Newsroom
Short, verified market news summaries; every item names its source and publication date.
Global Wheat Hits a Six Week High as Kerch Strait Closure and Lower US Stocks Drive Gains
Global wheat prices climbed past 6 dollars a bushel on Friday, July 10, 2026, reaching their highest level in about six weeks. Two main drivers lifted prices: the closure of the Kerch Strait, the narrow passage between the Black Sea and the Sea of Azov, amid Russia-Ukraine tensions, and US Department of Agriculture data showing lower wheat stocks. Roughly a third of the wheat exports of Russia, the world's largest exporter, flow through the Sea of Azov. The move matters for Iran, a major importer of wheat and animal feed: costlier global grain can feed through to import costs and domestic food inflation.
Trading Economics · Jul 11, 2026
Global Urea Price Jumps on Thursday to About 416 Dollars a Ton
The global urea price rose about 8 percent from the previous day on Thursday, July 9, 2026, to near 416.5 dollars per ton. The increase came amid concern over supply disruption and higher transport costs stemming from West Asia and Strait of Hormuz tensions, which have pressured the global fertilizer and petrochemical markets. The move matters directly for Iran, one of the world's largest exporters of urea and methanol: higher global prices can support the revenue of export focused petrochemical companies listed on the Tehran Stock Exchange, although shipping and export constraints remain a risk.
Trading Economics · Jul 11, 2026
European Natural Gas Falls on Friday After a Hormuz Driven Spike
European natural gas futures (Dutch TTF) fell about 2 percent on Friday, July 10, 2026, to around 49.2 euros per megawatt hour. The drop came after prices had jumped more than 12 percent over the previous three sessions, a surge triggered by fresh US strikes on Iranian targets and tension in the Strait of Hormuz. The Strait of Hormuz carries about one fifth of global oil and LNG trade, and any disruption there lifts global spot LNG prices and, in turn, European gas rates as the continent works to refill storage ahead of winter. The recent swings underline how sensitive the European gas market is to developments involving Iran and West Asia.
Trading Economics · Jul 11, 2026
Iron ore climbs toward $99 as an Australian mine-port strike and Chinese curbs lift prices
Global iron ore rose a slight 0.15 percent to about $98.7 a tonne on Thursday, July 10. The commodity is down roughly 2.8 percent over the past month. Iron ore futures rebounded from near one-year lows to above 740 yuan after news that workers at BHP's Port Hedland iron ore terminal in Australia will stage an eight-hour strike on July 16, and as China broadened restrictions on miner Fortescue. The gains came despite Chinese port inventories reaching a record of about 160 million tonnes. Swings in iron ore prices affect the input costs and export competitiveness of Iranian steelmakers.
Trading Economics · Jul 11, 2026
Global silver ends the week below $60 an ounce, down about 4%
Silver fell below $60 an ounce at Friday's close on July 10 and ended the week down about 4 percent. The gold-to-silver ratio stood at roughly 68.9 that day. The pullback came even as oil rose about 5 percent over the same week amid escalating US-Iran tensions and disruption in the Strait of Hormuz, while expectations of a higher-for-longer Federal Reserve policy weighed on precious metals. Even so, silver remains nearly 65 percent higher than it was a year ago.
Yahoo Finance · Jul 11, 2026
Brent crude ends the week up about 5% near $76.5 as Strait of Hormuz tensions drive gains
Brent crude ended the week to Friday, July 10, 2026 near $76.5 a barrel, up about 5% over the week, its biggest weekly gain in months. On Thursday Brent had risen roughly 0.7% to $76.56 a barrel. The main driver was renewed exchanges of strikes between Iran and the United States and disruption to shipping through the Strait of Hormuz, which lifted supply risk; about a quarter of the world's seaborne oil and LNG passes through the strait. Oil prices matter directly for Iran, whose crude exports are the main anchor of its foreign-currency earnings and state budget.
