbls last week," Kpler's Director of Commodity Research Matt Smith said in a note. "Despite this bumper transfer of barrels to commercial inventories, they still drew ‌by 8 ⁠million barrels - that's a total 16 million barrels for crude, folks." Gasoline and distillate inventories, however, rose last week due to increased refinery processing and weak demand following the Memorial Day holiday weekend. The global oversupply of oil before the war is the main reason for the market's relative calm with front-month Brent still below $100/bbl, Macquarie economists said in a note. If the Strait of Hormuz reopens soon, Macquarie expects prices to fall sharply, but "with stocks drawing rapidly, if the strait remains closed, at some point prices will need to move much higher. The clock is ticking." Current rates of withdrawal suggest the market "will be OK for another month or two," but if Hormuz remains closed at the end of summer, "physical availability will tighten materially," the analysts said. "Every day the Strait of Hormuz is shut in, 11M-14M bpd of oil fails to make it to market, and barrels are taken out of storage someplace else to compensate," Mizuho's Robert Yawger said in a note. Crude futures rose Wednesday for a third straight session as a flare-up of fighting between the U.S. and Iran raised concerns that oil will be shut in for longer. Front-month Nymex crude for July delivery jumped 2.4% to $96.02/bbl, and front-month Brent crude for August climbed 1.9% to $97.81/bbl, while front-month Nymex July natural gas gained 1.5% to $3.214/MMBtu.

‘Tank bottom’: Oil industry warns Trump admin that drained inventories threaten to spike gas prices - The oil industry is warning the Trump administration that a Hormuz-sized hole in the world’s petroleum market is steadily draining inventories to levels that are likely to send global energy prices surging in the next several weeks, according to four executives.Industry executives have flagged the issue to senior White House officials and Cabinet members in recent weeks as part of the Trump administration’s ongoing dialogue with the U.S. energy industry, the people said. The warnings came as recently as late last month as data from the U.S. Energy Information Administration and other sources began showing that fuel makers were increasingly relying on oil and fuel from their storage tanks to replace products no longer arriving from the Middle East.“We’re at dangerously low levels already,” said one industry executive who was granted anonymity to discuss private conversations with the administration. “We have shared those concerns at the highest levels of government about what’s coming in mid-to-late June. … I hope they are paying attention to inventories right now. You’re hitting tank bottom.” Iran has effectively closed the Strait of Hormuz since the U.S. and Israel launched military strikes three months ago, kicking off what has become the biggest disruption in crude oil flows ever. Countries are drawing down supplies in their oil and fuel storage tanks to make up for the shortage of supply coming from the Middle East, but inventories are now running dangerously low and some companies and market analysts are sounding the alarm that a price spike could come later this month.Some of the conversations have been general warnings while others have focused on tight inventories of specific fuel types in particular locations, such as jet fuel on the West Coast, a second person involved in the conversations said.A White House official denied that any senior members of staff have been warned privately by the industry about inventories. “Politico’s anonymous sources are wrong,” the official said.An Energy Department official said that while the agency remains in regular dialogue with energy industry leaders, there have been “no such discussions” about inventories.Executives from Exxon Mobil, Chevron and other oil companies are also raising the alarm publicly, warning last week that fuel prices are poised to jump if inventory levels continue their rapid decline. The U.S. average gasoline price was $4.26 a gallon Wednesday, according to AAA, $1.28 a gallon higher than before the war started, off the levels near $4.50 reached a few weeks ago.Neil Chapman, Exxon’s senior vice president, told an investor conference last week that dated Brent — the benchmark for physical crude oil prices — could hit $150 or $160 a barrel soon in that scenario.“You can debate whether that’s going to hit those really low levels in two weeks or three weeks. Once you get to that point, then you’ll see prices shoot up,” Chapman said.“The administration has already been told that,” a second oil company executive told POLITICO of Chapman’s statement. The recent public pronouncements from industry executives are “a message for the consumer,” this person continued. “Don’t think that an open strait is going to mean your July 4 gasoline bill isn’t going to be higher than what it is today. It’s going to be.”

SPR Borrowers Owe Uncle Sam 40 Million Extra Barrels --  The US Strategic Petroleum Reserve has taken a beating during the Iran war, but Energy Secretary Chris Wright says the government's emergency oil stash is headed for a surprisingly lucrative refill. Companies that borrowed crude from the SPR during the conflict will return those barrels with premiums attached, leaving the reserve about 40 million barrels larger than it would have been otherwise once the war ends, Wright said Friday. For an oil market accustomed to hearing about SPR drawdowns, emergency releases, and politically motivated sales, this is the rare case where Washington expects to get back more barrels than it handed out. "We're not selling any barrels of oil," Wright said on Fox Business. "We're flowing oil to the marketplace in the short term when it needs it, and we're trading those barrels." The Department of Energy has loaned roughly 133 million barrels from the reserve since the Middle East crisis erupted. Under the agreements, borrowers will return the crude plus premiums of up to 24%. The SPR stood at 357.1 million barrels for the week ending May 29, according to weekly data published by the Energy Information Administration. That's down from roughly 415 million barrels at the beginning of March, before emergency releases accelerated as Middle East supply disruptions intensified. Wright isn't worried. His argument is that the SPR is doing exactly what it was built to do: move barrels when the market needs them and replenish later. The more interesting question is whether "later" arrives before inventories become uncomfortably tight. Commercial crude inventories remain relatively healthy at about 441 million barrels, but they have been trending lower with a quickness as global stockpiles continue to shrink. Exxon and Chevron executives have spent the past two weeks warning that inventories are approaching levels where prices can move sharply higher. For now, Washington is betting that lending out barrels today and collecting 1.25 barrels tomorrow is a trade worth making. It's not often the SPR earns interest.

Trump Auction Opens Arctic Refuge Drilling Rights for First Time Ever - The Trump Administration is holding its latest lease sale in Alaska on Friday in a test for investors and environmentalists as the auction comprises tracts in the Coastal Plain of the Arctic National Wildlife Refuge.The Bureau of Land Management (BLM) is holding the oil and gas lease sale today, after last year the Trump Administration removed legislative protections from the Biden presidency that restricted oil and gas exploration in Alaska, including the Arctic National Wildlife Refuge and federal lands in the state.The first sale for the Coastal Plain, "a milestone in unleashing Alaska's vast energy potential," as BLM said in April announcing the date of the lease sale, follows a record-breaking lease sale in the National Petroleum Reserve-Alaska in March.The first lease sale in the National Petroleum Reserve-Alaska in seven years became the most successful auction in the area ever, as oil majors bid on hundreds of tracts, signaling they haven't given up on Alaska's petroleum resources despite development and court challenges. The lease sale for the National Petroleum Reserve in Alaska in March, one of five mandated in the next decade under the Trump Administration's One Big Beautiful Bill Act (OBBBA), drew a record high of $163.7 million in high bids and resulted in 187 leases in total, awarded to companies including ExxonMobil, ConocoPhillips, and a consortium of Repsol and Shell subsidiaries.The lease sale set a record for Alaska with the most revenue generated ever, the most tracts receiving bids, and the second most acreage sold in a single sale, the Bureau of Land Management said at the time.Now the Administration is looking to open the Coastal Plain of the Arctic National Wildlife Refuge to drilling, saying that it has "strong potential for oil and gas development."The area may contain between 4.25 and 11.8 billion barrels of technically recoverable oil, according to the U.S. Geological Survey, BLM says.Going forward, the development of any additional resources in Alaska would not be a fast and easy task. The conditions are harsher than in other areas, while environmentalists have vowed to fight both the lease sales and any future oil and gas drilling and development plans.

Glenfarne Unveils Staggering Alaska LNG Price Tag -  Glenfarne Group this week told state lawmakers that its Alaska LNG project could cost nearly $55 billion. For the first time since it took over the project from the state early last year, Glenfarne presented cost estimates to the state Senate Finance Committee as lawmakers consider tax breaks for the massive undertaking during a special session called by the governor.

Amigo LNG Advances Toward Buildout, Eyes Permian Natural Gas Exports - Amigo LNG has all of its permits on both sides of the border in hand and is targeting the end of June to “start working on the ground,” according to CEO Muthu Chezhian of LNG Alliance, the Singapore-based firm behind the project. Map of the proposed Amigo LNG export facility in Mexico showing natural gas pipelines, import/export points, NGI price hubs and connections to Waha Hub. At a Glance:
Developer targets June site activity
Project plans 7.8 Mt/y capacity
Terminal sources Permian supply

Mexico’s ECA LNG Reaches First Production, Pulling More Permian Natural Gas West -  The Energía Costa Azul (ECA) export project in Baja California has reached first production, marking a key step in commissioning the first large-scale LNG export facility on Mexico’s Pacific coast, according to developer Sempra Infrastructure. At a Glance:

• Pacific LNG demand lifts border flows
• Feedgas demand growing
• California exports hit new highs

US Natural Gas Exports to Mexico Near Record as ECA Feedgas Builds - Mexico’s appetite for US natural gas is accelerating as rising power demand and new LNG export capacity combine to push pipeline imports toward record territory, Waha natural gas prices fell deep into negative territory as US pipeline exports to Mexico climbed above 8 Bcf/d, supporting Agua Dulce pricing. At a Glance:
June imports pace toward record
South Texas flows lead supply
ECA sends first LNG

Centrica Adds Canadian Natural Gas Supply as LNG Trading Portfolio Grows  -UK-based trading firm Centrica Energy has signed a long-term deal to buy natural gas from Canadian producer Peyto Exploration & Development as it continues to build out its global LNG portfolio. At a Glance:

• Peyto commits volumes through 2039
• AECO gas links to TTF pricing
• LNG portfolio continues global expansion

LNG Canada Expansion Edges Toward FID With Fluor-JGC Work -The LNG Canada partnership has given the green light to its engineering, procurement and construction (EPC) contractors to begin early work for Phase 2, marking the latest step toward sanctioning the project. At a Glance:

• Expansion could double capacity
• Brownfield build may limit costs
• Montney supply, pipe, exports aligning

Global Natural Gas Investments to Hit Highest Point in a Decade, IEA Says -The Iran war and the closure of the Strait of Hormuz is prompting both countries and companies to rethink energy investment strategies, with spending on natural gas poised to grow this year, according to a new report from the International Energy Agency (IEA).LNG project final investment decisions by region show North America leading global LNG capacity approvals, with strong growth expected in 2025-2026.  At a Glance:
LNG projects driving gains
$330B pegged for natural gas
Oil spending to fall

Global Natural Gas Market Better Prepared to Deal With Latest Supply Shock, IGU Says -- Global natural gas markets have transformed and entered a new era defined by increasing LNG flexibility, geopolitical risk and more market-based pricing, according to the International Gas Union’s (IGU) latest Wholesale Gas Price Survey. Global natural gas wholesale prices by region from 2005-2025, highlighting Europe’s 2022 price spike and regional market trends. At a Glance:
LNG flexibility cushions supply disruptions
Benchmark-linked deals capture larger share
Europe posts highest regional prices.

Australian LNG Strike Begins, Tightening Global Gas Market Further -Workers at Inpex’s Ichthys LNG export facility in Australia started strikes on Tuesday, which impacted loading operations at the terminal and delayed a cargo. At a Glance:

• Strike impacts all Ichthys facilities
• Delayed cargo destined for Taiwan
• More strikes planned later this month

TotalEnergies Exits Stake in Russia’s Arctic LNG 2 - TotalEnergies can sell its 10% stake in the Arctic LNG 2 project in Russia’s Far North, according to a presidential decree signed by Vladimir Putin.NGI stacked bar chart showing Russian Federation annual exports by destination region from 2022 through 2025, measured in million metric tons. Total exports remain relatively stable between 2022 and 2024, ranging from roughly 33 to 34 million metric tons, before declining sharply to about 19 million metric tons in 2025. Europe accounts for the largest share in 2024 at approximately 18 million metric tons, up from around 16 million metric tons in 2022 and 2023. Exports to Asia remain steady near 15 to 16 million metric tons from 2022 through 2024 before falling to roughly 8 million metric tons in 2025. Exports to the Americas are negligible, while a small portion of volumes is categorized as unknown destinations in 2023 through 2025. The chart illustrates Europe's growing share of Russian exports through 2024 and a significant overall reduction in export volumes during 2025. Source: NGI compilation of Kpler data.
At a Glance:
Interest being sold to Novatek subsidiary
Sanctions have limited operations at plant
Other shareholders have suspended participation

Nature Authority to remove 40,000 tons of soil polluted in massive 2014 oil spill | The Times of Israel -- The Israel Nature and Parks Authority this week began moving machinery into the Evrona Nature Reserve, just north of Eilat in southern Israel, to undertake the long-awaited removal of some 40,000 tons of soil polluted by a massive oil spill in 2014. In December that year, some five million liters (1.32 million US gallons) of crude oil gushed into the hyper-arid reserve from a pipe owned by the Europe Asia Pipeline Company. The pipe broke at the entrance to the nearby Kibbutz Be’er Ora during work to relocate infrastructure prior to the construction of Ramon Airport. Seasonal water channels over an area of 145 dunams (36 acres) were contaminated. Research carried out by HaMaarag — the national ecosystem assessment program — found not only that oil was still present at varying depths, but also that while older acacia trees with deep root systems had survived, there were hardly any younger trees, indicating problems with germination and seedling development. Acacias are a so-called keystone species on which multiple plants, animals, and microorganisms rely. These include gazelles, which obtain food and water mainly from acacia leaves in the summer. Various cleanup techniques were tested on pilot plots in the reserve. One that used bacteria to break down the oil was eventually chosen but was only partially successful, according to Nitzan Segev, the Israel Nature and Parks Authority’s ecologist for the vast area stretching from the Dead Sea to Eilat. Nitzan Segev, the Israel Nature and Parks Authority’s ecologist for the area stretching from the Dead Sea to Eilat, both in southern Israel, stands next to a tree that died following a 2014 oil leak at the Evrona Nature Reserve, just north of Eilat, February 18, 2024. (Sue Surkes/Times of Israel) Soil removal was initially avoided for fear it would change the delicate gradients along which water flows to plants, or harm the seed bank, Segev told The Times of Israel in February 2024. Soil removal was nevertheless planned for that summer, but was delayed by bureaucracy and logistical issues, Segev said Monday. Some 40,000 tons of earth along the contaminated streambeds will be removed, to a depth of 20 to 40 centimeters (eight to 16 inches), she said. “The work will take a few months, because although it’s being done with tractors, it will have to be undertaken very carefully and slowly to ensure it’s just where the oil is and not in other stream channels. Every tractor driver will be accompanied by an inspector to show him exactly where to go and how to work, so as not to harm the acacia trees.” Segev said the work would be finished in time for this winter’s flash floods. “We want the water channels to remain as they are so that nature can continue to do its thing,” she said.

Diesel consumption drops by 27% - The consumption of petroleum products, including petrol, diesel, kerosene and cooking gas, has declined significantly following government measures introduced to curb fuel use amid soaring prices. According to the Nepal Oil Corporation (NOC), demand for petrol, diesel, kerosene and liquefied petroleum gas (LPG) dropped by up to 80 per cent in the month of Baisakh compared to Chait. However, aviation fuel consumption increased during the review period. The government had introduced a public holiday on Sundays after petroleum prices surged in the wake of the Israel-United States and Iran conflict. The measure was aimed at ensuring smoother fuel supply management by reducing overall consumption. At the same time, the Ministry of Finance also cut fuel allowances provided to government officials. About a month after the Sunday public holiday came into effect on April 6, sales of petroleum products, particularly petrol, diesel and kerosene, declined noticeably, said Manoj Kumar Thakur, spokesperson for the NOC. According to him, higher fuel prices and reduced vehicle movement due to the Sunday holiday contributed to the decline in fuel consumption. Petrol prices had reached Rs. 219 per litre, diesel Rs. 237, and aviation fuel for domestic flights Rs. 269 per litre. LPG cylinders were priced at Rs. 2,160 each. However, petrol price dropped and now costs Rs. 217 per litre, while diesel is priced at Rs. 225 per litre. “The consumption of diesel dropped significantly, while petrol consumption saw only a marginal decline,” he said. According to the NOC, petrol consumption fell marginally by 2 per cent (1,258 kilolitres), while diesel consumption dropped by 27 per cent (37,958 kilolitres), kerosene by 80 per cent (1,035 kilolitres), and LPG by 17 per cent (6,743 tonnes) during the review period. However, demand for aviation fuel rose by 7 per cent (1,308 kilolitres) in Baisakh compared to Chait. Thakur said petrol consumption declined to 58,680 kilolitres in Baisakh from 59,938 kilolitres in Chait. Likewise, diesel consumption dropped to 102,071 kilolitres in Baisakh from 140,029 kilolitres in Chait. Demand for kerosene dropped to 248 kilolitres in Baisakh from 1,283 kilolitres in Chait. Meanwhile, aviation fuel consumption increased to 19,552 kilolitres in Baisakh from 18,244 kilolitres in Chait. He further said that construction activities had also been affected by the sharp rise in the prices of diesel and other construction materials, leading to reduced diesel and kerosene consumption during the review period. Similarly, LPG consumption declined significantly to 32,056 tonnes in Baisakh from 38,799 tonnes in Chait. Thakur predicted that the growing use of electric stoves among consumers had contributed to the decline in LPG consumption. “Besides, demand for LPG increased in February and March due to rumours of a possible gas shortage in the market, prompting consumers to stockpile gas cylinders during those months. This month, consumers may have relied on those stored supplies instead of purchasing new cylinders,” he said. He said that the NOC has been distributing petroleum products across the country as per the demand, as imports from the Indian Oil Corporation have remained normal. According to him, continuous increase in international petroleum prices has made it difficult to adjust domestic fuel prices in line with the automatic pricing system based on rates received from IOC. This mismatch between rising international costs and limited domestic price adjustments has significantly widened the corporation’s losses, raising concerns about its ability to make timely payments to IOC, he added. He, however, said that NOC will make its efforts to ensure a smooth supply of petroleum products in the coming days. Amid this challenging situation, the corporation has urged consumers and stakeholders to use petroleum products economically.

