The U.S. government will exempt the German units of Russian oil major Rosneft PJSC from sanctions indefinitely, Reuters reported on Wednesday, noting that the exemption applies to Rosneft Deutschland and RN Refining & Marketing, both of which have been under German federal trusteeship since 2022. According to Germany's Economy Minister Katherina Reiche, the U.S. issued a "Letter of Comfort" on Tuesday, acknowledging that the two businesses had been fully separated from their parent company in Russia. The indefinite status succeeds a previous…

Ever since Donald Trump slapped tariffs on Canadian goods on Feb. 1, 2025, Prime Minister Mark Carney has been encouraging trade with nations other than the United States. The former central banker turned politician wants to double non-US exports over the next decade. Towards that goal, Carney met with Indian Prime Minister Narendra Modi in Delhi on Monday as part of a four-day trip to deepen trade and diplomatic ties. The centerpiece was a deal between the Indian government and Saskatchewan-based uranium producer Cameco (TSX:CCO) to supply nearly…

The United States and Japan have been considering the inclusion of a nuclear power project involving Westinghouse in the $550-billion package of investment that Japan has pledged in the U.S. under the bilateral trade deal, sources familiar with the plans told Reuters on Wednesday.   Last year, as part of the U.S.-Japan trade agreement, Japan pledged to buy $8 billion worth of American products per year. The Government of Japan has also agreed to invest $550 billion in the United States, the White House said. At the time, U.S. Secretary…

Crude oil inventories in the United States increased by 3.5 million barrels during the week ending February 27, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 439.3 million barrels according to government data, which is still 3% below the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories rose by 5.6 million barrels in the period.…

QatarEnergy has declared force majeure on liquefied natural gas (LNG) supplies after suspending production at key export facilities, sending fresh shockwaves through global energy markets already rattled by the escalating conflict involving Iran, the company posted on X.  In a notice to buyers, the state energy giant said the declaration follows its decision to halt LNG and associated production after Iranian strikes targeted facilities linked to Ras Laffan and Mesaieed Industrial City. The shutdown affects LNG output as well as downstream…

Donald Trump calls for a US-backed insurance following news that most of the world’s largest maritime insurance firms are set to cease covering war risks for ships entering the Persian Gulf.  On 5 March, various members of the London-based International Group of Protection and Indemnity Clubs will automatically terminate war-risk cover if vessels enter the Persian Gulf. Those include Gard AS, NorthStandard, Steamship Mutual Underwriting Association, Assuranceforeningen Skuld, American Steamship Owners Mutual Protection and Indemnity…

Iran’s Islamic Revolutionary Guard Corps (IRGC) declared it has “complete control” of the strategic waterway, with fresh attacks on commercial vessels near the Strait of Hormuz overnight intensifying fears that the escalating U.S.-Israeli war with Iran could further disrupt one of the world’s most critical energy corridors, Al-Jazeera reported.  Iranian state media carried comments from an IRGC naval official on Wednesday asserting that the Islamic Republic now controls the strait, a narrow shipping lane between Iran…

In October 2025, something wild happened on the global stage that clearly demonstrated one of the Western world’s most glaring weaknesses…but most people in the United States missed it entirely. This happened when President Trump boldly and publicly threatened China with 100% tariffs beginning on November 1, 2025. In response to this threat, Beijing didn’t flinch. Instead, it responded quietly with a threat to cut off all processed rare earth exports to the United States. But what happened next was largely ignored by the mainstream…

Oil prices surged for a second day running on Tuesday as global markets brace for a prolonged conflict in the Middle East. On Monday, Iran’s Islamic Revolutionary Guard Corps (IRGC) officially declared the Strait of Hormuz "closed," warning that any vessel attempting to pass will be attacked or "set ablaze". While the U.S. Central Command (CENTCOM) maintains the waterway is not formally closed, traffic has dropped by approximately 70-80%, with major global shippers, including Maersk, Hapag-Lloyd, and MSC, suspending all crossings. Brent crude…

Iraq has already begun shutting in production as exports through the Strait of Hormuz become increasingly constrained. Roughly 1.5 million barrels per day are reportedly offline, and officials have warned that figure could approach 3 million bpd if disruptions persist. At 3 million bpd, this becomes one of the largest sudden supply losses in the modern market outside of sanctions or war. Iraq’s total crude production has been running near 4.0–4.3 million bpd, according to recent OPEC secondary-source data. Exports typically average…