Fortune · Jul 11, 2026
China's Factory Gate Prices Hit 4 Year High in June, Rising 4.1% Amid West Asia Tensions
China's producer price index (PPI) rose 4.1 percent year on year in June 2026, its highest reading since July 2022, according to South China Morning Post, reporting July 9, 2026 on official National Bureau of Statistics data. It marked the fourth straight monthly rise, up from 3.9 percent in May. Higher coal, metals and energy prices, linked to ongoing West Asia tensions and the Iran war, were cited as the main drivers. On a monthly basis, however, PPI fell 0.3 percent in June following a brief drop in global oil prices after an earlier US Iran ceasefire.
South China Morning Post · Jul 11, 2026
Strait of Hormuz Shipping Traffic Collapses; No Large Vessel Has Crossed the Southern Route Since July 7
According to Bloomberg, reporting July 9, 2026, shipping traffic through the Strait of Hormuz has collapsed. Data from Lloyd's List Intelligence, also cited by Al Jazeera on July 10, shows no vessel above 10,000 dwt with its AIS transponder on has transited the so called Southern Highway route since July 7. Bloomberg reported only five vessels crossed the strait on Wednesday and early Thursday (July 8 and 9), down from 45 transits on Monday, July 6. Before the US and Israeli war on Iran began in late February 2026, roughly 130 vessels crossed the strait daily.
Bloomberg · Jul 11, 2026
Iran Privately Tells Trump Advisers "We Made a Mistake" in Shooting at Ships in Strait of Hormuz
Iranian officials privately told advisers to US President Donald Trump that they "made a mistake" in shooting at commercial ships in the Strait of Hormuz, attributing the attacks to an "errant" faction of hardliners trying to undermine negotiations, and said Tehran wants to keep talking, according to senior US officials cited by CBS News. The White House wants Iran to acknowledge the mistake publicly, viewing the attacks as a violation of the declared ceasefire. CBS News reported that Trump directed his negotiating team, led by Vice President JD Vance along with Jared Kushner, special envoy Steve Witkoff, and Secretary of State Marco Rubio, to continue talks in Muscat, Oman on Saturday, 11 July 2026. The US administration has said it believes the ships were targeted for a different underlying reason, and warned it will respond with military and economic leverage if Iran continues hostile acts.
CBS News · Jul 11, 2026
Ghalibaf: "We Have No Trust in You"; Iran Ready for "All-Out Defense" if US Breaks Agreement
Mohammad Bagher Ghalibaf, Iran's parliament speaker and top negotiator in talks with the US, said on Friday, 10 July 2026, during a meeting with Indonesian parliament speaker Ahmad Muzani in Mashhad, that he told the US vice president directly during negotiations, "we have no trust in you." He added that "only those who are prepared for war can negotiate with the United States" and said Iran has never stopped being ready to defend the nation, warning that if the US ever betrays the recent understanding, Iran is prepared for an "all-out defense." According to IRNA, Ghalibaf said Iran has never sought war but is duty-bound to resist and avoid surrendering to pressure.
IRNA (خبرگزاری جمهوری اسلامی ایران) · Jul 11, 2026
Trump Says "1,000 Missiles Locked and Loaded" Against Iran Over Alleged Assassination Threats
US President Donald Trump wrote on Truth Social on Friday, 10 July 2026, that "1,000 missiles are locked and loaded" and aimed at the Islamic Republic of Iran, adding that "thousands more" would immediately follow if Iranian officials acted on reported threats to assassinate him. He said the US military was prepared, for a one-year period subject to extension, to "completely decimate and destroy all areas of Iran." According to IANS and The Business Standard, the remarks followed reports of assassination threats against Trump made during the funeral of Iran's former leader. US officials say they are reviewing intelligence shared by Israel about a possible plot to assassinate Trump.
