President Donald Trump told Reuters on Wednesday that he is considering withdrawing the United States from the 76-year-old alliance after European allies declined to send warships to reopen the Strait of Hormuz to global shipping. "Wouldn't you if you were me?" he asked. Earlier this week, in an interview with Britain's The Telegraph, he called NATO a "paper tiger" and said Russian President Vladimir Putin shared the assessment. The spat has a straightforward trigger. The Strait of Hormuz, the narrow chokepoint between Iran and Oman through which…

Europe is making a push for a robust homegrown offshore wind sector at the same time that the United States is gutting its own. The world's largest wind farm, currently under construction in the North Sea, made major progress on March 26 when it successfully connected its first export cable from the seabed to the coast of the United Kingdom. Meanwhile, France plans to auction off 10 offshore and floating wind projects with a combined capacity of 12 gigawatts by 2027 as part of a ‘Made in Europe’ initiative. In the UK, the connection…

President Donald Trump said Friday the United States could reopen the Strait of Hormuz and “take the oil and make a fortune,” framing control of the world’s most critical energy chokepoint as both a strategic and economic opportunity. The Strait carries roughly 20% of global oil supply. Traffic through the waterway has been severely disrupted as Iranian threats, vessel attacks, and collapsing insurance coverage have curtailed tanker movements. Tanker flows have stalled, and crude and product markets have repriced sharply higher…

President Donald Trump said Friday the United States could reopen the Strait of Hormuz and “take the oil and make a fortune,” framing control of the world’s most critical energy chokepoint as both a strategic and economic opportunity. The Strait carries roughly 20% of global oil supply. Traffic through the waterway has been severely disrupted as Iranian threats, vessel attacks, and collapsing insurance coverage have curtailed tanker movements. Tanker flows have stalled, and crude and product markets have repriced sharply higher…

In one sense it’s a baptism of fire – in another, hardly at all. Meg O’Neill’s arrival as the first female chief executive of BP comes, in a sense, at an auspicious moment.  Oil majors’ earnings are set for a significant windfall from the conflict in Iran, with those of BP and Shell forecast to see a combined £5bn this year – and that’s if the war is limited in timeframe. That cannot mask, though, the scale of the task facing O’Neill, who arrives from Australia’s Woodside Petroleum…

Cuba will release 2,010 prisoners as U.S. pressure on the island intensifies, with fuel shortages and economic strain mounting under tightened restrictions. The Cuban government described the move as a “humanitarian and sovereign gesture.” Those eligible for release include foreign nationals, young people, women, and inmates over 60. Officials said the decision follows a review of conduct, time served, and health conditions. The release comes as the U.S. escalates pressure on Havana. Since returning to office, President Donald Trump…

Cuba will release 2,010 prisoners as U.S. pressure on the island intensifies, with fuel shortages and economic strain mounting under tightened restrictions. The Cuban government described the move as a “humanitarian and sovereign gesture.” Those eligible for release include foreign nationals, young people, women, and inmates over 60. Officials said the decision follows a review of conduct, time served, and health conditions. The release comes as the U.S. escalates pressure on Havana. Since returning to office, President Donald Trump…

Cuba will release 2,010 prisoners as U.S. pressure on the island intensifies, with fuel shortages and economic strain mounting under tightened restrictions. The Cuban government described the move as a “humanitarian and sovereign gesture.” Those eligible for release include foreign nationals, young people, women, and inmates over 60. Officials said the decision follows a review of conduct, time served, and health conditions. The release comes as the U.S. escalates pressure on Havana. Since returning to office, President Donald Trump…

A container ship owned by French shipping giant CMA CGM, has just transited the Strait of Hormuz in what appears to be the first vessel linked to Western Europe to have successfully braved the critical chokepoint since the war in the Middle East began. The Malta-flagged CMA CGM Kribi, which openly broadcasts its French ownership, transited the Strait of Hormuz between Thursday afternoon and Friday morning, according to vessel-tracking data monitored by Bloomberg. Data on MarineTraffic showed that CMA CGM Kribi was in the Oman Gulf as of 12 p.m.…

As I will explain, the outcome that looks like losing may actually be the best path forward for the world’s remaining economies. The fighting today is with respect to which parts of the world will get which energy resources, and at what prices. Even before the current conflict, there was a shortage of jet fuel and diesel. The only reasonable outcome I can think of is that the US will only be able to tap its own energy resources, plus those of its nearby neighbors (Figure 1). Consequently, the economy will gradually reorganize in ways that…

