OPEC+ members have announced plans to boost oil production as energy markets show tentative signs of recovery amid the fallout of the US-Israel war on Iran.

OPEC+ said on Sunday that seven member countries – Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman – would raise output by 188,000 barrels per day from August after officials held a virtual meeting to “review global market conditions and outlook”.

The production boost is the fifth consecutive increase announced by the seven OPEC+ members in as many months, continuing a gradual unwinding of production cuts announced in 2023.

OPEC+, which includes the Organization of the Petroleum Exporting Countries (OPEC) and allied oil producers – including Russia, Bahrain and Oman – cut output in April 2023, and again in November 2023, amid a string of bank collapses that triggered a major sell-off in oil and other commodities.

“The countries will continue to closely monitor and assess market conditions,” the intergovernmental organisation said in a statement, adding that officials had “reaffirmed the importance of adopting a cautious approach and retaining full flexibility to increase, pause or reverse the phase out of the voluntary production adjustments”.

The seven member countries added that they would meet again on August 2 to review the situation.

After briefly topping $126 a barrel in April, Brent crude oil prices have fallen back to pre-war levels in recent days amid growing hopes for a permanent end to the Iran conflict and a return to normal shipping in the Strait of Hormuz.

Traffic in the strait has ticked up since US President Donald Trump and Iranian President Masoud Pezeshkian signed their memorandum of understanding on ending the war on June 17, though it remains far below pre-conflict levels.

There were 38 confirmed transits in the strait on July 2, down from 48 on July 1, according to the vessel tracking platform MarineTraffic, compared with roughly 130 daily crossings before the war.

Brent crude futures for September delivery stood at $72 as of 02:01 GMT on Monday, below Brent’s settlement price of $72.48 on February 27, the day before the US and Israel launched strikes on Iran, starting the war.

Iran’s effective closure of the Strait of Hormuz, which carried about one-fifth of global oil and liquefied natural gas supplies before the start of the war, forced OPEC+ members to slash production as a growing backlog of unshipped barrels maxed out the region’s crude storage capacity.

Total OPEC+ production dropped to 33.13 million bpd in May, down from 42.77 million bpd in February, according to OPEC figures. (Al Jazeera)

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Brent crude prices slid on Monday after U.S.-Iran talks concluded in Switzerland with Tehran saying it had secured waivers for oil and petrochemical exports, easing worries about a supply shortage in global markets.

Brent crude fell $1.19, or 1.48 per cent, to $79.38 a barrel by 0416 GMT. Prices had climbed to $82.30 at the start of trading, fuelled by a bumpy start to the talks with threats from U.S. President Donald Trump to restart the war on Iran and Tehran’s announcement it had again closed the Strait of Hormuz.

U.S. West Texas Intermediate crude futures were at $76.73 a barrel, up 13 cents, ahead of the contract’s expiry later on Monday. The more active August contract fell 21 cents to $75.64 a barrel. There was no settlement in the U.S. market on Friday due to a holiday.

“The decline has been driven primarily by improving prospects for a diplomatic breakthrough between the United States and Iran … reviving hopes that sanctions on Iran could eventually be eased,” said Sugandha Sachdeva, founder of SS WealthStreet, a New Delhi-based research firm.

High-ranking U.S. and Iranian officials wrapped up their first round of talks in Switzerland on Monday, mediators said. The talks began on Sunday under the terms of a memorandum of understanding reached last week to extend a tenuous ceasefire from April for at least another 60 days.

Iranian Foreign Minister Abbas Araqchi said his country had secured waivers for oil and petrochemical exports, the release of some frozen assets and the launch of a reconstruction and development plan for Iran.

“Such a development would allow nearly 1.5 million barrels per day of Iranian crude to return to international markets, significantly improving global supply availability at a time when demand growth remains moderate,” Sachdeva said.

‘VERY REAL RISKS’

Before the talks, the number of ships that passed the Strait of Hormuz fell sharply on Sunday, shipping data showed, after Iran announced it had again closed the waterway, citing Israeli and U.S. violations of the interim peace deal.

Israeli strikes in Lebanon killed at least 20 people on Saturday, Lebanon’s state news agency NNA said, one day after a ceasefire with Hezbollah took effect, aimed at halting months of escalating violence.

“Recent developments show that moving towards a more permanent deal will be challenging, with very real risks of a flare-up in hostilities during the 60-day ceasefire,” ING analysts said in a note ahead of the announcement of the conclusion of the talks in Switzerland.

Still, oil prices fell more than 8 per cent last week on hopes of more supply from the release of cargoes stranded in the Gulf and the potential lifting of U.S. sanctions on Iranian oil as part of the U.S.-Iran deal.

