The Oil Supply Shock Will Scar the World for Years
by Tsvetana Paraskova on April 29, 2026 at 12:00 am
The Middle East’s oil production and the global economy will take months and even years to recover from the worst crude supply shock in history. Two months after the U.S. and Israel bombed Iran on February 28, the Strait of Hormuz remains closed for most tanker traffic, forcing more than 10 million barrels per day (bpd) of crude output shut-ins across the Middle Eastern oil producers. The disrupted energy flows triggered a global race for alternative supply, and sent energy prices soaring with the prospect of slowing global economic growth…
While the Middle East Rebuilds, A New Energy Bloc Rises Under U.S. Direction
by Simon Watkins on April 28, 2026 at 11:00 pm
It will take many months for Middle East gas and oil volumes to fully recover from the U.S./Israel-Iran conflict, even if all hostilities stop today. In the case of some key sites, such as Qatar’s North Field gas site — a primary cog in the global liquefied natural gas (LNG) machine — recovery will take several years. In the case of gas, according to a recent comment from the General Secretary of the Gas Exporting Countries Forum (GECF), Philip Mshelbila, the Iran war has “triggered a massive spike in price, returning the…
Iran War Triggers Helium Shock Threatening Global Chip Supply
by Alex Kimani on April 28, 2026 at 10:00 pm
Last month, QatarEnergy declared force majeure on long-term liquefied natural gas (LNG) contracts to buyers in Europe and Asia following severe damage to its Ras Laffan production facilities by Iran’s missile strikes. This disrupted ~20% of global LNG supply and triggered a sharp spike in natural gas prices. Thankfully, gas prices have pulled back to pre-war levels, with natural gas markets coping remarkably well with the loss, thanks to expected volumes to be delivered to the market outweighing current and expected reductions over the next…
First Loaded Crude Supertanker Clears Hormuz Without Using Larak Channel
by OilPrice.com on April 28, 2026 at 9:00 pm
Following the Mubaraz LNG tanker’s exit from the Hormuz chokepoint in recent weeks, the first such transit since the conflict began, new ship-tracking data from Bloomberg late Tuesday afternoon show that the first crude supertanker, Idemitsu Maru, is also exiting the critical waterway. Idemitsu Maru, operated by the tanker unit of Japan’s Idemitsu Kosan, marks yet another positive signal for Gulf energy flows, but activity in the waterway remains deeply depressed. Two key things we must point out: first, the tanker is through; second, the tanker…
Crude Inventories Continue to Decline Amid Strong Oil Product Draws
by Julianne Geiger on April 28, 2026 at 8:45 pm
The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 1.79 million barrels in the week ending April 24. In the week prior, US crude oil inventories fell by 4.4 million barrels. Analysts had expected a 300,000-barrel build. US crude inventories are up 45 million barrels so far this year, according to API data. Inventories in the US Strategic Petroleum Reserve (SPR) continue to draw down to alleviate the pressure on prices. For week ending April 24, 7.1 million barrels left the SPR, bringing the…