Topic
oil
Commodities Cabinet Approves Rs 84,084 Crore 'Samudra Manthan' Scheme for Oil & Gas Exploration
India's Union Cabinet approved the Rs 84,084 crore 'Samudra Manthan' National Offshore Exploration Scheme to boost domestic oil and gas production. The scheme aims to add over 600 MMTOE of hydrocarbon reserves, with incremental annual output of 10–15 MTOE, as India seeks to cut its ~90% oil import dependence amid Middle East tensions.
Commodities BP Puts North Sea Oil and Gas Business Up for Sale, Ending 60-Year Era
BP has announced the sale of its North Sea business, marking the end of 60 years of production in the region. The portfolio includes five production hubs and around 1,100 employees. CEO Meg O'Neill said the business would be better positioned as part of another company.
Commodities Crude oil futures fall 3% to ₹7,811 per barrel as West Asia shipping improves
MCX crude oil futures fell 2.81% to ₹7,811 per barrel for August delivery on Friday, tracking weak global benchmarks as improved tanker movements through the Strait of Hormuz and Bab el-Mandeb eased geopolitical supply concerns. Prices remain pressured by lingering risks, including halted loadings at Kazakhstan's Black Sea terminal and the Houthi blockade threat.
Commodities Burnham Confirms Pragmatic North Sea Oil Stance in Trump Call, Fueling Drilling Debate
Prime Minister Andy Burnham said he told US President Donald Trump he would take a 'pragmatic approach' to North Sea oil and gas. Trump claimed Burnham pledged to 'open up the North Sea,' drawing praise from the president and criticism from environmental groups. The debate centres on the Rosebank and Jackdaw fields, with legal challenges ongoing.
Logistics Transponders Off: Saudi Crude Tankers for India Exit Red Sea 'Dark' to Avoid Houthi Blockade
Two oil tankers carrying Saudi crude to Indian refiners—the Suezmax Amazon and Aframax Rodos—switched off their Automatic Identification System (AIS) transponders to safely exit the Red Sea via the Bab el-Mandeb Strait, after Houthi rebels announced a blockade on Saudi shipments. The vessels, managed by Dynacom Tankers, changed course southward on July 22 and are now heading to India, with Rodos due at Mangalore on August 1 and Amazon expected in Chennai in early August. This is the first known instance of 'dark' sailing for Saudi crude tankers to India since the blockade began.
Commodities India's Russian crude imports may hit 3 mbd record on Red Sea disruptions, Kpler says
India's crude oil imports from Russia could reach a new record of 3 million barrels per day (mbd) if disruptions through the Strait of Hormuz and Red Sea persist, according to Kpler. Current imports stand at about 2.6 mbd, accounting for roughly 55% of total crude imports, as Russian crude remains India's strongest supply hedge.
Trade US Sanctions Iran’s Hormuz ‘Extortion Scheme’ and Eight Shadow Tankers
The US Treasury sanctioned Persian Gulf Marine Insurance Company and HormuzSafe Marine Services Authority for running an IRGC-backed extortion scheme that forces commercial vessels to purchase maritime insurance before transiting the Strait of Hormuz. OFAC also designated eight tankers and their owning companies for transporting Iranian crude oil, bringing the total shadow fleet sanctions to over 100 ships since the start of the year.
Commodities From Hurricane Wasteland to World's Largest LNG Hub: Louisiana Parish Booms
Cameron Parish, Louisiana, transformed from a community destroyed by Hurricane Rita in 2005 into a global LNG powerhouse. The world's largest LNG terminal, Sabine Pass, operates there, processing 29.5 million tonnes annually. Two more terminals exist, and a $13bn fourth is under construction. The county projects over $4bn in tax revenues from LNG over the next decade, as US exports surge to supply European demand following Russia's invasion of Ukraine.