The Business Standard · Jul 11, 2026
US Gives Iran Saturday Deadline to Declare Strait of Hormuz Open as Araghchi Meets Omani FM in Muscat
US officials gave Iran a deadline of Saturday, 11 July 2026, to publicly declare the Strait of Hormuz open to all shipping and pledge to stop firing on commercial vessels, Axios reported. A senior US official warned that if Iran does not accept the demand by Saturday, "it is not gonna be a great day for them." Washington says Iran violated the memorandum of understanding it signed with the US three weeks earlier by continuing to fire on commercial vessels. Separately, Iranian Foreign Minister Abbas Araghchi met his Omani counterpart Badr al-Busaidi in Muscat on Saturday to discuss shipping-safety arrangements for the Strait of Hormuz, continuing consultations that have run for one to two months under Omani mediation. According to CNN, US officials expect Iran to issue a public statement on the Strait's status following the meeting.
Axios · Jul 11, 2026
Iran Mercantile Exchange Trades 398,000 Tons of Products
The Iran Mercantile Exchange (IME) hosted trading of 398,133 tons of products across its physical halls on Wednesday, Tir 17, 1405 (July 8, 2026), the last trading day before the weekend closure. The cement hall accounted for the largest volume at 140,000 tons, while the export hall moved 72,725 tons. In the industrial hall, 89,481 tons found buyers, including 51,061 tons of rebar, 25,350 tons of bloom billets, 5,654 tons of steel sheet, 4,331 tons of angle and channel iron, 2,140 tons of I beams, 545 tons of zinc ingots and 400 tons of bitumen. This is the most recent published data on IME physical hall activity ahead of Tehran's capital market reopening on Saturday, Tir 20.
IME Report · Jul 11, 2026
Kazakhstan Extends Fuel Export Ban to May 2027 as Hormuz Tensions Rattle Central Asian Energy Markets
Kazakhstan's government announced on July 10, 2026 that it will extend its ban on gasoline, diesel and other petroleum product exports, originally set to expire November 22, 2026, by six months to May 22, 2027. The ban applies even to fellow Eurasian Economic Union members such as Kyrgyzstan and aims to protect domestic fuel supplies amid a gasoline shortage in Russia and renewed US Iran tensions. Separately, Kazakhstan's Energy Minister Yerlan Akkenzhenov said on Wednesday, July 8, 2026 that buyers of Kazakh crude are pushing the OPEC+ producer to deliver maximum available volumes because of restrictions on passage through the Strait of Hormuz. Kazakhstan is using spare capacity on the Baku Tbilisi Ceyhan pipeline to export via the Turkish Mediterranean port of Ceyhan to meet the extra demand. The developments show how the Hormuz crisis, the main artery for Iran's own oil exports, is reshaping energy trade patterns across Central Asia and Russia as well.
Qazinform International News Agency · Jul 11, 2026
Qatar Pauses Plan to Ramp Up LNG Output After Tanker Attack in the Strait of Hormuz
Qatar's state energy company QatarEnergy paused its plan to ramp up production at the Ras Laffan complex, the world's largest LNG facility, after the Qatari tanker Al Rekayyat was struck in the Strait of Hormuz on Tuesday, July 7, 2026 (16 Tir 1405). According to a Bloomberg report dated July 9 (18 Tir), QatarEnergy CEO Saad al Kaabi decided to halt the output increase following meetings held after the attack, keeping operations at a minimum for safety and reducing the number of vessels scheduled to dock at the complex in the coming days. Business Standard (tbsnews.net) reported that Ras Laffan may not fully resume normal operations before August. Qatar is the world's second largest LNG exporter, and the pause could tighten global gas supply heading into the winter season.
Bloomberg · Jul 11, 2026
Iran's Foreign Minister Heads to Muscat for Consultations on the Strait of Hormuz
Iran's Foreign Minister Abbas Araghchi traveled to Muscat on Saturday, July 11, 2026 (20 Tir 1405) for talks with Omani Foreign Minister Badr al-Busaidi on shipping safety in the Strait of Hormuz. According to Xinhua and Arab News, the visit continues technical consultations held between Tehran and Muscat over the past one to two months on managing transit through the strait. Under a memorandum of understanding Iran earlier signed with the United States, Iran and Oman are required to cooperate and consult on maritime issues concerning the strait. US officials have said they expect Iran to publicly confirm after the meeting that the Strait of Hormuz remains open to shipping. The strait carries the bulk of Persian Gulf oil and gas exports, and any tension there directly affects global oil prices, gold, and Iran's currency market.
