oil

US says the decisions follow Iran’s commitment to allow international nuclear inspections.

The move, expected under the MoU, comes as Vice President JD Vance says there’s a ‘good foundation’ for a final deal.

The United States has partially lifted sanctions on Iranian oil exports following “encouraging” talks over ending their conflict.

The US Treasury issued a 60-day sanctions waiver on Monday, paving the way for the production, delivery and sale of Iranian oil to the US. The move came amid positive reports from mediators and the US vice president regarding talks in Switzerland between Washington and Tehran aimed at establishing a full peace deal.

The waiver is a condition included in the 60-day memorandum of understanding (MoU) signed by Tehran and Washington on June 17.

US Treasury Secretary Scott Bessent said that the US-Iran talks have been “productive” and that several of the MoU’s stipulations are moving ahead.

“Iran has committed to free and open transit in the Strait of Hormuz and to permit International Atomic Energy Agency (IAEA) inspectors into their country,” he wrote on social media. “As part of the framework, Treasury has issued a temporary 60-day general licence authorising the production, delivery and sale of Iranian oil.”

The licence lasts through August 21 and covers crude oil, petrochemical products, or petroleum products of Iranian origin. It permits Iranian oil to be imported into the US but does not authorise transactions involving US-sanctioned North Korea or Cuba, or Russian-occupied Ukraine.

There was no immediate response from Iranian government officials.

Oil prices continued their recent decline upon news of the waiver, with Brent crude dropping over 3.5 percent to $77.7 per barrel.

‘Good foundation’

Bessent’s announcement came as US Vice President JD Vance voiced optimism over the Tehran-Washington discussions in the Swiss resort of Burgenstock.

“We laid a very good foundation for a successful final deal,” he told reporters and shrugged off yesterday’s online tit-for-tat between President Donald Trump and top negotiator Mohammad Bagher Ghalibaf.

“Social media threats that they would walk out” did not come to fruition,” Vance noted. “There was a little bit of threatening, there was a little bit of whining, but at the end of the day the talks continued and we made great progress.”

Mediators at the talks said that Washington and Tehran had made “encouraging progress” at the first round, according to Reuters.

The vice president did not give a firm timeline for when nuclear inspections may start, but said conversations with the IAEA could happen as soon as Monday.

The US has said that the need to prevent Iran from developing a nuclear weapon was a key driver of its attacks, and demands that Tehran reopen its nuclear facilities to international oversight.

Iran has persistently rejected accusations that it seeks to develop a nuclear arsenal, insisting that its nuclear programme is purely for civilian purposes.

A busier waterway

Shortly before the waiver announcement, the Strait of Hormuz was reported to be seeing an increase in oil and gas tanker traffic, just two days after Iran said it would close the waterway again because of Israeli attacks on Lebanon.

Four Qatari-operated LNG tankers headed into the Gulf and through the strait on Monday, while two supertankers – which can carry up to four million barrels of crude oil – entered. One indicated its destination as the Iraqi port of Basra, according to ship tracking data.

Two smaller crude oil tankers, laden with just under two million barrels, sailed out of the waterway and into the Gulf of Oman on Monday, according to MarineTraffic.

“While daily transits remain below the 125 crossings prior to the Iran hostilities, the trend is positive,” said the shipping firm Clarksons.

The US has maintained that the strait was never closed for the second time and tracked 55 merchant ships loaded with more than 17 million barrels of oil on Saturday.

Reporting from Washington — The hotly contested Keystone XL and Dakota Access pipeline projects that President Trump brought back to life with the stroke of a pen Tuesday may still never get built — but for Trump, that isn’t necessarily the point.

The projects have become among the country’s most potent symbols of the clash between an oil and gas industry seeking to maintain the old order of energy production and the climate change movement pushing for a different direction.

Trump used the two proposed pipelines to send an unmistakable message during his first week in office: energy firms and their projects are back in favor.

When the Obama administration rejected Keystone in 2015 after years of protests and tens of millions of dollars spent by all sides, green-energy champions celebrated a seminal victory. The decision against the project came right before Obama signed a landmark global warming accord with dozens of other heads of state at a summit in Paris.

The Dakota Access project more recently became a national rallying point not only for environmental groups but for Native American tribes who said it threatened grounds they hold sacred. The Standing Rock Sioux Tribe has set up a camp to protest the pipeline, and the battle over it has become violent at times, with protesters clashing with police.

As the fight drew increasing national attention last year, the Obama administration dealt the project a potentially devastating blow that once again sent a strong message of opposition to fossil fuel projects. The U.S. Army Corps of Engineers denied the pipeline a crucial easement and announced it would look for alternatives to its planned route under a dammed section of the Missouri River called Lake Oahe.

Days before Obama’s term ended, the Corps of Engineers announced it would start an extensive environmental review that could add months — potentially years — to the permitting process and open the project to more public comment, creating new opportunities for opponents to block it.

Trump’s decision to revive the prospects for both projects comes as his administration jettisons much of Obama’s climate policy — including U.S. participation in the Paris accord — and promises to work aggressively to curb regulations that inhibit drilling and mining.

As the Trump administration moves swiftly to change direction, it also issued a gag order to the staff at the Environmental Protection Agency, which took a lead in Obama’s climate fight. Officials at the agency have been instructed not to interact at all with the news media and to freeze all contracts and grants.

Trump’s directives on the pipelines may pay political dividends. The angry opposition to the announcements comes mostly from places and groups that have never supported Trump. By contrast, the moves are likely to be well received by workers in Rust Belt communities who backed Trump in the election and now see him delivering on his promise to work for more jobs in middle America.