India's fuel demand outlook hit by price hikes, slowing industrial activity (Reuters) - India is expected to see less growth in gasoline and diesel demand this year after a series of price hikes last month that reflect higher oil costs triggered ‌by the Iran war, with early signs of stress already visible in the trucking sector. State retailers Indian Oil (IOC.NS), opens new tab, Bharat Petroleum and Hindustan Petroleum implemented four rounds of price hikes since mid-May after holding off earlier due to elections. Gasoline prices are now 7.8% higher while those for diesel are up 8.6%. Analysts say there could be more price increases that are likely to dampen demand further, given that the retailers are still selling the fuels below market rates and are losing a combined 5.5 billion rupees ($57 million) ⁠daily. Slowing growth in fuel sales for India, the world's third-largest importer and consumer, is set to dampen the outlook for global demand now that transportation fuel consumption in China has peaked. "We expect India's gasoline demand growth to drop to around 3.5-3.7% in 2026 amid reduced discretionary driving," said Dylan Sim, an analyst at FGE NexantECA. That compares with an earlier estimate of 4% growth. The consultancy has also cut its forecast for growth in diesel demand to 2% from 2.5%. Moody's Indian rating arm ICRA has revised down its forecast for gasoline demand growth for this financial year to 3% to 4%, compared with 5% to 6% before the war. For diesel, it expects demand to stay flat or shrink versus an earlier projection of 2% to 3% growth. Prashant Vashisth, senior vice president at ICRA, said that the diesel ‌and ⁠gasoline price hikes could exacerbate inflation which could hurt end-user demand. Increases in logistics and shipping costs, also stemming from the Middle East conflict, could lead to "weak industry growth which would negatively impact diesel demand," he added.

Indian Companies Eye Venezuelan Oil Fields as Imports Surge 51% in a Month -  Indian energy companies are interested in expanding into Venezuelan oil, New Delhi’s top energy official Hardeep Singh Puri said today at a meeting with Venezuela’s interim president Delcy Rodriguez in India, as quoted by Reuters.The report follows earlier media coverage of the meeting, citing Indian officials as saying that Venezuela’s government sees the country as a preferred partner in energy matters.“We are working with a government that is friendly, that wants a partnership with India,” an Indian foreign ministry official told media, as quoted by Reuters. “We want to reciprocate that. Venezuela has traditionally been a close friend. We have collaborated very closely at the international level, so we are just going back to normal.”India is the second-largest buyer of Venezuelan crude after the United States, Reuters noted in its Thursday report. Import rates stood at 427,000 barrels daily last month, after the United States eased sanctions on the commodity in February. Venezuela, in turn, has become India’s fourth-largest oil supplier. The May import figure represents an almost twofold increase on April, when India imported an estimated 283,000 barrels daily in April.Venezuela exported an estimated 1.25 million barrels per day of oil in May, up by 0.7% compared to April’s 1.23 million bpd exports and a massive 61% jump compared to May 2025, according to ship-tracking and vessel-loading data. Exports are seen rising to 1.5 million barrels daily by next year, according to Kpler.

Crude oil futures rebound 3% to ₹8,536/barrel on renewed US-Iran tensions- Crude oil prices rebounded by over 3 per cent to ₹8,536 per barrel in futures trade on Monday after fresh military exchanges between the US and Iran heightened concerns over supply disruptions in West Asia. Ending a three-day losing streak, the most-traded contract for June contract rose by ₹255, or 3.08 per cent, to ₹8,536 per barrel in 10,943 lots, on the Multi Commodity Exchange (MCX).It had finished at ₹8,281 per barrel on Friday. The July contract also strengthened, rising ₹225, or 2.77 per cent, to ₹8,360 per barrel in 2,306 lots. In the previous session, it had settled at ₹8,135 per barrel. Analysts said oil prices recovered as investors reassessed geopolitical risks after the US military carried out fresh strikes on Iranian radar and drone-control facilities following reports that Tehran had shot down an American drone. In response, Iran's Islamic Revolutionary Guard Corps (IRGC) said it targeted an airbase used by US forces in operations near Southern Iran, while Kuwaiti authorities reported intercepting hostile missile and drone attacks following the American strikes. The latest military actions highlighted the fragility of the weeks-long ceasefire and raised concerns that negotiations aimed at securing a broader agreement between Washington and Tehran could face fresh hurdles, according to analysts. "The market participants are pricing in a higher geopolitical risk premium as uncertainty persists around the US-Iran negotiations and the security of energy shipments through the Strait of Hormuz," they added. In the international markets, Brent oil futures for August delivery rose 2.13 per cent to $93.06 per barrel, while West Texas Intermediate went up 2.61 per cent to $89.64 per barrel. Investor sentiment was also supported amid reports that Israel had expanded its military operations in southern Lebanon, raising concerns that regional tensions could broaden. The gains mark a sharp reversal from last week, when oil prices tumbled about 10 per cent amid reports that Washington and Tehran were discussing a framework agreement that could pave the way for a longer ceasefire and eventually normalise traffic through the Strait of Hormuz. Traders are now closely watching whether diplomatic channels can prevent further escalation, with any disruption to oil supplies likely to trigger fresh volatility across energy markets.

Oil prices rise as Israeli forces invade deeper into Lebanon - The price of oil has risen in world trading markets as the Israeli regime forces move deeper into southern Lebanon in violation of a ceasefire that has been in place for more than six weeks. Reuters reported on Monday that oil prices rose more than 3 percent after Iran and the US traded strikes and the Tel Aviv regime ordered its forces to move further into Lebanon. US crude futures rose $2.88 or 3.3 percent to $90.24 a barrel as of 0701 GMT. Brent futures rose $2.78 or 3.05 percent to $93.9 a barrel. Experts say a further escalation of violence, or a disruption to oil and gas supplies in the Persian Gulf, could still push oil prices higher than this. Earlier reports of "encouraging progress" toward a final US-Iran understanding had driven Brent and WTI to settle down 1.8 percent and 1.7 percent, respectively. However, the Israeli military's Lebanon invasion, which has been underway for several days and intensified notably after Washington hosted the Israeli-Lebanon peace talks on Friday, erased all expectations that the US and Iran would soon reach a peace deal or extend the Pakistani-brokered ceasefire. To make matters worse, over the weekend, the "aggressor US military" said on Sunday it conducted strikes on Iranian military drone and radar installations. The Islamic Revolution Guards Corps (IRGC) also responded by carrying out a retaliatory strike against an air base used by the US military. Iran has stated that a ceasefire in Lebanon is inseparable from any final agreement to end the war, as the Israeli regime escalates assaults on Lebanon in violation of an earlier truce. Foreign Ministry spokesperson Esmaeil Baghaei said on Monday that a ceasefire in Lebanon is inseparable from any final agreement to end the war. The FM spokesman said the developments in the past weeks constitute a "clear and flagrant violation" of the April 8 Pakistan‑brokered ceasefire. On February 28, an unprovoked war against Iran was launched in a joint military operation by the US and Israeli forces, with help from its military bases spread across the region in neighboring countries.

Oil Price Nears $100 as Iran Walks Away From US Talks with New Threats -Oil prices climbed toward $100 a barrel on Monday after Iran suspended all nuclear negotiations with the United States and pledged to close the Strait of Hormuz, reviving fears of a full-blown energy shock.WTI crude jumped roughly 8% to $96.14, while Brent traded near $100, as Tehran tied any further dialogue to a halt in Israeli operations across Lebanon and Gaza. Iran’s top negotiator Mohammad Bagher Ghalibaf said Monday that the US blockade of Iranian ports and Israel’s military operations in Lebanon were proof of Washington’s noncompliance with the existing ceasefire framework.State-affiliated Tasnim News Agency reported Tehran will exchange no further messages with US intermediaries until Israel withdraws from occupied parts of Lebanon and ends strikes in Gaza. The reversal came nine days after President Donald Trump said a broader deal was “largely negotiated” and would be announced shortly, a statement that had unwound months of geopolitical risk premium tied to Iran deal optimism.

Oil prices pare gains as Trump says US-Iran talks are ongoing - Oil prices pulled back off their highs on Monday after President Trump said talks between the US and Iran were ongoing despite headlines that Iran had stopped engaging with negotiators over Israel’s actions in Lebanon.Futures on Brent crude, the international benchmark, jumped by as much as 7.1% to trade above $97.50 per barrel, before pulling back below $95. Contracts on US benchmark WTI crude gained as much as 8.3% to trade above $94.50 per barrel before falling to sit just below $92. nOn Monday morning, oil surged and equities and bonds fell following reports from the state-controlled Iranian news agency Tasnim that Iran had halted the exchange of messages with the US.Iranian leaders reportedly attributed their decision to the Israeli military campaign in Lebanon against Hezbollah, an Iran-backed proxy force. While the US has maintained that the ceasefire in place applies only to Washington and Tehran, Iran has repeatedly said any ceasefire agreement — and any negotiations — were contingent on a stoppage of fighting in Lebanon. Since the US and Israel began airstrikes against Iran in late February, Israel has waged a secondary campaign against Hezbollah, which has displaced thousands of people inside Lebanon.“As long as Iran’s and the resistance front’s position on these issues is not addressed, there will be no talks,” Tasnim said. Esmail Baghaei, the spokesman for Iran’s Foreign Ministry, said on Monday that Iran continues to engage with the US with “distrust.” President Trump said several hours later that, despite headlines to the contrary, talks were continuing between the US and Iran “at a rapid pace.” The president also said he spoke with Israeli Prime Minister Benjamin Netanyahu and representatives of Hezbollah to negotiate a ceasefire between the two parties. His comments sent oil prices falling off their intraday highs. Tasnim earlier had also reported that the “Axis of Resistance” — a network of Iran-funded proxy forces in the region, including Hezbollah in Lebanon and the Houthis in Yemen — would be activated, and that the proxy forces may move to close the Bab el-Mandeb strait at the southern end of the Red Sea. Closure of the Bab el-Mandeb would further tighten down an oil market already under pressure. The waterway connecting the Red Sea to the Gulf of Aden has taken on increased importance as a workaround for Middle Eastern oil to reach the market, while the Strait of Hormuz blocks off the only waterborne passageway out of the Persian Gulf.  Saudi Arabia, the largest oil producer in the region, recently announced that its East-West pipeline from the Persian Gulf to the Red Sea is operating at full capacity, estimated to be somewhere between 5 million barrels per day (bpd) and 7 million bpd. Once oil has reached the Red Sea, it must either be shipped through the Bab el-Mandeb strait or shipped north and transported to the Mediterranean through Egypt’s Suez Canal and SUMED pipeline, a route that adds significant time and cost to reach the Asian markets that depend on gulf oil. Monday’s conflicting reports on US and Iran negotiations came after President Trump said early Monday morning that Iranian leadership “wants to make a deal,” and that it will be a “good one for the U.S.A., and those that are with us.” “Just sit back and relax, it will all work out well in the end — It always does!” the president wrote. Several headlines last week reporting that US and Iranian negotiators had agreed to terms for a deal to reopen the Strait of Hormuz sent prices falling, but that move downward paused over the weekend on news that Trump had demanded stronger concessions from Iran instead of approving the deal on the table in a Situation Room meeting on Friday.News overnight on Sunday into Monday that the US military had struck radar and drone sites in Iran after the Iranian regime shot down a US drone sent prices surging back upward after consistently falling over the course of a week on hopes of a deal between Washington and Tehran. Fighting also reportedly picked back up in Lebanon after a slowdown, in parallel with Iran’s decision to cease communications with the US.The move from Iran leaves the market in limbo, now several iterations into a cycle of suggestions from the White House — and, in some cases, Iranian negotiators — that a deal is close at hand before those talks seemingly collapse. Under the most recent negotiations, the deal proposed would have required Iran to reopen the Strait of Hormuz to commercial traffic, with a full ceasefire in place, while pushing talks over the fate of Iran’s nuclear program and its stores of enriched uranium down the road.The US has helped roughly 70 ships exit the Strait of Hormuz over the past three weeks, the New York Times reported on Sunday, though the count remains far below the roughly 120 crossings per day before the war. The closure of the key waterway has cut off over 1 billion barrels of oil since the war began, stymying the global energy market. Gasoline prices in the US averaged $4.32 per gallon nationally on Monday, per AAA, down from an average of $4.50 a week ago.

Oil closes up more than 4% on halt in US-Iran talks, risk of blockades (Reuters) - Oil prices settled more than 4% higher on Monday after Iran's Tasnim news agency reported that Tehran had halted indirect negotiations with ‌the U.S. and plans were being made for Iranian forces and their allies to completely block the Strait of Hormuz and potentially disrupt other key shipping routes. Tensions in the region have escalated in recent days, with Iran and the U.S. exchanging strikes and Israel ordering troops to move further into Lebanon in its battle with the Iran-backed Hezbollah militant group.Brent crude futures settled at $94.98 a barrel, up $3.86, or 4.2%, while U.S. crude futures closed at $92.16 a barrel, up $4.80, or 5.5%. Both benchmarks had risen more than 6% earlier in the session, but pared gains after U.S. President Donald Trump said he was not aware of talks with Iran being halted and that he also spoke with Hezbollah through intermediaries and secured a ⁠pledge that it would not attack Israel. The contracts finished May between 17% and 19% lower, marking their biggest monthly drops in absolute terms since March 2020, when the COVID-19 pandemic slashed energy demand, on rising optimism that the U.S. and Iran were close to a deal. Advertisement · Scroll to continue Earlier on Monday, Tasnim said Tehran and the "Resistance Front," which includes Iran's allies in Yemen, Lebanon and Iraq, have set an agenda to completely block the Hormuz waterway and activate other fronts, including the Bab el-Mandeb Strait, in order to "punish" Israel and its supporters. The Bab el-Mandeb is located at the southern end of the Red Sea, through which Saudi Arabia, a major oil producer, currently moves 4 million to 6 million barrels of oil per day, Robert Yawger, executive director at Mizuho, wrote in a note. "It just seems that both sides are in different worlds," "The longer the conflict continues, the lower commercial inventories will get ... at which time prices spike. We are only a month or two away from that," he said The escalation poses a further obstacle to hopes of a swift end to the crisis, which ‌has effectively ⁠shut down the Strait of Hormuz, a vital global supply route for oil and liquefied natural gas. An Axios report said on X on Friday that Iran had dropped more mines in the strait last week. Shipping executives meeting in Athens on Monday said any peace deal would need to offer clear rules allowing vessels to resume normal business through the Strait of Hormuz. Alongside oil supply concerns, economic data from China over the weekend that showed stalling factory activity added to fears the world's second-largest economy is losing momentum. Goldman Sachs said on Sunday weak oil demand in China and Europe poses a major downside risk to ⁠its fourth-quarter Brent crude forecast of $90 a barrel and WTI forecast of $83, although supply disruptions in the Middle East could still push prices higher. Saudi Arabia is likely to cut its official selling prices for crude oil to Asia in July for a second consecutive month, a Reuters survey showed. Russia's government, meanwhile, intends to increase fuel supplies from Belarus and tighten oversight over exports of gasoline and diesel to meet domestic fuel demand, the ⁠RBC news outlet reported on Monday, citing two sources familiar with the matter. A complete ban on gasoline exports for two months is under discussion, the report said. U.S. crude stockpiles are expected to have fallen by about 3.6 million barrels in the week ended May 29, according to a preliminary Reuters poll released on Monday, extending the prior week's draw. Inventories of distillates and gasoline ⁠also are likely to have declined, the poll showed. Kazakhstan has restored its oil production to 290,000 metric tons per day following earlier production losses at the Tengiz oilfield, Energy Minister Erlan Akkenzhenov said on Monday. Venezuela's oil exports rose slightly to 1.25 million barrels per day in May, its third consecutive monthly increase, fuelled by more cargoes to the U.S., India and Europe, shipping data showed on Monday.