For the first time in weeks, Donald Trump failed to cool oil markets, as escalating tensions with Iran crushed ceasefire hopes and reignited bullish momentum. Friday, April 03, 2026 For the first time in many weeks, US President Trump couldn’t contain a late-week price surge as escalating tensions between Washington and Tehran dulled market bears’ expectations of a ceasefire anytime soon. WTI soared this week and is on par with ICE Brent (even if they trade different months), physical benchmarks above $140 per barrel bring back memories…

India's imports of Russian crude oil jumped by 90% in March versus February, following the major supply disruption in the Middle East and the U.S. waiver of purchases of Russian crude already loaded on tankers. Following subdued purchases between November and February, India's imports of Russian crude soared last month by 90%, although overall Indian crude imports slumped by 15% due to the de facto closed Strait of Hormuz, The Times of India reported on Friday, citing data from Kpler. While crude supply to India from Iraq, Saudi Arabia, and the…

Operations at the Habshan gas facilities, the biggest gas processing site in the United Arab Emirates, were suspended early on Friday following a fire that erupted after an attack, Abu Dhabi Media Office said. The Habshan onshore facilities are part of one of the world's largest gas processing plants, which is operated by Abu Dhabi's national oil company ADNOC. The five plants of the vast Habshan Complex have 14 processing trains and 6.1 bscfd capacity, according to the company. This is the second time operations at Habshan have been suspended…

President Donald Trump said the US military "hasn't even started" to destroy what is left of Iran after a month of devastating air attacks and he threatened to strike electrical power plants and more bridges in his latest warning to the regime in Tehran. "Our Military, the greatest and most powerful (by far!) anywhere in the World, hasn’t even started destroying what’s left in Iran. Bridges next, then Electric Power Plants! New Regime leadership knows what has to be done, and has to be done, FAST!," Trump wrote on Truth Social late…

A sanctioned tanker carrying Iranian crude has abruptly changed destination from a port on India's west coast to an import terminal in China, in a move suggesting that India would not be imminently importing its first crude from Iran in seven years. The crude tanker Ping Shun, which the United States sanctioned last year for dealing with Iranian crude, signaled earlier this week that it was headed to the port of Vadinar on the west coast of India. However, the latest positioning of the Ping Shun, at least according to its AIS tracker, signals it…

Politics, Geopolitics & Conflict The Sharara pipeline was hit in Libya’s southwest, and that location explains the attack. This is not territory firmly controlled by either Khalifa Haftar or Abdul Hamid Dbeibah. Haftar’s forces are anchored in the east, Dbeibah’s authority is in and around Tripoli, and the northwest. The corridor linking Sharara to Zawiya runs through the Murzuq basin, where control is fragmented. Local militias and tribal groups handle security around the National Oil Corporation infrastructure but operate…

Trump entered office promising to avoid new wars. The U.S. is now engaged in an expanding conflict with Iran that has spiralled out of control, and the administration has not clearly defined what constitutes success or how the war ends. Further eroding confidence, late on Thursday, in the middle of a war, the U.S. Defense Secretary has forced the resignation of Army Chief of Staff Gen. Randy George and two other senior officers, Gen. David Hodne and Maj. Gen. William Green Jr., in what is now one of the most significant wartime leadership changes…

May WTI crude oil surged sharply in the holiday-shortened week ending April 3, settling at $111.54, up $11.90 or +11.94%. The move was driven by a combination of geopolitical escalation, supply disruption risks, and growing concerns about global oil infrastructure security. Traders were forced to rapidly reprice risk, with volatility spiking across the energy complex as headlines intensified into the close. War Risk and Supply Shock Drive Breakout The dominant catalyst behind this week’s rally was the rapid escalation in tensions between…

China plans to phase out some of its outdated petrochemical plants by 2029 and upgrade others, under new directives issued by the authorities on Friday. The Chinese authorities will review which facilities will be upgraded and which will be closed, using lists of outdated petrochemical plants compiled by local governments in recent months, according to documents by the central government cited by Reuters. China and its refiners and petrochemical producers have been struggling with low margins amid overcapacity and falling demand for road transportation…

The price of Canada’s synthetic crude, which has rich diesel yield for refiners, has surged by nearly 200% since March 27 as the Middle East war cripples global diesel supply and sends diesel futures, cracks, and retail prices soaring. The synthetic crude made from processing of bitumen from Alberta’s oil sands is very low sulfur and its chemical content makes it highly suitable for processing into jet fuel and diesel—the most stressed barrels amid the worst disruption to supply in the history of the oil market. Canada’s…