Arab News · Jul 11, 2026
Azerbaijan Finalizes Gas Supply Agreement With Georgia by Presidential Decree
Azerbaijani President Ilham Aliyev signed a decree in July 2026 (Tir 1405) giving final approval to the Azerbaijan-Georgia natural gas supply agreement, originally signed in Baku on May 18, 2026 (28 Ordibehesht 1405). The decree instructs Azerbaijan's economy and foreign ministries to complete the procedures needed for the agreement to take effect. The deal is part of a broader 20-year gas agreement and energy/transit infrastructure push between the two countries, reinforcing the "Middle Corridor" that competes with traditional transit routes including those through Iran.
Report.az · Jul 11, 2026
Iran Rushes Out About 11 Million Barrels of Crude in 24 Hours Ahead of Threatened Port Blockade
According to Bloomberg (Thursday, July 9, 2026 / 18 Tir 1405), five supertankers plus one Suezmax tanker left Iranian ports within a 24-hour window, together carrying roughly 11 million barrels of crude, a volume close to a week's worth of Iran's pre-war oil exports. The rush came as President Trump threatened to reimpose a blockade on Iranian ports. The hurried exports come even as a portion of Iran's oil, including the previously reported 68-million-barrel floating stockpile, remains unsold amid falling demand from Chinese buyers.
Bloomberg · Jul 11, 2026
China's Iranian Oil Imports Plunge to 556,000 Barrels a Day in July, Lowest Since January 2023
Kpler data published this week (Tir 1405 / July 2026) show China's imports of Iranian crude have fallen to just 556,000 barrels per day this month, the lowest level since January 2023. Independent Chinese "teapot" refiners in Shandong province have pivoted to discounted Iraqi and Gulf crude instead: Chambroad Petrochemical bought 2 million barrels of Iraqi Basrah Heavy via Zhenhua Oil at roughly $5 a barrel below Brent, while Shenghong Petrochemical bought 12 million barrels of Iraqi, UAE, and Saudi crude. The drop follows the reimposition of US oil sanctions on Iran after Iran's recent attacks in the Strait of Hormuz, leaving a growing share of Iranian cargoes without buyers.
MarineLink (citing Kpler) · Jul 11, 2026
HSBC Cuts 2026 Gold Price Forecast to $4,560, Diverging From Bernstein's Upgrade
HSBC lowered its average 2026 gold price forecast from $4,864 to $4,560 an ounce on Thursday, July 9, 2026 (18 Tir 1405), and trimmed its 2027 forecast from $5,000 to $4,925. The bank cited a hawkish tilt from the Federal Reserve under new Chair Kevin Warsh and a stronger US dollar as the reasons for the cut. The revision contrasts with Bernstein, which raised its 2026 gold target to $4,533 last week. The diverging analyst calls highlight uncertainty in the gold market amid ongoing US-Iran tensions.
Kitco News (Reuters) · Jul 11, 2026
Russia's Urals Crude Falls to Pre-Iran-War Levels, Straining Kremlin Budget
Russia's Urals crude averaged $41.66 a barrel over the first three days of July 2026, a $27.35 discount to Dated Brent, according to Argus Media data cited in a Bloomberg report published July 6, 2026. The drop erases the windfall from the Iran war oil price spike that had helped push Russia to a June budget surplus. Russia's 2026 budget was built around an assumed Urals price of about $59 a barrel, so the latest slide threatens to widen the deficit. The move reverses the rising oil revenue trend reported for Russia earlier in July.
