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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
890.00
0.00
870.00
+15.00
Jun 23
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	890.00	0.00	870.00	+15.00	Jun 23

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
553.74	-5.68	713.05	-1.41	1 065.55	+1.30	Jun 26

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MABUX Market Differential Index (MDI)

Correlation between market bunker prices (MBP) and MABUX Digital Bunker Price Benchmark (DBP)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	Date
Rotterdam	460	544	-84	593	597	-4	870	1 062	-192	Jun 26
Singapore	463	571	-108	710	672	+38	879	1 055	-176	Jun 26
Fujairah	530	509	+21	965	579	+386	1 343	1 118	+225	Jun 26
Houston	478	549	-71	590	631	-41	910	1 057	-147	Jun 26

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Latest News
- 2026-06-26
  US diesel refining economics remain firm despite Iran war truce
  The U.S. diesel futures crack spread, a measure of profitability for refiners, hit a three-week high as analysts said supply tightness for the product is set to persist even after a preliminary deal was reached to end the Iran war. The crack spread,... Read more The U.S. diesel futures crack spread, a measure of profitability for refiners, hit a three-week high as analysts said supply tightness for the product is set to persist even after a preliminary deal was reached to end the Iran war.
  
  The crack spread, calculated as the difference between the price of U.S. ultra-low sulfur diesel futures and U.S. crude oil benchmark West Texas Intermediate futures, settled at $62.84 a barrel on Thursday, the highest since June 3, LSEG data showed.
  
  Resilient diesel refining economics reflect a cautious approach to fuel markets by traders wary of being caught offside if tensions flare up again in the Middle East. Diesel markets have been among those hit hardest by the blockade of the Strait of Hormuz as the waterway is critical to global supplies of both the fuel and Middle Eastern crude grades well suited for its production.
  
  "It is pretty clear at the moment that oil market tightness is concentrated in products rather than crude, so it is probably a safer way to play upside," said Rory Johnston, founder of the Commodity Context newsletter.
  
  Johnston added that Russian fuel exports are very low due to damage to refineries there from Ukrainian drone attacks, adding to supply tightness in the diesel market.
  
  DIESEL MOST SENSITIVE TO MIDDLE EAST CONFLICT
  
  To be sure, the diesel crack spread, similar to the broader oil market, has dropped sharply in recent weeks due to progress in U.S. negotiations with Iran to end their war and reopen the Strait of Hormuz. At its peak in March — the first month of the Iran war — the U.S. diesel futures crack spread was above $90 a barrel, and even higher in physical markets.
  
  However, the decline in diesel prices and crack spreads has been much softer than crude oil. Since the start of this month, WTI futures have slumped about 22%, while ULSD futures have dropped just over 9%.
  
  Meanwhile, even as a number of stranded ships have exited the Strait of Hormuz in recent days, tensions remain heightened after a container ship was hit near Oman on Thursday and the United Nations paused its efforts to shepherd vessels and seafarers through the waterway.
  
  Diesel inventories are the tightest among all refined products, making the fuel most sensitive to developments in the Middle East, brokerage StoneX wrote to clients on Thursday.
  
  U.S. distillate fuel inventories, composed mainly of diesel and small amounts of heating oil, were at 106 million barrels as of June 19, some 12 million barrels below the five-year average, data from the Energy Information Administration showed. Source: Reuters/Investing.com
- 2026-06-26
  Oil edges lower amid resumption of strait shipments even as vessel hit near Oman
  Oil prices fell on Friday morning and are heading for steep weekly losses amid easing supply concerns as more stranded oil tankers exited the Strait of Hormuz, even though a cargo vessel was hit near Oman on Thursday. Brent crude futures fell 19 cents,... Read more Oil prices fell on Friday morning and are heading for steep weekly losses amid easing supply concerns as more stranded oil tankers exited the Strait of Hormuz, even though a cargo vessel was hit near Oman on Thursday.
  
  Brent crude futures fell 19 cents, or 0.25%, to $75.07 a barrel as of 0055 GMT, while U.S. West Texas Intermediate fell 13 cents, or 0.18%, to $71.79 a barrel.
  
  Both benchmark contracts jumped more than 2% on Thursday after a cargo vessel was hit by an unknown projectile near Oman, prompting the U.N.’s shipping agency to suspend its voluntary evacuation scheme.
  