Crude Oil Prices Trade 1 Pc Lower Amid US-Iran Negotiation Uncertainty - Global crude oil prices traded lower on Tuesday after posting sharp gains in the previous session as markets continued to assess uncertainty surrounding US-Iran negotiations. International benchmark Brent crude was trading around 1 per cent lower at $94.04 per barrel. Similarly, US West Texas Intermediate (WTI) crude declined more than 1 per cent to $91.14 per barrel. In the domestic market, crude oil futures for June delivery were trading at Rs 8,708, down Rs 28 or 0.32 per cent on the Multi Commodity Exchange (MCX). The commodity touched an intraday high of Rs 8,751 and a low of Rs 8,690 as of 10:30 am. In the previous session, both benchmarks had surged around 5 per cent before paring some gains as traders weighed conflicting signals surrounding negotiations between Washington and Tehran. US President Donald Trump said he had not been informed that Iran had suspended talks with Washington and maintained that discussions were continuing. However, reports suggested that Tehran had halted indirect negotiations with the US. Trump also said he expected an agreement to extend the ceasefire and reopen the Strait of Hormuz within the next week, while adding that he would not mind if negotiations ended. Meanwhile, Lebanon announced a partial ceasefire between Hezbollah and Israel. In the currency market, the Indian rupee opened at 95.05 against the US dollar compared to Monday’s close of 95. Domestic equity markets also opened lower on Tuesday amid geopolitical tensions and concerns over a weak monsoon forecast. The Sensex opened at 73,945.20, down 322 points or 0.43 per cent from the previous close, while the Nifty started the session at 23,229.15, lower by 153.45 points or 0.65 per cent. Asia stocks showed a mixed trend, with the Nikkei trading 2 per cent lower, while South Korea’s KOSPI slipped nearly 3 per cent. Hong Kong’s Hang Seng, however, was trading about 1 per cent higher.

Oil Prices Ease on Lebanon Ceasefire, Iran-US Talk Claims (DTN) -- Oil and product futures edged lower Tuesday morning after Lebanon announced a partial ceasefire between Israel and Hezbollah and U.S. President Trump claimed negotiations with Iran were ongoing and a reopening of the Strait of Hormuz was imminent. By 07:30 a.m. EDT, ICE Brent for August delivery was down $1.09 to trade near $93.89 barrel (bbl) and NYMEX WTI for July delivery fell $1.07 to $91.09 bbl. Downstream, NYMEX ULSD futures for July delivery retreated $0.0387 to $3.6007 gallon and front-month NYMEX RBOB futures softened $0.0238 to $3.0609 gallon. The U.S. Dollar Index edged down by 0.08 points to 99.065 against a basket of foreign currencies. On Monday, Iranian state media reported the country has stopped any message exchange with the U.S. in protest of Israel's incursion into Lebanon. The ensuing rally in oil prices was short-lived after Trump said hours later that Israeli prime minister Benjamin Netanyahu had in a call agreed to halt attacks and that both sides had agreed to a ceasefire. Netanyahu partially contradicted these statements, saying Israeli military operations in southern Lebanon will continue. Beirut, meanwhile, said ceasefire talks will continue Tuesday and Wednesday. The U.S. president also claimed talks with Iran were progressing "at a rapid pace" and said he expected a deal to extend the U.S.-Iranian ceasefire and reopen the Strait of Hormuz "next week." Iran's blockade of the waterway in response to U.S.-Israeli attacks has caused the largest oil supply disruption in history. An uptick in tanker traffic through the oil chokepoint also weighed on prices. The Iranian navy on Tuesday claimed 24 commercial ships have traversed the strait over the past 24 hours with Tehran's permission. Global oil and refined fuel inventories have dwindled at a rapid pace as nearly a fifth of global supply remained cut off for more than three months. Record-breaking international demand for U.S. oil and products also drew on domestic stocks. Last week, the Energy Information Administration (EIA) reported distillate fuel oil stockpiles have dropped to a 23-year low. The American Petroleum Institute's weekly inventory estimate is scheduled for release later Tuesday, followed by the EIA's petroleum status report on Wednesday.

Oil Market Gains as Uncertainty Over Peace Talks Persists - The oil market on Tuesday posted an inside trading day as the market waited for news on whether there would be a deal to extend the current ceasefire between the U.S. and Iran. The crude market traded lower in overnight trading, posting a low of $90.12 as Iran reviewed a proposed agreement with the U.S. after President Donald Trump said negotiations were continuing and there would be a deal over the next week to extend the ceasefire and reopen the Strait of Hormuz. However, the market bounced off its low early in the morning and never looked back as it extended its gains to over $1.80 ahead of the close. The market posted a high of $94 as Iranian media reported that Iran had not communicated with the U.S. for a few days, contradicting President Trump’s statement that negotiations were ongoing. Also, while, U.S. Secretary of State Marco Rubio said that Iran agreed to negotiate aspects of its nuclear program that it previously refused to discuss, he added that it was not a guarantee that negotiations would lead to a deal. The July WTI contract settled up $1.60 at $93.76 and the August Brent contract settled up $1.02 at $96.00. The product markets ended the session higher, with the heating oil market settling up 5.93 cents at $3.6987 and the RB market settling up 5.96 cents at $3.1443. Philippe Khoury, ADNOC’s executive vice president for sales and trading, said August could mark a tipping point for much higher oil prices if demand increases and the Iran war supply crisis persists and added that it could take up to a year for energy supply chains to recover even after the reopening of the Strait of Hormuz. He said transit through the strait would remain partial and below pre-war levels as long as uncertainty over peace persists. Separately, Bloomberg reported that the United Arab Emirates is considering building an additional pipeline for refined products that would bypass the Strait of Hormuz and carry fuels to the country’s east coast. ADNOC’s executive vice president for sales and trading said the company, which is already building a crude pipeline to double the capacity of oil it can pump to the port of Fujairah on the UAE’s eastern coast, may “potentially” build an oil products pipeline. Toril Bosoni, the head of the International Energy Agency’s oil industry and markets division said global oil inventories could hit critical levels ahead of the peak summer demand period if stock draws continue at their current pace. He said it could take six to eight months in the best- case scenario to reopen the Strait of Hormuz if an agreement was reached today. Vortexa reported on Monday that crude oil stored on tankers that have been stationary for at least 7 days rose +8.8% w/w to 91.06 million bbls in the week ended May 29. Goldman Sachs said refined fuel margins are set to remain sharply elevated through 2026 after disruptions around the Strait of Hormuz tightened product markets more than crude. Goldman Sachs expects refined margins to stay 2-3 times higher for the rest of 2026 than 2013-2019 averages with diesel margins exceeding pre-war forecasts by $19-26/barrel. Global refined product exports were down 4 million bpd year-on-year, led by a lack of Persian Gulf product exports and reduced Asian refinery output. The bank said “We expect gasoline and especially diesel stocks to decline further in the initial Hormuz reopening stage as demand likely recovers more quickly than refined product supply.” The bank sees U.S. and EU diesel margins in 2027 averaging $41 and $29/barrel, respectively.

Oil prices climb to $94.87 per barrel as Middle East tensions flare up - Pakistan Observer - Oil prices rose on Wednesday as tensions in the Middle East intensified following US strikes on Qesham Island and Iran’s attack on US bases and assets in the region. West Texas Intermediate (WTI) crude rose $1.11, or 1.18%, to $94.87 per barrel, while Brent crude gained $1.03, or 1.07%, to $97.03 per barrel. Murban crude saw the largest increase, up $1.66, or 1.76%, to $96.09 per barrel. The market reacted to the latest escalation, which adds to concerns over supply disruptions in key shipping routes, particularly the Strait of Hormuz. Iran’s Islamic Revolutionary Guards Corps (IRGC) have claimed responsibility for missile and drone attacks on US targets in neighbouring countries, flaring up hostilities in the Gulf region. The group stated the strikes were carried out in response to an attack by the U. on a communication tower on Qeshm Island. The Revolutionary Guards said they targeted the US Fifth Fleet headquarters, airbases, and helicopters. Following earlier attacks on an Iranian oil tanker near the Strait of Hormuz, the Guards also reported striking a ship with missiles. Iranian media quoted the Revolutionary Guards as warning that the US would face consequences for undermining security in the strategic Strait of Hormuz. Centcom says US forces successfully defeated multiple Iranian ballistic missiles Ad powered by advergic.com US forces successfully defeated multiple Iranian ballistic missiles and drones, and conducted self-defense strikes on Qeshm Island in response to attempted attacks by Iran across the Middle East, June 2. It claimed that Iran launched several ballistic missiles toward regional neighbors; however, all failed to hit their intended targets. Two Iranian missiles fired at Kuwait fell short or broke apart enroute, and three missiles launched at Bahrain were immediately intercepted by U.S. and Bahrain air defense forces.

Kuwait Airport Bombed, Oil Rally Continues --Global crude oil prices were marching toward $100 barrel on Wednesday amid renewed fighting in the Middle East, though some energy players said they're starting to adjust to the new reality. On Tuesday, Industrial Info Resources reported that Kuwait Integrated Petroleum Industries Company is running its Mina al-Zour Refinery at reduced rates. Normal operations were expected by late April, though it looks like July before the facility is back to its nameplate capacity. That comes as dozens were injured and one person was left dead in a drone attack on the Kuwait International Airport. U.S. officials continue to talk of a cease-fire agreement, though fighting is ongoing. Mohsen Rezaei, a top Iranian military advisor, said Wednesday that "neither in negotiations nor in the ceasefire process will we allow America to make excessive demands." Tensions continue to add a geopolitical risk premium to commodities from fuels to fertilizers. The price for Brent crude oil was trading higher, at $97 per barrel, early Wednesday. It closed May at $92.05. From the sidelines of a Middle East energy conference in London, Reuters reported that Shaikh Khaled Ahmed al-Sabah, the managing director for international marketing at the Kuwait Petroleum Company, said his company could restore its refinery output to its nameplate capacity of around 1.4 million bpd in a matter of weeks. Sabah added that he's been in talks with regional neighbors about expanding pipeline options that could avoid the Strait of Hormuz. "A lot of people thought, why build a pipeline without using it?" he was quoted by Reuters as saying. "Now (the conflict) shows the use of a pipeline." Delegates from Austrian energy company OMV agreed, saying the conflict shows that markets need to compensate for chokepoints and bottlenecks. The Abu Dhabi National Oil Company (ADNOC) already put US$3 billion toward the Dhanna-Fujairah crude oil pipeline, a 310-mile artery that can avoid the Strait of Hormuz. Elsewhere, the United Arab Emirates proposed a new pipeline called West-East, which could complement the Habshan-Fujairah crude oil pipeline. Saudi Arabia too can avoid the Strait of Hormuz, though none of the pipeline options can make up for the 20 million barrels per day (bpd) that would normally move through the waterway. Industrial Info Resources is tracking more than 800 operational crude oil pipelines across the Middle East, in addition to active and proposed projects such as the Dhanna-Fujairah line. Readers can learn more from a detailed project report. A separate report from the Bloomberg news service, meanwhile, noted that industry experts told economist at the Organization of the Petroleum Exporting Countries they felt it would the end of the year before the Strait of Hormuz opens.

Oil Prices Hold Gains As Gasoline Stocks Hit 12 Year Lows, Cushing 'Tank Bottoms' Loom -- Brent crude prices are rising back toward $100 per barrel this morning following the latest flare-up in fighting to threaten the U.S.-Iran ceasefire Prices rose after the U.S. military said Iran fired missiles toward Kuwait and Bahrain, which failed to hit their targets. The United States said it then struck an Iranian military ground control station on an island in the Strait of Hormuz. API:

• Crude: -6.8MM
• Cushing: -279k
• Gasoline: +3.5M
• Distillate: -214k

DOE:

• Crude: -7.97mm - biggest draw since Feb
• Cushing: -583k
• Gasoline: +3.36mm - biggest build since Jan
• Distillate: +1.50mm

US crude stocks fell for the sixth straight week with Cushing inventories testing tank bottoms once again. The week saw an unexpected jump in product inventories with Gasoline's biggest build since January... (Source of 7 graphics: Bloomberg.) Today's rise in gasoline stocks lifts them off their lowest level for this time of year since 2014... Cushing 'tank bottoms' are in sight once again... The Strategic Petroleum Reserve saw another huge drawdown this week (down 58mm barrels since the start of the war)... Rig counts are on the rise as US crude production drifts back towards record highs... US crude and product exports jumped back towards record highs... WTI was trading around $95 ahead of the official data... Finally, economists at Macquarie wrote in a note this morning that crude oil’s muted reaction to the closure of Hormuz has mainly been a function of the oversupply seen before the war, . The analysts suggested that “the market will be ok for another month or two, especially given commercial crude stocks have been cushioned by SPR/product draws." However, if the Strait remains closed at the end of the northern summer (Labor Day is Sept. 7), physical availability will tighten materially.

Oil gains as Middle East hostilities flare (Reuters) - Oil prices ‌rose around 2% on Wednesday, extending the previous session's gains, as hostilities in the Middle East erupted anew and talks between Tehran and Washington showed little progress. Brent futures settled up $1.81, or 1.89%, at $97.81 a barrel, while U.S. West Texas Intermediate crude climbed $2.26, or 2.41%, to $96.02. Iran launched ballistic missiles toward regional neighbors Kuwait and Bahrain, killing one person and injuring dozens, according to Kuwaiti authorities and state media. U.S. forces conducted strikes on Iran's Qeshm Island. "The chances of a ceasefire seem to be deteriorating," said Bob Yawger, director of energy futures ⁠at Mizuho. "That's the wrong direction we are moving in." Iranian Foreign Minister Abbas Araqchi said during an interview with the Lebanese broadcaster Al Mayadeen on Wednesday Tehran's contacts with Washington have not been cut off, but no progress has been made in the negotiations. Araqchi added both sides were studying the texts that were exchanged. Iran's semi-official Tasnim news agency said earlier in the day that Iran had not responded to the U.S. in recent days and that exchanges of texts through intermediaries were suspended until Iran's conditions on an end to fighting in Lebanon are met. Israel is pursuing its deepest incursion into Lebanon in 25 years, in a conflict that has raged since March 2, when militant group Hezbollah opened fire in solidarity with Iran. In a podcast interview released on Wednesday, Trump said Iran had agreed to not have a nuclear weapon and that Supreme Leader ‌Ayatollah Mojtaba ⁠Khamenei was involved in negotiations. "Crude prices continue to solidify their upward trajectory as accelerating clashes between the United States and Iran outpace stagnant diplomatic efforts," Simon-Peter Massabni, head of business development at XS.com, said in a note. The prolonged closure of the Strait of Hormuz continues to bottleneck global energy supplies, driving sustained upward pressure on oil markets, he added. The International Energy Agency's warning that global oil inventories could hit critical levels ahead of peak summer ⁠demand if stock draws continue at their current pace added to the bullish sentiment. The AI revolution runs on an old flame, but could it light up your profits? "The stalling in the U.S.-Iran negotiations and IEA warnings of critical global low stock levels are adding upward layers in risk premium in benchmark prices," said Emril Jamil, a senior analyst for oil at LSEG. U.S. crude inventories fell on strong export ⁠and refining demand as the U.S.-Israeli war with Iran entered its fourth month. U.S. crude stockpiles fell by 8 million barrels to 433.7 million barrels in the week ended May 29, the Energy Information Administration said on Wednesday. That compares with analysts' expectations in a Reuters poll for ⁠a 4-million-barrel draw. "Another large draw in U.S. crude inventories, driven by both a drop in commercial and strategic inventories," said Giovanni Staunovo, analyst with UBS.

Oil prices edge lower after Israel-Lebanon ceasefire agreement – Oil prices declined on Thursday 4 June following the announcement of a ceasefire agreement between Israel and Lebanon, raising hopes for potential advances towards a wider deal in the Middle East. By 07:29 GMT, Brent crude had slipped $0.77, or 0.8%, to $97.03 a barrel (bbl), reported Reuters. Meanwhile, US West Texas Intermediate (WTI) crude was down $0.70, or 0.7%, at $95.32/bbl. The reduction in prices came after both benchmarks had climbed by around 2% on Wednesday. The increase was driven by hostilities in the region, including reported Iranian attacks on Kuwait and US military strikes close to the Strait of Hormuz. However, late on Wednesday, Israel and Lebanon confirmed that they had reached an agreement on a ceasefire. The development contributed to optimism around possible progress in negotiations between Washington and Tehran. According to details in the agreement, Iran has linked any comprehensive settlement to ending fighting between Israel and Lebanon. US President Donald Trump said on Wednesday that progress in talks with Iran could be seen as early as the coming weekend. Iranian Foreign Minister Abbas Araqchi stated that communication between Tehran and Washington was ongoing, but negotiations had not advanced, with both parties continuing to review the documents exchanged. Meanwhile, the US House of Representatives, led by Republicans, passed a resolution aimed at preventing President Trump from proceeding with military action against Iran. For the resolution to be implemented, it would require approval from the Senate and two-thirds support in both chambers to overcome a probable veto by the president. US oil supply data showed that crude stockpiles fell by eight million barrels (mbbl) to 433.7mbbl in the week ended 29 May, according to the Energy Information Administration. Meanwhile, crude exports from the US reached 5.9mbbl per day (mbbl/d), the second-highest level recorded, driving a 6.7mbbl decline in Gulf Coast inventories, reported Reuters. Stocks at Cushing, Oklahoma, the benchmark point for WTI futures, dropped by 583,000bbl to 22.4mbbl. Furthermore, Iranian Light crude was reportedly being offered at a discount of $0.50–$1/bbl to the ICE Brent contract for June delivery into China, down from previous premiums, reported Reuters. Data showed Iran’s crude exports in May fell to a six-year low of 260,000 barrels per day, significantly below the 2025 average of 1.67mbbl/d.