Bloomberg · Jul 11, 2026
Iran's Foreign Ministry Calls US Revocation of Oil Export License a Violation of Islamabad Understanding
Iran's Foreign Ministry said Tuesday, July 7, 2026, that the US Treasury's revocation of Iran's temporary oil export license constitutes a "flagrant violation of Article 10" of the Islamabad Understanding ceasefire framework signed on June 28, 2026. The ministry said that less than 20 days after the deal was signed, revoking the license, which had been issued June 21 and permitted Iran to sell crude oil and petroleum products until August 21, was "another sign of the US government's bad faith, instability and unreliability." Iran's Foreign Ministry added that this move, combined with repeated military strikes and violations of Strait of Hormuz arrangements, has effectively rendered important parts of the war ending understanding ineffective. The license revocation took effect July 7 and affects Iran's oil revenue flows and export market.
شفقنا (Shafaqna) · Jul 11, 2026
US Strike Hits Tehran-Mashhad Railway Bridge, Suspending Passenger Service
Iran's national railway operator said Thursday, July 9, 2026, that passenger service between Tehran and Mashhad was suspended after a US and Israeli missile strike hit the Aq Tekeh Khan bridge in Golestan province. According to Mehr News Agency, the bridge was struck early Thursday and repair teams were dispatched immediately, while stranded passengers were being bused to Mashhad, a major pilgrimage destination. The line forms part of Iran's rail corridor to Turkmenistan and Kazakhstan and onward to China, a route that has gained added importance as an alternative trade channel amid restrictions at Iran's southern ports, and has also been used for Russian cargo shipments into Iran. This is the first reported strike on Iranian civilian rail infrastructure since the Islamabad Understanding ceasefire was signed.
Al Arabiya English · Jul 11, 2026
US Demands Iran Publicly Declare the Strait of Hormuz Open to Shipping
Senior US administration officials said Friday, July 10, 2026, that Washington has demanded Iran publicly confirm that all channels of the Strait of Hormuz are open to shipping and that it will stop attacking transiting vessels. Officials, speaking anonymously, said technical talks between Washington and Tehran continue despite the latest flare-up. The demand follows two days of US and Iranian strikes that officials say have sharply curtailed commercial tanker traffic through Hormuz. Confirmation or denial of the strait's formal reopening would directly affect global oil prices and shipping insurance costs, which in turn feed through to Iran's rial exchange rate and gold prices.
Bloomberg · Jul 11, 2026
IMO Council Rejects Iran's Claim to Control the Strait of Hormuz
The International Maritime Organization's governing Council, a United Nations body, strongly condemned Iran on Friday, July 10, 2026, for creating a "Persian Gulf Strait Authority" that requires ships to obtain a "valid passage permit" before transiting the Strait of Hormuz. The Council called on member states not to recognize Iran's claimed sovereignty or jurisdiction over the strait, or any Iranian action to restrict or obstruct the internationally recognized right of transit passage. Iran, which does not hold a Council seat, rejected the decision as "selective, politically motivated and legally unfounded" and said it is not bound by the UN Convention on the Law of the Sea. This is the first formal multilateral rebuke of Iran's Hormuz control claim by an international body, and could reinforce the legal basis for global shippers to disregard Iran's permit regime, a dynamic that has already pushed war risk insurance premiums for the strait higher.
gCaptain · Jul 11, 2026
Bernstein Raises 2026 Gold Price Target to $4,533 an Ounce
Investment bank Bernstein raised its 2026 gold price target to $4,533 an ounce in a research note dated July 9, 2026 (18 Tir 1405), up from its prior call, and set an H2 2026 target of $4,375. The bank cited expectations that the Federal Reserve will hold rates steady or deliver at most one to two hikes over the next 12 months, along with continued central-bank gold buying, as the drivers behind the upgrade.
Investing.com · Jul 11, 2026
Joint Maritime Information Center Raises Strait of Hormuz Threat Level to "Severe"
The Joint Maritime Information Center (JMIC) raised the Strait of Hormuz threat level from "substantial" to "severe" in an advisory dated July 7, 2026 (16 Tir 1405), stating that an attack on commercial vessels is now "highly likely." The assessment followed a single day in which three commercial tankers were attacked near the strait. The upgraded warning has pushed war-risk insurance costs higher and made international shipping lines more cautious about transiting the key energy waterway.