  Two U.S. officials told Reuters that Iran fired on the cargo ship as it attempted to pass through the strait. Iranian authorities said the security of vessels passing outside designated Hormuz routes is not guaranteed.
  
  "With the geopolitical risk premium once again creeping back into prices, markets will be watching intently to see if tanker traffic resumes or if these latest hurdles force producers to tap the brakes on planned production increases," said IG analyst Tony Sycamore.
  
  Brent and WTI crude are both set for losses of close to 7% this week.
  
  Data showed on Thursday that crude shipments through the Strait of Hormuz rose this week to their highest level since the U.S.-Israeli conflict with Iran began in February after a ceasefire deal reopened the waterway, while concerns about how long the strait would stay open also boosted trade.
  
  However, overall traffic remain a fraction of the daily average of 125 ships passing through the strait before the February 28 conflict began.
  
  Meanwhile, earthquakes in Venezuela that happened on Thursday also raised supply concerns.
  
  Preliminary assessments by workers of Venezuela’s vast oil, gas and refining infrastructure so far showed limited damage, as most of the country’s largest output regions, refineries, pipelines and terminals are far from the hardest-hit areas.
  
  Still, a lack of power has cast doubt on whether oil output can be sustained at its pre-earthquake level of close to 1.2 million barrels per day, sources said. Source: Reuters/Investing.com
- 2026-06-26
  Asia's Crude Buying Spree Is Running Out of Steam
  Asian refiners have reduced their spot purchases of Middle East crude for loading this month and next, following three weeks in which they had purchased millions of barrels of UAE, Saudi, and Iraqi crude. Lingering uncertainties about the navigability... Read more Asian refiners have reduced their spot purchases of Middle East crude for loading this month and next, following three weeks in which they had purchased millions of barrels of UAE, Saudi, and Iraqi crude.
  
  Lingering uncertainties about the navigability of the Strait of Hormuz and high freight costs have deterred Asian buyers from continuing the buying spree that began earlier this month, with millions of barrels of Abu Dhabi crude snapped up in spot trades.
  
  Incentives to Buy Immediately Wane
  
  Yet, refiners in Asia have spent the better part of the past four months scrambling to procure crude for the summer from producers outside the Middle East. Buyers now have enough non-Middle Eastern crude lined up to arrive over the next two months, meaning that immediate spot purchases from the Middle East aren’t really a necessity, amid still uncertain developments about how open the Strait of Hormuz really is.
  
  Most refiners in Asia have wrapped up their crude cargo orders for June and July, traders have told Bloomberg.
  
  To boost buying from Asia, the Middle Eastern producers need to make significant discounts on their offers, according to the traders.
  
  Significant discounts are simply not working for the high-risk zone in which the Strait of Hormuz has turned. Insurance and tanker freight costs will be too high and won’t offset any discounts on the crude.
  
  The high costs of freight and the intensifying competition for tankers are also making storing crude on water uneconomical, removing one of the demand incentives for buyers.
  
  Moreover, the price of the benchmark crude grades of the Middle East has crashed in recent days as the U.S.-Iran memorandum of understanding raised hopes that supply from the top oil-exporting region would begin to recover soon. The previous spot premiums of prices of the Dubai, Murban, and Oman crudes to swaps slumped into discounts, opening arbitrage for shipping oil from the Middle East to the United States and Europe.
  
  Meanwhile, Asia hopes that its term supplies from the Middle East would recover soon – and at lower prices – if US-Iran talks progress and tanker traffic through the Strait of Hormuz continues to pick up.
  
  Middle East Producers Ramp Up Oil Output
  
  In the Middle East, the UAE, Iraq, Kuwait, Saudi Arabia, and Iran are boosting or preparing to boost production and exports.
  
  Kuwait expects to raise its oil production to 2 million barrels per day (bpd) within a week, up from an average of 573,000 bpd in May, amid the reopening of the Strait of Hormuz, the deputy chairman and CEO of Kuwait Petroleum Corporation (KPC), Shaikh Nawaf Saud Al-Sabah, said last week.
  
  “Prewar production levels could be restored within weeks once regular international commercial shipping to Kuwait ports has resumed,” Al-Sabah was quoted as saying by Kuwait News Agency.
  
  Kuwait is also offering this week naphtha for loading at its ports deep into the Persian Gulf in the first such tender in months, as Middle Eastern oil producers seek to raise shipments through the Strait of Hormuz.
  