Commodities Oil prices surge nearly 4% on West Asia tensions and lower US crude inventories
Oil prices surged nearly 4% on Wednesday after joint US-Saudi strikes in Iraq and interception of Iranian missiles, while US crude inventories fell by 3.3 million barrels. Brent rose to $87.39 and WTI to $82.31, with OPEC+ reportedly set to halt output increases. The geopolitical escalation dampens expectations for de-escalation in the Persian Gulf.
Commodities Crude Prices Climb Over 4% as Renewed Middle East Tensions and Inventory Draw Fuel Supply Fears
Oil prices rebounded sharply on Wednesday, with Brent crude climbing 4.41% to $87.80 per barrel and WTI gaining 4.23% to $82.61. Renewed Middle East tensions, particularly around the Strait of Hormuz, and a 3.3 million barrel draw in US crude inventories reversed the previous session's steep decline.
Commodities Noble Reports $37M Net Loss on Rig Suspensions in Brazil and Black Sea Exit
Offshore driller Noble posted a $37m net loss in Q2 2026 as revenue fell to $679m, driven by the suspension of the Noble Faye Kozack and Noble Courage in Brazil and the end of the Noble Globetrotter I contract in the Black Sea. CEO Robert Eifler noted a $43m adverse impact from the Brazilian suspensions. Despite the weak quarter, Noble added $200m in new contract value and maintained a $6.8bn backlog.
Commodities Saudi Aramco Considers New Asia Crude Pricing as Red Sea Disruption Raises Shipping Costs
Saudi Aramco is evaluating a new pricing mechanism for crude loaded from Egypt's Sidi Kerir port for Asian buyers to account for higher shipping costs after Houthi-imposed disruptions in the Red Sea. The diversion via the Suez-Mediterranean Pipeline and around the Cape of Good Hope could add about $5 per barrel to costs. Three sources with knowledge of the matter confirmed the consideration.
Finance Oil Price Volatility and RBI's Steady Hand Stabilise Rupee Ahead of August MPC Meeting
The Indian rupee is entering a stable phase ahead of the RBI's August MPC meeting, with analysts ruling out sharp depreciation. Brent crude below $105 limits USD/INR below 97.50, while the RBI prioritises managing volatility over defending specific levels. Rising crude inflation may delay rate cuts.
Commodities Oil price dives over 9% as US and Iran pause attacks, Brent drops below $88
The price of oil sank more than 9% on Monday, with Brent crude dipping below $88 a barrel, after the US and Iran paused attacks to give talks space. The fall follows last week's spike above $100 amid fears over the Strait of Hormuz and Houthi attacks in the Red Sea.
Logistics Weekend Lull Fails to Unlock Strait of Hormuz Shipping as Attacks Pause
A weekend lull in US-Iran attacks brought no relief to Strait of Hormuz shipping, with commercial traffic at around 12 daily passages and crude tanker transits at about one per day. The Pentagon halted its bombing campaign late Friday after 13 consecutive nights, but shipowners remain wary. Meanwhile, the Lloyd's Market Association published model wording (LMA5708) that could void hull cover for vessels paying transit fees, and US Central Command continued enforcement operations, including disabling a tanker in the Gulf of Oman.
Commodities Gold Prices Jump Over 1% as Easing Middle East Tensions Drag Oil Lower, Fed Decision in Focus
Gold prices jumped over 1% in early trade as hopes of de-escalation between the US and Iran pushed crude oil prices lower, reducing inflation concerns. Spot gold climbed 1.4% to $4,110.56 an ounce, while silver surged nearly 5%. The Federal Reserve's upcoming monetary policy decision is now the key driver for precious metals.
Home Heating Oil Prices in Northern Ireland Jump £100 in Three Weeks on US-Iran Tensions
The average cost of 500 litres of home heating oil in Northern Ireland has risen by £98.78 (29%) in three weeks, reaching £445.37, according to the Consumer Council for Northern Ireland. The surge is attributed to escalating fighting between the US and Iran. About two-thirds of Northern Ireland households rely on heating oil, the highest proportion of any UK region.