The decision on the Dakota Access pipeline instructed the Corps of Engineers to “consider” whether it can grant final approval for the project. It does not immediately clear the way for construction to resume, but strongly tilts in that direction, telling the Corps to consider skipping any additional environmental review.

Jan Hasselman, a lawyer for the advocacy group Earthjustice, called that directive illegal, saying it was “an insult to Standing Rock, and it continues a historic pattern of trampling on the rights of native people.”

Environmental groups call the $3.8-billion, 1,170-mile project — nearly all of which has already been built — a threat to clean air and water, as well as to farming communities.

On Keystone, the president emphasized the jobs aspect of the project by insisting that the pipeline be built exclusively with U.S. steel, which he said would generate still more jobs.

That demand may or may not be feasible. If it raises the pipeline’s cost, it could prove the death knell for a project that may no longer pencil out financially. The price of oil has plunged over the last couple of years to levels far below what Keystone’s designers had envisioned.

The order Trump signed on Tuesday invited TransCanada, the firm that developed Keystone, to submit a new application for a permit for the pipeline. It directed administration agencies to swiftly review that application and issue a new decision within 60 days. That would be in sharp contrast with the nearly eight years during which the project languished before Obama finally rejected it.

During the long delay, fighting Keystone became a rallying point for the environmental movement. While studies showed the effects of the single pipeline on the climate would be negligible — as would be its impact on boosting global oil production — resistance focused on the environmental movement drawing a line in the sand, demanding that public officials stop backing big, invasive infrastructure projects that feed the world’s oil habit and undermine the push for more green energy.

TransCanada immediately declared it would seize the new opening for its project, which is designed to ship 800,000 barrels of oil a day from the Canadian tar sands to refineries along the U.S. Gulf Coast.

In a statement, TransCanada vowed the pipeline would create thousands of jobs and boost the American economy, saying it “represents the safest, most environmentally sound way to connect the American economy to an abundant energy resource.”

Trump echoed the project’s supporters, saying the pipeline could generate 28,000 construction jobs. Opponents dispute that number, saying the new jobs would be less abundant than Trump claims and noting that in any case they would be temporary. They also say the project would undermine the potential creation of many more jobs in solar, wind and geothermal energy.

Trump’s directive provoked predictable outrage from environmental groups, which are vowing to mobilize just as they did before to block construction with mass protest and relentless legal challenges.

For all the heavy symbolism, however, the project’s impact on the world’s energy sector will ultimately be limited.

“In the end, this is all a tempest in a teapot,” said Andrew Hoffman, a professor of sustainable enterprise at the University of Michigan. The project, he said, ultimately would not lower prices at the pump or add significantly more greenhouse gases to the atmosphere.

“It is just one more battlefield between the left and the right about free commerce, the role of government and the influence of activists,” he said.

Halper reported from Washington and Yardley from Denver.

evan.halper@latimes.com

Follow me: @evanhalper

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Published on
22/06/2026 – 8:15 GMT+2

At the time of writing, Brent crude was down 0.91% at $79.12 a barrel, while US West Texas Intermediate (WTI) crude had fallen 0.70% to $75.32 a barrel.

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Lower crude prices reflected broader investor sentiment in early trading after Qatari and Pakistani mediators said the first round of negotiations between the US and Iran aimed at securing a final agreement to end the conflict had concluded with “encouraging progress”.

A memorandum of understanding signed last week includes a commitment to reach a final agreement within 60 days, an end to fighting on “all fronts” – including in Lebanon – and the reopening of the Strait of Hormuz.

Markets mixed as analysts monitor US-Iran negotiations

Meanwhile, Asian stocks were mixed on Monday, with markets in Japan and South Korea trading higher, while US futures traded lower.

Tokyo’s Nikkei 225 jumped 1.6% to 72,364.82 after reaching a new all-time high of 72,831.73 during intraday trading, helped by technology stocks fuelled by enthusiasm over the global artificial intelligence boom.

Japan’s SoftBank Group, the multinational investment holding company with a strong AI focus, rose 2.4%, while chip equipment maker Tokyo Electron gained 2.3%.

South Korea’s Kospi added 0.4% to 9,084.37 and was trading near record highs, led by AI-related shares. Memory chip maker SK Hynix surged 4.7%.

“We’re seeing another strong market today,” Neil Newman, managing director and head of strategy at Astris Advisory Japan, said. He cautioned that the Japanese market was “probably getting a little stretched” from an investor’s point of view, “especially with what’s going on in the Middle East”.

Hong Kong’s Hang Seng fell 1% to 23,690.86, while the Shanghai Composite Index edged 0.2% higher to 4,098.01.

Additional sources • AP

June 19 (UPI) — Global oil prices have fluctuated slightly on Friday, briefly reaching back above the $80 per barrel mark for Brent crude, as the United States and Iran called off further talks in Switzerland.

A stall in talks between the United States and Iran have cast doubt over the preliminary peace agreement reached earlier this week. The oil market has begun reflecting that uncertainty early Friday.

Vice President JD Vance was set to travel to Switzerland to continue into the next phase of negotiations with Iran. Vance’s trip has been postponed while Israel has opened up more strikes on Lebanon.

Part of the agreement between the United States and Iran included an end to military operations in Lebanon.

The Swiss foreign ministry said talks between the United States and Iran will no longer take place on Friday as previously planned. The White House confirmed that Vance will not be traveling to Switzerland, citing logistical issues involving negotiations.

Vance said during a press conference Thursday that Iran will not receive “a single penny from the United States.” He added that Iran will not receive any of the benefits from the preliminary agreement unless “they comply fully and change their behavior.”