Over 25 million barrels of Iranian oil have passed through the virtual blockade line since Monday, the head of the National Iranian Oil Company, Hamid Bovard, told state TV on Sunday.

The United Arab Emirates, Kuwait and Iraq have offered more oil to customers in the past week.

Iraq plans to restore crude production gradually to between 4.2 million and 4.3 million barrels per day, Iraq’s deputy oil minister for upstream affairs said in a statement on Sunday. (CNA/ Reuters)

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Oil prices hit two-week lows on Monday (May 25) on optimism that the United States and Iran were moving closer towards a peace deal, even though they remained at odds over key issues, including blockades on the Strait of Hormuz that continued to restrict oil supply from the Middle East.

The price of North Sea Brent crude and West Texas Intermediate slipped close to 5 per cent to US$99.41 and US$92.49 a barrel, respectively.

Tokyo soared more than 3 per cent in early trade on Monday, while Hong Kong and Seoul were closed for public holidays.

Shanghai inched upwards, with Taipei, Manila, Bangkok, Jakarta, Singapore, Sydney and Wellington also climbing. Kuala Lumpur was down 0.1 per cent.

But sticking points in their negotiations have tempered hopes of a swift resolution to restore the transit of oil and gas through the Strait of Hormuz.

US President Donald Trump said on Sunday he had informed US negotiators “not to rush into a deal”.

One of the main sticking points has been whether Tehran is willing to hand over its stockpile of highly enriched uranium.

The release of Iran’s frozen assets held under longstanding US sanctions and whether Lebanon, repeatedly targeted by Israeli strikes, will be included in any peace deal are also key issues.

However, analysts expect that it will take months for oil flows through the strait to return to normal and for damaged oil and gas facilities to be repaired. (CNA)

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Opposition MP Harsha de Silva has accused the JVP/NPP government and officials at the state-owned petroleum distributor of attempting to misrepresent remarks made by HSBC’s CEO regarding oil prices, calling their actions “utterly shameful.”

De Silva said the government wrongly claimed the CEO had suggested Sri Lanka paid USD 286 per barrel of crude oil, even threatening legal action against HSBC. 

He clarified that the executive had in fact referred to the refined oil “door-to-door” price, not crude, and was merely analyzing the fallout of the ongoing Middle East war.

“The man clearly referred to refined oil and door-to-door price, never crude, as accused by the government,” de Silva wrote on X, adding that the government’s attempt to “teach the man a lesson” had backfired.

His comments refer to the CPC’s response to claims by Georges Elhedery, CEO of HSBC, stating that oil prices for Asian buyers can be significantly higher than Brent crude benchmarks due to added costs such as insurance, shipping and supply constraints.

According to a report by Middle East Eye, speaking at an investment forum in Hong Kong, Elhedery said benchmark oil prices in Western markets often fail to reflect the actual costs faced by buyers in Asia.

“What worries me is not the headlines. Oil headline is above $100, $110,” he said, according to a transcript cited by Bloomberg. “Realistically, if you are now trying to get oil from the Middle East, you may be paying $140, $150.” He added that the highest figure he had heard was $286 in Sri Lanka.

Responding to the statement, the CPC rejected claims that Sri Lanka paid $286 per barrel for crude oil, adding that it intends to pursue legal action over reports it described as inaccurate.

Issuing a statement, the CPC Chairman said the corporation imports crude oil solely for the Sapugaskanda refinery, but it had neither paid nor agreed to pay $286 per barrel for any crude oil shipment it has procured or contracted.

The CPC further rejected what it described as false statements aimed at damaging the corporation’s reputation, warning that it intends to pursue legal action against parties responsible for spreading misinformation. (Newswire)

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The Trump administration has renewed a waiver allowing nations to buy sanctioned Russian oil at sea ‌for about a month.

The US Treasury Department’s waiver lets countries purchase Russian oil and ‌petroleum products loaded on vessels through May 16.

It replaces a 30-day waiver that expired on April 11 and excludes transactions involving Iran, Cuba and North Korea.

The move is part of the administration’s effort to control global energy prices that have shot higher during the US-Israeli war on Iran.

It came after nations in Asia, suffering from the global energy shock, pressed Washington to allow alternative supplies to reach markets.

“As negotiations (with Iran) accelerate, Treasury wants to ensure oil is available to those who need it,” ‌a Treasury Department spokesperson ‌said.

Just two days earlier, Treasury ⁠Secretary Scott Bessent said Washington would not be renewing the waiver for Russian oil and another for Iranian oil, ​which is set to expire on Sunday.

Global oil prices tumbled nine per cent on Friday to about $US90 a barrel after Iran temporarily reopened the Strait of Hormuz, an oil choke point in the Gulf.

But the war has already created the worst global energy supply disruption in history, the International Energy Agency has said.