Oil Market Trades Lower as Ceasefire Hopes Raise Prospects for Broader Peace Deal The oil market on Thursday traded lower after a ceasefire deal between Israel and Lebanon raised hopes for a broader agreement to end the U.S.-Israeli war with Iran. Late Wednesday, Israel and Lebanon said they agreed to implement a ceasefire. Iran has made any agreement conditional in part on an end to fighting between Israel and Hezbollah. Also, President Donald Trump suggested on Wednesday that there could be progress in negotiations with Iran as soon as this weekend. The crude market posted a high of $95.91 on the opening and traded mostly sideways before it breached the $94 level and sold off more than $4.10. The market breached a support line and retraced more than 38% of its move from a low of $91.91 to a high of $97.00 as it posted a low of $91.91 early in morning. The market later settled in a sideways trading range during the remainder of the session. The July WTI contract ended the session down $2.71 at $90.00 and the August Brent contract ended the session down $2.78 at $95.03. The product markets settled in negative territory, with the heating oil market settling down 17.43 cents at $3.6738 and the RB market settling down 9.33 cents at $3.0383. The number of tankers exiting the Strait of Hormuz has increased in recent weeks, as traders adopt stealth measures to make the crossing. LSEG reported that while this is freeing some of the oil inventories trapped in the Gulf, it does not signal a slow return to normalcy. The near-total closure of Hormuz stranded more than 13 million bpd of oil within the Gulf, forcing producers to shut down oilfields and refineries. According to shipping monitors including LSEG and Kpler, traffic through the strait remains a fraction of pre-war levels, with an average of just three tankers a day crossing the waterway since the conflict began. An analysis of the large volumes stored on tankers inside the Gulf suggests transit activity has quietly accelerated. Shipping analytics firm Vortexa estimates that around 65% of outbound laden tankers transited in “dark” mode in May, showing how widespread the practice has become. According to Kpler data, the volume of oil stored on tankers has declined from a peak of 184 million barrels on March 22nd to around 148 million barrels this week, implying an average drawdown rate of about 500,000 bpd. Since the start of May, depletion has increased to around 710,000 bpd. Flows out of the Gulf, while still constrained, are increasing higher. Bloomberg reported that the global oil market was oversupplied when the Strait of Hormuz was initially blocked, providing a buffer against the largest disruption in history. The U.S. was quickly able to step in as the supplier of last resort to the rest of the world, exporting at record levels, limiting price gains but rapidly depleting the nation’s storage tanks. However, the pace of the drawdown has become unsustainable as summer driving demand in the U.S. increases. This week, Vitol Group said gasoline stockpiles, both in the U.S. and globally, are well below seasonal norms. U.S. inventories of diesel are near their lowest levels since 2003. Goldman Sachs Group Inc. has warned that diesel inventories risk falling to a critical threshold of just 20 days of supply by August. Bloomberg noted that with the supply buffer so uncomfortably thin, a major hurricane this year could push prices back over $100/barrel.

Oman Oil Terminal Attack Rattles the Market's Last Calm Corner --Media reports about a blast disrupting oil loadings at Oman’s main terminal pushed benchmark prices higher earlier today, in the latest sign that any hopes about an end to Persian Gulf hostilities is probably premature.At the time of writing, Brent crude was trading at $95.37 per barrel, and West Texas Intermediate was changing hands for $93.04 per barrel on the futures market, modestly up on Thursday, when prices dropped on reports about a ceasefire between Israel and Hezbollah. Later news coverage, however, revealed that Hezbollah has rejected the U.S.-brokered ceasefire, dampening hopes of an end to Israeli strikes on Lebanon and, by extension, the hostilities between the United States and Iran. Iran has conditioned any peace deal on a ceasefire for Lebanon.Loadings at the Mina Al Fahal terminal have been delayed by several days, Bloomberg reported today, citing unnamed trading sources. Separately, Reuters reported that the explosion was the result of a drone attack on the terminal.What makes the news significant is the fact that Oman is just outside the Strait of Hormuz and, as such, has seen a surge in interest from oil buyers, on the assumption that it will not be dragged into the hostilities. Indeed, India earlier this week sealed a trade agreement with the Gulf state to secure oil imports that do not have to pass through the Strait of Hormuz. The country is heavily dependent on the Strait of Hormuz for its energy imports, with 45% of its crude oil purchases originating in the Persian Gulf, along with 55% of liquefied gas imports.“Any optimism remains heavily clouded by a tangled web of headlines and counter-headlines,” IG analyst Tony Sycamore said in a note, as quoted by Reuters earlier today. “From a technical perspective, as long as (WTI) crude oil remains above trendline support in the low $80s, the risks remain skewed to the upside,” he added.

Oil Down 3% as Mideast Tensions Offset by Ceasefire Bids (DTN) -- Crude and product futures plunged Thursday on intensifying expectations that the Middle East conflict was grinding towards a settlement, despite Hezbollah militants rejecting a Washington-brokered ceasefire between the group and Israel that was aimed at fulfilling Iran's precondition for talks. Additional downward pressure came after the U.S. House of Representatives passed a symbolic War Powers Resolution aimed at preventing the Trump administration from prolonging military operations against Iran. Reversing a three-day rally, NYMEX WTI crude for July delivery settled down $2.98, or 3.1%, at $93.05 bbl, erasing a third of its 9% advance from earlier in the week. ICE Brent crude for August delivery shed $2.78, or 2.8%, to finish the session at $ 95.03 bbl, after a 7% run-up from Monday through Wednesday. The midweek market surge had been heavily supported by official U.S. Energy Information Administration data showing commercial crude stocks drew down by 8 million bbl for a sixth consecutive week. That steeper-than-expected supply decline brought domestic crude inventories down to 433.7 million bbl, marking their lowest operational level since mid-February. Refined product complexes also experienced sharp selloffs alongside the crude benchmarks during Thursday's volatile trading session. NYMEX ULSD futures for July delivery finished down $0.0249 at $ 3.6738 gallon, while July RBOB gasoline futures tumbled $0.0933 to settle at $ 3.0383 gallon. The broader macro environment saw the U.S. Dollar Index ease 0.130 points to 99.375 against a basket of major foreign currencies, offering minor technical support. Prices fell from the start of Thursday's session as market participants took note of the U.S.-brokered ceasefire between Israel and Hezbollah. The market remained in negative territory even after Hezbollah leader Naim Kassem rejected the terms of the truce, which he called an Israeli attempt to force the surrender of his group. In Congress, a narrow 215-208 House vote to tie the Trump administration's hands on the war highlighted deep political fractures over the three-month-old conflict. The vote itself would do little to curb U.S. President Donald Trump's actions on Iran as it lacked a two-thirds majority -- which is crucial for avoiding a veto of the legislation by the president.

Global oil prices plunge amid hopes of Middle East diplomatic progress --International crude oil prices dropped by approximately $3 per barrel as market investors reacted to a potential cooling of geopolitical tensions in the Middle East. Market optimism grew following prospects of a broader ceasefire agreement, which market participants anticipate could eventually clear the way for the reopening of the strategic Strait of Hormuz. The downward price movement followed official statements from Israel and Lebanon indicating an agreement to execute a ceasefire. This diplomatic development has heightened market expectations regarding broader diplomatic progress involving the United States and Iran, given that Tehran had previously conditioned any agreement on a cessation of hostilities between Israeli forces and the Iran-aligned Hezbollah group in Lebanon. The price corrections sharply reversed gains from the previous session. Brent crude futures plummeted by $3.20 to settle at $94.61 per barrel, while the United States West Texas Intermediate (WTI) crude fell by $3.71 to close at $92.31 per barrel. Both benchmarks had climbed by roughly two percent during the preceding trading session following a flare-up of friction in the Gulf region, which included reported Iranian military strikes on Kuwait and retaliatory American military operations near the Strait of Hormuz. Simultaneously, legislative updates from the United States showed that the Republican-led House of Representatives passed a resolution designed to restrict former President Donald Trump from initiating or continuing unilateral military campaigns against Iran. However, the legislative measure faces a steep path forward, requiring approval from the Senate and a mandatory two-thirds majority across both congressional chambers to override an anticipated presidential veto. On the global supply side, the market received notable disclosures from major producing nations and inventory managers. For the first time, a high-ranking Russian official publicly acknowledged a reduction in domestic oil output, with Deputy Prime Minister Alexander Novak attributing the year-to-date production drop to unscheduled maintenance operations across Russian refining facilities. Concurrently, data published by the US Energy Information Administration (EIA) revealed a massive contraction in domestic crude inventories, which drew down by 8 million barrels to hit a total of 433.7 million barrels for the week wrapped up on May 29. This decline doubled the 4-million-barrel draw forecasted by industry analysts in a pre-release poll. Domestically, the impact of these global market shifts presents a complex fiscal picture for Nigeria. While the state-owned Nigerian National Petroleum Company Limited reported an increase of over 70 percent in its revenue and profits, and the private Dangote refinery capitalized on high fuel export volumes, local consumers continue to bear the burden of expensive fuel prices, worsening nationwide inflation risks. The Issues:

• Balancing international crude benchmark declines against localized retail fuel price hikes that drive domestic inflation.
• Navigating extreme energy market volatility caused by rapid shifts in Middle Eastern geopolitics and Strait of Hormuz security.
• Assessing the long-term impact of unplanned refining maintenance on Russian oil output and global supply calculations.
• Highlighting the dual forces of international politics and domestic stock adjustments currently shaping crude oil trade behaviors, oil traders noted that the combination of easing geopolitical fears and shifting supply data continued to drive volatility in global crude markets.

Oil prices fall on mounting hopes for de-escalation in US-Iran War --Oil prices fell on Friday as traders gained confidence that renewed conflict between the U.S. and Iran ‌was growing less likely. Brent crude futures settled at $93.09 a barrel, down $1.94 or 2.04%. U.S. West Texas Intermediate crude finished at $90.54 a barrel, down $2.50, or 2.69%. “The market is not seeing escalation between the parties,” said Phil Flynn, senior analyst at Price Futures Group. “Even though we don’t have a deal, it seems the market is seeing a de-escalation.” Petroleum Development ⁠Oman said operations at Mina al Fahal port were unaffected after three sources told Reuters that oil loading had been suspended following an explosion near its mooring berths. Oman exports 800,000 to 900,000 barrels per day of crude from the terminal. Both contracts still looked set to post their first weekly gains in three weeks, with Brent up about 1% and WTI around 3.1%. The contracts rose earlier in the week after fighting flared in the Middle East as U.S.-Iran war peace talks dragged on while traffic in the Strait of Hormuz, where a fifth of the world’s oil passes, remained limited. “As hopes for an agreement between the U.S. and Iran were dashed once again, the price of Brent crude and European natural gas rose slightly ‌this ⁠week,” Commerzbank analysts said on Friday. However, Brent’s gains have been capped by oil inventories lasting longer than expected, rerouted exports and falling demand, Commerzbank added. Hezbollah leader Naim Qassem rejected on Thursday a U.S.-brokered agreement between Israel and the Lebanese government to halt the fighting. Iran has made a ceasefire in Lebanon a condition for any peace deal with Washington. U.S. President Donald Trump said on Thursday he ⁠believed progress was being made between Israel and Lebanon and that Lebanon deserved to have peace. “Any optimism remains heavily clouded by a tangled web of headlines and counter-headlines,” IG market analyst Tony Sycamore said in a note. OPEC is sticking to its oil demand growth forecast ⁠of 1.2 million barrels per day for this year, Secretary General Haitham Al Ghais said on Thursday, despite the Middle East conflict and closure of the Strait of Hormuz. Iranian oil exports have fallen to their lowest level in ⁠six years mainly due to the U.S. naval blockade, according to shipping data, although weak demand in China has depressed prices for the oil.

WTI Holds Above $90 Amid Volatile Iran Bets, Dollar Spike (DTN) -- Oil prices fell for a second day in a row Friday on lingering hopes for a diplomatic breakthrough to the U.S.-Iran war and reopening of the Strait of Hormuz to energy shipments. A two-month high in the dollar, driven by the release of a bullish U.S. jobs report for May, added to the pressure on prices of commodities, including crude. Notwithstanding the back-to-back daily losses, the global and domestic crude benchmarks still secured a net weekly gain to snap a two-week consecutive slide. The downward pressure was reinforced mid-day after Petroleum Development Oman confirmed that export operations at the 800,000-bpd Mina al Fahal terminal were proceeding normally after a scare triggered by reports of a drone attack. NYMEX WTI crude for July delivery slid $2.50 to settle at $90.54 bbl. The 2.7% drop on the day was not enough to wipe out the U.S. crude benchmark's strong gains from Monday through Wednesday, leaving it up 3.6% on the week. ICE Brent crude for August delivery fell $1.94, or 2%, to finish Friday's session at $93.09 bbl, holding on to a weekly advance of 1%. In contrast to the weaker crude complex, refined product futures diverged in Friday's trade. On NYMEX, ULSD for July delivery edged down $0.0864 to finish at $ 3.5874 gallon. But July RBOB advanced $0.0076 to settle at $3.0459. The broader macroeconomic complex felt additional pressure following a stronger-than-expected non-farm payrolls report from the Bureau of Labor Statistics, which showed the U.S. economy adding 172,000 jobs in May. The robust employment data initially lifted the U.S. dollar index above 100 points, the first time it has returned to that level since April 5. On the geopolitical front, market participants spent the day balancing conflicting signals out of Washington and the Middle East regarding shipping security. While U.S. President Donald Trump insisted that negotiations were moving forward and that the Strait of Hormuz could open immediately upon a signing, traders remained cautious given Hezbollah's outright rejection of the provisional Lebanon ceasefire. Iran has made the safety of its Hezbollah ally a precondition to any deal with the U.S. Supply realities further cushioned the downside in oil prices as a U.S. maritime blockade of Iranian trade marked its seventh full week, leaving the Persian Gulf entirely devoid of outbound crude streams. This structural crude deficit, paired with compounding Ukrainian drone strikes on Russian refining infrastructure, ensured that global physical balances remained tight enough to sustain the weekly price recovery.

Why Oil’s Not at $200 After the Biggest Supply Shock in History - For decades, oil traders, executives and analysts warned that closing the Strait of Hormuz would be a global economic catastrophe. It’s now been more than three months since the waterway was effectively blocked, creating the worst supply shock in modern history. But a slew of workarounds is keeping crude oil below $100 a barrel, defying many of the industry’s grimmest forecasts for prices as high as $200. A combination of record US exports, a sharp and unexpected slowdown in Chinese demand and a steady trickle of crude still finding its way through the strait has helped absorb much of the shock from the loss of more than 10 million barrels a day of Middle Eastern supply. A pre-war surplus has also eased the blow. “People thought it was going to be a lot worse,” President Donald Trump said Friday. “Today I looked at $96 a barrel, people thought that was going to be $300 a barrel.” All eyes now are on how long those buffers can hold, while the question of when flows might resume through the strait, and where oil prices are headed, have become the biggest wild cards for the global economy. One of the biggest surprises for the oil market has been China, the world’s largest importer. It slashed inbound shipments by almost 40% in May compared to last year’s average, according to Vortexa Ltd. The reduction is enough to offset anywhere between a third and a fifth of the barrels lost to the war, depending on the estimates used. At the same time, the US has emerged as the world’s most important swing supplier since launching strikes on Iran in late February. American crude and fuel exports in May were more than 2 million barrels a day higher than the average for all of last year. Other emergency measures have also eased the strain. Governments around the globe coordinated a historic release of strategic reserves, while Gulf producers rerouted shipments through alternative export routes. Some tankers continued moving cargoes via the strait despite the risks, using increasingly opaque methods to avoid military threats. “Over three months into this conflict, the world has proven surprisingly resilient,” Maria Angelicoussis, chief executive officer of Angelicoussis Group, the largest Greek shipowner by number of vessels on the water, said in rare public remarks this week. “Commodity prices are up by 50% or 60%, Asian LNG prices by 90%, but they’re not at the sky-high levels that at least I would have personally expected.” For now, oil trading well below $200 a barrel, a level many analysts initially feared, has left Trump wiggle room in negotiations with Iran, even as he repeatedly insists a peace deal is within reach. But a renewed and sustained price spike would add more pressure on the White House to strike a deal quickly to stem a hit to the global economy. Global inventories are drawing down at a record pace, leaving the market increasingly vulnerable to fresh disruptions. With spare supplies dwindling, even relatively small outages could trigger violent price spikes. “Each week that goes by, the system is tightening by 70 to 80 million barrels. You can’t do that forever,” said Greg Sharenow, who helps manage nearly $24 billion as head of Pacific Investment Management Co.’s commodity portfolio investment team. “Over the course of the next few months, generously speaking, you’ll really be staring at a system that could be lacking flexibility because the buffers have been really depleted.” US oil production has boomed to record highs in recent years thanks to the shale revolution that began over a decade ago, turning the country into a net exporter of crude and refined product. The abundance of domestic energy has allowed President Trump to make geopolitical decisions and moves that would’ve once been considered unthinkable — not just starting a war against Iran, but also the seizure of Venezuelan President Nicolas Maduro. Washington has also used its energy muscle to help stabilize markets. The Trump administration pledged to release 172 million barrels from the Strategic Petroleum Reserve as part of a broader effort by advanced economies to help offset lost supplies. So far it has done so at a rate few thought possible — in one week last month the stockpile declined by 1.4 million barrels a day. Nearly half of the barrels released so far have sailed to Europe and other overseas destinations. The twin forces of US exports and depressed Chinese buying are in part why the world’s most important physical crude price, Dated Brent, has retreated below $100 a barrel after surging to a record above $140 a barrel in the early phase of the war. The most recent expiry period — the vital window in which real-world and futures prices converge — showed little indication of a supply shortage. Now, however, the limits of some of the workarounds are coming into focus. Overall oil inventories in the US shrank to the lowest level in more than two decades last week. Emergency reserves have little oil to spare and fuel stockpiles are facing critical lows as peak summer demand months approach.