  Iraq, OPEC’s second-largest producer and one of the countries worst affected by the Strait of Hormuz closure, targets to restore oil output above 3 million bpd from its southern fields within two months, officials said last week. With no outlet for the crude from the southern fields near Basrah during the closure of the Strait of Hormuz, Iraq was forced to shut in more than half of its oil production.
  
  Saudi Arabia is also looking to return some production while continuing to direct most crude exports on the East-West pipeline to the Red Sea port of Yanbu.
  
  The most immediate surge in supply from the Middle East will arguably come from none other than Iran, which just saw the U.S. sanctions on its oil exports lifted for two months until August 21, as part of the U.S.-Iran 14-point memorandum of understanding.
  
  Iran is reportedly pitching its oil to Asian buyers outside China, contacting India, South Korea, and Japan.
  
  These major Asian oil importers haven’t imported Iranian oil in years due to the U.S. sanctions in place. Iran’s key oil buyer has been China, more precisely, the Chinese independent refiners in the Shandong province, the so-called teapots.
  
  Now the temporary U.S. waiver opens the door for Iranian oil sales in the wider Asian region, but refiners are not really rushing to snap up Iran’s crude, traders and analysts told Bloomberg earlier this week.
  
  The waiver is only for two months, and it is not certain how the U.S.-Iran talks will progress, so there could be an abrupt reversal of the general license.
  
  Moreover, most refiners in Asia are already well-stocked on crude for the next few weeks, having spent much of the past three months trying to procure additional supply from the Americas and West Africa to fill part of the gap left by the constrained Middle Eastern deliveries.
  
  Asian demand for Middle Eastern crude will eventually rebound, but many importers will continue to diversify their oil supplier base to avoid a new energy crisis when the next war in the Middle East erupts.
  
  Source: Oilprice.com
- 2026-06-26
  MABUX: Global bunker market may see a slight upward correction on Jun. 26.
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — extended its downward trend on Jun. 25, declining for the third consecutive trading session across all fuel grades: 380 HSFO: USD/MT: 559.42... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — extended its downward trend on Jun. 25, declining for the third consecutive trading session across all fuel grades:
  
  380 HSFO: USD/MT: 559.42 (-10.03)
  VLSFO: USD/MT 715.66 (-8.50)
  MGO: USD/MT 1 070.44 (-0.93)
  
  Despite the recent decline, current market indicators suggest that bearish momentum may begin to ease. MABUX expects the global bunker market to enter a phase of modest upward correction on Jun. 26, with the following price movements projected: 380 HSFO: plus 3-5 USD/MT, VLSFO: plus 3–5 USD/MT, MGO LS: plus 5–7 USD/MT.
  
  Source: MABUX
- 2026-06-26
  Kazakhstan Lands $12 Billion in EU Deals to Expand Energy and Trade Ties
  Kazakh President Kassym-Jomart Tokayev’s visit to the EU’s headquarters in Brussels has yielded agreements and MoUs potentially valued at over 12 billion dollars. The key deal involves the purchase of 50 Airbus passenger jets for 7.1 billion euros. Tokayev’s... Read more Kazakh President Kassym-Jomart Tokayev’s visit to the EU’s headquarters in Brussels has yielded agreements and MoUs potentially valued at over 12 billion dollars. The key deal involves the purchase of 50 Airbus passenger jets for 7.1 billion euros.
  
  Tokayev’s visit, which concluded June 23, focused on developing Middle Corridor trade links within the context of the EU’s Global Gateway program. Prominent among Tokayev’s meetings in Brussels were discussions with European Commissioner for Trade and Economic Security Maroš Šef?ovi?, European Union Special Representative for Central Asia Eduards Stiprais, and Vice President of the European Investment Bank Marek Mora.
  
  A joint statement issued upon the conclusion of the Kazakh president’s visit stated that the meetings “stressed the strategic importance of the Trans-Caspian International Transport Route.”
  
  The statement stressed that the EU and Kazakhstan “reaffirmed the importance of cooperation in the field of critical raw materials and expressed their commitment to the implementation of the Roadmap for the implementation of the strategic partnership between Kazakhstan and the European Union on sustainable raw materials, batteries and the creation of green hydrogen value chains.”
  