The war, which is entering its eighth week, has damaged more than 80 oil and gas facilities in the Middle East, and Tehran has warned it could close the strait again if the recent US navy blockade of Iranian ⁠ports continues.

US President Donald Trump ​has also faced pressure from partner countries on the oil price. A US source said partner countries on the sidelines of Group of 20, World Bank and International Monetary ​Fund meetings in Washington ‌this week had requested the US extend the waiver.

US lawmakers from both political parties had slammed the administration over the sanctions waivers, ​saying ​they stood to help the economy of Iran while it was at ​war with the US and of Russia as it was at war with Ukraine.

The ‌waivers could impede the West’s efforts to deprive Russia of revenue for its war in Ukraine and put Washington at odds with its allies.

European Commission President Ursula von der Leyen has said now is not the time to relax sanctions against Russia.

Russian presidential envoy Kirill Dmitriev said US-Russian economic and energy co-operation will continue, in a social media post about the renewal of the waiver.

He had said the first waiver on Russian oil would free 100 million barrels of crude, equal to almost a day’s worth of global output. (Australian Associated Press)

BREAKING: The US has authorized transactions involving Russian oil loaded onto tankers before April 17, with the authorization remaining in force until May 16.

US-Russian economic and energy cooperation will continue. pic.twitter.com/NBK3lOuZB5

— Kirill Dmitriev (@kadmitriev) April 18, 2026

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The Japanese government said Wednesday it will provide a total of $10 billion in financial support to other Asian nations to help them secure crude oil supplies as prices soar amid the Middle East conflict, aiming to ensure that petroleum-derived products made in those countries keep flowing into Japan.

The aid, announced by Prime Minister Sanae Takaichi following an online meeting with her counterparts mainly from the Association of Southeast Asian Nations, is aimed at beefing up energy supply chains across the region, such as through loans for procuring crude oil and petroleum products, as well as expansion of stockpiles.

“Japan is closely interconnected with each Asian country through supply chains and mutually dependent with them,” Takaichi told reporters, adding that oil shortages or supply disruptions in Asia could have a “significant negative impact” on her nation’s economy and society.

The planned financial aid is equivalent to up to 1.2 billion barrels — about one year of crude oil imports by ASEAN countries, she said.

Japan imports petroleum-derived products from Southeast Asia, including items used at medical facilities. Many countries in the region maintain limited oil reserves, so there have been concerns that supply shortages could eventually affect shipments to Japan.

The surge in oil prices on the back of the war that led to a blockade of the Strait of Hormuz, a key waterway for global energy transportation, has raised concerns in some Southeast Asian countries over their ability to pay for imports.

Tokyo aims to address the risks through financial support, including loans via the government-backed Japan Bank for International Cooperation, according to government sources.

The Japanese prime minister emphasized that the latest supportive scheme does not include direct crude oil provisions from Japan’s reserves and therefore will not negatively affect domestic supplies.

Given its high dependence on the Middle East for crude oil imports, Japan keeps abundant oil stockpiles in the country.

Among the nations that joined the Japan-led virtual gathering were the Philippines, Malaysia, Singapore, Thailand, Vietnam, East Timor, Bangladesh and South Korea. (Kyodo)

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US Treasury Secretary Scott Bessent said on Tuesday China had been an unreliable global partner during the Middle East war by hoarding oil supplies and limiting exports of some goods, mirroring its actions with medical goods during the Covid-19 pandemic.

Bessent told reporters he had spoken with Chinese officials about the issue.

He declined to answer a question about whether the dispute would derail US President Donald Trump’s plan to visit Beijing in mid-May, but said Trump and Chinese President Xi Jinping had a very good working relationship.

“I think the message for the visit is stability. We’ve had great stability in the relationship since last summer; that emanates from the top down,” he said.

“I think that communication is the key.”

But Bessent took China to task for its actions during the US-Israeli war with Iran, which has sent oil prices up by as much as 50 per cent and triggered supply chain disruptions.

“China has been an unreliable global partner three times in the past five years; once during Covid-19, when they hoarded healthcare products, second on rare earth,” Bessent said, referring to Beijing’s threat last year to curb rare earth exports.

Now it was stockpiling more oil instead of helping to ease the global demand shortage caused by Iran’s closure of the Strait of Hormuz, which carries 20 per cent of the world’s oil, he said.

China already had a strategic petroleum reserve that was roughly the same size as that of the entire reserve held by the 32-member International Energy Agency, but it was continuing to purchase oil.

“They continued buying, and they’ve been hoarding, and they have cut off exports of many products,” Bessent said.

Liu Pengyu, a spokesperson for the Chinese embassy in Washington, said the shortages facing the global energy market were rooted in “the tense situation in the Middle East” and called for an immediate end to military operations there.