Commodities Oil Holds Above $100 as Red Sea Attacks and Kazakhstan Outage Tighten Supplies
Oil prices have staged a sharp comeback, with Brent crude holding above $100 a barrel after Iran-aligned Houthi rebels attacked Saudi oil tankers in the Red Sea and a suspected Ukrainian drone strike forced the closure of Kazakhstan's main Black Sea export terminal. The twin disruptions have renewed fears over global energy supplies, reversing earlier hopes of easing Middle East tensions.
Commodities Iran War Pushes Brent to $100, Oil Companies Fear Hit to Their Finances
Global benchmark Brent crude topped $100 per barrel for the first time in nine weeks amid renewed US-Iran conflict in West Asia. The disruption through the Strait of Hormuz and continued Houthi attacks on Bab el-Mandeb Strait have pushed prices up nearly 7% in a day. Indian oil marketing companies, already reeling from losses in the June quarter, face further financial strain as crude prices surge.
Commodities Brent crude tops $100 on Red Sea attacks, Houthis claim strikes on Saudi tankers
Brent crude climbed above $100 per barrel for the first time since May after Yemen's Houthi group claimed responsibility for attacking two Saudi oil tankers in the Red Sea. The geopolitical risk premium drove prices sharply higher, with Brent trading at $100.79 per barrel, up 7%, and WTI at $91.83 per barrel. Analysts warn of further upside if Strait of Hormuz exports are disrupted.
Commodities Oil Prices Hit $100 for First Time Since May as Middle East Conflict Escalates
Oil prices hit $100 a barrel for the first time since May as the escalating conflict in the Middle East reignited fears over global energy supplies, according to BBC. Brent crude rose more than 5% on Thursday after several days of increases, with the US stepping up military strikes against Iran. Houthi militia attacks on oil tankers in the Red Sea and a failed ceasefire between the US and Iran have further tightened supply concerns.
Commodities India's Surging Refined Product Exports Ease Asia Fuel Crisis, Says Russell
India's exports of light and middle distillates are expected to reach 1.55 million barrels per day in July, the second-highest level in Kpler records since 2017, easing Asia's fuel crisis. The surge is driven by soaring product premiums after the breakdown of the US-Iran ceasefire, with Brent crude rising 34% from its post-deal low. Other exporters like Oman and Taiwan are also boosting output, but Asia's imports remain 18% below pre-conflict levels, indicating continued tightness.
Logistics Houthis Claim Missile and Drone Strikes on Two Saudi Tankers in Red Sea Escalation
Yemen's Houthi movement claimed to have struck two Saudi oil tankers in the Red Sea on July 23, 2026, the first attacks since declaring a naval blockade on Saudi Arabia. One tanker, the Encelia, was hit by an unknown projectile, causing a fire. The Houthis declared the Bab el-Mandeb strait closed to Saudi-flagged tankers, raising risks for shipping lanes and energy infrastructure.
Commodities Under-recoveries push HPCL, BPCL into losses: Times of India report highlights state-owned oil firms' financial strain
According to a Times of India article, state-owned HPCL and BPCL are being pushed into losses due to under-recoveries. The report, authored by Atul Mathur, highlights financial strain but does not provide specific figures or commodity prices.
Logistics Direct Hits on Tankers Push Hormuz Traffic to New Lows, Brokers Warn
Tanker traffic through the Strait of Hormuz has fallen sharply after a series of direct Iranian attacks on commercial vessels. Outbound movements average just four tankers per day, inbound three, well below previous averages. The pool of willing shipowners is shrinking, and the risk environment is deteriorating rapidly.
Logistics Houthi Naval Blockade on Saudi Arabia Tightens Oil Supply Pincer, Disrupts Red Sea Tanker Routes
Yemen's Houthis have declared a naval blockade on Saudi Arabia, causing tankers carrying Saudi crude and a Chinese car carrier to turn back in the Red Sea. The disruption threatens the fallback export route via the Red Sea, which Saudi Arabia had relied on after the Strait of Hormuz became too dangerous. Asian refiners are now seeking longer routes via Suez and the Cape of Good Hope, adding weeks to voyages and significantly increasing freight and bunker costs. Analysts warn that combined disruption of Hormuz and Bab el-Mandeb could affect routes carrying roughly a quarter of global oil supply.