  The EU also indicated that it wants to expand energy cooperation to reduce its dependence on Russian supplies. To that end, some observers suggest that EU officials may have discussed the possibility of Kazakhstan’s participation in the construction of a long-planned trans-Caspian pipeline. Kazakhstan recently announced the discovery of substantial, new oil and natural gas reserves in the Ustyurt Plateau. If confirmed, those new reserves could make a trans-Caspian route economically viable. The overwhelming majority of Kazakhstan’s oil exports are now routed through Russia.
  
  Brussels recognized “Kazakhstan's role as an important supplier of oil and uranium to Europe and the potential for closer cooperation in the field of renewable energy and the peaceful use of nuclear energy,” according to the statement.
  
  Meanwhile, the Reuters news agency reported that a US-government-backed investment group, known as Orion Critical Mineral Consortium, is seeking to raise $20 billion in funding to develop a “pipeline of opportunities” in Asia for critical minerals exports.
  
  The initiative aims to weaken China’s grip on supplies of many critical minerals and ensure wider and regular US and EU access to key materials needed for the modern economy, including copper, lithium and rare earth elements. Kazakhstan and Uzbekistan are mentioned as areas of interest for the consortium.
  
  Implementation of Orion’s vision would require an estimated $2.4 trillion in investment over the next 25 years, Reuters quoted company officials as saying. Orion’s activities are backed by the US International Development Finance Corporation, along with Abu Dhabi's sovereign wealth fund. Source: Oilprice.com
- 2026-06-26
  Russia Turns Asia’s Oil Shock Into an Indonesian Opening
  Russia has emerged as one of the clearest commercial beneficiaries of the US-Israel war with Iran. Before March 2026, buying Russian crude was widely treated as a sanctions risk that only Chinese and, to a lesser extent, Indian private companies could... Read more Russia has emerged as one of the clearest commercial beneficiaries of the US-Israel war with Iran. Before March 2026, buying Russian crude was widely treated as a sanctions risk that only Chinese and, to a lesser extent, Indian private companies could comfortably absorb. The first US waiver for Russian barrels, announced on March 12, changed that calculation. It showed that, during a major Middle Eastern supply disruption, Asia could not balance its oil market without Russian crude, and even Washington was aware of the that. Successive waiver extensions kept Russian oil trade legal across parts of Asia and encouraged regional buyers to view Moscow not only as an emergency supplier, but as a tool of energy security. In this context, the emerging oil relationship between Russia and Indonesia is one of the clearest examples.
  
  Relations between Moscow and Jakarta have deepened since Prabowo Subianto was elected president in early 2024. Indonesia became a full member of BRICS in January 2025 and subsequently signed a free-trade agreement with the Eurasian Economic Union. Energy cooperation now appears to be moving from diplomatic declarations toward a more formal trading structure, especially in the hydrocarbons area.
  
  Indonesia has a strong economic reason to diversify. Crude output was around 577,000 b/d in May 2026, below the 610,000 b/d government target and down from roughly 1.5 million b/d in the 1990s as mature fields declined. That is insufficient for a refining system with 1.2 million b/d of nameplate capacity and actual runs near 950,000 b/d at roughly 80% utilization. Indonesia therefore faces a crude deficit even before accounting for the limitations of the barrels it produces (some local crude is too light for domestic plants). Indonesia exported around 40,000 b/d last year, mostly to Thailand. But an even bigger imbalance is in refined products: total petroleum demand is around 1.6 million b/d, well above domestic refinery throughput, forcing Indonesia to import both crude and refined products.
  
  Indonesia bought about 370,000 b/d of crude on average in 2025 and 2026, led by West African producers - Nigeria at around 100,000 b/d, followed by Angola, Gabon – as well as Saudi Arabia and Brazil. Purchases mostly boil down to medium-sweet grades such as Escravos, Nemba or Gabonese blends, alongside Saudi medium-sour barrels. The mix reflects refiners’ need for lighter products. Gasoline is where the supply deficit is most pronounced. Demand is running at around 690,000 barrels a day, of which as much as 60% is covered by imports. Average gasoline imports reached about 430,000 barrels a day in 2025, exposing a structural shortage of domestic production.
  
  Diesel is less constrained because Indonesia operates a biodiesel mandate and ultimately plans to eliminate conventional diesel imports. For now, however, it still buys diesel overseas. Russia has become the major supplier since the waiver on its oil and oil products was issued in March, with sporadic cargoes rising during the latest crisis and reaching 26,000 b/d in April 2026.
  