“The pressing task is to put an end to military operations at once and prevent the turmoil in the Middle East from further impacting the global economy,” Liu said, adding that China had been working actively to end the conflict and would “continue playing a constructive role.”

The International Monetary Fund, World Bank and International Energy Agency on Monday urged countries to avoid hoarding energy supplies and imposing export controls that could worsen what they called the biggest shock ever to the global energy market. They did not identify specific countries.

The US military on Monday began a blockade of ships leaving Iran’s ports and Teheran threatened to retaliate against its Gulf neighbours’ ports, after weekend talks in Islamabad on ending the war broke down.

Oil prices jumped back over US$100 (RM395) per barrel, with no sign of a swift reopening of the strait.

Bessent told reporters earlier that the blockade would ensure that no Chinese ships or others would be allowed to pass the strait.

“So they’re not going to be able to get their oil. They can get oil. Not Iranian oil,” Bessent said, adding that China had been buying more than 90 per cent of Iranian oil, which constituted about eight per cent of its annual purchases. (New Straits Times)

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Indian oil tanker, Hari Anand, arrived at the Dolphin Jetty of the Colombo Port at 1.30 pm on Sunday (29).

According to the Ministry of Ports, the ship brought a total consignment of 36,000 metric tonnes of fuel, comprising 18,000 MT of diesel and 18,000 MT of Octane 92 petrol.

The ministry further said that the transfer of the shipment to the Kolonnawa fuel storage complex commenced soon after the vessel’s arrival. (Newswire)

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The Japanese government on Thursday started releasing state-held oil to stabilize supplies amid the ongoing U.S.-Israeli war with Iran, as part of the largest-ever drawdown of reserves stockpiled in the country.

The release of oil equivalent to 30 days of domestic demand, or around 8.5 million kiloliters, is set to conclude by the end of April and follows the freeing up of 15 days’ worth held by the private sector, which commenced last week.

There is growing concern about an oil supply shortage in Japan, which relies on the Middle East for over 90 percent of its crude oil imports, as Tehran has effectively blocked the Strait of Hormuz — a vital waterway for global energy supplies — following the attacks on Iran launched by the United States and Israel on Feb. 28.

To deal with the energy supply disruption, the Japanese government has decided to release about 80 million barrels of oil, equivalent to 45 days’ worth of domestic consumption and 1.8 times the amount released after the massive earthquake and tsunami in 2011 that devastated Japan’s northeast.

The release by the government from the national stockpile, stored at 11 locations across the country, commenced with oil from the Kikuma base in Ehime Prefecture, western Japan, flowing through a pipeline to a neighboring facility operated by Taiyo Oil Co.

Oil will be released from eight more bases by the end of the month, including in Shirahima in Kitakyushu, Fukuoka Prefecture, with further releases from bases in Nagasaki and Kagoshima prefectures in early April.

The released oil, most of it in the form of crude oil to be refined into products such as gasoline and diesel, will be sold for around 540 billion yen ($3.4 billion) to four wholesalers, including Taiyo Oil and Eneos Corp.

In addition to the state and private sector reserve, oil stored jointly by three Middle Eastern producers in tanks in Japan will be tapped for the first time, with five days’ worth set for release.

As of the end of 2025, Japan’s oil stockpile stood at approximately 470 million barrels, equivalent to 254 days of domestic consumption, of which 146 days’ worth was held by the government, 101 days by the private sector and the remainder jointly stored by oil-producing countries.

The average retail price of gasoline in Japan rose to a record-high 190.80 yen per liter in mid-March, with the government resuming state subsidies to bring down the price.

While the number of oil tankers arriving in Japan after passing through the Strait of Hormuz has fallen drastically, the chemical sector is also facing difficulties in procuring naphtha, a liquid derived from crude oil that is used to produce ethylene, a raw material for plastics and synthetic fibers. (Kyodo)

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Oil prices fell sharply in early asian trade on Wednesday, with both major benchmarks dropping more than 5% as traders reacted to signs of potential de-escalation in the Middle East conflict as well as a crude inventory build in the U.S.

At the time of writing, WTI crude was trading at $87.51, down 5.24%, while Brent crude had fallen below the psychologically important $100 to $98.03, down 6.08%.

The selloff follows a volatile 48 hours in oil markets, where prices had surged following President Trump’s threat to blow up Iranian power plants and then dropped when he claimed the countries were moving toward an agreement.

New reports suggest that the U.S. has sent a potential peace framework to Iran, sparking hopes of a temporary ceasefire. Iran has added to the downward pressure on prices by circulating a letter to the International Maritime Organization stating that “non-hostile vessels” could transit the Strait of Hormuz in coordination with Iranian authorities.

President Trump said negotiations were progressing and that Iran was “talking sense,” while reports suggested a 15-point settlement proposal could pave the way for a one-month ceasefire. Iran, however, has publicly denied that direct talks are taking place.