Overall oil prices are heading toward a second consecutive week of falling prices. August Brent crude oil, the international benchmark, traded at about $80.23 per barrel on Friday morning. July West Texas Intermediate futures, the U.S. benchmark, traded for about $75.96 per barrel.

Altogether, benchmark crude oil is on pace to be down in price by about 8% for the week.

After falling below $4 per gallon on Thursday, the U.S. national average for premium gas edged down to $3.97 per gallon on Friday. The price of gas remains higher than prior to the start of the Iran war. A year ago, the average price of gas was $3.20 per gallon on average, AAA reports.

Oil fell sharply in early trading after US President Donald Trump and his Iranian counterpart, Masoud Pezeshkian, put their names to an initial accord to halt hostilities, a move expected to restore the flow of crude through the Strait of Hormuz, one of the world’s most important shipping arteries.

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At the time of writing on Thursday morning, the front-month contract on WTI, the US benchmark, was down by 2.3% to $75 a barrel, while Brent crude, the international gauge, traded 2% lower at around $78 a barrel.

Both remain above the roughly $70 level seen before the conflict, but they have fallen well below the peaks of more than $100 reached only weeks ago.

The deal sets a 60-day window for the two sides to negotiate a final settlement on Iran’s nuclear programme, with Tehran agreeing in the interim to dilute its stockpile of highly enriched uranium.

Crucially for energy markets, it lifts US-backed sanctions, allowing Iran to resume selling its oil freely, and clears the way for tankers to move crude out of the Persian Gulf once more.

US President Donald Trump has said the strait will be fully open by Friday and operate without transit charges, a pledge that has encouraged traders to bet on easing supply pressures.

After signing the memorandum of understanding, Trump stated, “oil down, stocks up”, with hand motions.

An oil market still running on depleted reserves

The optimism arrives against a strained backdrop.

In its June Oil Market Report, the International Energy Agency said strategic oil reserves across advanced economies had slipped to their lowest level since 1990, with government stockpiles in OECD countries down by 163 million barrels since the conflict began as emergency releases accelerated.

The agency also trimmed its outlook for global demand, which it now expects to contract through 2026 as elevated fuel prices and supply disruptions bite, before recovering next year.

It cautioned that any rebound in supply may be gradual, citing the slow clearance of mines and continued disruption to shipping routes even with the interim deal in place.

Flows through the Strait of Hormuz had already begun to recover, rising from a May low to around 12 million barrels a day in early June.

Stocks mixed after the Fed signals possible hikes

Equities offered a patchier picture following Wednesday’s losses on Wall Street, where the S&P 500 fell 1.2% after fresh Fed projections showed nearly half of policymakers expect at least one interest rate hike this year.

The Dow Jones Industrial Average shed 1%, and the Nasdaq Composite slid 1.3%.

In his first press conference as Fed chair, Kevin Warsh declined to forecast where rates would end the year and signalled a rethink of how the central bank communicates, dropping the customary hints about future policy direction from its statement.

US President Donald Trump, who had long pressed Warsh’s predecessor to cut rates, was unusually relaxed about the outcome.

“It’s all right. Whatever,” Trump told reporters in France as he attended the G7 meeting.

Asked about the prospect of a hike, he said it was “hard to believe” but that, with Warsh now in place, he was “guided by what he wants.”

US stock futures pointed higher early on Thursday, with contracts on the S&P 500 up 0.9% and on the Nasdaq Composite around 1.4% higher.

In Asia, Tokyo’s Nikkei 225 and South Korea’s Kospi both jumped 2.3%, helped by hopes for an end to the Iran war and strong demand for technology shares.

European trading was more subdued, with the Euro Stoxx 50 rising 1% but the broader pan-European Stoxx 600 trading flat.

The UK’s FTSE 100, Germany’s DAX 30, Italy’s FTSE MIB, Spain’s IBEX 35, the Netherlands’ AEX, and Switzerland’s CH20 all traded between 0.4% and 0.8% higher than their Wednesday close.

France’s CAC 40 led the pack and jumped roughly 1.3%.

Additional sources • AP

Brent crude drops as much as 1.6 percent, while key stock indices in Japan, South Korea and Taiwan climb.

Oil prices have dropped following the United States and Iran’s signing of an interim peace agreement, resuming a slide interrupted by US President Donald Trump’s warning that he could restart his military campaign.

Brent crude fell as much as 1.6 percent on Thursday morning in Asia, returning the international benchmark to almost exactly where it was 24 hours previously.

Brent futures for delivery in August stood at $78.23 as of 04:00 GMT, only about 7 percent higher than before the US and Israel launched their war on Iran on February 28.

After several days of declines, Brent briefly spiked above $81 a barrel on Wednesday after Trump warned that the US could “go right back to dropping bombs” on Iran if it doesn’t “behave”.

Asian stock markets rallied on Thursday on renewed optimism for an end to nearly four months of disruption to global energy supply chains.

Japan’s benchmark Nikkei 225 and South Korea’s Kospi both hit all-time highs, gaining 1.8 percent and 1.4 percent, respectively.

Taiwan’s Taiex rose as much as 1.3 percent.

Hong Kong’s Hang Seng Index bucked the trend, dropping 1.7 percent.

US stock futures, which are traded outside of regular market hours and often foreshadow the next day’s performance, climbed, with those tied to the benchmark S&P 500 and the tech-heavy Nasdaq Composite climbing about 0.8 percent and 1.3 percent, respectively.

