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BIZARRE: 5 - You Need To See This

Global oil market weathers Iran war shock, but reserve depletion raises future price risks

The global oil market absorbed record supply disruptions during the Iran conflict without triggering a prolonged price shock. But analysts warn that depleted strategic reserves, damaged energy infrastructure and unresolved tensions around the Strait of Hormuz have left the market more vulnerable to future oil price spikes.

The Economic Times

One attack, one warning: The world's energy lifeline is still vulnerable

An attack on a Qatari LNG carrier in the Strait of Hormuz has raised concerns. This incident suggests ongoing threats to commercial shipping in the vital waterway. Energy markets may face potential repeated disruptions rather than widespread conflict fears. The dispute over Hormuz control remains unresolved, impacting global energy supplies.

The Economic Times

Saudi Arabia mulls big new plan, eyes post-war oil route reset to bypass volatile Hormuz

Saudi Arabia is considering expanding its crude oil pipeline capacity. This move aims to bypass the Strait of Hormuz for exports. Neighbouring countries like Kuwait are also in talks for pipeline access. The expansion could accommodate an additional two million barrels daily.

The Economic Times

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Three tankers hit in latest attacks in the Strait of Hormuz, British military says

Three tankers were struck in the Strait of Hormuz on Tuesday, the British military said, in a sharp escalation of attacks on commercial shipping through the vital waterway at the mouth of the Persian Gulf.

France 24

Oil tanker hit by 'unknown projectile' in Strait of Hormuz, British military says

Iranian state television said a liquified natural gas tanker came under attack Tuesday in the Strait of Hormuz off Oman after ignoring warnings, implying Tehran carried out the assault on a tanker it said was carrying natural gas from Qatar.

Euronews

Oil Price Today (July 7): Crude oil snaps 2-day fall as projectile hits tanker in Hormuz. Where are prices headed?

Brent crude futures rose 28 cents, or 0.39%, to $72.29 a barrel, while U.S. West Texas Intermediate (WTI) crude gained 29 cents, or 0.26%, to $68.84 a barrel. Both benchmarks had settled close to their pre-Iran war levels on Monday.

The Economic Times

Oil tanker hit at Hormuz: US accuses Iran of attacking 2 commercial ships, mulls counter strike

An oil tanker caught fire after being struck by an "unknown projectile" while transiting the Strait of Hormuz off the coast of Oman, British maritime authorities said on Tuesday, in an incident that has heightened tensions in one of the world's most critical energy shipping routes.

The Times of India

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Iran fires missiles at commercial ships in Strait of Hormuz: Report

Iran's Revolutionary Guards reportedly fired missiles at commercial ships Monday night. Two vessels sustained significant damage, but no crew members were injured. A tanker was hit by an unknown projectile, causing a fire on its port side. This incident occurred after U.S.-Iran talks ended without public progress. Investors are monitoring…

The Economic Times

Tanker on fire after being hit by projectile in Strait of Hormuz

The United Kingdom Maritime Trade Operations says tanker hit near Limah in Oman

The Independent UK

NY Fed says supply chain pressures eased in June

Global supply chain pressures eased in June, with the New York Fed index falling to 1.25 as Middle East disruptions showed signs of easing. Improved transit through the Strait of Hormuz and softer oil prices are expected to moderate inflation, though logistics bottlenecks and supplier delays continue to signal residual…

The Economic Times

Earthquake damage threatens Venezuela's beach tourism centers

The earthquakes that hit Venezuela in late June have devastated seaside towns where tourism has been a vital economic lifeline for an already struggling population. Also, tanker traffic picks up through the Strait of Hormuz, and Europe seeks to convince the US that it's boosting defence spending.

France 24

Nato summit will reveal how alliance plans to manage European security as US cuts back its support

Two massive Russian attacks on Kyiv in less than a week, renewed Iranian threats in the Strait of Hormuz, and a security crackdown in Turkey are just three of the immediate issues shaping the context of the Nato summit in Ankara on July 7-8.