To add to the downward pressure, particularly for WTI, the API reported an unexpected build in crude and gasoline inventories for the week ending March 20.

Despite the price drop, underlying geopolitical risks remain significant, and the physical market continues to deal with shortages.

The Pentagon is reportedly preparing to deploy elements of the 82nd Airborne Division to the Middle East, while Israeli officials have threatened to escalate operations against Hezbollah, including a potential ground offensive in southern Lebanon.

For now, the drop below $100 Brent has largely been driven by optimism over a potential deal, but there are no signs of things cooling off in the region before then. The drone attack on a fuel tank at Kuwait International Airport on Wednesday is just the latest example of continued strikes across the Middle East. (Oil Price)

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Iran is ready to assist Sri Lanka at any time, reaffirming its friendship with the country, Iranian Ambassador to Sri Lanka Alireza Delkhosh said at a special media briefing in Colombo.

He stated that if Sri Lanka requests oil or any other essential goods, Iran is prepared to provide them. 

Ambassador Alireza Delkhosh further clarified that Iran has not closed the Strait of Hormuz to its friendly nations.

He noted that Iran does not wish to see Sri Lanka face difficulties, describing the island as a highly respected country for Iran.

Recalling past cooperation, he highlighted Sri Lanka’s role in rescuing crew members from the Iranian warship IRIS Dena, which was struck by a U.S. torpedo attack, after Iran made a formal request for assistance.

Meanwhile, the Ambassador added that the Iranian government is ready to provide necessary facilities for Sri Lankans residing in Iran should they wish to return home. (Newswire)

Iran is ready to assist Sri Lanka at any time, reaffirming its friendship with the country, Iranian Ambassador to Sri Lanka Alireza Delkhosh said at a special media briefing in Colombo.

He stated that if Sri Lanka requests oil or any other essential goods, Iran is prepared to… pic.twitter.com/CCfJNS2C6Y

— NewsWire (@NewsWireLK) March 23, 2026

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The Trump administration has issued a 30-day sanctions waiver for the purchase of Iranian oil at sea to ease energy supply pressures since the start of the US-Israeli war on Iran, US Treasury Secretary Scott Bessent said.

It is the third time the US has temporarily waived sanctions in about two weeks.

The US had previously eased sanctions on Russian oil, and on Friday issued a general license allowing the sale of Iranian crude oil and petroleum products loaded on vessels as of 20 March to 19 April, according to the license posted to the US Treasury website.

“By temporarily unlocking this existing supply for the world, the United States will quickly bring approximately 140 million barrels of oil to global markets, expanding the amount of worldwide energy and helping to relieve the temporary pressures on supply caused by Iran,” Bessent said in a statement on X.

“In essence, we will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury,” Bessent said.

Bessent had floated lifting the sanctions in a Fox Business interview on Thursday, prompting analysts to point out the policy could actually benefit Iran’s war effort.

“To put it mildly, this is bananas,” Blackstone Compliance Services’ David Tannenbaum told the BBC.

“Essentially, we’re allowing Iran to sell oil, which could then be used to fund the war effort.”

Bessent pushed back on that analysis in his Friday statement.

“This temporary, short-term authorization is strictly limited to oil that is already in transit and does not allow new purchases or production,” he wrote.

“Iran will have difficulty accessing any revenue generated and the United States will continue to maintain maximum pressure on Iran and its ability to access the international financial system.” (The Guardian)

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QatarEnergy, the country’s state-owned petroleum company, has confirmed that missile attacks on Ras Laffan Industrial City on March 18–19 caused extensive damage to liquefied natural gas (LNG) and gas-to-liquids (GTL) facilities, reducing Qatar’s LNG export capacity by 17% and resulting in an estimated $20 billion in annual revenue losses.

Minister of State for Energy Affairs and President and CEO of QatarEnergy, Saad Sherida Al-Kaabi, said the damage to LNG Trains 4 and 6, joint ventures with ExxonMobil, amounts to 12.8 million tons per annum of production. 

Repairs are expected to take three to five years, forcing QatarEnergy to declare long-term force majeure on some contracts, with impacts on supply to China, South Korea, Italy, and Belgium, as well as impacting supply to markets in Europe and Asia.

The attacks also struck the Pearl GTL facility operated by Shell, disabling one of its two trains for at least a year. 

Associated product losses include condensates (18.6 million barrels, 24% of exports), LPG (1.281 MT, 13%), naphtha (0.594 MT, 6%), sulfur (0.18 MT, 6%), and helium (309.54 MCFA, 14%).

Minister Al-Kaabi noted that no casualties were reported, describing the strikes as “an attack on global energy security and stability.” 