Commodities BP removes crews from Gulf of Mexico platforms as Tropical Storm Bertha approaches
BP is evacuating nonessential personnel from its Thunder Horse and Na Kika platforms in the Gulf of Mexico ahead of Tropical Storm Bertha. Chevron earlier suspended output at its Petronius facility and removed staff from Tubular Bells and Blind Faith. The storm has sustained winds of 95 kph and is expected to bring dangerous surf conditions through Wednesday.
Logistics Tankers Carrying Saudi Crude for India, China Make U-Turn in Red Sea on Houthi Threats
Three tankers carrying Saudi crude oil bound for China and India reversed course in the Red Sea on Tuesday after Yemen's Houthi militia warned of a naval blockade on Saudi ports. The vessels are now heading toward the Suez Canal, lengthening voyages and raising insurance costs.
Commodities Diesel Prices Surge in Largest Weekly Jump Since Iran War, Now Double Brent Crude
Diesel prices experienced their largest weekly jump since the Iran War, adding over 55 cents per gallon in two weeks, according to the latest DOE/EIA report. The surge has pushed diesel to double the price of Brent crude, highlighting severe imbalances in the global energy market. The spike threatens US industry, strains supply chains, and raises concerns ahead of hurricane season and ongoing geopolitical conflicts.
Commodities Russia, Latin America Fill Gap as India's Middle East Oil Imports Fall on Hormuz Disruptions
India's crude oil imports from the Middle East dropped 27% year-on-year in the April-June quarter to 1.55 million barrels per day, constrained by disruptions through the Strait of Hormuz following the US-Israeli attack on Iran. Imports from the CIS, including Russia, surged 8.3% to 2.26 million barrels per day, with Russian crude hitting an all-time high of 2.64 million barrels per day in June. Imports from Latin American suppliers such as Brazil, Venezuela, and Angola also increased, as Indian refiners adapted to supply route disruptions.
Business Indian Stocks and Rupee Slide as Oil Spike Fuels Market Pressure
Indian markets closed lower on Monday with the Sensex falling 443 points and the Nifty declining 96 points amid volatile crude prices and geopolitical risks. The rupee weakened to 96.45 against the dollar, while banking stocks led the decline.
Commodities Fresh Houthi Maritime Blockade Threatens Saudi Crude Exports via Red Sea Route
The Iran-backed Houthi movement in Yemen has announced a maritime blockade against Saudi Arabia, threatening crude exports via the Red Sea. Brent crude edged higher amid the fresh geopolitical risk, with Saudi Arabia having rerouted exports through Yanbu port after Strait of Hormuz disruptions.
Commodities US fuel prices rise: Gasoline returns to $4 per gallon after Middle East flare-up
A report from Times of India indicates that US gasoline prices have risen to $4 per gallon after a Middle East flare-up. The headline highlights the renewed price level, though no further details on specific contracts or volumes were provided.
Logistics Hormuz transits fall sharply as Iran warns of unsafe waters amid US strikes
Transits through the Strait of Hormuz have dropped sharply after Iran claimed two oil tankers exploded and warned the waterway is unsafe. Clarksons data shows crude tanker transits fell from six to roughly two per day, and total shipping from 36 to about 15, as the US continues airstrikes on Iran.
Commodities Brent crude oil tops $90 as US and Iran intensify Middle East attacks
Oil prices surged on Monday, with Brent crude surpassing $90 a barrel, as the United States and Iran intensified attacks in the Middle East, disrupting energy shipments through the Strait of Hormuz. Brent climbed 3.05% to $90.79, its highest since June 11, after a 15.9% weekly gain. The conflict escalated with US naval blockades and Iranian strikes on shipping, reducing transit through the strategic waterway.