The Conversation

The ‘navalization’ of economic warfare sees trade routes become zones of force rather than rules

With more than 80% of global trade by volume being transported by sea, maritime shipping lanes are indispensable to the world economy. That fact was starkly illustrated by the war in Iran, which saw Tehran effectively close the Strait of Hormuz to commercial traffic and Washington respond with a blockade…

The Conversation

Iran-US war latest: Khamenei’s funeral procession begins in Tehran as mourners threaten Trump

Thousands gathered to mourn Khamenei as Trump boasts ‘one shot’ could take all the regime’s leaders ‘out’

The Independent UK

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The Economic Times

One tycoon makes millions from 'dark' journeys on a dangerous oil route while others feared Hormuz

Amidst the Persian Gulf war, the UAE secretly navigated its oil exports through the Strait of Hormuz using 'dark' ship transits. Korean shipping tycoon Ga-Hyun Chung's Sinokor Group played a pivotal role, leasing a significant portion of vessels for these risky "shuttle runs." This covert operation allowed the UAE to…

The Economic Times

Oil Price Today (July 6): Crude oil extends fall, hovers below $72. Here are 2 major reasons for the decline

Brent crude futures slipped 24 cents, or 0.e33%, to $71.88 a barrel. U.S. West Texas Intermediate crude fell 11 cents, or 0.16%, to $68.58 a barrel. WTI did not settle on Friday as U.S. markets remained closed ahead of the Independence Day holiday on Saturday.

The Economic Times

Oil slips after OPEC+ agrees to raise output targets

Oil prices dipped as OPEC+ agreed to boost output from August, with key producers seeing recovering exports via the Strait of Hormuz. Despite the planned increase, actual output may be capped due to ongoing geopolitical tensions. Gulf oil exports are reviving but still lag pre-conflict levels, while Russia's crude shipments…

International Business Times

Khamenei Funeral Puts Iran-US Talks On Hold. Hormuz, Nuclear Program Hold Key To Peace

Slain supreme leader Ayatollah Ali Khamenei funeral has put in abeyance peace talks with the US to find a resolution to the Middle East conflict. Iran is also seen as increasingly pushing back on US demands in the negotiations.

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International Business Times

OPEC+ Raises Output Target For August. Smooth Sailing Seen For Oil Price Trajectory

OPEC+ has agreed to a provide a significant boost to oil output by raising targets from August aimed to further add to global oil supplies after the Middle East conflict spurred prices to as high as $120 a barrel.

Benzinga

OPEC+ Agrees To Raise Output Even as Hormuz Shipping Security Remains Uncertain

OPEC+ members agreed to raise their collective oil‑production quotas from August even as crude shipments through the Strait of Hormuz remain uncertain.

The Economic Times

15 vessels carrying urea, DAP and Sulphur cross Strait of Hormuz safely: Govt

India's fertilizer supply chain remains robust despite West Asian conflict, with most shipments safely navigating the Strait of Hormuz. The government's proactive planning, diversified import sources, and boosted domestic production have ensured uninterrupted availability for farmers.

The Economic Times

Hormuz disruption, border wars choke Afghanistan's auto trade

Afghanistan's vital car parts trade in Spin Boldak has ground to a halt, crippled by escalating border conflicts with Pakistan and the recent Middle East war. Disruptions to key shipping routes, like the Strait of Hormuz, have sent import costs soaring and left businesses facing massive losses.

The Economic Times

Iran to impose new service fees in Hormuz, reserves special treatment for 'friendly' nations

Iran's ambassador to China announced new service fees for ships transiting the Strait of Hormuz, despite US objections. Ambassador Abdolreza Rahmani Fazli stated these fees would cover security, supervision, and environmental concerns, with "friendly" nations receiving special consideration. This comes after Iran lifted its blockade of the vital waterway following…

International Business Times

Iran Starts Khamenei Funeral With Stark Warning. A Potential Hormuz Foray By UK-France Irks Tehran

Iran's warning assumes significance as it signals a hardline position on the Strait as backroom negotiations are on to end the conflict despite the shaky ceasefire talks with the US. Iran seeks complete control over the Strait of Hormuz and intends to levy a toll for transit.

Benzinga

TotalEnergies CEO: Energy Markets Will Take Months To Rebalance With Ongoing Hormuz Shipping Risks

Global energy markets may take as many as four months to rebalance, with gasoline and diesel inventories still constrained by shipping worries in the Strait of Hormuz, TotalEnergies SE Chief Executive Patrick Pouyanné said on Saturday.

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