He praised Qatar’s military, security forces, and energy sector emergency teams for their swift response in containing the situation. (Newswire)

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Oil prices climbed sharply in early Asian trading on Thursday as the Middle East conflict continued to escalate and energy infrastructure was targeted across the Gulf.

At the time of writing, Brent crude had climbed to $112.00, up 4.27%, while West Texas Intermediate had risen 2.73% to $98.95. 

The latest price spike came after Iran targeted energy infrastructure across the Middle East in retaliation for earlier strikes on its South Pars gas field.

Qatar confirmed that Iranian missile strikes had caused “extensive damage” around the Ras Laffan industrial complex, the world’s largest liquefied natural gas facility and a cornerstone of global gas supply.

Meanwhile, the United Arab Emirates suspended operations at its Habshan gas facility after missile-related incidents, with debris from intercepted projectiles reportedly affecting additional energy infrastructure, including the Bab oil field.

Saudi Arabia, Kuwait, Iraq, and Bahrain continue to be targeted by Iran, with Saudi Arabia reporting that air defences had destroyed a total of 19 drones in the Eastern Province and four missiles launched toward Riyadh.

Shipping also remained under threat, with the UK’s maritime security agency reporting that a vessel east of the Strait of Hormuz caught fire after being struck by an “unknown projectile.” (OilPrice.com)

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The Trump administration on Thursday issued a new license allowing countries to temporarily purchase certain Russian oil products, the same day Brent crude prices settled above $100 per barrel for the first time since August 2022 as the war with Iran drags on.

Temporarily lifting the sanctions on oil from Russia, a major exporter, comes despite previous US pressure on Russian oil companies as part of a bid to stem the flow of cash funding Moscow’s war in Ukraine.

“To increase the global reach of existing supply, @USTreasury is providing a temporary authorization to permit countries to purchase Russian oil currently stranded at sea,” Treasury Secretary Scott Bessent wrote on social media. “This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction.”

The license, posted to the US Treasury site, only applies to Russian crude or petroleum products loaded on vessels as of March 12. The license authorizes those shipments through April 11.

Democratic Sen. Jeanne Shaheen of New Hampshire and ranking member on the Senate Committee on Foreign Relations criticized the decision on social media. “As Putin helps Iran target Americans in the Middle East, @POTUS is now filling the Kremlin’s war coffers. Instead of squeezing Russia’s faltering economy, the President’s ill-planned war is giving Putin a windfall while American families face higher prices,” Shaheen wrote.

CNN previously reported that the US has granted Indian refiners a 30-day waiver to buy Russian oil currently stranded at sea. Bessent, at the time, said the move was “to enable oil to keep flowing into the global market.”

The war, now in its second week, has seen the Strait of Hormuz, through which one-fifth of the world’s oil travels, effectively closed to tanker travel. Oil prices have jumped, and analysts, economists and traders have warned that even a rapid end to the war won’t necessarily mean a quick re-opening of the strait.

As the energy shortage worsens, countries have scrambled to stem the economic impact by curbing consumption, capping fuel prices and tapping into emergency oil reserves. (CNN)

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President Donald Trump announced Tuesday that the U.S. will get its first oil refinery in 50 years, funded by investments from Indian billionaire Mukesh Ambani’s Reliance Industries. 

“THIS IS A HISTORIC $300 BILLION DOLLAR DEAL — THE BIGGEST IN U.S. HISTORY,” Trump said in a post on Truth Social.

He thanked India’s largest privately held energy company, Reliance Industries, “for this tremendous Investment.”

Reliance owns the world’s largest oil refinery in Jamnagar, India, and has a market capitalization of $206 billion, according to LSEG data.

The new refinery, located at the port of Brownsville in Texas, will “strengthen our National Security, boost American Energy production, deliver Billions of Dollars in Economic impact, and will be THE CLEANEST REFINERY IN THE WORLD,” Trump said.

The refinery is designed to process 100% American shale oil and is being developed by America First Refining.

20-year deal

The refinery’s opening coincides with elevated global oil prices driven by the intensifying conflict in the Middle East. Since the start of the U.S.-Israel war on Iran, the prices of crude have been volatile, hitting nearly $120 on Monday. Higher fuel prices are beneficial for shale refiners.

U.S. crude oil was up 1.15% up $84.71 per barrel at 10:38 p.m. ET. Brent crude, the global benchmark, rose 1.33% at $88.98.

Reliance Industries and America First Refining did not respond to a request for comment.

America First Refining said in a statement Tuesday that it received a “9-figure investment from a global supermajor at a 10-figure valuation,” without giving any further details about the investors.

The “same global supermajor” has also signed a 20-year deal to purchase, process, and distribute shale oil sourced and produced stateside, America First Refining added.

