Oil Market News, OPEC+, sanctions and price shocks

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Tanker Awaiting Scrapping Stuck in Limbo by US Sanctions

The Bangladeshi scrappers community and the cash buyers are dealing with what they termed a “highly unusual incident” after one of the ships that was...

maritime-executive.com

 

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OPEC+ Set For Fourth Oil Quota Hike Since Hormuz Closure

By Ahmad Ghaddar and Olesya Astakhova LONDON, June 7 (Reuters) – OPEC+ is set to agree on Sunday a fourth increase in oil output targets in as many months, three OPEC+ sources said, even...

gcaptain.com

 

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• Iran and Israel have traded strikes for the first time since the Middle East ceasefire came into effect in April.
• U.S. President Donald Trump has been briefed on renewed fighting between Iran and Israel.
• Meanwhile, OPEC+ agreed to increase targets by 188,000 bpd from July.

Oil prices spike over 4% as Iran and Israel trade strikes

Oil rises on Monday amid heightened tensions in the Middle East, raising concerns that the conflict may drag on.

www.cnbc.com

 

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Kinahan Cartel Linked to Iran’s IRGC Dark Fleet Operations

Reports in the UK's Sunday Times are linking the seizure of an OFAC-sanctioned VLCC tanker, the Majestic X (IMO 9198317), to the Kinahan drugs cartel...

maritime-executive.com

Treasury Blacklists Six More LPG Carriers for Moving Iranian Gas

On Friday, the U.S. Office of Foreign Assets Control put sanctions on six more Iran-linked LPG carriers, adding to the long list of blacklisted vessel...

maritime-executive.com

 

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Russian Shadow Fleet Tankers Are Bypassing the UK Channel

At least 12 sanctioned Russian shadow fleet tankers are sailing around Great Britain to avoid UK scrutiny. See the vessels, routes, and what it signals.

windward.ai

 

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Post-War Oil Trade Could Look Nothing Like It Did Before Hormuz | OilPrice.com

Persian Gulf exporters are racing to bypass Hormuz by expanding pipeline infrastructure, with the UAE, Saudi Arabia, and Iraq investing in alternative export routes.

oilprice.com

 

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• Iraq and the UAE are fast-tracking alternative pipelines to reduce dependency on the Strait of Hormuz, which remains effectively shut.
• Oil comprised over half of Iraq’s GDP in 2025 as the country remains dependent on the Persian gulf.
• But an alternative passage through Kurdistan to Turkey should provide some relief.

Iraq and UAE race to establish alternative oil pipelines as exports through Hormuz dry up

Last week, the Iraqi cabinet approved plans to accelerate crude exports through the Kurdistan-Turkey pipeline network.

www.cnbc.com

 

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Newbuild Supertanker Orders Hit Record High, Surpassing 2008 Peak

The world’s shipowners have placed orders for a record number of new oil supertankers, surpassing a boom back in 2008 that ultimately led to a glut and a collapse in rates.

gcaptain.com

Russia Reactivates Arctic LNG Route to Asia as Icebreaking Carrier Completes Rare Early-Summer Transit

Russia has reopened its seasonal eastern export corridor for liquefied natural gas from the sanctioned Arctic LNG 2 project after the icebreaking LNG carrier Christophe de Margerie completed a rare early-summer voyage along the Northern Sea Route (NSR), signaling the start of the 2026 navigation...

gcaptain.com

 

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Despite Iranian Blockade, ADNOC Picks Up Pace of Oil Export Sales

UAE state oil company ADNOC is selling more of its crude than might be expected given the Iranian blockade of the Strait of Hormuz. This week, it anno...

maritime-executive.com

 

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From Pyongyang to Primorsk: When Sanctions Evasion Becomes System Design

Rarely a week passes without a new story about Russia’s shadow fleet. Tankers catch fire in the Mediterranean, are added to sanctions lists, or are

warontherocks.com

 

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EU Imports of Russian Arctic LNG Surge Despite New Restrictions, Spain Leads May Buying

European Union imports of Russian liquefied natural gas from the Arctic Yamal LNG project continue to climb in the first five months of 2026 despite the bloc’s efforts to phase out Russian fossil fuel purchases and new restrictions targeting some LNG contracts.

gcaptain.com

 

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Undercover Reporters Confirm Russian Paramilitary Presence on Tankers

The Danish pilots who guide merchant ships through the Oresund have often reported the presence of strange uniformed men aboard Russia-linked tankers...

maritime-executive.com

Inside Moscow’s secret network of shadow fleet watchmen - Splash247

Dozens of Russian men with military, security service and private military company backgrounds have been deployed aboard tankers carrying sanctioned Russian oil, according to a major investigation by the Organized Crime and Corruption Reporting Project (OCCRP) and a consortium of European media...

splash247.com

 

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Short-Term Energy Outlook - U.S. Energy Information Administration (EIA)

www.eia.gov

 

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Retail diesel continues to fall while some voices fear what’s ahead

The benchmark used for most fuel surcharges fell for the fifth straight week.

www.freightwaves.com

 

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EU moves on Russian gas tankers as LNG imports rise

Brussels targets Russia’s LNG shipping network, but Europe is still importing more Arctic gas. Norway may face fresh scrutiny.

en.highnorthnews.com

 

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• The U.S. has emerged as the top supplier of liquefied natural gas and liquefied petroleum gas to India in May.
• The war in the Middle East, and the disruption to the Strait of Hormuz, cut India off from Gulf exporters.
• But India’s gas purchases from the U.S. have grown steadily, driven by Washington’s push to sell more American energy to the South Asian country.

U.S. becomes India’s top gas supplier, as Iran war cuts it off from the Gulf

India's gas purchases from the U.S. have grown steadily, driven by Washington’s push to sell more American energy to the South Asian country.

www.cnbc.com

 

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How the Hormuz crisis changed the equation for shipping stocks

If you look at year-on-year gains, shipping shares have done phenomenally well. If you look at performance since the beginning of the Hormuz crisis, returns are minimal. The big exception is BWET, which has left the rest of the shipping field in the dust

www.lloydslist.com