  Russia therefore, has already offered Indonesia more than one type of supply. However, only two vessels carrying Russian crude reached Indonesia in the past six months. Each transported about 700,000 barrels from Sakhalin-2, one loading in late December 2025 and the other in January 2026. Both carried Sakhalin Blend, a light, sweet crude with an API of about 45 degrees and low sulphur content, making it a good fit for gasoline-oriented refining.
  
  The more consequential development came after Prabowo’s visit to Moscow in mid-April. Russia reportedly committed to supplying Indonesia with 100 million barrels of oil (potentially including both crude and refined fuels) at a preferential price, with a further 50 million barrels available if required. Jakarta then created a legal route. A late-April regulation authorized public service agencies to import crude, fuels and LPG under intergovernmental cooperation or direct agreements. On June 8, Indonesia’s energy minister assigned Lemigas, an agency under the energy ministry, full responsibility for carrying out crude imports, including potential purchases from Russia.
  
  The arrangement could shield state-owned Pertamina from direct commercial ties with sanctioned Russian companies. The company depends on international bond financing and is sensitive to any action that could breach bond-related sanctions obligations. Routing purchases through Lemigas would shift trade toward a government-to-government structure, which would not provide a total sanctions immunity, but targeting an Indonesian state agency could carry a greater diplomatic cost for Washington.
  
  Payments remain a major obstacle: US-dollar settlement is unlikely to work, and most commercial banks may avoid the risk. Yet recent comments by Indonesia’s Energy Minister Bahlil Lahadalia may offer a clue to how the two sides could structure the relationship. Lahadalia said Russia had expressed a willingness to help Indonesia construct several important pieces of infrastructure, that could mean storage or marine terminals. Or it could also breathe new life into the proposed 300,000 b/d Tuban refinery project. Rosneft has partnered with Pertamina since 2016, but the $24 billion project remains stalled, and by mid-2026, full construction had not begun with Rosneft’s final investment decision still pending. Government-to-government trade could theoretically support barter arrangements, exchanging oil for infrastructure-related expenses and reducing direct monetary settlement.
  
  A key question is which Russian grades would define potential Indonesian imports. Loading capacity should not be a major constraint, as most Russian seaborne crude is currently sold on the spot market and can be redirected relatively easily. ESPO from Kozmino is the most likely option. The voyage takes only around 12 days, while the grade’s 35 degrees API gravity and low sulphur content closely match Indonesia’s existing import crude mix. Kozmino’s roughly 1 million b/d loading capacity also allows cargoes currently directed mainly for China to be redistributed, potentially tightening the spot market and supporting higher differentials. Sokol from Sakhalin-1 is another strong candidate. It is similarly light and sweet, at around 40 degrees API and 0.2% sulphur, although loadings are much smaller at roughly 200,000 b/d. Indonesia would still need medium-sour barrels, as it has been importing some volumes of Saudi Arabia’s flagship Arab Light grade. With Saudi crude relatively expensive, Urals from Primorsk and Ust-Luga could offer a cheaper substitute for it, even after a voyage of around 40 days.
  
  Distance is a bigger problem. A voyage from Sakhalin to Indonesia can take around 15 days under normal conditions, although the two recent cargoes took about 42 days. From Primorsk, the journey is closer to 45 to 50 days. Those routes make sense during an emergency, which helps explain why Russian diesel from Primorsk has reached Indonesia in recent months. Their longer-term viability will depend on discounts, freight costs, and any additional benefits Moscow offers, including storage, refinery, or terminal investment.
  
  The Middle Eastern crisis has therefore done more than temporarily boost Russian exports. It has encouraged Asian governments to reconsider what buying Russian oil represents. The Philippines began importing Russian crude under the US waiver in March 2026, after state oil company Petron agreed to purchase 2.5 million barrels in the country’s first such deal since 2021. Manila has already received three cargoes across March and May and is reportedly discussing how to formalize the trade through a government-to-government framework similar to the model being considered by Indonesia. Vietnam has also reportedly been in talks with Moscow since March over the potential start of Russian oil imports.
  