Seatrade Maritime · Jul 11, 2026
Iran's Floating Oil Stockpile Swells to 68 Million Barrels as Discount to China Widens to $5
Following Washington's revocation of its 10-day window for Iranian oil sales on July 7, 2026 (16 Tir 1405), the volume of Iranian crude idling or without a confirmed buyer in Asian waters has climbed to between 58 and 68 million barrels, according to tracking firms Kpler and Vortexa. Bloomberg reported that more than 20 million barrels of that crude have been idling for at least seven days, up nearly 18 percent from the prior week. At the same time, discounts on Iranian Light crude cargoes for July delivery to Chinese buyers widened to 2.50 to 5 dollars a barrel below Brent, compared with about a 1 dollar discount before the short-lived US-Iran arrangement.
Bloomberg · Jul 11, 2026
Iran, Turkmenistan and Iraq Sign 10 Billion Cubic Meter Gas Swap Deal
Iran and Turkmenistan signed a contract on Thursday, July 3, 2026 (12 Tir 1405), for the annual transfer of 10 billion cubic meters of Turkmen gas to Iraq via Iranian territory. Under the swap arrangement, Iranian companies will build a new 125-kilometer pipeline between Iran and Turkmenistan to expand transfer capacity. Turkmenistan also announced a longer-term plan to raise gas supplies to Iran to 40 billion cubic meters a year, though no timeline was given. The deal allows Iran to meet gas export commitments to Iraq, which had previously relied on Iranian gas for roughly 40 percent of its imports.
Tehran Times · Jul 11, 2026
CENTCOM: Iran Does Not Control the Strait of Hormuz; Over 800 Vessels, 380 Million Barrels Facilitated Since May
U.S. Central Command (CENTCOM) said on Thursday, July 9, 2026, that "Iran does not control the Strait of Hormuz," rebutting Iranian state media claims that transit through the strait is only permitted via routes designated by Tehran. CENTCOM said U.S. forces have helped facilitate the successful transit of more than 800 commercial vessels carrying approximately 380 million barrels of crude oil through the waterway since early May 2026. The statement came amid heightened tensions following Iranian attacks on commercial ships in the strait and a sharp drop in shipping traffic through the waterway in recent days.
خبرگزاری آسیایی ایانآی (ANI) · Jul 10, 2026
Russia Posts June Budget Surplus as Iran War Oil Rally Lifts Revenue
Russia's Finance Ministry said on Thursday, July 9, 2026, that the federal budget posted a surplus of 279 billion rubles, about 3.7 billion dollars, for June 2026. According to Bloomberg, Russia's oil and gas revenue rose 38 percent year on year in the month, as the Urals crude benchmark averaged 86.52 dollars a barrel in June, up 66 percent from a year earlier, a jump largely driven by the Hormuz related risk premium from the Iran-US war. The Russian government paid out 210.6 billion rubles in refiner subsidies during the same month.
Bloomberg · Jul 10, 2026
US Revokes Iran Oil Sanctions Waiver After Tanker Attacks in Strait of Hormuz
The US Treasury Department revoked General License X, the sanctions waiver that had allowed limited Iranian oil sales under the June ceasefire memorandum of understanding, on Tuesday, July 7, 2026, replacing it with a narrower General License X1. The move came after US officials said Iran's Revolutionary Guard struck at least three tankers in the Strait of Hormuz that same day, including a Qatari flagged LNG carrier named Al Rekayat and a Saudi flagged supertanker named Wedyan. Washington called Iran's actions in the strait wholly unacceptable. The change could further restrict Iranian oil exports that had briefly been permitted under the temporary waiver.
CNBC · Jul 10, 2026
China Lifts Refined Fuel Export Restrictions for Rest of July
According to a Reuters report published on July 8, 2026 (17 Tir 1405), China lifted restrictions on refined fuel exports, including gasoline, diesel and jet fuel, for the rest of July. Zhejiang Petrochemical Co, majority owned by Rongsheng Petrochemical, was permitted to resume exports after halting shipments for more than three months; previously only state owned companies had been allowed to export these fuels. Trade sources briefed on the matter said Chinese refiners plan to export roughly three million metric tons of the three fuels in July, including volumes bound for Hong Kong and Macau, in line with last year's average export volume. The move comes as the world's biggest refiner returns toward normal operations following disruptions from the Iran war, though it remains unclear whether the lifted curbs will continue into August.
