Iran has not yet allowed a tanker carrying UAE LPG to pass through the Strait of Hormuz, according to Tasnim. The vessel remains blocked from transit in the critical waterway.

OPEC oil production falls to a 20-year low of 20.04 million barrels per day as the conflict involving Iran and disruptions in the Strait of Hormuz significantly restrict global exports.

OPEC oil production dropped by 830,000 barrels per day in April to 20.04 million bpd, marking a 20-year low due to disruptions in the Strait of Hormuz and the ongoing conflict involving Iran.

Indonesia expects to begin importing Russian crude oil within two weeks, according to EnergyBahlil Lahadalia. The move is part of a strategy to diversify energy supply sources and strengthen national energy security.

Indonesian Energy and Mineral Resources Minister Bahlil Lahadalia announced that the country expects to begin importing crude oil from Russia within the next two weeks, following the finalization of shipping arrangements.

Aramco warns the global oil market could lose 100 million barrels per week if the Strait of Hormuz remains closed. The assessment highlights the potential supply impact of continued transit disruptions in the critical waterway.

Aramco reports that the global oil market faces a potential loss of 100 million barrels per week if the Strait of Hormuz remains closed.

Aramco CEO warns global oil markets will not return to normal this year if the conflict involving Iran remains unresolved within the coming weeks.

Aramco CEO Amin Nasser stated that global oil markets will not stabilize this year if the conflict involving Iran is not resolved within the coming weeks.