Pakistani Prime Minister Shehbaz Sharif, who mediated the negotiations between Washington and Tehran, said on Wednesday that the US-Iran memorandum of understanding (MoU) had entered into force with “immediate effect”.

Sharif said Iran would “instantly reopen” the Strait of Hormuz and the US would “immediately” lift its naval blockade of Iranian ports, though it was not immediately clear if the announcement had any effect on boosting maritime traffic in the critical waterway.

Shipping in the strait has been reduced to a fraction of peacetime levels due to the threat of Iranian missiles, drones and mines, as well as the US blockade.

While more than 500 vessels are estimated to be waiting to exit the Gulf through the strait, shipping companies have expressed concern about the lack of clarity on how to ensure the safety of their vessels and crews in the channel.

In a statement earlier this week, the Baltic and International Maritime Council (BIMCO), one of the world’s largest associations for shipowners, said the US and Iran had yet to provide information about “key aspects such as timings and safe routes”.

“Due to lack of details and a history of overly optimistic reassurances, we believe the security situation for the shipping industry remains volatile, and we still consider it very risky for ships to commence transits at this point,” Jakob Larsen, chief safety and security officer at BIMCO, said in a statement on Monday, responding to the initial announcement of the MoU.

“We advise shipowners to continue doing thorough risk assessments and appeal to all parties to put the safety of seafarers first.”

Brent crude drops to lowest price since early March before signing of framework deal to end US-Israel war on Iran.

Oil prices are continuing to drop, as hopes rise for a return to stability in global energy markets before the signing of a framework agreement on ending the United States-Israel war on Iran.

Futures for Brent crude due for delivery in August dipped nearly 1 percent on Wednesday, extending declines of about 5 percent on each of the previous two days.

The international benchmark stood at $78.24 a barrel as of 08:00 GMT, the lowest price since March 3, three days after the start of the war.

After rising more than 50 percent during the conflict, the price of crude on Wednesday afternoon in Asia was only about 7 percent higher than before the US and Israel launched attacks on Iran on February 28.

“The immediate prognosis, it seems, is optimistic and assumes no significant setbacks,” Tamas Varga, an analyst at PVM Oil Associates in London, said in a commentary.

“Over the last four trading sessions, Brent, for example, has fallen by $17 [per barrel], a discernible vote of confidence that the worst, at least as far as supply disruptions are concerned, is behind us,” Varga said.

Vandana Hari, the founder of the Singapore-based oil market analysis provider Vanda Insights, said that while the announcement of the US and Iran’s memorandum of understanding (MoU) has brought relief to markets, the “hardest part, on delivering the pledges and promises, is yet to come”.

“Crude’s slide is entirely sentiment-driven,” Hari told Al Jazeera.

“The market is front-running the prospective reopening of the Strait of Hormuz and likely pricing in the best-case scenario for the normalisation of flows, which means the potential hiccups from logistics to renewed geopolitical tensions are not being adequately factored in,” Hari said.

While many details of the MoU due to be signed on Friday remain unclear, Iran is expected to end its near-total closure of the Strait of Hormuz in exchange for the US lifting its blockade of Iranian ports, among other concessions.

The full reopening of the strait would be a crucial step towards restoring confidence in energy supply chains, after nearly four months of turmoil arising from the war.

Maritime traffic in the strait, which flows between Iran and Oman, has been reduced to a trickle due to the threat of Iranian missiles, drones and mines, reducing the global oil supply by an estimated 14 million barrels each day.

Even if the war does end, global energy flows are expected to take months to fully recover.

More than 500 vessels are estimated to be waiting to exit the Gulf through the strait, while the process of ensuring the channel is free of naval mines is likely to take weeks at a minimum.

Stephen Cotton, the general-secretary of the International Transport Workers’ Federation, said the signing ceremony scheduled to take place in Geneva, Switzerland, would be “at best the beginning” of a process of normalisation.

“The backlog of stranded vessels and the need for crew changes and rest mean a realistic return to normal shipping patterns is weeks, if not months, away,” Cotton said in a statement on Monday.

EVIAN-LES-BAINS, France — The United States could soon reimpose sanctions on Russian oil shipments after President Trump and fellow leaders at the Group of Seven summit of major industrialized democracies moved Tuesday to put the war in Ukraine back on top of their agenda, more than four years after Russia launched its full-scale invasion.

The Iran war has recently overshadowed Ukraine, but Trump said he wants to shift the focus following the announcement of an agreement to end the 3½-month-old conflict in the Gulf.

Trump said Iran will soon be “back in the rearview mirror.”

Trump said the sanctions on Russia that were eased during the Iran war to help lower oil prices can go back in place as more oil moves through the Strait of Hormuz.

“Soon we’ll be able to do that because the oil is now flowing,” Trump told reporters in Evian, the French spa town close to the Swiss border that is hosting the summit. “We’re in a position to do that soon.”

The U.S. in March temporarily eased some sanctions on some Russian oil shipments as crude prices sharply increased. The waiver has been extended.

Zelensky joins G7 leaders for talks

Ukrainian President Volodymyr Zelensky joined the G7 leaders for talks on the war in his country. They wrapped quickly, after just 75 minutes.

Zelensky said Ukraine is serious about peace while Russia toys with world leaders. “The entire ‘Seven’ supports Ukraine unanimously today,” he said.

Zelensky added that G7 leaders supported Ukraine’s need for more Patriot missiles and discussed how to increase production by licensing production. Patriot missiles are able to counter Russian ballistic missile attacks on Ukraine’s power grid and cities.

As the U.S. under Trump has cut back aid to Ukraine, France and its European allies are now the biggest providers of military and financial support to Kyiv.

