Three oil and LNG tankers exit Strait of Hormuz with transponders switched off, according to Reuters.

Oil prices surge after Iran and US trade air strikes

Oil prices surged after Iran and the US traded air strikes.

IEA Chief Fatih Birol: US-Israel war on Iran has led countries to open new fuel supply routes and boost domestic resources. Oil investments expected to fall below $500bn in 2026.

IEA Chief Fatih Birol stated that the US-Israel war on Iran has prompted countries to seek alternative fuel supply routes and increase domestic resources. He also estimated that oil investments will fall below $500 billion in 2026.

Oil prices surge over 3.5% on new Middle East escalation, Brent crude tops $97.70 per barrel

Oil prices rose more than 3.5% on a new escalation of the Middle East conflict. July Brent futures on ICE Futures London were up $3.41 (3.62%) to $97.70 per barrel at 8:15 Moscow time. July WTI futures on NYMEX rose $3.37 (3.8%) to $92.05 per barrel. Both benchmarks closed at their lowest in over a month.

IEA: Middle East conflict reshaping global energy investment plans, report says. Focus shifts to security as disruptions mount.

World Energy Investment 2026 report shows Middle East conflict reshaping energy investment plans with focus on energy security.