Oil Markets Nearing ‘Red Zone’ as Iran Crisis Continues, Warns IEA Chief
International Energy Agency chief Fatih Birol warned that global oil markets could slip into a “red zone” by July‑August as inventories shrink and fresh Middle‑East exports dry up amid the Iran‑related crisis. He said the conflict has removed roughly 14 million barrels per day from supply, the largest shock since the 1973, 1979 and 2022 crises. Birol called for an unconditional reopening of the Strait of Hormuz and urged IEA members to release more strategic reserves, of which 80% remain untouched. The warning comes as travel‑season demand rises and Iran’s storage capacity is limited.
Maths Behind Hormuz Toll: Is Paying Iran for Transit Cheaper than Blockade?
The Strait of Hormuz has been sealed for eleven weeks, halting the daily flow of roughly 20 million barrels of oil and 10 billion cubic feet of LNG. Iran’s IRGC now permits a limited number of vessels to transit, charging up to...
China Threatens Retaliation over New EU Tool to Curb Chinese ‘Overcapacity’
The European Commission is set to discuss an “overcapacity instrument” that would allow the EU to restrict Chinese firms from key markets such as fertilizers, medicines and rare minerals, and could require European buyers to source critical components from at...
Iran War Inflation Threat, US's Poland Troops U-Turn, More
Iran’s escalating involvement in the regional war is tightening oil supplies, nudging global inflation forecasts up by roughly 0.3 percentage points for the second quarter. Meanwhile, the United States reversed its earlier plan to deploy an additional 3,000 troops to...
Cuba Clash, Putin Visits Beijing, Xi May Go to North Korea
China’s foreign ministry denounced the United States for filing criminal charges against former Cuban president Raul Castro, accusing Washington of wielding sanctions and legal threats as a “big stick.” Russia echoed Beijing’s criticism, saying the U.S. actions cannot be condoned. The...