CUBA VENEZUELA OIL SHIPMENTS
Kuwait declares force majeure on oil shipments amid Hormuz blockade
Kuwait has declared force majeure on its crude oil and refined product shipments. This action follows a blockade of the Strait of Hormuz. The blockade has prevented vessels from entering the Persian Gulf. Kuwait Petroleum Corporation has notified its customers about this development. The company is invoking a contract clause. This allows them to withhold scheduled deliveries.
Venezuela's Machado plans to return home by end of year, urges swift elections
Venezuelan opposition leader Maria Corina Machado anticipates returning home by late 2026. She is urging the United States to accelerate plans for free and fair elections. Machado believes timely elections are crucial to manage public expectations and prevent unrest. Venezuelans expect significant government and economic changes following recent events.
India expands Russian marine insurance options
India has increased the number of Russian insurers authorized to provide marine cover for ships docking at its ports. This move allows more Russian companies to offer protection and indemnity coverage. The expanded list includes several Russian firms with registrations valid until 2026, 2027, 2029, and 2030.
Oil tankers transiting Strait of Hormuz since start of Iran war
Oil tankers from various nations are successfully passing through the Strait of Hormuz. These vessels are carrying vital oil and gas supplies to destinations across Asia and Europe. Despite ongoing tensions, maritime traffic continues to flow, ensuring global energy needs are met. This movement highlights the resilience of international trade routes.
Trump accuses Iran of 'total violation' of ceasefire, threatens new attacks unless it takes deal
In a heated exchange, US President Donald Trump labels Iran's actions as a breach of the ceasefire agreement, warning of severe repercussions including attacks on critical infrastructure like power plants and bridges if they don't comply. Meanwhile, his diplomatic team has embarked on a mission to Pakistan to navigate the escalating tensions.
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Houthi rebels on high alert to confront "any aggression against the Yemeni people"
Yemen's Houthi officials have issued strong warnings, with the Defence Minister stating rebels are on high alert for aggression. Deputy Foreign Minister Hussein al-Ezzi threatened to close the strategic Bab al-Mandeb Strait if US policies obstructing peace are not ended, impacting global shipping routes.
Is Cuba the next Donald Trump misadventure?
Whispers suggest President Trump is considering a military intervention in Cuba, seeing an opportunity for an "easy win" amidst the island's economic collapse and political instability. Despite the potential for popular welcome, the administration's lack of moral authority and the risk of renewed exploitation pose significant dangers.
Charting the Global Economy: IMF trims world growth projections
The International Monetary Fund has lowered its global growth forecast for 2026. This adjustment comes as the war in the Middle East has caused a significant oil price shock. The IMF also anticipates higher inflation due to rising energy and food costs.
Iran war has revealed Trump's pressure point: the economy
Iran's actions in the Strait of Hormuz have revealed a key vulnerability for President Trump. The conflict has led to rising energy costs and inflation, impacting American consumers. This economic pressure is forcing Trump to seek a diplomatic solution. Adversaries like Russia and China are observing these developments.
US extends waiver allowing India and other countries to buy Russian oil
The Donald Trump administration has issued a short-term waiver allowing countries to continue buying sanctioned Russian oil loaded on ships until May 16, aiming to stabilise global energy prices amid the US-Israeli war on Iran.
‘America’s petro-imperialism in Iran has already hiked US fuel cost by $20 billion’
Jeff D. Colgan highlights the economic toll of the Iran war on American households. He explains how US military actions against oil-producing nations are linked to global oil markets. The discussion covers 'petro-imperialism' versus 'petro-consumerism'. Profits from higher oil prices benefit some producers, while major oil companies face complex challenges. The shift in US oil export status influences foreign policy.
US Democrats will try, and try again, to rein in Trump's Iran war powers
The U.S. Senate is set to vote on a Democratic proposal to limit President Trump's war powers concerning the Iran conflict. Democrats aim to pass multiple such resolutions weekly until the war ends. Republicans, holding a majority, have previously blocked similar efforts, asserting support for the President's actions and expecting a swift resolution to the military engagement.
India's Russian oil imports more than triple to 5.3 billion euro in March
India’s crude oil imports from Russia surged in March, with purchases tripling to €5.3 billion as volumes doubled and prices rose, according to Centre for Research on Energy and Clean Air. The spike followed a US sanctions waiver, prompting state refiners to resume buying. Russia remained India’s top supplier, while China led overall purchases. Asian markets continued to dominate Russian oil exports.
EXPLAINED: What does a US naval blockade of Iran mean for oil flows?
The US military will block ships entering or leaving Iran's ports. This action will stop about two million barrels of Iranian oil daily from reaching global markets. This move will further reduce the world's oil supply. Peace talks between the US and Iran ended without a deal. Iran's Revolutionary Guards warned of a harsh response to any approaching military vessels.
