Ukraine's attacks on Russian refineries and export facilities have triggered a fuel crisis while exposing deeper weaknesses in Russia's oil logistics network. The strikes have revealed limited spare capacity, ageing infrastructure and vulnerabilities likely to outlast the war.
Oil prices fell on Tuesday as markets balanced reports of renewed diplomatic efforts between the United States and Iran with continued military escalation and fresh threats to global energy supplies.
Officials from more than 20 oil-producing countries have agreed on a roadmap to strengthen international cooperation in the oil industry during a meeting in Azerbaijan. The plan aims to deepen collaboration across key areas, including markets, technology, investment and regulation.
Ukraine and Russia exchanged fresh attacks on Tuesday, with Kyiv targeting shipping and energy infrastructure inside Russia while Moscow launched another large-scale missile and drone assault on Ukrainian cities.
Saudi Arabia is moving crude through the Red Sea port of Yanbu at close to maximum capacity this week, as tensions with Yemen's Houthis add to broader concerns over Gulf shipping routes, according to data and industry sources cited by Reuters.
Oil prices rose nearly 3% on Tuesday to their highest level in four weeks as the United States and Iran stepped up attacks around the Strait of Hormuz, adding fresh uncertainty to global energy supplies.
Georgia’s only oil refinery will stop using Russian crude oil by September to preserve access to Western markets, its operator has said.
Iran has begun talks with Japan about selling oil to Japanese companies, according to Iranian and Western sources. The discussions come less than a month after the U.S. eased decades-old sanctions on Iranian oil as part of efforts to secure a final peace deal with Tehran.
Donald Trump has said the U.S. will resume bombing Iran if Tehran doesn't "behave," at the sidelines of the G7 summit in France. Earlier, the U.S. President criticised Israel for its tactics against Hezbollah, saying it was unnecessary to bomb entire apartment buildings to tackle militants.
Pakistan's heavy reliance on imported energy was laid bare by the U.S.-Iran conflict, which disrupted regional supplies, drove up costs and exposed vulnerabilities in the country's energy security. However, a proposed peace agreement now offers hope for economic relief.
A secretive offshore oil transfer network backed by U.S. military support has helped keep Gulf energy exports flowing despite major disruption around the Strait of Hormuz, a Reuters investigation has found.
Iran and Israel have halted strikes on each other, but Tehran has warned it will recommence attacks if Israel continues military action in Lebanon. U.S. President Donald Trump and Lebanese President Joseph Aoun have meanwhile made pleas for peace.
Energy debates usually follow a familiar script. Markets, climate, renewables, oil, gas, batteries, hydrogen, critical minerals and geopolitics dominate the conversation. One of the world's largest energy consumers is often left outside that frame: the military.
Kazakhstan has restored oil production after an accident at the Tengiz oil field briefly disrupted output last week, while also signalling its readiness to increase crude shipments through the Baku–Tbilisi–Ceyhan (BTC) pipeline.
Uzbekistan recorded further declines in the production of key energy resources during the first four months of 2026, even as output of fuel products, electricity and construction materials increased, according to the latest data from the National Statistics Committee.
Two Chinese tankers laden with oil exited the Strait of Hormuz on Wednesday, shipping data showed, brightening hopes that the U.S.-Israeli conflict with Iran may soon be resolved after positive comments from the U.S. President and his Deputy.
U.S. President Donald Trump said on Monday that he had paused a planned attack on Iran after Tehran sent a peace proposal to Washington. He said there was now a “very good chance” of reaching a deal to limit Iran’s nuclear programme.
U.S. President Donald Trump said on Monday he had paused a planned attack against Iran after Tehran sent a peace proposal to Washington, and that there was now a "very good chance" of reaching a deal limiting Iran's nuclear programme.
U.S. President Donald Trump and China's Xi Jinping are set to meet on Friday (15 May) to wrap up a two-day state visit that has featured pomp and business deals but also a warning from Xi that mishandling the Taiwan issue could send relations spiraling.
U.S. President Donald Trump is expected to ask China to help end the costly and unpopular Iran war in discussions with President Xi Jinping in Beijing on Thursday, with peace talks stalled and the global economic cost of the conflict increasing.
U.S. President Donald Trump said on Tuesday that Americans’ financial struggles are not a factor in his decision-making as he seeks to negotiate an end to the Iran war, saying that preventing Tehran from acquiring a nuclear weapon is his top priority.
President Donald Trump's swift rejection of Iran's response to a U.S. peace proposal sent oil prices surging higher on Monday amid concerns the 10-week-old conflict will drag on, keeping shipping through the Strait of Hormuz paralysed.
Stocks around the world climbed to fresh record highs on Wednesday (6 May), while oil prices fell sharply, after reports suggested the United States and Iran were nearing an agreement to end conflict.
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