Oil Market News, OPEC+, sanctions and price shocks

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Oil surges after Iran targets US airbase in retaliation​

BEIJING, May 28 (Reuters) - Oil prices jumped more than 3% on Thursday after Iran's Revolutionary Guards said they targeted a U.S. airbase in response to a U.S. attack near Bandar Abbas airport.

Brent crude futures rose $3.51, or 3.72%, to $97.8 a barrel by 0344 GMT, while the more active August contract gained $3.35 or 3.63%, to $95.6. The July contract is set to expire on Friday.

More:

https://www.msn.com/en-us/news/worl...e-in-retaliation/ar-AA24euH7?ocid=socialshare
 

Hormuz to Malacca: How Chokepoint Risk Reaches the Bridge​

The industry keeps asking if ships can pass Hormuz. The better question is what happens before they try.

By the time a Master receives revised voyage instructions, the real decision has been made ashore. The cargo may have been swapped. The insurer may have retreated. The refinery may be pricing a different crude. A vessel drifting off Malacca or Singapore is merely the visible anchor of a commercial decision made far upstream.

A chokepoint does not need to close the sea lane. It only needs to contaminate the next decision.

This is no longer strictly a tanker story. Hormuz crossings have plummeted, and as Reuters noted on 21 May, Japanese auto exports to the Middle East collapsed in April because of it. Once finished vehicles, crude substitution, insurance appetite, and vessel employment all begin moving differently, the disruption is no longer geographic.

More:

https://thedeepdraft.com/2026/05/25...sk-reaches-the-bridge/?utm_source=chatgpt.com
 

The paper trail linking a US fuel trader to a notorious Mexican cartel​

Ikon Midstream, a Houston-based petroleum trader whose offices were raided last month by U.S. authorities, is under investigation in Mexico in connection with fuel smuggling, according to three Mexican security sources with direct knowledge of the matter and four Mexican government security documents viewed by Reuters.

The probe is part of ongoing investigations into maritime shipments of petroleum products that were brought to Mexico from the U.S. and Canada in an alleged scheme to evade a hefty tax due on these imports, the documents and sources said.

More:

 

Baker Hughes secures Equinor contract extensions​

US energy technology company Baker Hughes has won two contract extensions with Equinor to provide integrated drilling and well services solutions, as well as wireline intervention services. Under the integrated drilling and well services contract, Baker Hughes will deploy holistic…
 
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