Trump downplayed the impact of the Russia-Ukraine war on the U.S. but lamented the death toll.

“The whole thing is ridiculous,” Trump said. “So, yeah, I’m going to do whatever I can.”

Meanwhile, the U.K. announced new sanctions targeting the “shadow fleet ” Russia uses to ship oil and gas, and the finance networks used by Moscow to evade Western sanctions. The ships targeted include several recently purchased by Russia to transport liquefied natural gas from its sanctioned Arctic LNG 2 project.

Russia fires again at Ukraine’s biggest cities

Hours before the summit began Monday, Russia fired hundreds of drones and dozens of missiles at Ukraine’s biggest cities in a barrage that killed 11 people and set fire to a religious landmark.

The attacks came after Zelensky and Putin spoke separately by phone with Trump on Sunday, the U.S. leader’s 80th birthday.

While campaigning in 2024 for a return to the White House, Trump claimed he could end the Russia-Ukraine war within 24 hours of taking office. However, negotiations have faltered and Trump has acknowledged it has proved much harder than he thought.

Ukraine on Monday officially started European Union membership negotiations, launching a process that will require its government to commit to years of political reforms even as it fights the Russian invasion.

Ukraine sees EU membership as a security guarantee for a stable future once the war ends. Its best guarantee would be membership in the NATO military alliance, but the Trump administration insists that cannot happen, and others are wary of Ukraine joining while the war continues.

Trump says he may send Iran deal to Congress

The U.S.-Iran ceasefire deal got plenty of attention at Tuesday’s sessions, with Trump voicing his openness to sending the deal to Congress for review. The text has not been made public.

“I like the idea, send it to Congress please,” Trump said at the start of a meeting with United Arab Emirates President Sheikh Mohamed bin Zayed Al Nahyan on the summit’s sidelines. He added, “I mean who wouldn’t approve it?”

Republicans on Capitol Hill say they want Trump to provide more information about the agreement, with some expressing skepticism that the deal can deter Iran from pursuing a nuclear weapon.

Trump also met with the Emir of Qatar, Sheikh Tamim bin Hamad al-Thani. The Gulf nations are not part of the G7, but French President Emmanuel Macron extended invitations to their leaders at a fraught moment for their region.

Trump also expressed frustration over Israel’s continued hostilities with the Iranian-backed militia Hezbollah in Lebanon, telling reporters he’s “not happy with the way Israel has handled themselves with Lebanon and with Hezbollah.”

Trump said Israeli operations to target Hezbollah “should have been able to deal with them faster,” adding: “It just goes on forever. And when that happens, it throws a negative light on the big deal. And that’s the deal with Iran.”

Macron said France and other Western partners are “ready to take action very quickly” to help reopen the Strait of Hormuz peacefully to ease the economic impact of rising oil prices. France and the U.K. have championed a mission to restore maritime security there as soon as conditions allow.

The G7 comprises France, the United States, Canada, Germany, Italy, Japan and the United Kingdom. Other guest nations, including Brazil, India, Kenya and South Korea, were invited to participate in some discussions.

Superville, Corbet and Madhani write for the Associated Press. Madhani reported from Geneva. AP writers Jill Lawless and Samuel Petrequin in London, Collin Binkley in Washington and Illia Novikov in Kyiv contributed to this report.

June 16 (UPI) — Oil prices have fallen to their lowest levels since the start of the Iran war with Brent crude oil declining to less than $80 per barrel on Tuesday.

Brent crude oil, the international benchmark, traded for $79.96 on Tuesday morning. It is the first time since the war started that it has traded below $80 per barrel. It has since inched above the $80 mark to about $80.19.

The price of West Texas Intermediate, the U.S. benchmark, has dipped by about 3.8% on Tuesday to $77.71 per barrel.

Tuesday marks the second consecutive day of descending oil prices spurred along by Sunday’s announcement that the United States and Iran have come to terms on a peace agreement. Prior to the announcement, oil prices had risen by about 14% since the start of the war.

Iran closed the Strait of Hormuz after the United States and Israel launched attacks on Feb. 28. The United States later instituted a naval blockade on the strait, stopping any vessels using Iranian ports.

The terms of the peace deal have not been made public. The United States and Iran have electronically signed a preliminary agreement and are expected to officially sign off on the peace deal on Friday.

While oil prices have fallen significantly, gas prices have moved more slowly, dropping by three cents on Tuesday. The national average for a gallon of regular-grade gas is $4.04, AAA reports. Gas prices remain elevated by about 36% since the start of the war.

President Donald Trump said Sunday that the traffic on the Strait of Hormuz would resume immediately. However, it may still take weeks for operators on the strait to actually allow tankers to pass through.

About 20% of the Middle East oil trade uses the Strait of Hormuz.

Published on
15/06/2026 – 10:09 GMT+2

Crude prices retreated on Monday as US President Donald Trump confirmed a peace agreement with Iran and both sides announced a lifting of their respective blockades of the Strait of Hormuz.

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At the time of writing, the front month contract on US West Texas Intermediate (WTI) crude was down almost 6% from Friday’s close to roughly $80 per barrel, while Brent crude, the international standard, dropped around 5% to about $83 per barrel.

The specific concessions made by each side are still unclear and there are questions surrounding whether the Prime Minister of Israel will respect the withdrawal of troops from southern Lebanon, which, according to the Prime Minister of Pakistan is included in the deal.

Benjamin Netanyahu has yet to publicly address the US-Iran deal, or the issue of Lebanon, and CNN has reported that the Prime Minister of Israel is seeking an urgent meeting with US President Donald Trump after this week’s G7 summit.