Peak oil price likely to come 'in next few weeks,' US Energy secretary says
Oil prices are likely to peak in the coming weeks as shipping traffic gradually resumes through the Strait of Hormuz, US Energy Secretary Chris Wright said on Monday.
What’s happening with Brent crude and African crude prices, and why physical oil hits $150 as Europe pays record premiums amid Strait of Hormuz disruption and global supply shock fears
Brent crude and WTI oil prices are under sharp focus as physical crude for Europe has surged near $150 a barrel, based on LSEG data. This gap between futures and real oil signals a live supply crunch. The Strait of Hormuz disruption has tightened global flows. Traders are scrambling for immediate cargoes. African crude prices are also hitting fresh highs. This shows replacement demand is rising fast. Fuel shortage risks are building across Europe and Asia. Inflation pressure is returning. Energy markets are turning volatile again.
Chevron, Shell to sign agreements for oil, gas areas in Venezuela, sources say
Chevron is set to sign agreements to return a gas field in Venezuela and expand operations in the Orinoco heavy crude belt, while Shell prepares to operate the Loran gas field. The deals reflect Venezuela’s push to attract foreign energy investment following major hydrocarbon law reforms and sanctions easing.
Will US naval blockade on Iranian ports successful in ending already-fragile ceasefire? Global oil, Strait of Hormuz, Donald Trump, Iran tensions explained
Will US naval blockade on Iranian ports successful in ending already-fragile ceasefire? The United States has launched a naval blockade targeting ships linked to Iranian ports after failed talks. Warships are near the Gulf of Oman and the Strait of Hormuz. Iran has issued warnings. Oil prices, shipping, and global trade face pressure. This explainer covers the blockade, ceasefire risks, oil supply impact, diplomacy, and global reactions.
Edible oil imports in March rise 12% to 11.73 lakh tonne: SEA
India's edible oil imports saw a 12 percent jump in March. This increase was driven by more crude palm oil shipments. However, future imports may decrease. Global prices are high. Freight costs are also elevated. This situation impacts India's edible oil supply. The Solvent Extractors' Association of India provided this data.
Cuba's president warns US against attacking island or trying to depose him
Cuban President Miguel Diaz-Canel stated the U.S. lacks justification for military action or regime change, warning an invasion would be costly and threaten regional security. He asserted Cubans would defend themselves if attacked. Diaz-Canel also accused the U.S. of a "hostile policy" and highlighted Cuba's interest in unconditional dialogue.
A panicked race for barrels grips the global oil market
A desperate scramble for immediately available oil supplies is occurring globally, with traders paying unprecedented prices for prompt cargoes. This physical market frenzy contrasts with futures, highlighting a significant crude shortfall as Middle East supplies are disrupted. Refiners may cut production, deepening shortages of vital products like diesel and jet fuel.
H-1B hiring at universities faces new curbs
Iowa's legislature is advancing a bill that would restrict public universities and colleges from hiring foreign workers on H-1B visas from countries deemed "foreign adversaries." The proposal, which passed the House and is awaiting a full Senate vote, aims to bolster national security and prioritize American workers. Existing employees would largely be unaffected by the new hiring restrictions.
Russian tanker to Cuba fuels Cold War comparisons: what happened during the Cuban missile crisis
A Russian oil tanker's journey to Cuba evokes Cold War tensions, drawing parallels to the 1962 Cuban Missile Crisis. This shipment arrives amid a US energy blockade, highlighting ongoing geopolitical friction between Moscow and Washington. While not a military confrontation, the symbolic nature of Russian cargo heading to the Caribbean island revives historical comparisons.
Trump says Russia can deliver oil to Cuba
US President Donald Trump said Sunday that Moscow could send oil to Cuba despite Washington's de facto fuel blockade, as a Russian tanker was expected to deliver some much-needed crude to the crisis-hit island. Trump subsequently threatened to impose tariffs on any country sending oil to Cuba and has mused about "taking" the island.
Russian tanker nears Cuba with much-needed oil as Trump softens tone
A Russian oil tanker is heading to Cuba, offering a potential reprieve for the island nation. U.S. President Donald Trump indicated a change in policy, signaling no objection to oil shipments. This comes after previous U.S. actions had effectively halted oil supplies to Cuba.
Trump says 'Cuba is next' in speech touting US military successes
President Donald Trump declared "Cuba is next" during a Miami speech, hinting at potential military action against the island nation. This statement follows his administration's recent negotiations with Cuban leadership and Trump's prior remarks about a possible "takeover." Cuba's economy is severely impacted by disrupted oil imports.
Cuba refuses to let US Embassy in Havana import diesel for its generators
Cuba has denied a request from the US Embassy in Havana to import diesel for its generators. This comes as the US administration continues its fuel blockade on the island. The Cuban government's rejection could lead to a reduction in US embassy staff. Cuba faces oil shortages after Venezuela halted shipments.
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