US oil product exports surged to a record 8.2 million barrels per day last week as countries scrambled to replace fuel supplies disrupted by the Hormuz crisis, according to Bloomberg reporting, which noted that diesel exports led the increase and reached an all-time high.Countries are now competing for refined products, including diesel, jet fuel, and gasoline as shipping disruptions around Hormuz destabilize downstream fuel systems tied to transportation, aviation, and industrial activity.  Europe’s growing jet fuel shortages and rising…

US oil product exports surged to a record 8.2 million barrels per day last week as countries scrambled to replace fuel supplies disrupted by the Hormuz crisis, according to Bloomberg reporting, which noted that diesel exports led the increase and reached an all-time high.Countries are now competing for refined products, including diesel, jet fuel, and gasoline as shipping disruptions around Hormuz destabilize downstream fuel systems tied to transportation, aviation, and industrial activity.  Europe’s growing jet fuel shortages and rising…

Donald Trump has denied, downplayed, or sought to reverse action on climate change through a combination of public rhetoric, the appointment of skeptics to key positions, and the dismantling of environmental regulations. As of 2026, his actions have included calling climate change a “hoax” or “scam,” withdrawing the US from global climate agreements, and systematically removing climate data from federal websites. (Natural Resources Defense Council) Now his administration is turning to the courts to defend oil and gas companies…

Israel will begin supplying jet fuel to Germany after Berlin requested assistance as the Hormuz crisis starts disrupting aviation fuel flows into Europe. Israeli Foreign Minister Gideon Sa’ar informed Germany’s economy and energy ministry during meetings in Berlin this week that Israel would approve shipments after determining it had surplus jet fuel production capacity, according to Israeli media reports.  Israeli officials said the shipments would be coordinated through domestic refining companies, with export volumes and delivery…

Israel will begin supplying jet fuel to Germany after Berlin requested assistance as the Hormuz crisis starts disrupting aviation fuel flows into Europe. Israeli Foreign Minister Gideon Sa’ar informed Germany’s economy and energy ministry during meetings in Berlin this week that Israel would approve shipments after determining it had surplus jet fuel production capacity, according to Israeli media reports.  Israeli officials said the shipments would be coordinated through domestic refining companies, with export volumes and delivery…

Europe and the UK’s approach to energy policy is “all over the place” and eroding the region’s security and growth prospects, Jim Ratcliffe has said in an announcement confirming Ineos’s plans to expand its oil and gas operations in the Gulf of Mexico. In a statement announcing Ineos’s fresh investment in the US alongside Shell, the billionaire chemicals tycoon blasted Britain and the EU for neglecting their energy and industrial sectors, saying both were crucial for a vibrant economy. “Growth in an economy…

Crude oil inventories in the United States decreased by 2.3 million barrels during the week ending May 1, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 457.2 million barrels, according to government data, which is still 1% above the five-year average for this time of year. According to weekly EIA data, crude oil inventories in the United States have increased by 1 million barrels over the last 6 weeks. The EIA’s data release follows API’s…

Lufthansa Group expects the surge in jet fuel prices to cost it an additional $2 billion this year as the closure of the Strait of Hormuz “is leading to a shortage in kerosene supply and thus to a significant increase in kerosene prices,” Europe’s biggest airline said on Wednesday. Lufthansa expects strong summer travel numbers, but it warned that “At the same time, the current closure of the Strait of Hormuz is leading to a shortage in kerosene supply and thus to a significant increase in kerosene prices.” The war…

Lufthansa Group expects the surge in jet fuel prices to cost it an additional $2 billion this year as the closure of the Strait of Hormuz “is leading to a shortage in kerosene supply and thus to a significant increase in kerosene prices,” Europe’s biggest airline said on Wednesday. Lufthansa expects strong summer travel numbers, but it warned that “At the same time, the current closure of the Strait of Hormuz is leading to a shortage in kerosene supply and thus to a significant increase in kerosene prices.” The war…

The national average price of gasoline in the United States has just topped $4.50 per gallon, the highest level since the middle of July 2022, according to data from GasBuddy, as the Iran war drains fuel inventories and sends crude prices higher. Prices are now just $0.50 off the all-time high hit in June 2022, when the Russian invasion of Ukraine led to crude oil prices spiking to above $100 per barrel. Nationwide, the all-time high was set on June 14, 2022, when a gallon of regular gasoline at retail sites topped $5 and was $5.016. The pain at…