Oman suspends oil loading at Mina al Fahal terminal after drone attack Petroleum Development Oman said on Friday that operations at Mina Al Fahal port are proceeding normally, after three sources told Reuters earlier that oil loading had been suspended following an explosion near its mooring berths. The explosion occurred between single-buoy mooring (SBM) 1 and 2 berths due to an alleged drone attack, the people familiar with the matter had said. It was not immediately clear when the attack took place. Several supertankers were seen anchored off the port on Friday, shipping data from LSEG showed. Oman exports 800,000 to 900,000 barrels per day of crude from the terminal. Iranian state media on Wednesday reported that Tehran targeted a US military ship hosting a "control and command centre" while it was approaching Iranian territorial waters in the Gulf of Oman, which the US Central Command has denied.

US hits Iranian radar sites after drones target shipping near Hormuz - US forces struck Iranian coastal radar sites on Saturday (June 6) after shooting down drones launched by Iran toward ??the Strait of Hormuz, the US military said, in the latest escalation complicating efforts to end the war between the two countries. The US military believes the four Iranian drones were targeting regional maritime traffic, a US official told Reuters. US Central Command said on X that the US then struck Iran's surveillance sites in Goruk and Qeshm Island, which are both on the Strait of Hormuz. Iran's Revolutionary Guard Corps said it ‌had targeted US bases in Kuwait and Bahrain in retaliation for US strikes and fired on four tankers attempting to cross the strait without its permission. Kuwait's state media said air defences were intercepting missile and drone attacks, while in Bahrain sirens sounded and residents were urged to seek shelter. Kuwait and Bahrain condemned the strikes. Kuwait's foreign ministry described the Iranian attacks, including the latest strike early on Saturday, as a "blatant act of aggression" that ignored international calls to halt such actions and posed a direct threat to citizens, residents, and regional security, a ministry statement said. Iran later said it had hit US bases in both countries with ballistic missiles but the US military said six missiles were intercepted and a seventh did not reach its target. The US and Iran have been engaged in largely indirect negotiations to secure an interim deal to halt the three-month-old war that would leave issues including Iran's nuclear programme to further negotiations. But amid periodic skirmishes a deal has remained elusive. Tehran wants access to billions of dollars in oil revenue, waivers on sanctions on crude exports, the lifting of a US blockade on its ports and leverage over the strait. Iran has effectively blocked the waterway, where about ‌a fifth of the world's oil transited before the war. Iranian state media reported that Mohsin Naqvi, the interior minister of Pakistan, which has been mediating an end to the conflict, was on his way to Tehran on Saturday. There was no immediate confirmation of the report from Islamabad. US President Donald Trump is facing mounting domestic political pressure due to rising gas prices to bring the unpopular war to an end. He told NBC that while most of Iran's drone and missile manufacturing facilities had been destroyed, the Iranians still have access to about a fifth of their missiles. "They have some missiles, they have some drones. ‌I would say percentage wise, maybe 21%-22% of their missiles. It's a lot of missiles, but it's not what it was when we first attacked," Trump told NBC News' "Meet ‌the Press" program, according to excerpts released by the network on Friday. When asked why Iran's leaders were not more inclined to strike a deal, if they are as desperate as he ‌has ??portrayed them, Trump said: "Because they are strong. They're proud. There are things they never thought they'd be doing that they're going to have to do, they've got no choice, and it takes a little while." After the US and Israel launched the war against Iran on February 28, Tehran attacked Gulf states hosting US bases and largely stopped shipping through the Strait of Hormuz. The conflict has driven up oil prices and disrupted supply chains for other products. The UN World Food Programme said on Friday that it was pushing millions of people closer to hunger due to rising fuel and transport costs. Mohsen Rezaei, an adviser to Iran's supreme leader, told CNN on Friday that a peace deal hinged on the Trump administration unfreezing $24 billion in Iranian assets, and warned that the US would "enter into a dark corridor" if it resumed attacks. In a parallel conflict in Lebanon, Iran-aligned armed group Hezbollah said on Friday it had carried out two attacks on Israeli troops in south Lebanon, while Lebanese security services said ‌Israeli airstrikes hit towns across southern Lebanon. Iran has reaffirmed support for Hezbollah while demanding that Israel withdraw from Lebanon. Tehran has made a ceasefire between Israel and Hezbollah a condition for any peace deal with Washington. Hezbollah leader Naim Qassem this week rejected a US-brokered pact between Israel and the Lebanese government to halt the fighting in Lebanon. The deal did not provide for an Israeli withdrawal and Hezbollah had not been party to the negotiations. Israel has has said its forces would not withdraw or halt operations in the country amid increasing friction with the US. Bahrain's government said Saturday that Iran fired ballistic missiles and drones towards it and Kuwait. The foreign ministry said they had been intercepted and called on Iran to immediately cease attacks on its Gulf neighbours. The statement came hours after the US military said it shot down Iranian ballistic missiles and drones launched toward the Strait of Hormuz and Gulf Arab allies on Friday, while striking some of the Islamic Republic's coastal surveillance radar sites in response, an exchange of fire that further frayed a shaky ceasefire with Tehran. The exchange of strikes comes as the Trump administration ramps up pressure on Iran to make a deal to end the conflict. US Central Command said on social media Friday night that Iran fired seven ballistic missiles toward Kuwait and Bahrain, with US forces intercepting six of the missiles and a seventh failing to reach its target. The military said there were no reports of harm to US personnel. The ballistic missiles were fired after the US earlier in the day shot down four Iranian drones that were launched toward the Strait of Hormuz.

Iran's Oil Exports Collapse to Six-Year Low as Blockade Tightens -   Iran's oil exports fell to their lowest level in at least six years in May as the U.S. naval blockade continued to choke off crude shipments and leave tens of millions of barrels stranded at sea. According to shipping data from Vortexa, Iran exported just 209,000 barrels per day (bpd) of crude oil and condensate in May, down from 1.34 million bpd in April and nearly 1.9 million bpd in March. Kpler had estimated May exports slightly higher at 260,000 bpd, but still the lowest level since the height of the Trump administration's "maximum pressure" campaign in 2019-2020. When the blockade first took effect in April, analysts expected Tehran to lean on floating storage while waiting for an opportunity to move barrels. But storage is no longer growing. According to Kpler, floating inventories have fallen from roughly 190 million barrels in late April to about 147 million barrels today as cargoes continue trickling into China and production slows. The problem for Tehran is that China's appetite is cooling just as Iran needs buyers most. Chinese imports of Iranian crude fell to 1.1 million bpd in May, the lowest level since January 2025. Independent Chinese refiners have begun cutting processing rates amid weak margins and comfortable fuel inventories, reducing demand for sanctioned barrels. That shift has already pushed Iranian Light crude from premiums to discounts against Brent for the first time in two months. Meanwhile, roughly 67 million barrels of Iranian crude and condensate remain stranded inside the Gulf and Gulf of Oman, according to Kpler estimates. Analysts say time may be running short. Kpler's Homayoun Falakshahi warned that if the blockade remains in place for another two months, Iran could effectively run out of available oil to ship to China. The market implications extend beyond Iran. Every barrel removed from export markets tightens an already strained global supply picture at a time when Middle East disruptions have already slashed regional exports. For now, fewer tankers leaving Iran means fewer barrels reaching buyers. Eventually, it will mean fewer barrels being produced. By Julianne Geiger for Oilprice.com

Global oil inventories on track for critical levels before summer peak, IEA says  -- Global oil inventories could hit critically low levels ahead of the peak July-August fuel demand period if drawdowns continue at their current pace, the International Energy Agency said Tuesday. Global oil stocks fell by more than 250M barrels between March and May, with on-land commercial and strategic stockpiles draining at a record pace, the IEA reported. "We're seeing stock draws continuing into the summer, and with the possibility or the likelihood that we ⁠reach critical levels or historical low levels just ahead of the peak summer demand," said Toril Bosoni, the head of the IEA's oil industry and markets division. A full reopening of the Strait of Hormuz could take 6-8 months in the best-case scenario if an agreement was reached today, Bosoni said at the S&P Global Energy Middle East Petroleum and Gas Conference in London. An additional IEA-coordinated emergency stock release could become a possibility, but it is not currently being discussed as around half of the initial 400M-barrel coordinated release from March has not yet reached the market, Bosoni added. The IEA is seeing higher prices and a weaker economic outlook turning into lower demand for transport fuels, Bosoni said, adding, "The biggest adjustment factors we have seen to the markets have come from the demand side." Persian Gulf oil producers ⁠have lost ~14M bbl/day of supply since the end of February, the IEA estimated. Crude oil futures moved higher Tuesday, adding to the previous day’s gains, with the market still cautiously awaiting progress in U.S.-Iran talks and signs that the Strait of Hormuz could be reopened in the near term. The supply situation is manageable for now, but higher summer demand in July and August likely would lead to rationing, Baron Lamarre, former head of trading at Petronas, told Dow Jones. "The cry is that they want a deal right now because if they don't have it three months from now, there will be a disaster," Lamarre said. Front-month Nymex crude (CL1:COM) for July delivery rose 1.7% to $93.76/bbl, and front-month Brent crude (CO1:COM) for August delivery added 1.1% to $96.00/bbl, a one-week high for both benchmarks. U.S. natural gas futures (NG1:COM) inched lower in rangebound trading, with the front-month July contract closing down 0.4% to $3.167/MMBtu.

The Iran war means the world is running on borrowed oil, and the tank hits empty in July -- Right now, a meaningful share of the oil that keeps the global economy moving is not being pumped from the ground. It is being drained out of emergency reserves that governments spent decades filling for exactly this kind of catastrophe, and those reserves are running down at a pace that gives the world a hard deadline. The Strait of Hormuz has been effectively shut since the war with Iran erupted on February 28, choking off roughly a fifth of the planet's seaborne oil, and the only thing standing between that supply shock and a full-blown price spiral is a stockpile cushion that the world's own energy analysts now expect to run out around the middle of July. After that, the math gets ugly fast, and the question stops being whether reserves can hold the line and becomes how deep the recession runs if the Strait is still closed when they cannot. What makes the current moment unusual is how tightly the forecasters have converged on a single date.  The coordinated emergency release that 32 nations launched in March, more than 400 million barrels poured into the market to blunt the shock, was structured to flow at about 2.5 million barrels a day over four months, a stream that on current schedules runs dry around July 9.  That is the point at which the temporary buffer is spent, and the market has to adjust on its own. Independent analysis from the trading side arrives at the same conclusion. One desk's relatively calm, price-capped outlook for crude is explicitly time-limited, and the analysts behind it warn it would have to be torn up if the closure extends past the end of July, because the depletion of emergency buffers would fundamentally change the setup. A reserve-arithmetic assessment reached the same conclusion from yet another angle, judging that the economically manageable window is realistically one to three months rather than six, not because the world physically runs out of oil but because the macroeconomic pain for vulnerable importers intensifies well before the tanks are empty. Three different methods, three different institutions, one answer: mid-summer is the cliff edge. And almost no one is talking about it, at least the stock market surely isn't.  The 400-million-barrel release sounded enormous when it was announced, and politically it was, but in the context of global demand, it is almost trivially small.  The world burns through roughly 105 million barrels of oil a day, so the entire historical release would amount to about four days of global consumption if it had to cover the gap outright. It does not work quite that way because the barrels are metered out to soften prices rather than replace lost supply one-for-one, but the scale comparison is the point. Even the world's largest stockpile cannot flood the market, and the U.S. reserve's maximum physical drawdown rate is capped at 4.4 million barrels a day, with crude taking roughly two weeks to reach the market after a release is ordered.Stretch the release across the real-world drawdown pace, somewhere between 4.8 and 6.6 million barrels a day across all participating nations, and the authorized volume provides only 60 to 83 days of partial offset before it is exhausted. And the gap it is trying to fill is enormous. Even after accounting for the 3.5 to 5.5 million barrels a day that can be rerouted through Saudi and Emirati pipelines that bypass Hormuz, the net shortfall runs to roughly 14.5 to 16.5 million barrels a day. Reserves were built to bridge a short, sharp interruption, not to substitute for a fifth of world supply month after month, and the structure is buckling under a load it was never designed to carry. Nowhere is the drawdown more visible than in the United States. The Strategic Petroleum Reserve stood at 365 million barrels in the week ending May 22, down more than 50 million barrels since the war began and the lowest level since April 2024. The Trump administration's contribution to the global release was the largest single-country emergency drawdown in history, around 172 million barrels, and the reserve has been bleeding steadily ever since. The floors are closer than most people realize. Below the current level sit two hard limits, a legal minimum around 252 million barrels and a geological minimum near 150 million barrels, beneath which the salt caverns that hold the oil cannot be safely drawn, and at the present depletion rate, those thresholds could be reached within three to five months. That timeline runs straight into the autumn, which means that even if the July buffer somehow stretched, the United States' physical ability to keep releasing oil would be running out by September or October. Refilling will not rescue the situation either. The administration has floated a plan to add 200 million barrels back later in 2026, but that would only return the reserve to its depleted pre-war level, and a more sober industry estimate puts full recovery to around 414 million barrels somewhere near July 2028. The reserve drains in months and refills in years.To grasp why the buffers are struggling, it helps to measure the hole they are trying to fill against history.The head of the International Energy Agency has called this the worst energy crisis on record, noting that the oil shocks of 1973 and 1979 each removed about 5 million barrels a day from the market and triggered global recessions, while this closure has knocked out roughly 12 million barrels a day, more than those two landmark crises combined. The strait normally carries close to 20 percent of global oil, and the closure has produced what is now described as the largest supply shock in the history of the crude market, with net cumulative losses from Gulf producers already exceeding a billion barrels.That scale is the whole problem. Every previous oil disruption left substantial spare capacity somewhere in the system that prices could eventually coax into the market. This one operates at a magnitude that swamps the available cushions, and once the emergency reserves are spent and the rerouting options are maxed out, the market has only one lever left to balance supply and demand: raising prices until enough consumers and industries are forced to stop buying.Economists have a clinical phrase for that mechanism, demand destruction, and a blunter one for what it does to an economy when it happens at this scale, which is recession.

OECD says protracted war could drag on global growth, push up inflation (Reuters) - The global economic outlook hinges on how long the war in the Middle East lasts, with recession in some countries and sharply higher inflation a real possibility if it drags on into next year, the Organisation for Economic Cooperation and Development warned on Wednesday. If the conflict proves short-lived, Gulf oil and gas production could gradually return to pre-crisis levels from the third quarter with shortages confined to Asia and cushioned by strategic reserves and shipments from other producers. In that baseline scenario, global growth is projected to slow from 3.4% in 2025 to 2.8% in 2026 before picking up to 3.1% in 2027, broadly in line with the OECD's March forecasts. But if energy disruption persists well into next year, global growth could slow sharply to 2.1% in 2026 and 1.8% in 2027 - rates rarely seen outside major crises such as the 2008 to 2009 financial crash or the COVID pandemic. Some economies could fall into outright recession, with Asian countries reliant on Middle East energy supplies expected to be hit hardest. Higher energy prices could add 0.4 percentage points to global inflation in 2026 and 1.3 percentage points in 2027, likely prompting central banks to hike interest rates by 0.5 to 0.75 percentage points in the short term. In the baseline scenario, the OECD forecast that inflation across G20 economies would peak at 4% this year before slowing to 3.1% next year with interest rates largely on hold this year and cuts expected next year. Global trade growth is set to moderate following a strong 2025, though robust demand for AI-related goods and investment, especially in Asia, should provide some support. - In the baseline scenario, stronger energy exports are expected to support U.S. growth, partly offsetting the drag from higher prices on household purchasing power. Growth is projected to ease from 2.1% in 2025 to 2.0% in 2026 and 1.8% in 2027. In Europe, euro zone growth was seen slowing from 1.4% to 0.8% this year before rising to 1.2% next year as resilient labour markets and higher defence spending help offset government belt-tightening. In Britain, growth is projected to slow to 0.9% this year before recovering to 1.1% in 2027 as global trade stabilises and financial conditions ease. In Asia, China was seen slowing from 5.0% growth in 2025 to 4.5% in 2026 and 4.3% in 2027 with ample energy reserves limiting exposure to oil price spikes. Exports are set to benefit from lower U.S. tariffs and a competitive tech sector, although a property slump remains a drag. Japan is expected to be among the hardest-hit by trade disruptions linked to the Gulf conflict, with growth slowing from 1.1% in 2025 to 0.6% in 2026 before edging up to 0.8% in 2027, a downgrade from March. While subsidies will help cushion the energy shock, the OECD said Japan needs a "clear and credible" plan to rein in public finances over the medium term as interest rates rise.