China has been amassing crude in strategic and commercial reserves for nearly a year—propping up oil prices throughout 2025 even though its demand growth has weakened. As we rolled into the very tumultuous 2026 with two major geopolitical events upending oil markets in as many months – the U.S. blitz to capture Venezuela’s Nicolas Maduro and the U.S.-Israel strikes on Iran – China’s oil hoarding will likely pay off in these early days of the unpredictable and already highly disruptive war in the Middle East. The Chinese…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 5.6 million barrels in the week ending February 27, after adding 11.4 million barrels in the week prior. Analysts had expected a build of 2.2 million barrels. Inventories in the US Strategic Petroleum Reserve (SPR) have stayed at 415.4 million barrels for multiple weeks in a row as of the week ending February 27. This is 310.1 million barrels shy of maximum capacity. US production fell by 33,000 bpd, sinking to an average of 13.702 million bpd…

The very recent signing of two sets of major oil deals by U.S. oil giant Chevron following the forced withdrawal of Russian firms from key energy projects in Iraq is a key turning point in the West’s resurgence in the Middle East, a senior U.S. Treasury source told OilPrice.com last week. “Iraq is the heartland of the Middle East, a major Iranian ally, vital to Russian and Chinese interests, and it’s allowing a major U.S. force into the centre of its economy,” he underlined. So, what does this mean for Iraq’s energy…

A Russian-flagged liquefied natural gas (LNG) tanker under U.S. and UK sanctions caught fire in the Mediterranean early Tuesday following a reported explosion, with the fate of its crew initially unclear, according to Reuters and the Times of Malta. The vessel, identified as the Arctic Metagaz, was reportedly destroyed around 4 a.m. local time between Malta and Libya. Multiple sources cited by the Times of Malta said a series of explosions occurred before the crew was rescued and transferred to another vessel in the area. Shipping and maritime…

A Russian-flagged liquefied natural gas (LNG) tanker under U.S. and UK sanctions caught fire in the Mediterranean early Tuesday following a reported explosion, with the fate of its crew initially unclear, according to Reuters and the Times of Malta. The vessel, identified as the Arctic Metagaz, was reportedly destroyed around 4 a.m. local time between Malta and Libya. Multiple sources cited by the Times of Malta said a series of explosions occurred before the crew was rescued and transferred to another vessel in the area. Shipping and maritime…

America’s February 28 missile strikes that leveled the Islamic Revolutionary Guard Corps headquarters ended more than a decade of nuclear stalemate. By the time the dust settled and the death of Supreme Leader Ali Khamenei was confirmed, the focus of the conflict had shifted. As Washington navigates the aftermath, it is discovering that the "Resistance Economy" Khamenei spent years building was not merely an oil play. It was a calculated integration into a resource axis designed to withstand Western pressure. And China is the silent partner…

Armenia and Azerbaijan are on edge, worried that TRIPP potentially could be upended by the US-Israeli attack on Iran. Hoping to shield against any spillover, Yerevan and Baku are staking out cautious stances on military developments in Iran, their southern neighbor, calling for a quick cessation of hostilities.  The attack on Iran places Armenia and Azerbaijan in a delicate position. Both have moved quickly since agreeing on a provisional peace deal last summer to develop commercial opportunities with the United States, centering on the launch…

Canadian heavy crude rallied Tuesday as geopolitical risk in the Middle East began reshuffling global barrels in real time. Heavy Western Canadian Select strengthened in Alberta to a discount of $11.80 per barrel to the monthly average of West Texas Intermediate, according to Modern Commodities pricing. That marks the narrowest differential since November and a clear signal that heavy sour alternatives are suddenly back in favor. The move comes as Iraq begins shutting in output of roughly 1.6 million bpd due to the Strait of Hormuz crisis. Iraqi…

Canadian heavy crude rallied Tuesday as geopolitical risk in the Middle East began reshuffling global barrels in real time. Heavy Western Canadian Select strengthened in Alberta to a discount of $11.80 per barrel to the monthly average of West Texas Intermediate, according to Modern Commodities pricing. That marks the narrowest differential since November and a clear signal that heavy sour alternatives are suddenly back in favor. The move comes as Iraq begins shutting in output of roughly 1.6 million bpd due to the Strait of Hormuz crisis. Iraqi…

Electricity companies, over the next five years, will spend far more than they had planned to meet rising power demand and to shore up a creaking network. That means selling far more stock than anticipated, too. (The Hidden Math Behind Electricity Prices, OilPrice, 26 February 2026). The utility’s ability to sell that stock at favorable prices depends on the returns that it can earn on the money invested, which, in turn, depends on whether regulators permit it to earn the return dictated by market conditions. That is a long-winded way of…