Nonetheless, markets are reacting swiftly to the prospect of the Strait of Hormuz slowly reopening and the potential that the Iran war is closer to ending than reigniting.

The freshly announced peace deal is currently expected to be signed on Friday.

European, Asian and US markets

At the open, European markets also rose on the news that there is meaningful progress in ending the Iran war.

Both the Euro Stoxx 50 and the broader pan-European Stoxx 600 traded over 1% higher at the start of Monday’s session.

The UK’s FTSE 100, Germany’s DAX 30, Italy’s FTSE MIB, Spain’s IBEX 35, the Netherlands’ AEX and Switzerland’s CH20, all traded between 0.5% and 1% higher than their Friday close.

France’s CAC 40 led the pack and rose almost 1.5%.

In the US, S&P500 futures traded over 2% higher and the teach-heavy Nasdaq 100 rose more than 3%.

In other trade dealings on Monday, Asia-Pacific markets jumped overnight with South Korea’s Kospi climbing over 5%, recovering from a 4% drop on Friday, while Japan’s Nikkei 225 also traded roughly 3% higher.

Australia’s S&P/ASX 200 rose 0.8%, while Hong Kong’s Hang Seng Index jumped about 0.5% and Shangai’s SSE climbed over 1.5%.

British armed forces intercepted an oil tanker believed to be part of Russia’s sanctioned shadow fleet. The oil tanker ‘SMYRTOS’ was taken in an first-ever operation by the British military in the English Channel.

Caracas, June 11, 2026 (venezuelanalysis.com) – The Trump administration continues to dictate conditions on Venezuela’s energy industry for the benefit of US and Western corporations.

At an event organized by Politico, National Energy Dominance Council Director Jarrod Agen stated that he is in contact with Venezuelan Acting President Delcy Rodríguez and her team “multiple times a day” to discuss the legal framework for foreign conglomerates.

“I raised issues [on oil contracts] when I went down [to Venezuela] and she said ‘we’ll work with you to get through it,’”the Trump official added. 

Agen stated that the administration is currently working to turn “memoranda of understanding (MoU) into binding contracts” and insisted that Venezuela has “made a lot of progress” in overhauling the country’s hydrocarbon and mining laws. 

The legislation approved by the National Assembly slashes royalties and fiscal responsibilities for private companies, while also granting them expanded control over operations and sales. After the laws were approved, authorities were tasked with drafting regulations for their implementation and new contract templates.

Agen went on to announce that a Trump administration delegation will travel to Caracas in the coming days to further discuss conditions for multinational firms in petroleum and gas projects.

Venezuelan oil authorities have reportedly begun circulating drafts of regulations and contract models with industry partners, though the texts have not been made public. The final versions are required to be published in the country’s National Gazette. 

According to Bloomberg, Caracas has revised the proposals under pressure from investors, including the removal of a clause that would have allowed the Venezuelan government to terminate contracts, with compensation, for reasons of “public interest.” Venezuelan leaders have openly acknowledged incorporating private sector input into the recent oil and mining reforms.

Since launching military strikes and kidnapping Venezuelan President Nicolás Maduro on January 3, the Trump administration has seized control of the South American country’s energy and mineral exports.

While keeping wide-reaching sanctions in place, the US Treasury Department has issued multiple sanctions waivers allowing select Western corporations to undertake oil and gas operations in Venezuela while barring participation from Chinese, Russian, and Iranian competitors. The general licenses mandate that all Venezuela-owed payments, including royalties and taxes, be deposited in a Treasury-run account.

On Wednesday, the Trump administration updated multiple licenses concerning energy, petrochemical, and mining activities, stipulating that contract disputes can now also be settled in the United Kingdom, France, and Singapore, rather than just the US. However, the licenses still demand that contract terms be “construed and interpreted” in accordance with US laws and jurisdiction.

The revised waivers likewise establish that contracts may recognize that “certain aspects” of the activity are subject to Venezuelan laws and regulations.

For its part, the acting Rodríguez administration has aggressively courted foreign investment in the oil and gas sectors.

On Wednesday, Venezuelan state oil company PDVSA signed a memorandum of understanding with SLB, formerly Schlumberger, one of the world’s largest oil services providers with a presence in the Caribbean nation since the 1920s. The Houston-based multinational stated that the agreement intends to “strengthen operational execution and promote sustainable development” of the Venezuelan energy sector.

During a televised ceremony, Rodríguez said she was “very pleased” with the deal and expressed confidence that SLB’s cutting-edge technology would have a “major impact on oil exploration and production.”

The acting leader has inked agreements with multiple Western energy giants in recent weeks, including Chevron, Shell, BP, and Repsol. Rodríguez has announced that more companies are set to arrive in the coming weeks. Business executives have made repeated trips to Venezuela to evaluate opportunities and meet with government officials.

Rodríguez recently visited India and touted oil project opportunities in meetings with Reliance Industries and Indian public sector energy firms.

Other government officials, including Economy Vice President Calixto Ortega and Oil Minister Paula Henao, have also held closed-door meetings with investors to promote recent reforms and incentives for foreign firms. At a Houston conference in May, Henao trumpeted the new oil law’s international arbitration clauses for offering more “legal certainty” to investors.

Venezuela’s oil output has continued its recent upward trend, with OPEC’s secondary sources registering a production of 1.072 million barrels per day (bpd) in May, up from 1.036 million in April.

For its part, PDVSA registered a 1.179 million bpd output last month, up from 1.136 million in April. Direct and secondary measurements have historically differed over disagreements on the inclusion of condensates and natural gas liquids.