The refinery will process 1.2 billion barrels of U.S. light shale oil, valued at $125 billion, and produce 50 billion gallons of refined products worth $175 billion.

“The United States has a surplus of light shale oil but a shortage of refining capacity designed to process it,” said Trey Griggs, president of America First Refining. The refinery, he added, would strengthen the domestic supply chain. (CNBC)

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Oil prices fell on Tuesday after hitting an over three-year high in ‌the prior session as U.S. President Donald Trump predicted the war in the Middle East could end soon, easing concerns about prolonged disruptions to global oil supplies.

Brent futures fell $4.17, or 4.2%, to $94.79 a barrel at 0345 GMT, while U.S. West Texas Intermediate (WTI) crude was down $3.81, or 4%, to $90.96 a barrel. Both the ​contracts fell as much as 11% earlier before paring some losses.

Oil surged past $100 a barrel on Monday to hit their ​highest since mid-2022, as supply cuts by Saudi Arabia and other producers during the expanding U.S.-Israeli war ⁠with Iran stoked fears of major disruptions to global supplies.

Prices later retreated after Russian President Vladimir Putin held a call ​with Trump and shared proposals aimed at a quick settlement to the Iran war, according to a Kremlin aide, easing concerns about a ​prolonged supply disruption.

Trump said on Monday in a CBS News interview that he thinks the war against Iran “is very complete” and that Washington was “very far ahead” of his initial four- to five-week estimated timeframe.

“Clearly Trump’s comments about a short-lived war has calmed markets. While there was an ​overreaction to the upside yesterday, we think there is an overreaction to the downside today,” said Suvro Sarkar, energy sector ​team lead at DBS Bank, adding that the market is underappreciating risks at these levels for Brent.

“Murban and Dubai grades are still ‌well above $100 ⁠per barrel, so practically nothing much has changed in terms of ground realities,” he added, referring to benchmark Middle Eastern oil grades.

In response to Trump, Iran’s Islamic Revolutionary Guards Corps (IRGC) said they would “determine the end of the war,” and Tehran would not allow “one litre of oil” to be exported from the region if U.S. and Israeli attacks continued, state media reported on ​Tuesday, citing the IRGC’s spokesperson.

Prices, however, remain under pressure as ​Trump considers easing oil sanctions ⁠on Russia and releasing emergency crude stockpiles as part of a package of options aimed at curbing spiking global oil prices, according to multiple sources.

“Discussions around easing sanctions on Russian oil, ​comments from Donald Trump hinting that the conflict could eventually de-escalate, and the possibility ​of G7 countries ⁠tapping strategic oil reserves all pointed to the same message – that oil barrels will somehow continue to reach the market,” said Phillip Nova analyst Priyanka Sachdeva in a note on Tuesday.

“Once traders sensed that supply routes could still be maintained, the initial ‘panic ⁠premium’ that ​had pushed prices above the $100 mark yesterday started to fade, and oil ​prices quickly pulled back.”

G7 nations had said on Monday they were prepared to implement “necessary measures” in response to surging global oil prices, but stopped short of committing ​to release emergency reserves. (Reuters)

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South Korea will impose its first fuel price cap in almost 30 years as global jitters deepen over spiraling oil prices.

President Lee Jae Myung announced the cap on Monday, convening an emergency meeting in response to the ongoing Middle East conflict which he said poses a significant burden on South Korea’s energy-dependent economy.

The country’s industry ministry plans to implement the price cap this week, its presidential policy chief said.

It is a major step given South Korea’s status as a major world economy; a leading global exporter and a key member of the G20.

“For petroleum products that have been excessively increased recently, the maximum price system should be quickly introduced and boldly implemented,” Lee said.

Lee also advised his government to crack down on oil refinery companies and gas stations to prevent cornering the market while making efforts to secure supply ships that do not pass through the Strait of Hormuz.

Last week, the South Korean government announced that it will receive more than six million barrels of crude oil from the UAE.

The price of oil surged past $100 per barrel on Sunday, the first time it crossed that mark since Russia’s 2022 invasion of Ukraine. (CNN)

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Oil prices surged around 25% on Monday to their highest since mid-2022, with Brent on track ‌for a record one-day gain, while gold fell 2% as an escalating Iran war squeezed world energy supplies, boosted the dollar and dampened hopes of interest-rate cuts.

Agriculture markets, led by edible oils, rose as they took their cue from oil prices due to the extensive use ​of vegetable oils in making biofuels. Aluminium firmed on supply worries even as other metals faced headwinds from ​a stronger dollar.

“The violent reaction stems from the markets seeing no obvious offramp in the escalating ⁠Middle East conflict, now a high-stakes standoff where neither side appears willing to blink first,” Tony Sycamore, IG market ​analyst, said in a note.