Commodities India’s Record $5.14 Billion Russian Crude Imports in June Bolster Energy Security Hedge
Indian refiners bought a record $5.14 billion worth of Russian crude oil in June 2026, according to CREA. Imports rose 34% month-on-month, with Jamnagar refinery seeing a 150% increase. The average price of Urals crude fell 26% to $63.18 per barrel, still above the EU/UK price cap.
Commodities CMA Recommends Heating Oil Protections After Prices Peak 92% Higher in West Midlands
The Competition and Markets Authority (CMA) recommended stronger protections for heating oil customers after prices almost doubled following the US-Israel war with Iran. The plan covers pricing transparency, cancellations, and compensation for 1,700 cancelled orders. West Midlands households, including Jemma McCarron and Nick Weaver, welcomed the proposal amid supply disruptions and soaring costs.
Commodities US firms sign $60 billion Iraq deals to expand oil exports beyond Strait of Hormuz
US companies signed roughly $60 billion in agreements with the Iraqi government on Friday, including deals to develop alternative oil export routes beyond the Strait of Hormuz. The agreements come amid the US-Iran war that has disrupted Hormuz shipments and caused oil price volatility. Chevron signed three agreements focused on boosting production and building a new pipeline. Goldman Sachs estimated pipelines could carry 60% of current Hormuz oil by 2028.
Logistics Petronas Extends Indonesian FPSO Charter to 2036, Ensuring Long-Term Offshore Production
Petronas Carigali has negotiated a 10-year extension for the Ratu Nusantara FPSO on the Bukit Tua oilfield offshore Indonesia, keeping the vessel in operation until 2036. The floating production unit, owned by Sabah International Petroleum and PT M3 Ketapang Sejahtera, has a processing capacity of 25,000 bbl of oil and 60m cf of gas per day. The extension follows over 11 years of consistent performance and strengthens the partnership between Malaysia and Indonesia.
Commodities Why Has China's Oil Imports Fallen So Sharply, and What Does It Mean for Global Markets?
China's oil imports have dropped sharply from an average of 11.5 million bpd to around 8 million bpd since April, with June shipments at 40% of pre-Iran war levels. The decline, driven by lower fuel demand, electrification, and economic slowdown, has kept global prices in check but raised uncertainty about permanence.
Commodities Russia to Continue Supplying Half of India's Crude Oil Imports in July and August
India's crude oil imports from Russia are expected to keep June's record pace in July and August, with Russian barrels accounting for over half of shipments. Refiners are leveraging Russian crude as a hedge against supply disruptions from the Strait of Hormuz, while West Asian producers like Saudi Arabia and UAE try to regain share with price cuts and alternate routes.
Commodities Gold and Silver Slide as Rising Yields and Oil Price Surge Weigh on Precious Metals
Gold and silver prices fell sharply, with spot gold dropping 2% to around $3,984/oz and silver 3.6% to $55.68/oz, as rising US Treasury yields and higher crude oil prices dampened investor appetite. MCX silver shows technical recovery potential toward Rs 227,000 with support at Rs 218,000. Geopolitical tensions in the Middle East threaten oil routes, fueling inflation concerns and weighing on precious metals.
Logistics US Forces Fire Hellfire Missiles to Disable Iran-Bound Tanker in Arabian Gulf
U.S. forces fired Hellfire missiles to disable the Curacao-flagged tanker M/T Belma attempting to violate a blockade toward Iran's Kharg Island terminal. The vessel ignored multiple warnings and is no longer transiting. The U.S. blockade began July 14 after the ceasefire collapsed. Crude oil futures stabilized at $78 per barrel with reduced Strait of Hormuz traffic.
Commodities Oil market absorbs war shock through buffers but stocks run thin: IMF blog warns
The global oil market weathered the biggest supply disruption in decades after the Strait of Hormuz was closed due to war in West Asia, according to an IMF blog. Prices stabilized in the $90-100 per barrel range as demand compression, non-Gulf production increases, and inventory drawdowns offset the loss of about 20 million barrels per day. However, by end-May over 1.1 billion barrels had not reached market, and the IMF warns that buffers are now thin, leaving the world more vulnerable to future shocks.