According to Reuters, Venezuelan oil and byproduct exports rose for a third consecutive month, registering 1.25 million bpd, thanks to increased volumes shipped to the US and India.

Edited by Lucas Koerner in Caracas.

DUBAI, United Arab Emirates — President Trump threatened Thursday to launch major strikes on Iran and seize control of its oil industry as escalating attacks between the countries pushed the Middle East closer to the resumption of a full-scale war.

Trump said in a social media post that the U.S. would hit Iran “VERY HARD TONIGHT” and would “assume total control” of Iran’s oil and gas industries, including the vital Kharg Island oil terminal, in the “not too distant future.”

The American leader’s latest threats came as efforts to negotiate an end to the war appeared stuck. Trump has voiced his frustration with the stalled negotiations, warning earlier in the week that Tehran would “pay the price” for taking too long to reach a deal.

Iran’s monthslong stranglehold on the Strait of Hormuz has disrupted global energy supplies, driven up fuel prices and made food and other basics more expensive well beyond the region.

The U.S. and Iran traded strikes for a second straight day Thursday after reaching a tenuous ceasefire more than a month ago. While the strikes have increased tensions in the region, they have been more limited compared to the early weeks of the war and negotiations between the U.S. and Iran are ongoing.

Trump’s threats on Thursday, while stark, represented his latest verbal escalation in the Iran war. In April, he warned Iran that “a whole civilization will die tonight, never to be brought back again” if it didn’t agree to his terms, before extending a ceasefire.

Trump weighs trying to seize Iran’s main oil terminal

Kharg Island — located on the other side of the Persian Gulf from U.S. bases in Kuwait and Saudi Arabia — is the beating heart of Iran’s oil industry, through which 90% of its exports pass. It is important because Iran’s coastline is mostly too shallow for tanker ships to dock.

It was unclear how serious Trump was about his threat to seize it.

“My preference has always been to take Kharg Island,” Trump said in an interview Thursday on Fox News. “I don’t know that America has the stomach for it to be honest.”

American troops would be vulnerable on Kharg Island because of its close proximity — about 21 miles — to the Iranian mainland, from which missiles, drones and artillery could be fired.

Trump indicated in the interview that he remains averse to sending U.S. forces into Iran. “We could walk in there tomorrow. We could take soldiers — I don’t want to have boots on the ground. But if I wanted to we could put a small group of soldiers and take over the place.”

Trump compared his threat to take over Iran’s oil industry to how the U.S. assumed control of Venezuela’s oil sector after capturing then-president Nicolás Maduro in January.

Iran says US attacks have made ceasefire `meaningless’

American strikes on Iran that lasted into Thursday morning appeared more intense and widespread than the day before.

Tehran released little information on the extent of the damage and said it fired back at Kuwait, Bahrain and Jordan, as it had the previous day.

It was the third time this week that back-and-forth strikes have rattled the Middle East. The first involved attacks between Iran and Israel, followed by the two rounds of fire between the U.S. and Iran, which hit countries in the region that host American bases.

Iran’s Foreign Ministry said in a statement Thursday that the U.S. attacks had “effectively rendered the ceasefire … meaningless,” without saying it was abandoning it.

U.S. Treasury Secretary Scott Bessent said in a social media post that the U.S. would extract funds from frozen Iranian accounts to offset the costs of damage to American allies as well as any tolls Iran imposes on ships seeking passage through the Strait of Hormuz.

Beyond the deadlock over the strait, the two sides also remain at odds over Iran’s nuclear program, which Tehran insists is peaceful but which the U.S. and Israel fear could be used to build an atomic weapon due to its stockpile of highly enriched uranium. The U.S. and Israel said a major reason they went to war on Feb. 28 was to ensure that Iran would never be able to do that.

Iran has insisted that any deal to end the war must also end fighting in Lebanon between its ally Hezbollah and Israel. But Israeli Prime Minister Benjamin Netanyahu appears intent on pursuing his goal of destroying the militant group.

U.S. strikes Iran and Iran fires back at Gulf states

Central Command said its latest round of airstrikes came “in response to Iran’s unwarranted and continued aggression” and targeted “Iranian military surveillance capabilities, communication systems and air defense sites.” It did not elaborate on the damage done by the strikes, which it said ended just before sunrise Thursday in Iran.

Explosions from the strikes echoed around Iran’s capital, as well as the port city of Bandar Abbas and other southern areas along the Strait of Hormuz. Iran’s paramilitary Revolutionary Guard later said sites hit included a manufacturing complex, a military barracks and a local Guard base outside of Tehran.

Kuwait closed its airspace for several hours because of the attack, but did not elaborate on any damage. Jordan said it intercepted 20 Iranian missiles fired toward an area that is home to a base hosting U.S. troops, though no one was hurt.

Bahrain’s Interior Ministry said an 11-year-old girl was hurt and cars and homes were damaged by debris from interceptions responding to the Iranian attack.

Meanwhile, Israel warned residents in the country’s north to seek shelter after the detection of suspected incoming fire from Lebanon, where Israel is fighting the Iran-allied Hezbollah militant group.

U.S. fires on another merchant ship to enforce blockade

The U.S. military’s Central Command said Thursday that it struck a Guinea-Bissau-flagged tanker attempting to evade the American blockade on Iranian ports. It said the M/T Jalveer was transporting Iranian oil when it was disabled late Wednesday after its crew failed to obey U.S. orders.

It’s the ninth merchant vessel the U.S. military says it disabled to enforce the blockade.

