Oil

The Trump administration has paused Project Freedom, the U.S. military operation designed to guide commercial vessels through the Strait of Hormuz amid heightened tensions with Iran. The decision comes as the ceasefire between the two nations continues to hold, providing a window for expanded diplomatic engagement. Officials indicated the pause is intended to create a more favorable environment for ongoing negotiations. Oil prices dropped on the news, with traders interpreting the move as a substantive de-escalation rather than a tactical pause. The Strait of Hormuz handles roughly 20% of global oil consumption, making any reduction in tension immediately impactful on energy markets. ...

Ukraine launched attacks on Russian oil infrastructure targeting shadow fleet tankers used to evade Western sanctions, marking a significant escalation in the conflict

Ukraine launches drone attacks on Russia’s largest Baltic oil export port Primorsk and targets multiple shadow fleet tankers. Deadly Russian airstrikes also hit Ukraine on the same day.

OPEC+ holds its first ministerial meeting since the UAE’s surprise withdrawal, attempting to demonstrate unity amid the Strait of Hormuz crisis.

President Zelensky announced Ukrainian drone strikes on three Russian oil tankers, a cruise-missile corvette, and a patrol boat, while also significantly damaging the Primorsk oil terminal on the Baltic Sea. Russian strikes killed 10 and injured 76 across Ukraine.

Multiple international oil company CEOs warn at industry conference that the Hormuz Strait crisis and global supply chain tensions are pushing energy markets to a critical tipping point, with supply disruption risks rising sharply.

Traders warn that as global stockpiles continue to fall despite consumption cuts, oil prices could surge significantly within a month, causing widespread economic pain.

Driven by surging international oil prices amid the Iran conflict, ExxonMobil and Chevron both exceeded Wall Street profit expectations in Q1 2026, making the energy sector a market standout.

The United Arab Emirates announces it will exit the Organization of the Petroleum Exporting Countries, sending shockwaves through global energy markets as US-Iran ceasefire talks remain stalled.

The UAE’s plan to leave OPEC is being viewed as a major blow to the organisation, with one analyst calling it ’the beginning of the end of OPEC.’ We break down how OPEC influences oil prices and what the UAE’s departure could mean.