  What began as an exceptional response to a supply shock is becoming a test of whether sanctions policy can coexist with the energy-security needs of large importing economies. Indonesia’s case matters because it is neither a traditional Russian client nor a market able to absorb unlimited legal and financial risk alone. But the shift is already clear: in Southeast Asia, Russian oil is increasingly being treated not as a prohibited commodity, but as an instrument of national energy security. Source: Oilprice.com
- 2026-06-26
  Gas Prices Are Falling. Your July 4 Fill-Up Still Won't Feel Cheap.
  The good news is that gasoline prices have been falling for six straight weeks. The bad news? Americans are still heading into one of the most expensive Independence Day weekends they've ever seen. GasBuddy projects the national average price of... Read more The good news is that gasoline prices have been falling for six straight weeks.
  
  The bad news? Americans are still heading into one of the most expensive Independence Day weekends they've ever seen.
  
  GasBuddy projects the national average price of gasoline will be about $3.75 per gallon on July 4—the second-highest on record, trailing only the $4.80 per gallon reached during the energy crisis of 2022.
  
  That's a far cry from May, when the closure of the Strait of Hormuz sent gasoline prices soaring alongside crude oil. But it's also about 65 cents higher than last Independence Day and nearly a dollar above where the year began.
  
  So yes, prices are falling. They're just falling from a very uncomfortable place.
  
  The decline largely mirrors what's happened in crude markets. Brent briefly slipped toward $72 per barrel this week before recovering to around $75 on Thursday as Middle Eastern supply continued returning to global markets. Saudi Arabia is restarting loadings at its flagship Ras Tanura export terminal, Iraqi exports are ramping higher, and more tankers are cautiously returning to the Persian Gulf.
  
  The keyword there is cautiously.
  
  Traffic through the Strait of Hormuz has improved dramatically over the past week, but it remains well below pre-war levels. Shipping companies are still navigating uncertainty over Iran's proposed new traffic management system, while Thursday brought fresh reminders that the region remains unstable after a commercial vessel was reportedly struck by an unidentified projectile near Oman and Iranian authorities continued asserting control over shipping routes.
  
  That lingering uncertainty is one reason gasoline hasn't fallen as quickly as crude.
  
  There's also the simple reality that retail prices lag wholesale markets. Oil can lose $20 per barrel in a matter of days. The sign at your neighborhood gas station usually gets the memo a little later.
  
  The result? Oil prices are back near where they traded b Source: Oilprice.com
- 2026-06-26
  Major Saudi Oil Terminal Roars Back to Life as Gulf Supply Recovery Accelerates
  Saudi Arabia's biggest oil export terminal is finally stirring back to life, and that's a much bigger deal than another headline about the Strait of Hormuz reopening. After sitting largely idle since early March, Saudi Aramco is preparing to resume... Read more Saudi Arabia's biggest oil export terminal is finally stirring back to life, and that's a much bigger deal than another headline about the Strait of Hormuz reopening.
  
  After sitting largely idle since early March, Saudi Aramco is preparing to resume crude loadings at Ras Tanura, with multiple very large crude carriers owned by Bahri moving toward the Ju'aymah offshore loading area on Thursday, according to Bloomberg vessel-tracking data.
  
  The past week has been filled with headlines about the reopening of the Strait of Hormuz, but reopening a waterway and restoring the region's largest export machine are two very different things. Saudi Arabia never completely stopped exporting during the crisis, thanks to its East-West Pipeline that diverted millions of barrels per day to the Red Sea port of Yanbu. Ras Tanura, however, remained conspicuously quiet until now.
  
  This suggests that Riyadh believes conditions have stabilized enough to begin restoring exports from its primary Persian Gulf outlet.
  
  It also explains why crude prices have continued to soften.
  
  Markets are no longer pricing hypothetical barrels. They're watching actual tankers line up at loading buoys.
  
  Still, traffic through the Strait of Hormuz remains well below pre-war levels, and many tanker owners continue to approach the region cautiously despite lower war-risk insurance premiums. Earlier this week, freight rates for Gulf crude carriers increased as producers rushed to secure limited vessel capacity.
  
  The movement of Bahri's fleet suggests Saudi Arabia is preparing for a more sustained increase in shipments. Bloomberg data also shows several additional Bahri supertankers waiting outside the Gulf of Oman, likely positioning for future cargoes.
  
  Iraq is ramping up exports. Kuwait is restoring production. Iran has resumed marketing crude across Asia. And now Saudi Arabia's flagship export terminal is coming back online.
  
  The supply disruption that sent oil soaring above $100 per barrel is fading into the rearview mirror.
  
  The rebuilding process, however, is only just getting started.
  