Three Indian sailors were killed when American forces struck the Palau-flagged M/T Settebello on Tuesday, India’s minister overseeing ports and shipping said Thursday on X.

U.S. Central Command said American forces issued warnings before firing on the ship, which it accused of trying to evade the blockade.

The leader of the International Maritime Organization, a United Nations agency, condemned the attack.

Gambrell and Madhani write for the Associated Press. Madhani reported from Washington. AP writers Will Weissert, Collin Binkley, Michelle L. Price and Konstantin Toropin in Washington; Sheikh Saaliq in New Delhi; Munir Ahmed in Islamabad, Victoria Eastwood in Cairo and Russ Bynum in Savannah, Ga., contributed to this report.

June 11 (UPI) — President Donald Trump said Thursday that the United States may take control of Iran’s oil and gas industries like it did in Venezuela earlier this year.

Trump posted the threat on social media, warning that the United States will continue attacking Iran after a series of airstrikes on Wednesday.

“The United States will be hitting Iran (Whose Navy, Air Force, Radar, Anti Aircraft, and all other forms of Defense, together with most of its offensive capability, are GONE!), VERY HARD TONIGHT,” Trump wrote. “At some point in the not too distant future, we will be taking Kharg Island, and other oil infrastructure points, and assume total control of their Oil and Gas Markets, much like we have with Venezuela, which is working out brilliantly for both Venezuela and the United States of America.”

About 90% of Iran’s crude oil shipments were exported from Kharg Island before the United States and Israel launched the war on Feb. 28.

The United States has launched strikes on Kharg Island during the Iran war but it has not seized control of any of its oil and gas infrastructure yet.

Trump further discussed taking control of Iranian infrastructure during an appearance on Fox News on Thursday morning.

“Look, my preference has always been take Kharg Island,” he said. “I don’t think America has the stomach for that. I think they’d like to see us come home, but we did it with Venezuela. Venezuela’s worked out great for everybody.”

Fighting has heightened again between the United States and Iran with Iran shooting down a U.S. helicopter earlier this week near the Strait of Hormuz. The U.S. military launched what it is calling “self-defense strikes” on Iranian military surveillance, communication systems and air defense targets.

U.S. Central Command said Wednesday that the strikes were “in response to Iran’s unwarranted and continued aggression.”

Trump has said for weeks that Iran and the United States are close to reaching a peace agreement, saying at several points Iran wanted to reach a deal. Fighting between Iran and Israel paused over the weekend after Trump urged both sides to stop exchanging fire.

The United States continues to enforce a blockade on ships using Iranian ports on the Strait of Hormuz.

A US strike on an oil tanker accused of transporting Iranian oil has killed three Indian sailors. It was the second attack in three days on a ship carrying crew members from India.

Kazakhstan’s Energy Minister Yerlan Akkenzhenov said international partners are urging the country to increase oil exports as concerns grow over disruptions to energy supplies linked to tensions around the Strait of Hormuz.

According to Akkenzhenov, buyers are seeking the maximum possible increase in Kazakh oil shipments due to uncertainty surrounding one of the world’s most important energy transit routes. However, he noted that Kazakhstan faces infrastructure and production constraints that limit how quickly exports can be expanded.

To support higher output, Kazakhstan has postponed planned maintenance work at the Kashagan Oil Field until 2027. The country is also considering increasing crude shipments through the Baku Tbilisi Ceyhan Pipeline, potentially raising volumes from 1.5 million tons to 2.2 million tons annually and beyond.

The development comes as global energy markets remain sensitive to geopolitical tensions involving Iran and the Strait of Hormuz, a key route for international oil and gas exports.

Why It Matters

Kazakhstan’s growing importance highlights how global energy markets are seeking alternative supply sources amid rising geopolitical risks in the Middle East.

Any disruption in the Strait of Hormuz could affect a significant share of global oil shipments, prompting importers to diversify supply chains and reduce dependence on vulnerable routes. Kazakhstan, one of the world’s major oil producers, is increasingly viewed as a reliable alternative supplier.

The decision to delay maintenance at Kashagan signals that Kazakhstan is prioritizing production stability and export capacity at a time when energy security has become a major concern for consuming nations.

The move could also strengthen Kazakhstan’s strategic position in global energy markets, giving it greater influence as countries seek dependable suppliers outside conflict affected regions.

Key Stakeholders

• Kazakhstan – Seeking to expand exports while balancing OPEC+ commitments.
• Yerlan Akkenzhenov – Overseeing the country’s energy strategy.
• Kashagan Oil Field – One of the world’s largest oil fields and a key source of future production growth.
• OPEC+ members monitoring compliance with production agreements.
• Energy importing countries seeking alternative crude supplies.
• Oil traders and global energy markets responding to supply risks.
• Countries along the Baku Tbilisi Ceyhan Pipeline route that facilitate exports to international markets.

Future Outlook

Kazakhstan is likely to face increasing pressure from international buyers if instability around the Strait of Hormuz persists. While production constraints may limit immediate gains, the postponement of Kashagan maintenance suggests authorities are positioning the country to maximize output over the coming years.

The expansion of exports through the Baku Tbilisi Ceyhan pipeline could become increasingly important as energy consumers seek routes that bypass geopolitical hotspots. This would further enhance Kazakhstan’s role in global energy diversification efforts.

However, Kazakhstan must also balance market demand with its commitments under the OPEC+ framework. Any significant increase in production could attract scrutiny from fellow producers seeking to maintain supply discipline and price stability.

If Middle East tensions remain elevated, Kazakhstan is likely to emerge as one of the key beneficiaries of the global search for secure and reliable oil supplies.

With information from Reuters.