“The risk of more lasting economic damage continues to build by the day.”

Iran on Monday named Mojtaba Khamenei ​to succeed his father Ali Khamenei as Supreme Leader, signalling that hardliners remain firmly in charge in Tehran a week into its conflict with the United States and Israel.

SOARING OIL LIFTS VEGOILS, GRAINS

Brent was on track for its biggest one-day gain ever in both percentage and ​absolute terms as the expanding U.S.-Israeli war with Iran led some major Middle Eastern oil producers to cut supplies and ​on fears of prolonged disruption to shipping through the Strait of Hormuz chokepoint.

Brent crude futures climbed to a high of $119.50 per barrel ‌and U.S. ⁠West Texas Intermediate (WTI) to $119.48 a barrel.

“…the situation appears to be deteriorating further,” ING analysts said in a note. “In addition, upstream oil production has started to shut in, with producers facing storage constraints. Iraq, Kuwait, and the UAE began reducing oil production.”

In agricultural markets, Malaysian palm oil rose 9% and Chicago soybean oil climbed to its highest since late 2022, buoyed by ​the crude oil rally. Wheat ​rose to its highest ⁠since June 2024 and corn prices hit a 10-month high.

Gold fell more than 2% as a stronger dollar weighed on greenback-priced bullion, while higher energy costs fuelled inflation concerns and further ​dimmed the prospects for near‑term reductions in interest rates.

The dollar hovered near a three-month ​high hit last ⁠week, making bullion more expensive for holders of other currencies.

Oil-driven inflation fears and delayed rate-cut expectations likely strengthened U.S. yields and the dollar, outweighing safe-haven demand and pushing gold down.

ALUMINIUM JUMPS ON SUPPLY DISRUPTIONS

Aluminium soared to its highest in four years as ⁠supply concerns ​due to the Middle East war intensified.

Benchmark three-month aluminium on the London ​Metal Exchange hit its highest since March 2022 at $3,544 per ton.

Qatari smelter Qatalum and Aluminium Bahrain have already declared force majeure on shipments amid rising ​tensions in the Middle East.

Other base metals were weighed down by a firmer dollar. (Reuters)

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India’s access to crucial energy supplies received a temporary boost on Friday after US Treasury Secretary Scott Bessent announced a 30-day waiver allowing Indian refiners to purchase Russian oil. 

The Treasury Department’s Office of Foreign Assets Control issued a Russia-related licence “Authorizing the Delivery and Sale of Crude Oil and Petroleum Products of Russian Federation Origin Loaded on Vessels as of March 5, 2026 to India,” the Treasury said in a statement.

It said the transactions, including from vessels blocked by various sanctions regimes, are authorized through the end of the day on April 3, 2026.

The move comes as the administration seeks to stabilise global energy markets amid rising tensions in the Middle East.

Highlighting the importance of the bilateral relationship, Secretary Bessent described India as an “essential partner” of the United States. 

In a post on X, he wrote, “President Trump’s energy agenda has resulted in oil and gas production reaching the highest levels ever recorded. To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil. This deliberately short-term measure will not provide significant financial benefit to the Russian government as it only authorizes transactions involving oil already stranded at sea.”

President Trump’s energy agenda has resulted in oil and gas production reaching the highest levels ever recorded.
To enable oil to keep flowing into the global market, the Treasury Department is issuing a temporary 30-day waiver to allow Indian refiners to purchase Russian oil.…

— Treasury Secretary Scott Bessent (@SecScottBessent) March 6, 2026

The post added, “India is an essential partner of the United States, and we fully anticipate that New Delhi will ramp up purchases of US oil. This stop-gap measure will alleviate pressure caused by Iran’s attempt to take global energy hostage.”

In an effort to pressure Russia over its invasion of Ukraine, US President Donald Trump had imposed sanctions on Russian oil majors Lukoil and Rosneft last November. India’s imports of Russian crude fell to about 1.1 million barrels per day in January, the lowest since November 2022, as New Delhi sought relief from US tariffs, pushing Moscow’s share of overall oil imports down to 21.2%, industry data showed. The source said the share climbed back to around 30% in February.

Oil production has been hit across the Middle East amid strikes on major oilfields in the Gulf, with the situation aggravating due to Iran’s blockade of the Strait of Hormuz, a narrow maritime chokepoint that handles 20% of global oil supplies.

Saudi Aramco’s Ras Tanura refinery and Iraq’s Rumaila oil field were among the world’s major oil supply units that have been struck over the past few days.

The US and Israel’s war against Iran has shot up oil prices amid a prolonged closure of the Strait of Hormuz. Brent crude went up to $83.07 per barrel this morning. However, despite such a hike in global prices, sources have ruled out any possibility of increasing petrol and diesel prices in India. (NDTV)

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