Oil industry issues warning to Trump about major price spike caused by Iran’s Strait of Hormuz closure --Top oil executives have issued a grave warning to the Trump administration that American gas prices could spike dramatically again in the coming weeks.Iran has shuttered the Strait of Hormuz since Donald Trump launched his war against the Islamist regime in late February, choking off as much as one-fifth of the world’s crude supply. The president has spent those months casting the disruption as temporary, even as drivers were continuing to pay a national average of $4.26 per gallon as of Wednesday.Four oil industry figures told Politico Thursday that fuel stockpiles have now been drained to perilously low levels, and that they have alerted top administration officials and Cabinet secretaries to the accelerating crisis.One of those figures, who spoke anonymously about the closed-door discussions, said the message had reached the very top of the administration. “We’re at dangerously low levels already,” the executive said, warning about “what’s coming in mid-to-late June.”“I hope they are paying attention to inventories right now,” they added. “You’re hitting tank bottom.”The White House has flatly rejected that account. “Politico’s anonymous sources are wrong,” one official said. An Energy Department spokesperson added there have been “no such discussions” about inventories.The Daily Beast contacted both for further comment on this story. “President Trump and his energy team anticipated short-term market disruptions, communicated them openly to the American people, and implemented an aggressive plan to mitigate any impacts,” White House spokesperson Taylor Rogers said.“When the President forces this conflict to a successful end, gas prices will drop back to multi-year lows and global energy markets will be much more stable in the long term,” they added. The Energy Department did not immediately respond.

A barrel trapped behind Hormuz isn't spare capacity -At the start of 2026, oil traders were preparing for a glut.Supply growth was expected to outpace demand growth. OPEC+ was gradually returning barrels to the market. U.S. production remained near record highs. Economic growth was slowing, while electrification and efficiency gains were expected to temper consumption growth.The consensus view was simple: the world was heading into a period of excess supply.Six months later, that narrative never came true.Not because the world suddenly ran out of oil. In fact, many major producers are pumping more crude than they were a year ago. U.S. production remains near record levels, OPEC members still hold significant spare capacity, and non-OPEC producers continue to add barrels.Yet inventories continue to draw, supply security remains a major concern, and the market has proven far more sensitive to geopolitical disruptions than many expected.The reason is that the market may have been asking the wrong question.For much of the past year, analysts focused on how much oil the world could produce. The events surrounding the Strait of Hormuz demonstrated that the more important question is how much oil the world can actually deliver when the system comes under stress. Production capacity and deliverable supply are not the same thing. The distinction matters because a significant portion of the world's spare capacity is concentrated in the Persian Gulf. If geopolitical tensions disrupt shipping routes, tanker availability, insurance markets, or export infrastructure, spare capacity can quickly become less useful than headline production figures suggest. A barrel trapped behind a chokepoint is not the same as a barrel sitting in a storage terminal on the U.S. Gulf Coast.This is why the recent Hormuz disruption resonated so strongly across energy markets. The immediate concern was not whether the world possessed enough oil resources. It was whether those resources could reliably reach consumers.That concern has coincided with a notable decline in inventories.According to the U.S. Energy Information Administration, commercial crude inventories have fallen for several consecutive weeks. Gasoline and distillate stocks have also trended lower, despite expectations that a looser market would allow inventories to rebuild.And the issue is not that oil production is weak. U.S. crude output remains near record highs at roughly 13.7 million barrels per day. Production is still higher than it was a year ago, even if the explosive growth rates that characterized the peak shale years have moderated.The issue is that market resilience depends on more than production volumes.A market can appear comfortably supplied on paper while remaining vulnerable in practice if too much spare capacity is concentrated in politically sensitive regions or relies on fragile logistics networks. The events of 2026 exposed that vulnerability.For years, traders treated spare capacity as a straightforward measure of market security. The assumption was that additional barrels could be brought online whenever needed.What the market is increasingly discovering is that spare capacity only matters if it can be exported, transported, refined, and delivered to end users.That realization helps explain why fears of a massive oil glut have faded even as production remains elevated.The world still possesses substantial oil resources. The question is whether those resources can reach consumers quickly enough when geopolitical shocks occur.That may ultimately be the biggest lesson of 2026.The market spent the past year debating how much oil producers could pump. The next phase of the conversation may focus on something more important: how much of that oil can actually reach the market when the global energy system comes under pressure

Kuwait Says Oil Output Won't Recover for 10-12 Weeks After Hormuz Reopens -- Kuwait Petroleum Company expects it will take considerably longer to restore oil production than many traders appear to assume if the Strait of Hormuz reopens in the coming days. Speaking at the S&P Global Energy Middle East Petroleum and Gas Conference, the company’s managing director for international marketing, Shaikh Khaled Ahmad Al-Sabah, said Kuwait would need six to eight weeks to recover roughly 70% of normal production levels after Hormuz reopens, with the remaining 30% requiring about another month. Refining operations are expected to recover more quickly, returning to normal within two to three weeks, but the production timeline suggests that a diplomatic breakthrough with Iran would not immediately translate into a full restoration of Gulf oil supplies.The comments come as U.S. President Donald Trump continues to express confidence that a ceasefire extension and broader agreement with Tehran could be reached within days. Trump said this week that negotiations remain active and that an arrangement to reopen Hormuz could emerge “over the next week,” despite continued military exchanges between the United States and Iran and conflicting signals from Iranian officials.For oil markets, Kuwait’s estimate provides one of the first concrete indications of what post-Hormuz recovery may actually look like. Much of the market discussion has focused on whether the waterway will reopen, but far less attention has been paid to how quickly producers can restore output after months of disruption. Restarting production involves stabilizing wells, gathering systems, storage facilities, export terminals and logistics networks after prolonged outages.The CEO of shipping giant Maersk, Vincent Clerc, recently said reopening Hormuz would have only a limited immediate impact on cargo flows because supply chains and vessel networks have already been fundamentally altered by months of conflict. Freight markets, insurance costs and routing patterns are unlikely to normalize overnight even if a political agreement is reached.The recovery timeline outlined by Kuwait came just hours before Iranian drones and missiles struck Kuwait International Airport, killing at least one person and damaging Terminal One. The attack forced a temporary suspension of air traffic.

Greek shipping tycoon Evangelos Marinakis ready to pay Strait of Hormuz transit fees -   Greek shipping tycoon Evangelos Marinakis has said he would be ready to pay fees to transit the Strait of Hormuz if that would keep the contested waterway open to shipping. “Even if we had to pay a fee, for me [it would] be much better than to have the straits closed,” said Marinakis, one of Greece’s biggest shipowners, at the TradeWinds shipping conference in Athens on Tuesday. The billionaire, who has a fleet of 185 vessels and about 35 tankers through his Capital Maritime Group, said that shipowners had for years been paying additional costs due to wider tensions in the region. Marinakis, who also owns the football clubs Nottingham Forest and Olympiacos, pointed to the cost of diverting ships via the Cape of Good Hope as a result of attacks on vessels by Houthi rebels in the Red Sea. “For me, it is better to pay a fee of $100,000 or $200,000, depending on the size of the cargo or the size of the vessel, than to have all this hassle,” he said, adding that “all this money can pay for all the damage of what has happened so far”. Marinakis later told the FT that payment would mean that “cargo flow resumes immediately — oil, gas, raw materials — economies stop being hurt and destroyed, and crews navigate safely”. Other shipping groups and companies across the industry have opposed any fees, calling for the freedom of passage in the Strait of Hormuz to be maintained. They see its continued closure setting a dangerous precedent for other narrow chokepoints in international waters. Evangelos Marinakis says payment would allow cargo flows to resume and economies would stop being ‘hurt and destroyed’ © Aris Oikonomou/SOOC/AFP/Getty Images The waterway has, in effect, been closed to traffic since Iran’s Islamic Revolutionary Guard Corps started to fire on ships moving through the strait in retaliation for US-Israeli strikes. In April, Tehran said it would charge vessels up to $2mn each to pass through the strait — the equivalent of $1 per barrel on the largest oil tankers. It subsequently set up the Persian Gulf Strait Authority to manage and impose fees, but the entity has been placed under sanctions by the US, leaving shipowners uncertain of their future access to the Gulf or their ability to move ships stranded in the waterway after three months of war. The only ships that have been able to transit have been those with intergovernmental agreements with Iran to secure safe passage or that have paid fees. Many companies and shipowners, such as Chevron and Japan’s Mitsui OSK Lines, have said that they would not pay fees for their vessels to transit the strait. Greek shipowner George Prokopiou, whose vessels have transited the strait several times since the war broke out, said on Monday that no one should “impose tolls or any other burden because there are many chokepoints in the world”. Marinakis, who floated the tanker arm of his maritime group in February in the industry’s largest initial public offering in two decades, said he was preparing for a peace deal. To position himself for a reopening of the Gulf, he said he had ships trading at a significant discount so they would be only three or four days’ sailing from the strait and ready to enter once an agreement was reached.

June 2: IRGC Navy strikes US-Israeli cargo ship after US attack, reaffirms full military readiness - The Islamic Revolution Guards Corps (IRGC) Navy announced on Tuesday that it carried out a retaliatory cruise missile strike on the cargo vessel MSC Sariska, linked to the American-Zionist enemy, following a US attack on an Iranian commercial ship in the Sea of Oman. The IRGC also stated that Iran’s armed forces remain fully prepared for any future contingencies, including any fresh act of aggression against the country or its allies. In addition, the IRGC Navy reported that 24 more vessels safely transited the Strait of Hormuz under its coordination and security support, underscoring continued operational control and maritime stability in the strategic waterway. In Lebanon, continued ceasefire violations by the Israeli regime were reported on Tuesday, even as Hezbollah continued its military operations targeting Israeli military sites. Meanwhile, authorities announced that the martyred Leader of the Islamic Revolution, Ayatollah Seyyed Ali Khamenei, will be laid to rest at the holy shrine of Imam Reza (AS) in Mashhad, following funeral processions scheduled to take place in Tehran, Qom, and Mashhad in the coming weeks. Key developments on day 95 of the war, the fifty-fifth day of the ceasefire:

• The IRGC Navy struck the giant cargo ship MSC Sariska, affiliated with the American‑Zionist enemy, with a cruise missile in a reciprocal operation after an unprovoked US attack on an Iranian commercial vessel in the Sea of Oman.
• The IRGC said Iran's armed forces are more prepared than before and are fully ready for any future contingency, asserting that any return by the enemy to military aggression will be met with different operational approaches.
• The commander of the IRGC Quds Force, Brigadier General Esmail Qa'ani, warned that the Bab al-Mandab Strait will be subjected to the same traffic restrictions as the Strait of Hormuz if the Zionist regime continues its crimes in Lebanon and Gaza under American protection.
• Mohammad Jafar Asadi, Deputy Inspector Brigadier General of the Khatam al-Anbiya Central Headquarters, said Iran has not yet revealed all of its “winning cards” and is ready for a potential confrontation with its enemies.
• The IRGC Navy said 24 more vessels transited the Strait of Hormuz over the past 24 hours after obtaining permission and with the IRGC's security support.
• Brigadier General Alireza Elhami, commander of the Joint Headquarters of the Iranian Air Defences, said Iran inflicted significant losses on the aerial warfare equipment of the United States and the Israeli regime during the recent US-Israeli military aggression against the country.
• The martyred Leader of the Islamic Revolution, Ayatollah Seyyed Ali Khamenei, will be laid to rest at the holy shrine of Imam Reza (AS) in Mashhad following funeral processions in Tehran, Qom and Mashhad, authorities announced. 
• Iranian Parliament Speaker Mohammad Bagher Ghalibaf and lead negotiator described the bond between Iran and Lebanon as unbreakable, stressing that any ceasefire agreement between Tehran and Washington must include a halt to Israeli attacks on all fronts, particularly Lebanon.
• Deputy Foreign Minister for Legal and International Affairs Kazem Gharibabadi, pointing to the US claims of preventing a major Israeli attack on the Lebanese capital, Beirut, said the statement exposes Washington’s direct role in managing Israeli military atrocities across the region.
• US President Donald Trump reportedly held a tense phone call with Israeli prime minister Benjamin Netanyahu, slamming his ingratitude and warning that his Lebanon escalation threatened Washington's negotiations with Tehran. 
• The US is increasing pressure on Persian Gulf mediator Oman over its neutral position in the US-Iran war, demanding that Muscat align itself with Washington and distance itself from Tehran, the Wall Street Journal reported.
• Yemen's Ansarullah resistance movement said the Israeli forces deployed in Lebanon will remain vulnerable to attacks carried out in solidarity with Lebanon and its Hezbollah resistance movement until their complete withdrawal.
• The Lebanese resistance movement Hezbollah warned that it would launch extensive attacks on areas deep inside the Israeli-occupied territories if the Israeli regime carries out any attack on Dahiyeh in the suburbs of Beirut.
• Israeli airstrikes killed at least eight people in southern Lebanon on Tuesday, including a father and his two children, as the Tel Aviv regime continued its indiscriminate attacks on the country.
• At least 4 were killed, and 127 others were wounded after an Israeli airstrike struck the vicinity of Jabal Amel Hospital in the southern Lebanese city of Tyre.
• Hezbollah carried out 41 retaliatory military operations against Israeli regime forces and military sites within 24 hours, the movement announced.
• Hezbollah refused any partial ceasefire proposal and is demanding a comprehensive halt to hostilities across the Lebanese territory as a prelude to the withdrawal of Israeli occupation forces and the return of displaced civilians, Hassan Fadlallah, a senior Lebanese parliamentarian, said.
• A majority of UN Security Council members expressed their disapproval of Israel’s increasing military strikes on Lebanon.

Live Coverage of the Iran–U.S.–Israel Conflict / June 05 - WANA (Jun 05) – The United States on Friday imposed a fresh round of Iran-related sanctions, targeting multiple entities, individuals, and liquefied gas tankers. According to data published on the U.S. Department of the Treasury’s website, the designated network spans several international jurisdictions. The United States on Friday imposed a fresh round of Iran-related sanctions, targeting multiple entities, individuals, and liquefied gas tankers. According to data published on the U.S. Department of the Treasury’s website, the designated network spans several international jurisdictions. Among the 12 entities blacklisted in the new sanctions package, […] The United States Indo-Pacific Command (USINDOPACOM) claimed on Friday that it seized an oil tanker during an overnight operation, alleging the vessel is connected to Iran. In a statement published on the social media platform X, the U.S. command asserted: “U.S. forces conducted an overnight maritime interdiction and boarding operation against the stateless and sanctioned vessel MT Davina, which was located in the Indian Ocean within the U.S. Indo-Pacific Command’s area of responsibility.” The message further claimed: “We will continue to enforce maritime laws globally to disrupt illegal networks and intercept vessels supporting Iran anywhere in the world.” The United States Indo-Pacific Command (USINDOPACOM) claimed on Friday that it seized an oil tanker during an overnight operation, alleging the vessel is connected to Iran. In a statement published on the social media platform X, the U.S. command asserted: “U.S. forces conducted an overnight maritime interdiction and boarding operation […] The Public Relations Office of the Army announced that the Islamic Republic of Iran Navy (Nedaja) has fired warning missiles and deployed attack drones against U.S. destroyers, forcing them to retreat from the Gulf of Oman toward the Indian Ocean. According to the military statement, the operation was conducted in continuation of efforts to counter “malign activities, disruptions, and the hijacking of commercial vessels and oil tankers by the terrorist U.S. Navy.” – The Public Relations Office of the Army announced that the Islamic Republic of Iran Navy (Nedaja) has fired warning missiles and deployed attack drones against U.S. destroyers, forcing them to retreat from the Gulf of Oman toward the Indian Ocean. According to the military statement, the operation was conducted in […] – An informed source close to the Iranian negotiating team on Friday rejected a report by the Saudi-owned media outlet Al Arabiya claiming that Tehran had agreed to transfer a portion of its enriched uranium stockpiles to a third country, calling the report completely false. The denial follows a report by Al Arabiya network asserting that Iran had officially consented to relocate a part of its uranium inventory to a mutually agreed-upon third nation. An informed source close to the Iranian negotiating team on Friday rejected a report by the Saudi-owned media outlet Al Arabiya claiming that Tehran had agreed to transfer a portion of its enriched uranium stockpiles to a third country, calling the report completely false. The denial follows a report by […] Nearly 70 percent of the American public wants an immediate end to the three-month-old war against Iran and the pursuit of a diplomatic agreement, according to a new joint poll released by The Economist and YouGov. The surge in public discontent comes as internal congressional pressure mounts against President Donald Trump, compounded by skyrocketing domestic gasoline prices that have fueled widespread societal dissatisfaction across the United States. Nearly 70 percent of the American public wants an immediate end to the three-month-old war against Iran and the pursuit of a diplomatic agreement, according to a new joint poll released by The Economist and YouGov. The surge in public discontent comes as internal congressional pressure mounts against President Donald […] Major General Mohsen Rezaei, a member of the Expediency Discernment Council and Iran’s IRGC commander during the Iran-Iraq War, declared that Iran stands firmly behind Lebanese Hezbollah, warning adversaries that they must either accept Iran’s terms or face a powerful military retaliation. Rezaei accused the United States of betraying diplomatic negotiations for a third time by imposing a blockade just one day before the expiration of a two-week ceasefire—an action he categorized as a de facto declaration of war and a breach of commitments on both the Iranian and Lebanese fronts. He noted that Washington failed to uphold its obligations on the Lebanese front as well, following previous diplomatic breaches during the 12-Day War and the Ramadan War. Major General Mohsen Rezaei, a member of the Expediency Discernment Council and Iran’s IRGC commander during the Iran-Iraq War, declared that Iran stands firmly behind Lebanese Hezbollah, warning adversaries that they must either accept Iran’s terms or face a powerful military retaliation. Rezaei accused the United States of betraying diplomatic […] Iranian Foreign Ministry Spokesperson Esmaeil Baghaei has sharply criticized Germany following its failure to secure a non-permanent seat on the United Nations Security Council, describing the vote outcome as a global rejection of Berlin’s foreign policy. In a statement published on social media platform X (formerly Twitter), Baghaei reacted to Germany’s inability to garner the minimum required votes in the UN General Assembly. ranian Foreign Ministry Spokesperson Esmaeil Baghaei has sharply criticized Germany following its failure to secure a non-permanent seat on the United Nations Security Council, describing the vote outcome as a global rejection of Berlin’s foreign policy. In a statement published on social media platform X (formerly Twitter), Baghaei reacted to […] U.S. President Donald Trump stated early Friday morning that he halted a covert military plan to seize nuclear materials from inside Iran out of fear that it could turn into a disaster similar to the one experienced by former President Jimmy Carter. Recalling the failed 1980 U.S. military mission in Iran—known as Operation Eagle Claw—which led to the crash of several American aircraft during an attempt to rescue hostages, Trump noted that the historic failure contributed significantly to Carter’s loss to Ronald Reagan in the 1980 presidential election. When asked by a reporter whether his administration had pursued a covert plan to deploy Army Rangers inside Iranian territory, Trump responded, “I didn’t want to be Jimmy Carter.”