Commodities Noble Corporation Wins $136M Drillship Contract for Offshore Brunei Operations
Offshore drilling contractor Noble Corporation has won a $136.2 million contract to deploy the 2014-built drillship Noble Viking for an undisclosed customer in Brunei. The firm scope covers six wells with options for three more, beginning in early 2028 for approximately 296 days. The Noble Viking is currently finishing a campaign in Papua New Guinea, followed by another in Malaysia.
Trade Oil, LNG, Fertilisers and Diamonds at Risk from Iran's Wider Blockade Threat Beyond Strait of Hormuz
Iran's Islamic Revolutionary Guard Corps (IRGC) has warned it could expand efforts to disrupt regional trade beyond the Strait of Hormuz, threatening oil, LNG, fertilisers and diamond supply chains. The Strait carries nearly 20 million barrels per day of crude and petroleum products, and over 90% of Qatar and UAE's LNG exports. Diamonds routed through India and UAE for cutting and polishing face disruption, along with petrochemicals and food shipments.
Logistics Ukraine's Azov campaign hits 116 Russian vessels in nine days, eclipsing 1980s tanker wars
Ukraine has struck 116 Russian vessels in nine days in the Sea of Azov, a campaign that maritime security firm Ambrey says has surpassed the pace of the Iran-Iraq tanker war. The attacks, targeting tankers and cargo ships, aim to sever Russian logistics chains. Around a quarter of Russia's grain exports move through Azov ports, and diversions to the Black Sea and Baltic are already being considered. The IMO condemned the strikes, while seafarer casualties have been reported, including eight killed in Russian counterstrikes on Odesa.
Logistics Hormuz crisis reaches final form: double tolls, dual routes, and paralysis for shipping
The Strait of Hormuz has become the world's first double-tolled chokepoint after the US announced a 20% levy on all cargo transiting the strait, while Iran continues collecting fees from 'friendly' vessels. The dual pricing, along with two rival traffic routes and two irreconcilable geopolitical worldviews, is creating paralysis across ocean freight, especially for oil and LNG tankers. P&I clubs, charterers and traders have no precedent to price the risk.
Logistics Trump Monetises Hormuz Security as Tanker Attack Kills Indian Seafarer and US Reimposes Iran Blockade
A UAE-flagged tanker was struck by Iranian missiles in the Strait of Hormuz, killing an Indian crew member, as the US resumed its blockade of Iranian ports and President Trump announced a 20% toll on all cargo transiting the waterway. DP World is planning a new port at Fujairah to bypass the strait.
Commodities Crude Surges to One-Month High as US-Iran Conflict Escalates, Brent Nears $85
Oil prices climbed to a one-month high on Tuesday as the United States reinstated a naval blockade on Iran and intensified military strikes, while Tehran retaliated with attacks on UAE oil tankers in the Strait of Hormuz. Brent crude rose 2% to $84.98 a barrel, and WTI gained 2.1% to $79.79, adding to a 9.6% surge in the prior session.
Trade US and Iran Trade Fire as Tensions Rise Over Strait of Hormuz
The US launched a new attack on Iran on Sunday evening, killing one person, according to Iranian state media. Iran's Islamic Revolutionary Guard Corps (IRGC) responded by striking US military bases in Kuwait, Jordan, and Bahrain. The Strait of Hormuz remains at the center of conflicting claims—Iran says it is closed, the US insists it is open. Oil prices jumped 4.3% in Asia on Monday, with Brent crude at $79.26 a barrel.
Logistics Petrobras Rises as Unipec's Tanker Dominance Weakens on Middle East Disruption
Petrobras became one of the biggest gainers in the crude tanker market in H1 2026, climbing to second place in dirty charterer rankings as Unipec's VLCC dominance weakened due to Middle East disruption. According to Poten & Partners, Unipec's VLCC fixtures fell from 317 to 217, while Petrobras' rose 40% to 73, placing it ahead of TotalEnergies, Chevron, and ExxonMobil.