  Source: Oilprice.com
- 2026-06-26
  UK Energy Secretary Vetoed Plan to Boost Oil Output for Defense Funds
  UK Energy Secretary Ed Miliband has vetoed a plan by the Treasury to boost North Sea oil and gas drilling in order to fund part of Britain’s increased defense funding needs, The Telegraph reported on Thursday, citing a government source. As the UK... Read more UK Energy Secretary Ed Miliband has vetoed a plan by the Treasury to boost North Sea oil and gas drilling in order to fund part of Britain’s increased defense funding needs, The Telegraph reported on Thursday, citing a government source.
  
  As the UK plans to increase funding for military programs and rearmament amid heightened geopolitical tensions, the Treasury has proposed a plan to boost drilling in the UK North Sea and use the higher tax revenues from said drilling to fund part of the $24 billion, or £18 billion, the Ministry of Defence seeks for military purchases.
  
  The plan was presented to the Prime Minister, Sir Keir Starmer, but the energy secretary Miliband, who has fiercely opposed any expansion of North Sea drilling, had “vetoed” the proposal, the source in the cabinet told The Telegraph.
  
  Ultimately, the plan wasn’t approved.
  
  Britain now faces a renewed debate over the future of its North Sea oil and gas resources after Starmer resigned earlier this week, setting the stage for a new British PM and a new Chancellor to take over by September.
  
  Analysts say the political turmoil in the umpteenth PM resignation over the past decade could be a chance for the UK leadership to rethink the use of the North Sea resources to boost energy security by reducing dependence on imported oil and gas.
  
  The Starmer government had just moved to ban permanently the issuance of new North Sea oil and gas licenses.
  
  With a new PM and government expected to come into office by September, there is room for a rethink of the most recent policy.
  
  Meanwhile, the offshore energy industry continues to call for predictable taxation policies and allowing companies to continue exploring the North Sea for homegrown oil and gas resources. This would boost the UK’s energy security, raise tax receipts for the government, protect hundreds of thousands of jobs in the offshore oil and gas sector, and strengthen the domestic energy supply chain and prepare it for the energy transition, the industry says. Source: Oilprice.com
- 2026-06-26
  Middle East Fuel Oil Exports Set to Hit Four-Month High
  Fuel oil exports from the Middle East are expected to rebound to a four-month high this month as tanker traffic through the Strait of Hormuz picks up and key fuel oil producers Iraq, Saudi Arabia, and Oman have moved to increase shipments from ports outside... Read more Fuel oil exports from the Middle East are expected to rebound to a four-month high this month as tanker traffic through the Strait of Hormuz picks up and key fuel oil producers Iraq, Saudi Arabia, and Oman have moved to increase shipments from ports outside the Persian Gulf.
  
  Middle Eastern fuel oil exports are set to jump by 20% from May to about 508,000 barrels per day (bpd) in June, according to ship-tracking data reviewed by Reuters.
  
  Saudi Arabia boosted fuel oil shipments from the Yanbu port on the Red Sea, and Iraq started exporting fuel oil from Syria’s Baniyas port for the first time in March. Iraqi fuel oil exports from the Syrian port reached a record high of more than 600,000 tons this month.
  
  Separately, Oman is boosting its fuel oil shipments and is estimated to be sending out the highest volumes in over two years.
  
  The expected shipments in June, equal to 2.4 million metric tons, would still be half the fuel oil volumes the Middle East was sending outside the Gulf before the war. Until February, Middle Eastern producers typically exported between 5.5 million tons and 6 million tons on average per month.
  
  Despite the rise in fuel oil shipments and further increases expected in the coming weeks as the Strait of Hormuz tentatively reopens, the volumes of fuel oil leaving the Middle East may not reach pre-war levels anytime soon, analysts say.
  
  Shippers and traders are expected to remain cautious amid heightened uncertainty about how the U.S.-Iran negotiations will proceed, according to Palash Jain, Middle East oil consultant at FGE NexantECA.
  
  “Fuel oil flows through the Strait of Hormuz are expected to increase over the next 60 days, but the recovery is unlikely to be substantial,” Jain told Reuters.
  
  While the Middle East ramps up fuel oil shipments, Saudi Arabia continues to snap up high volumes of Russia’s fuel oil as the Hormuz crisis has forced shut oil and gas wells and reduced domestic supply for power generation amid rising temperatures. Source: Oilprice.com

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