Iran attacks damage 20 US military sites since start of war, satellite images show - Iran has damaged 20 US military sites since the start of the war, satellite images and videos analysed by BBC Verify show, suggesting the attacks are more extensive than publicly acknowledged. Iran has targeted key facilities across eight countries in the Middle East since the end of February, causing millions of dollars of damage to state-of the-art air defence systems, refuelling aircraft and radars. Tehran has targeted both US bases and shared military facilities in retaliation to the US-Israeli strikes across Iran and Lebanon over the past three months. The Pentagon says it has hit more than 13,000 targets in Iran since the start of Operation Epic Fury.Mojtaba Khamenei, Iran's supreme leader, has sought to highlight his military's success in striking US facilities. In a statement on Tuesday he claimed the Middle East was no longer a "safe place" for American bases.While the White House has repeatedly claimed that Iran's military has been almost wiped out, analysts said that the damage seen at US facilities suggests that Tehran's counter-attacks have been more precise and extensive than American officials have previously acknowledged.A US defence official declined to comment on BBC Verify's findings, citing "operational security reasons".The US has sought to limit satellite analysis of the conflict by requesting Planet, a major provider, to impose an "indefinite" restriction on new images of Iran and most of the Middle East. The company justified the move, saying that it wanted to ensure its images were not used "by adversarial actors to target allied and Nato-partner personnel and civilians".BBC Verify has used satellite imagery from other international providers combined with older images from Planet to track the damage caused by Iranian attacks. The facilities are in Saudi Arabia, the United Arab Emirates (UAE), Qatar, Kuwait, Iraq, Jordan, Bahrain and Oman. The actual figure could be higher, with some analysts placing the number of bases hit as high as 28.Among the valuable hardware damaged were three state-of-the-art anti-ballistic missile batteries systems at the Al Ruwais and Al Sader airbases in the UAE and Muwaffaq Salti Airbase in Jordan. The US is only known to operate eight of the Terminal High Altitude Area Defense (THAAD) batteries, which are deployed at bases around the globe and cost around $1bn (£766m) to manufacture. Each battery needs a crew of about 100 troops to operate it while the interceptors it fires cost around $12.7m per round. Vice-Admiral Mark Mellett, the ex-head of the Irish Defence Forces, told BBC Verify that the batteries are at the core of a "highly complex" regional defence network that cannot be "quickly or easily replaced". Iranian strikes have also heavily hit US refuelling and surveillance aircraft at Prince Sultan Airbase in Saudi Arabia, expert analysis of satellite images show, with damaged aircraft and smoking craters clearly visible.One aircraft was identified by a MAIAR analyst as an E-3 Sentry surveillance plane. US media reported that it could cost up to $700m to replace. Elsewhere, Iranian attacks have also targeted Ali Al Salem Airbase and Camp Arifjan in Kuwait. Analysts at MAIAR identified destroyed fuel storage bunkers, aircraft hangars and troop accommodation in satellite images of the base, which was hit multiple times over the course of the conflict.And at Camp Arifjan the defence intelligence company Janes identified extensive damage to satellite communications hardware. The extent of damage caused to US facilities is difficult to quantify, but a May estimate by the Pentagon put the total cost of Operation Epic Fury at $29bn - with much of that likely to be spent on "repair or replacement costs for equipment" destroyed in the conflict. Democrats say this is likely an underestimate.The report also found that at least 42 aircraft - including F-15 and F-35 fighter jets, 24 MQ-9 Reaper drones and an A-10 attack plane - have been destroyed or damaged since February. By comparison to the expensive hardware used by the US military, Iran has reportedly made use of cheap, easily replaceable drones in its attacks on targets across the Middle East. Experts who spoke to BBC Verify said that Iranian tactics had evolved over the course of the war, moving from sprawling barrages of missiles which targeted cities and bases across the Middle East, to more precise, directed attacks."[Iran's] opening salvos were optimised for volume—mass waves designed to overwhelm air and missile defences through sheer numbers," said Dr Kelly Grieco, an analyst with the US-based Stimson Centre think tank."Within days, however, Iran had shifted to smaller, more precisely targeted salvos, conserving remaining missiles and drones for specific high-value targets and concentrating fire where even near-misses cause significant damage."An analyst at MAIAR told BBC Verify that the US military "appears to have been guilty of a degree of early-war complacency" in failing to move aircraft out of the range of Iranian drones and missiles as Tehran's tactics evolved.They said that in the case of Prince Sultan airbase the facility had previously come under fire before the aircraft were destroyed.Iran's Supreme Leader Mojtaba Khamenei vowed that "the nations and lands of the region will no longer serve as shields for American bases," adding: "America will no longer have a safe place in the region for mischief and the establishment of military bases, and day by day it will drift further from its former position." His comments just days before the ceasefire between the US and Iran came under strain again. On Thursday Iran's Islamic Revolutionary Guard Corps (IRGC) has said it targeted an American base in the region, after fresh US strikes on southern Iran. Dr Grieco warned that should the fragile US-Iranian ceasefire breakdown and fighting resume, the existing damage to US bases suggests that facilities across the Gulf could be vulnerable. "The current conflict has consumed US and partner air defence stocks at a significant rate," she said."There is no rapid path to replenishment, meaning any renewed Iranian assault would be met a fraction of the interceptors available when the conflict stated."

Iran might have used a Chinese-made missile to shoot down an F-15E Strike Eagle flown by the US Air Force -- A U.S. F-15E Strike Eagle was shot down over Iran in April — the first U.S. fighter downed by ground fire in decades. Many experts suspect the weapon was a Chinese-made shoulder-fired missile cued by a Chinese radar built to detect American jets, though no hard evidence has emerged, and the attribution remains far from definitive.  Beijing denies supplying Iran, even after Xi Jinping assured President Trump it would send none. The shootdown has complicated fragile U.S.-Iran peace talks. A US F-15E Strike Eagle fighter (see our original photos and video of various F-15 fighters in this article) that was shot down over southwestern Iran in early April 2026 required a massive effort to rescue one of the downed pilots. It took seven hours to rescue the rear-seat Weapon Systems Officer (WSO), but before extracting the airman, two days were required to first locate him.  While no hard evidence has emerged as of yet, many experts suspect the F-15E was hit by a missile made in the People’s Republic of China (PR).Reports indicate that the weapon was likely a Man-Portable Short Range Air Defense (SHORAD) system – a shoulder-launched infrared-guided (IR) missile in the same class as the US-made Stinger missile or the Polish-made Mesko Grom system.  Many experts suspect the US aircraft’s coordinates might have been provided to the Iranian military personnel on the ground firing the missile by a PRC-made YLC-8B long-range early-warning radar that Tehran might have been operating. The radar system is produced in the PRC by China Electronics Technology Corporation, Ltd. (CETC), one of the country's major defense industrial conglomerates.This radar, particularly the “8B” version, is designed specifically to detect US aircraft that are either stealthy or have “managed signatures,” in which modifications are made to the airframe and inlets to minimize their radar cross-section (RCS).The F-15E Strike Eagle is in the latter category. Its radar utilizes a mix of advanced semiconductors - gallium arsenide or GaN-based - for its AN/APG-82 AESA radar. The radar’s array is set inside a fiberglass-epoxy radome to permit radio frequencies to pass through, and carbon-based radar-absorbent materials (RAM) to minimize its RCS.Beijing is reported to have delivered both these missiles and the radar to the Iranians during the very first few days of the conflict with the US and Israel, but, to be clear, it is far from definitive at the moment.The circumstances surrounding the shootdown of the F-15E are still being analyzed. But this will be the first time in decades that a US fighter aircraft was downed by enemy ground fire.

Iran suspends talks with US, hails dialogue with Oman despite Trump threat -- Talks between Iran and Oman over control of the Strait of Hormuz are ongoing, according to Tehran, after President Donald Trump threatened to “blow up” the United States ally if traffic cannot pass freely through the vital waterway. Tehran and Muscat have met repeatedly, and discussions are “well underway” on control of the Strait of Hormuz, Iran’s IRNA state news agency reported on Monday, citing Iranian Foreign Ministry spokesperson Esmaeil Baqaei. The U.S. says the strait, which has been effectively blockaded by Tehran for three months, must be open to all international shipping and not subject to Iranian control. Washington has rejected the idea of a toll system that would benefit Iran, slapping sanctions on Iran’s newly created Persian Gulf Strait Authority, which Tehran said would control shipping in the strait. It has also threatened sanctions on those paying Iran for safe travel through the waterway. Trump on Wednesday said Oman “will behave like everybody else or we’ll have to blow them up,” while U.S. Treasury Secretary Scott Bessent said over the weekend he had been assured by an Omani official that Muscat would not collect fees from ships in the waterway. Oman, which says it is committed to safe passage and freedom for vessels to travel through the strait, is a longstanding U.S. ally that allows American troops to use its military bases. Iran targeted the Gulf state in the early stages of the war between Iran, the U.S. and Israel from February 28. But the U.S. is under increasing pressure to reopen the strait and get maritime traffic moving after months of yo-yoing fuel prices, supply chain pressures and concerns about food access for millions of people. A fifth of the world’s oil and gas usually travels through the strait, along with a third of global seaborne fertilizer supplies, which are key to ensuring enough crops can be grown to feed famine-vulnerable areas, including the Horn of Africa and the Sahel. The long weeks of blockages left more than 1,500 ships stranded and sent fuel prices soaring. Traffic is still far below prewar levels, and Iran has resisted loosening its grip on the strait, despite the U.S.’s own competing blockade on Iranian ports. Iran’s negotiating team has paused indirect talks with the United States, citing Israel’s continued military campaign against Hezbollah in Lebanon and what Tehran describes as broader breaches of the U.S.-Iran ceasefire, according to the Tasnim news agency. Tasnim, which maintains close ties to Iran’s Islamic Revolutionary Guard Corps (IRGC), reported that Tehran would stop negotiations and message exchanges through intermediaries over what it called the “continuation of the Zionist regime’s crimes in Lebanon.” Iranian officials have previously said the ceasefire framework covers developments in Lebanon and that the agreement is under strain “on all fronts” due to Israel’s actions. Iranian Deputy Foreign Minister Kazem Gharibabadi said on Monday that only Iran and Oman had the right to “exercise sovereignty” in the strait, adding that Muscat should “not give in” to U.S. threats. Omani Foreign Minister Badr Albusaidi hosted Iran’s top diplomat, Abbas Araghchi, in the Omani capital last week. Muscat said the delegations discussed restoring ship traffic in the strait in “a safe and sustainable manner” and considered “a set of principles.” But progress toward a deal to resume normal traffic levels in the Strait of Hormuz is still slow, and Iran’s military said on Monday that 15 ships had passed through the strait with Iranian permission in the previous 24 hours. This falls far short of the more than 130 vessels that would travel through the waterway each day before the war.

India's Oman bet looks timely as Hormuz crisis deepens -- Late last year, when India and Oman officially signed the Comprehensive Economic Partnership Agreement (CEPA), there was no war with Iran cutting off the Strait of Hormuz, and the advanced timing of this now is turning out to be more fortuitous than initially expected. The agreement came into effect on June 1st, just in time to give India access to Oman’s trade routes as an alternative to Hormuz.  The pact, ratified by the Omani Sultan in February this year, will see Oman eliminate customs duties on 98% of its tariff lines, giving immediate preferential access to Indian exports, including textiles, leather, pharmaceuticals, engineering goods, and agricultural products. The Strait of Hormuz funnels nearly 45% of India’s crude imports, 55% of LNG shipments, and 90% of its LPG imports, making its closure a heavy burden for New Delhi. Most recently, on Tuesday, Iran threatened to completely seal it off due to Israel’s ceasefire violations in Lebanon. Iranian media claimed on Tuesday that 24 tankers have traversed the strait in 24 hours, primarily headed toward Asian markets, which are highly dependent on Gulf energy supplies despite soaring insurance and shipping costs.Despite ongoing ceasefire and diplomatic negotiations between the US and Iran, most shipping executives and insurers continue to view the waterway as too dangerous to navigate without a definitive peace agreement. Thankfully, Oman’s primary ports such as Duqm, Sohar and Salalah are located outside the Strait, directly on the Arabian Sea, granting India a secure energy supply route.Oman's geographical positioning allows India to collaborate on vital energy infrastructure, including deepwater pipeline projects and expanded Liquefied Petroleum Gas (LPG) and crude storage hubs. Given Oman’s proximity, expanding regional crude and LPG storage infrastructure becomes a major element of India’s energy security. India relies heavily on West Asian crude and LPG, and establishing supplementary storage networks serves as a buffer against global supply chain disruptions. Indeed, India is advancing a proposed ~$4.8-billion undersea pipeline that will transport up to 31 million metric standard cubic metres per day (MMSCMD) of natural gas from Oman directly to Gujarat. Stretching roughly 2,000 km across the Arabian Sea at depths reaching 3,450 meters, this project allows India to bypass the volatile Strait of Hormuz. State-run energy firms such as GAIL, Indian Oil Corporation (IOC), and Engineers India have been tasked with preparing and fast-tracking the detailed feasibility and execution reports. While technically demanding due to extreme deep-sea conditions, the project is viewed as a critical step in achieving long-term national energy security and price predictability. By transporting gas directly, India expects to save up to $1 billion annually. And the deal gives India duty-free access for vital shipments, making Oman an emergency gateway. In the meantime, the Indian Navy has expanded its maritime escort operations near the Gulf of Oman in a bid to safeguard energy lifelines outside of enclosed Persian Gulf waters. Over half a dozen naval ships including Visakhapatnam-class destroyers like the INS Shivalik and INS Nanda Devi have been stationed east of the Strait of Hormuz. On its part, Oman stands to benefit from the India-Oman Comprehensive Economic Partnership Agreement (CEPA) through accelerated economic diversification, enhanced foreign direct investment, and greater integration into global supply chains. Currently, Oman’s economy remains heavily reliant on oil and natural gas, which account for approximately 32% of the country's Gross Domestic Product (GDP) and up to 85% of total government public revenue.By relying on Oman as a primary re-exporting and logistics hub, India will boost Oman’s maritime revenue and create local supply chain jobs. The deal will also jumpstart Oman’s Vision 2040 industrial goals, drawing new investment into non-oil sectors. Indian businesses can now hold up to 100% foreign direct investment (FDI) in major Omani service sectors, fostering technological transfer and strengthening local infrastructure. Oman has committed to wide-ranging market access across 127 service sub-sectors, enabling Indian experts in IT, architecture, healthcare, and finance to operate more freely, transfer skills and establish regional headquarters.India’s energy security is heavily concentrated around the single chokepoint of Hormuz. For decades, that knowledge was simply accepted as an unavoidable cost of doing business in the Gulf. Oman gives India options, making the late 2025 deal now look prescient.