Commodities Reverse Oil Flow: India Supplies Gasoline to Russia as War Cripples Refineries
India has supplied gasoline to Russia for the first time, with Nayara Energy dispatching 60,000 metric tons of gasoline. The reverse flow follows Ukrainian drone attacks that have crippled over 40% of Russia's refining capacity, forcing Moscow to import gasoline even as it remains a major crude exporter. Oil minister Hardeep Singh Puri clarified that Indian companies are not directly selling to Russia; the gasoline was purchased from international traders.
Commodities Oil edges lower but heads for weekly gain as West Asia supply risks persist
Oil prices edged lower on Friday but remained on track for weekly gains as the United States and Iran continued trading strikes, keeping supply risks elevated. Brent futures fell 6 cents to $76.24/bbl, while WTI lost 4 cents to $72.04/bbl. For the week, Brent was set for a 6% gain and WTI for a 5% increase.
Logistics Strait of Hormuz Near Standstill, Ukraine Strikes, Evergreen Raided, ZIM Sale Faces Hurdles
The Strait of Hormuz saw a near standstill after US strikes on Iran, with three vessels attacked. Ukraine escalated attacks on Russian shipping. Evergreen Marine was raided in Taiwan. The ZIM sale to Hapag-Lloyd faces political opposition. The Panama Canal will reduce neopanamax draught limits.
Commodities Oil Prices Slip but Head for Weekly Gains as US-Iran Conflict Keeps Supply Fears Alive
Oil prices edged lower in early trade on Friday but remained on course for strong weekly gains as renewed military exchanges between the United States and Iran kept concerns over global crude supplies elevated. Brent crude was set to post a 6% weekly gain, while WTI was on track to rise 5%. The disruption to the Strait of Hormuz remains a key concern, though demand-side worries from inflation limited the upside.
Logistics Strait of Hormuz Traffic Near Standstill as Trump Declares Ceasefire 'Over' After US Strikes on Iran
Traffic through the Strait of Hormuz came to a near standstill on July 9 after a second day of US strikes on Iran, with President Trump declaring the ceasefire 'over.' Iran struck Kuwait and Bahrain, and attacks on three commercial vessels—including an LNG carrier and two VLCCs—prompted an IMO evacuation framework suspension. The Joint Maritime Information Centre raised the threat assessment to severe, and Iran threatens to close the strait completely.
US Gulf of Mexico Third Offshore Lease Sale Scheduled for August Bidding
The US Bureau of Ocean Energy Management (BOEM) has scheduled its third Gulf of America oil and gas lease sale for August 12, 2026, offering about 15,100 unleased blocks across 325,367 sq km. The sale follows a weak second sale in March that drew only $47 million in high bids, significantly lower than the $280 million raised in the first sale in December 2025. The auction is part of 30 required sales under the One Big Beautiful Bill Act and Trump's Executive Order 14154.
Commodities UK North Sea Offshore Workers Reject Pay Offer and Back Strikes at Neo Next+ Energy Platforms
Offshore workers at Neo Next+ Energy's Elgin Franklin and North Alwyn platforms have rejected pay offers of less than 3% and voted for strike action, with the first 24-hour stoppage scheduled for July 22. The dispute involves around 50 Unite union members in key operational roles, and further walkouts are planned on July 29 and August 5, 12, and 19. Unite leadership has called the pay offers "pitiful" and warned the company to resolve the issue before disruptions begin.
Commodities Oil Jumps Nearly 5% as Trump Declares Iran Ceasefire 'Over'; Wall Street Falls
Oil prices surged nearly 5% and US stocks fell on Wednesday after President Donald Trump declared the ceasefire with Iran effectively over, raising fears of renewed disruptions to global energy supplies. Brent crude rose 4.8% to $77.74 a barrel, while the S&P 500 dropped 0.5% and the Dow lost 550 points.