The national average price of gasoline in the United States has just topped $4.50 per gallon, the highest level since the middle of July 2022, according to data from GasBuddy, as the Iran war drains fuel inventories and sends crude prices higher. Prices are now just $0.50 off the all-time high hit in June 2022, when the Russian invasion of Ukraine led to crude oil prices spiking to above $100 per barrel. Nationwide, the all-time high was set on June 14, 2022, when a gallon of regular gasoline at retail sites topped $5 and was $5.016. The pain at…

Pakistan on Wednesday issued a tender seeking to urgently buy two LNG cargoes for delivery later this month as the country struggles to cope with a gas and power crisis amid disrupted LNG supplies from the Middle East. Pakistan LNG Limited (PLL), the state-owned company procuring LNG from international markets, issued a tender on Wednesday inviting bids from LNG suppliers for the supply of LNG on a Delivered Ex-Ship (DES) basis at Port Qasim, Karachi. Pakistan is seeking to buy one LNG cargo for delivery in the window May 12-14, 2026, and another…

Brent crude fell 10% to $98 and WTI dropped over 12% to $89 after reports emerged that the U.S. and Iran are discussing a one-page memorandum to pause the Hormuz conflict. President Trump halted Project Freedom — a naval effort to escort vessels through the Strait of Hormuz — citing "great progress" toward a "complete and final agreement" with Iran. Iran's Foreign Minister Abbas Araghchi insisted Tehran would only accept "a fair and comprehensive agreement," leaving the outcome of negotiations uncertain. 1m ago 9:55am CST Oil Prices…

Saudi Arabia has reduced the official selling price of its flagship crude loading for Asia in June from the May record high, but the price cut was less than expected. Next month’s supply from the world’s top crude exporter would still see the second-highest premium to benchmarks in history.   Saudi oil giant Aramco has announced that its flagship Arab Light grade loading for Asia in June would be priced at $15.50 per barrel above the Oman/Dubai average, off which Middle Eastern producers price their crude going to Asia. That’s…

Hyper-industrial-scale plastic production has become an industrial-scale health, environmental, and remediation problem. It is challenging to put a dollar figure on burying ourselves alive. The damage appears to have no endpoint. The UNDP estimates that up to $600 billion in environmental damage and ecosystem losses so far, but that figure fails to capture a bare minimum of $250-billion in annual health-care costs linked to plastics. Microplastics are now in our blood and our organs. They are the air that we breathe. It’s becoming harder…

The oil futures market appears not to have caught up with the massive supply disruption from the Middle East yet—a supply shock that is now in its third month and lasting more than anyone expected in early March. Brent and WTI crude futures this week are trading more than $30 per barrel higher compared to the levels on February 27, the day before the U.S. and Israel bombed Iran and prompted the Islamic Republic to close the Strait of Hormuz. But the futures trade $20-$30 per barrel lower than the physical cargoes of some grades produced outside…

The Democratic Republic of Congo is leading a significant shift in mining strategy as producers cut back on cobalt after prices fell sharply under heavy oversupply and move capital into copper instead. Copper demand is rising fast, driven by AI data centers, electrification, and electric vehicles. But at the same time, supply is tightening due to declining ore grades and mine closures, pushing DRC miners toward a stronger market. The DRC has imposed strict export quotas, replacing its 2025 cobalt export ban with strict annual quotas of 96,600 tonnes…

The United States is exporting crude at record levels as the world grapples with an unprecedented disruption of Middle Eastern supply. U.S. oil has become the supply of last resort—and it is not infinite. U.S. crude oil exports since the start of April have been running at 5.2 million barrels daily, data from Kpler showed earlier this week. “It's a constant parade of tankers coming in and out,” the chief executive of Corpus Christi port in Texas said, as quoted by CNBC, which reported the port just booked its busiest quarter ever,…

Before 1 May, the once-mighty Organization of the Petroleum Exporting Countries (OPEC) had 12 members, but with the departure of the United Arab Emirates (UAE) at the start of the month, it has 11. These comprise Algeria, the Republic of the Congo, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, and Venezuela, together accounting for around 33% of the world’s crude oil output, about 46% of its total petroleum traded internationally, and roughly 73% of its proven oil reserves. Back when it was founded in 1960, these…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 8.1 million barrels in the week ending May 1. In the week prior, US crude oil inventories fell by 1.79 million barrels. Analysts had expected a 2.8-million-barrel draw. US crude inventories are up 37 million barrels so far this year, according to API data. Inventories in the US Strategic Petroleum Reserve (SPR) continue to draw down in an attempt to alleviate the pressure on prices. For week ending May 1, 5.2 million barrels left the SPR, bringing…