India Throws Open The Bond Gates: Modi Slashes Foreign Investor Taxes In Scramble To Halt Rupee Collapse - Having spent the better part of a decade assuring the world that the Indian growth miracle was self-sustaining, structurally sound, and impervious to the “fragile five” indignities of yesteryear, New Delhi has quietly arrived at the only conclusion that ever follows a currency in freefall: print incentives, slash taxes, and beg foreigners to please, please come back. According to Bloomberg, India is poised to announce a suite of measures to lure foreign capital - reducing taxes and removing ownership caps on certain bonds - possibly as soon as this week. The cabinet is expected to consider a “significant cut” in the taxes global funds pay on Indian bonds, with officials reportedly weighing whether to eliminate the 20% levy on bond interest income entirely, or shave it down to what the people familiar described as “a bare minimum.” Translation: foreigners weren’t biting, and somebody in the Finance Ministry finally noticed.Separately, the Reserve Bank of India is likely to designate some long-tenor sovereign notes as “fully accessible,” allowing overseas investors to load up without limits. Readers will recall that the last tweak to this so-called Fully Accessible Route (FAR) came in 2024, when the RBI removed 14- and 30-year bonds from the list. So to recap the master plan: pull the long bonds out in 2024, watch the currency crater, then shove them back in 2026 and call it reform. Smart. Meanwhile, the rupee printed an all-time low of 96.9650 on May 20, capping a year in which it became the second-worst-performing currency in Asia, down more than 6% against the dollar. This is the same currency that the consensus crowd spent 2024 lauding as “among the least volatile in emerging markets,” back when foreign funds were piling into FAR bonds ahead of the JPMorgan index inclusion to the tune of nearly $10 billion. As we noted at the time, that “stability” was the entire allure... but stability built on hot money flows has a nasty habit of evaporating precisely when you need it. It evaporated. The official list of culprits reads like a greatest-hits compilation of things that were supposedly “priced in”: US trade tariffs, record foreign fund outflows, and an oil shock courtesy of the Iran war that detonated India’s import bill. Modi himself was reduced to publicly imploring citizens to conserve foreign exchange - a phrase that should send a chill down the spine of anyone who remembers 2013, when New Delhi slapped capital controls on its own residents and restricted gold imports as the rupee buckled. Back then, those measures “raised concerns of outright capital controls” that would further undermine the confidence of foreign investors. History doesn’t repeat, but it sure does rhyme, in Hindi.The rupee has since clawed back from the 96.97 abyss to close at 95.71 per dollar, helped by the central bank “stepping up support” (read: torching reserves) and oil easing on renewed US-Iran peace overtures (read: rapid strategic reserve drain). The 10-year yield ticked up a single basis point to 7.02%. Markets, naturally, are treating the prospect of tax-cut-fueled inflows as salvation - the same way they treated index inclusion as salvation, right before the biggest bond selloff in a year hit the moment the currency wobbled. The government is also expected to notify a plan permitting “persons resident outside India” - PROIs, because just like in the West, every desperate measure needs a cheerful acronym - to buy shares in listed Indian companies via the portfolio investment scheme. More doors, more access, more pleading.

Israel Attacks Tyre Hospital, Killing Four and Wounding 127 - Israel continued its attacks on southern Lebanon after President Trump announced he’d received assurances from both Israel and Hezbollah aimed to reduce fighting in the country. At least eight were killed in Israeli strikes since that announcement, including two children.Prime Minister Benjamin Netanyahu ordered attacks on Beirut on Monday, and those attacks were apparently postponed after the Trump phone call, but Defense Minister Israel Katz says that not only will attacks on the south continue, Israel is already assessing the possibility of expanding the attacks.Israeli officials presented this as something of an agreement whereby Israel would hold off on attacks on the capital city of Beirut in return for Hezbollah ending their resistance to Israel’s invasion and occupation of southern Lebanon, which is going to continue. The city of Tyre seems to be a focus of those strikes.   As the attacks on the south continued apace, Israel attacked and badly damaged the Jabal Amel Hospital in the coastal city of Tyre. The strikes on the hospital killed 4 people and wounded 127 others. The IDF claimed that they weren’t directly attacking the hospital as such, but rather were attacking “terror infrastructure” and the hospital happened to be in the way during the attacks.The IDF statement insisted they are “solely” attacking Hezbollah, and that therefore when they hit major civilian targets like the hospital, it’s entirely the fault of Hezbollah for being in the area. They added that the attacks would continue to “guarantee the security” of Israeli citizens.Despite the IDF position that they’re not deliberately targeting hospitals, the number of hospitals they’ve hit in this war is substantial. Indeed, the attack on Jabal Amel Hospital on Monday wasn’t even the only hospital in Tyre itself that Israel attacked in the past week, with Hiram Hospital one of several hit over the weekend. Among the thousands of people killed so far in Israel’s invasion of southern Lebanon, more than 200 medical workers have been killed, many of them paramedics directly attacked by the IDF, with ambulances being a common target, even more than hospitals.

Netanyahu Orders Attack on Beirut as Israeli Strikes Kill 12 in South Lebanon - The highways around Lebanon’s capital city of Beirut are heavily crowded today after Israeli Prime Minister Benjamin Netanyahu ordered major attacks against Beirut’s southern suburb, Dahiyeh. Israeli Defense Minister Israel Katz cited the continued Hezbollah resistance in southern Lebanon as the reason Beirut would be attacked, saying if there is no calm in northern Israel, there will be no calm in Beirut. President Trump claimed Monday afternoon that he’d spoken to Netanyahu and was assured that no ground troops were actually headed to Beirut. Israeli media are citing unnamed sources suggesting the attack on Beirut has been postponed at the request of the US. Iran threatened to strike northern Israel if the Beirut attacks continued.Netanyahu, for his part, didn’t mention postponing attacks on Beirut, and insisted attacks on southern Lebanon would continue. He insisted Israel’s stance “has not changed,” and the suggestion seems to be that Hezbollah would have to unilaterally halt all attacks on Israel in return for Israel to not attack Beirut, but that irrespective of that, Israel would continues its offensive in the south, targeting Hezbollah.While much focus is being paid to the impending attacks on Beirut, Israel continues to pound southern Lebanon as well, having killed at least 12 people in strikes around the region so far on Monday, and wounded several others, including at least one paramedic.  The paramedic was wounded during an attack against a vehicle on the road to Nabatieh, and there was no word of any medical workers being injured in an Israeli attack on the town of Toul, which killed a Syrian man who was near the town’s hospital.The largest death toll was reported in Kfar Sir, where overnight strikes killed at least five people. Kfar Sir is in Nabatieh District, near the Litani River, and has been a target several times in recent weeks. Israel also claimed to have killed a Hezbollah missile commander in the Nabatieh area.

Netanyahu Announces ‘Dramatic Shift’ in Lebanon Invasion as Israel Conquers Medieval Castle - Israeli Prime Minister Benjamin Netanyahu has announced a “dramatic shift in policy” in the ongoing invasion of Lebanon, with troops advancing ever-deeper into the country, and reaching points that are as far into Lebanon as they’ve gone in the past 26 years, with the capture of Beaufort Castle.  Crusader forces built Beaufort Castle, which overlooks the Litani River, in the mid 12^th century, though the castle traded hands between Crusaders and local forces several times in the ensuing decades. It is described as being notable for its good condition for a castle of its type, though its use as a military fortress for occupying 21^st century forces is probably not great for it. Netanyahu said the conquest of the castle proved Israel was more united and stronger than ever. France called for an emergency UN Security Council meeting over the matter, which was similarly condemned by Israeli officials, who said the meeting should focus on Hezbollah’s violation of the ceasefire. Israeli troops are now well north of the Litani River, which during the invasion of March was presented as the whole region they intended to occupy. Israeli troops now occupy roughly one fifth of the entire country, and they continue to go deeper.Defense Minister Israel Katz cited Israel’s conquest of the castle in the 1980s, in which the same IDF brigade captured the castle from the PLO during an invasion of Lebanon. They remained until 2000, when Israel ended that particular occupation of southern Lebanon.Lebanese Premier Nawaf Salam called for an immediate ceasefire and Israeli withdrawal from Lebanese territory. There is notionally a ceasefire in place there that’s been in place for over a month, though Israel continues to carry out attacks and expand their offensive, killing hundreds of additional people and conquering ever more territory.

Ghalibaf Says Iran Will Be in 'Direct Confrontation' With Israel If It Doesn't Halt Attacks on Lebanon -  Iranian Parliament Speaker Mohammad Bagher Ghalibaf said on Monday that Iran would be in a “direct confrontation with the enemy” if Israel doesn’t halt its attacks in Lebanon.Ghalibaf made the comments in a post on X recounting a conversation he had with Nabih Berri, the speaker of Lebanon’s parliament and leader of the Amal Movement, a Shia political faction that’s largely aligned with Hezbollah.“In my conversation with my brother, President Nabih Berri, I affirmed that if the Israeli aggression against Lebanon continues, we will not only halt the path of negotiations, but we will also be in direct confrontation with the enemy,” Ghalibaf said in Arabic.“Long live the Resistance. Long live the defense of the land. And long live the brotherhood between the Lebanese and Iranian peoples,” he added. Earlier in the day, Iranian media reported that Tehran halted negotiations with Washington over Israel’s continued attacks and escalations in Lebanon. Israeli Prime Minister Benjamin Netanyahu announced Israel planned to launch strikes in Beirut’s southern suburbs, but appeared to have backed down after a call with President Trump. Iran had also warned that it could target northern Israel if Netanyahu went ahead with the strikes.Trump claimed in two posts on Truth Social after his call with Netanyahu that some sort of ceasefire had been agreed to, though Israeli attacks continue in southern Lebanon and Hezbollah continues to fire at Israeli forces.“I had a conversation with Bibi Netanyahu today, asking im not to go into a major raid of Beirut, Lebanon. He turned his Troops around. Thank you Bibi!” Trump said in his second post on Truth Social.“I also had a conversation with Representatives of the Leaders of Hezbollah, and they agreed to stop shooting at Israel, and its soldiers. Likewise, Israel agreed to stop shooting at them. Let’s see how long that lasts — Hopefully it will be for ETERNITY!” he added. There’s no sign that US officials actually spoke with Hezbollah leaders, as media reports have said that the US has been speaking with Berri, who relayed messages from Hezbollah.

Israeli Military Chief: No Ceasefire for IDF in Lebanon - Consistently, media reports generally advance the idea that the ceasefire in Lebanon is “holding,” and the US expresses hopes that the Israel-Lebanon talks they’re hosting will lead to an even stronger ceasefire. The reality, however, suggests neither of those is actually the case.Israeli military Chief of Staff Lt. Gen. Eyal Zamir made the IDF position very clear during a visit to a Haifa base today, declaring that “there is no ceasefire for our forces.” Lt. Gen. Zamir said that rather than seeking a ceasefire, Israel’s goal was to “maximize the freedom of action” they have in Lebanon, which since Israel attacks dozens of targets on a daily basis, suggests things are going as intended for them. Reports on the ongoing US-hosted talks are that Israel is making clear irrespective of anything else, they neither intend to agree to a permanent ceasefire with Lebanon nor will they withdraw their ground troops from southern Lebanon. Though there were reports earlier this week that President Trump was frustrated about the way the ongoing Lebanon War is disrupting Iran negotiations, Prime Minister Benjamin Netanyahu said that their goals were “aligned.”Netanyahu said that the goals were not only to disarm Hezbollah, which has been the narrative pushed since Israel’s invasion in March, but to “demilitarize Lebanon,” which hasn’t been reported as a point which is being discussed at any of the US hosted talks.

Israeli military targets school, ambulance in southern Lebanon, killing six civilians -Israeli forces launched a new wave of attacks across southern Lebanon and the western Bekaa on Saturday (June 6th), striking civilian areas, destroying an ambulance, damaging a school, and killing six Lebanese civilians. Israeli warplanes and artillery targeted the towns of Kfra, Aadchit, Kounine, Babliyeh, Toul, Arabsalim, Shahabiyeh, Mahmoudiyeh, Marwaniyeh, Majdal Zoun, Aba, Mayfadoun, Arnaba on the outskirts of Maghdoucheh, Kfar Tebnit, Qatrani, the road between Maarakeh and Teir Debba, the city of Nabatieh, and Sohmor in the western Bekaa, according to a report by Al Mayadeen. The attacks also struck the Rayhan forest, the Barghaz Valley, and the Rayhan heights, while Israeli artillery shelled Kfar Tebnit, the report added. One of the deadliest incidents occurred in the town of Zebdine, where an Israeli strike hit an ambulance that was delivering food supplies to a family inside the town. Five civilians were killed in the attack. In the Hasbaya district, Israeli artillery fire struck a school in the town of Barghaz, causing a fire and significant damage to the building. Earlier in the day, another Israeli strike targeted a motorcycle in Deir al-Zahrani, in the Nabatieh district, killing one person. The latest Israeli attacks come despite repeated announcements of a ceasefire between Lebanon and the occupying Israeli regime. The continued assaults have contributed to the destruction of Lebanese towns and villages and a rising death toll from the war, which has claimed at least 3,526 lives since March 2, according to the latest figures released by Lebanon's Health Ministry on Thursday. On March 2, Hezbollah launched military operations against the Israeli regime in response to its aggression against Iran, its repeated violations of the 2024 ceasefire, and its continued occupation of Lebanese territory in the country’s south. Following the Iran-US ceasefire on April 8, Tel Aviv was compelled to accept a ceasefire in Lebanon as well, after Tehran demanded an end to Israeli attacks on Lebanese soil as one of its primary conditions in indirect negotiations with Washington. The Israeli military, however, quickly resumed its assaults on southern Lebanon, issuing evacuation threats for several areas even after the initial ten-day truce between Tel Aviv and Beirut was extended several times. Israeli occupation forces also continue to hold parts of southern Lebanon, where they have imposed a so-called “Yellow Line” — a coercive military buffer resembling the regime’s notorious control measures in the besieged Gaza Strip.

Israel Killed 119 Palestinians in Gaza in May, the Highest Monthly Death Toll of the Year - -  Israeli forces killed at least 119 Palestinians in Gaza in May, marking the highest monthly death toll of the year, Middle East Eye reported on Wednesday, citing numbers from Gaza’s Health Ministry.Israel has been constantly violating the US-backed ceasefire deal that was signed in October 2025 and has intensified its attacks after the US and Israel reached a ceasefire with Iran. Israeli strikes in May included assassinations of Hamas leaders and attacks on Gaza’s police force, but many civilians were killed as well. Among those killed in May were 19 children and 10 women. Regardless of who the IDF is targeting or who gets killed, each attack marks a violation of the ceasefire deal, which called for a halt to all military operations, including “aerial and artillery bombardment and targeting operations.”Israeli attacks continued on Wednesday, with Gaza health officials telling Reuters that at least three Palestinians were killed throughout the day. One attack was an airstrike in central Gaza, which killed two brothers: Saqer and Moamen Khalil Abu Karim.Gaza’s Health Ministry said in its daily update that since the so-called ceasefire deal was signed in October 2025, Israeli attacks have killed 936 Palestinians and wounded 2,903, nearly 4,000 total Palestinian casualties. “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.Israel has also violated the ceasefire deal by expanding its control of Gaza from 53% of the territory to 60% as it has moved the “yellow line” further west. Israeli Prime Minister Benjamin Netanyahu said last week that he ordered the IDF to expand its occupation to 70% of the Palestinian territory.  The ceasefire deal states that the “IDF will not return to areas that have been withdrawn from, as long as Hamas fully implements the agreement,” and Hamas has fulfilled its side of the deal by releasing all living Israeli hostages and bodies that it had and working to recover other Israeli remains.Israeli officials have claimed Hamas is violating the deal by not disarming, but the agreement didn’t commit Hamas to giving up its weapons. The two sides agreed to a US proposal that called for the “demilitarization” of Gaza as a framework for negotiations, but the issue of disarmament was meant to be worked out in follow-up negotiations.

French navy, with backing from UK, seizes sanctioned Russian tanker- French President Emmanuel Macron said Monday his country’s navy, with the United Kingdom’s backing, seized a sanctioned Russian oil tanker in the Atlantic Ocean. Macron shared a videoon the social platform X from Sunday morning of the tanker Tagor being boarded, showing one person rappelling from a helicopter onto the cargo ship and armed forces seen through night vision. The French president said the operation was carried out “in strict compliance with the law of the sea.” “It is unacceptable for ships to circumvent international sanctions, violate the law of the sea, and fund the war that Russia has been waging against Ukraine for more than 4 years,” Macron’s post reads, translated from French. “These vessels, which fail to adhere to the most basic rules of maritime navigation, also pose a threat to the environment and to everyone’s safety.” The ship was intercepted more than 400 nautical miles west of France, heading from the northwestern Russian port of Murmansk. Kremlin spokesperson Dmitry Peskov said Russia condemned the seizure and disagreed that it was done in compliance with international law. “We consider such actions illegal, bordering on international piracy,” Peskov said at a press conference on Monday.France and other countries have said they are cracking down on Russia’s suspected fleet of ships seeking to evade international sanctions, according to French maritime authorities.The seizure occurred before Macron said on Sunday that he met with Persian Gulf leaders, urging them to help the U.S. and Iran reach a peace deal to end and reopen the Strait of Hormuz. The closure of the crucial shipping lane has caused gas prices to skyrocket internationally and drive up inflation.  “The priority must be the conclusion of a ceasefire and the immediate reopening of the Strait of Hormuz, without any conditions and in accordance with international law,” Macron wrote on X. The ceasefire between the two countries remains fragile after U.S. Central Command stated on Monday that it intercepted Iranian ballistic missiles that targeted U.S. forces in Kuwait, as well as radar and drone sites in Iran.