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Crude oil prices are rising again due to renewed hostilities in the Persian Gulf and a fresh decline in U.S.

U.S.

Ryanair lowered its winter traffic target to mitigate exposure to high unhedged oil prices, citing a surge in jet fuel costs driven by the Iran war's disruption of Middle East crude deliveries.

Ukraine’s drone strikes have knocked out dozens of Russian oil refineries, prompting Moscow to halt exports, impose fuel rationing, and arrange processing of oil at a small private refinery in Kazakhstan.

India increased imports of Russia's Far East crude blend ESPO by 6% year-over-year in January-July due to disruptions in Middle Eastern oil supply routes and reduced Chinese spot market activity.

Kazakhstan's government announced a plan to more than double its crude oil refining capacity from 18 million tons to 29 million tons per year by 2040, with an additional 10 million tons from a new refinery.

Qatar and UAE have conducted rare LNG cargo transfers outside the Strait of Hormuz due to ongoing disruptions, a highly unusual practice for LNG shipments.

The Strait of Hormuz saw reduced tanker traffic, with only four crossings reported on Tuesday compared to a ten-day average of 13, as U.S.-Iran tensions escalate.

U.S.

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell 2.6 million barrels in the …

A federal judge allowed antitrust lawsuits against major U.S.

Two oil supertankers, including a VLCC operated by Saudi Arabia's state shipping giant Bahri, were struck by unknown projectiles in the Strait of Hormuz, a critical chokepoint for global oil transit.