Business Recorder (Reuters) · Jul 10, 2026
Drone Hits Chevron-Chartered Tanker Near Novorossiysk; Kazakh CPC Oil Exports Unaffected
The tanker Yasa Polaris, chartered by Chevron to carry shipments for the Caspian Pipeline Consortium (CPC), was struck by a drone on July 7, 2026 (16 Tir 1405) near the CPC marine terminal off Russia's Black Sea coast, close to the port of Novorossiysk. The vessel, with a capacity of about 160,000 tonnes, was carrying no cargo at the time. Chevron said the crew is safe and no visible hull damage or oil pollution has been reported. The company said the incident has not disrupted Kazakhstan's oil exports. The CPC pipeline carries about 80 percent of Kazakhstan's oil exports and is scheduled to ship around 1.6 million barrels per day of CPC Blend crude in July, down from a planned 1.7 million bpd in June after earlier drone damage to a Russian gas facility forced output cuts.
Baird Maritime · Jul 10, 2026
Suez Canal to Raise Transit Surcharges by Up to 37 Percent From July 15
Suez Canal Authority officials announced that transit surcharges for most vessel classes will rise starting July 15, 2026 (24 Tir 1405). For the first time, container ships will face a 12 percent surcharge, while the existing tiered rate structure for containers otherwise remains unchanged. Laden crude oil tankers see the steepest increase, paying up to 37 percent above the base transit fee. Gas carriers and bulk carriers are also subject to higher charges. The authority said the adjustment reflects its assessment of maritime market conditions and may be revised or cancelled depending on future developments. The fee increase comes as shipping through the Strait of Hormuz remains disrupted, adding to global energy and freight cost pressures.
Splash247 · Jul 10, 2026
IEA: Global Oil Demand Set for First Annual Drop Since Covid Pandemic in 2026
The International Energy Agency (IEA), in its monthly Oil Market Report published Friday, July 10, 2026 (19 Tir 1405), said global oil demand is set to fall by about one million barrels per day (mb/d) in 2026, the first annual demand decline since 2020, the pandemic year. According to the report, the demand contraction reached 4.8 mb/d in the second quarter of 2026 and eases to 1.7 mb/d in the third quarter, before demand rises by 1.2 mb/d in the fourth quarter of 2026. Global demand bottomed at 97.9 mb/d in May 2026, down 5.3 mb/d year on year, and the IEA expects demand to recover by more than 8 mb/d from that low by October 2026. For 2027, the agency projects demand growth of 2 mb/d. The IEA attributed most of the contraction to disruption in Asia's import-dependent economies and to petrochemical feedstock supply chains (naphtha and LPG) that run through the Strait of Hormuz, a route that has faced serious shipping disruption in recent weeks amid renewed fighting between Iran and the United States.
CNBC · Jul 10, 2026
China's Crude Oil Imports From Iran More Than Halved in June
China's crude oil imports from Iran more than halved in June, falling to about 654,000 barrels a day from the prior month, CNBC reported on July 6, 2026 (15 Tir 1405). China, normally Iran's largest oil customer and the destination for around 90 percent of its crude exports, has cut purchases since the war with Iran resumed in late February. Overall Chinese crude imports also fell 29 percent year on year in May to 7.82 million barrels a day, the lowest level since February 2018. The US Treasury had earlier sanctioned an independent Chinese teapot refinery for buying Iranian oil.
CNBC · Jul 10, 2026
Brent Crude Nears $76 on Hormuz Supply Fears, Up About 6% for the Week
Brent crude rose to $76.34 a barrel on Friday, July 10, 2026 (19 Tir 1405), up roughly 6 percent for the week, while WTI traded at $72.15, up about 5 percent weekly, Reuters reported via Yahoo Finance. Renewed fighting between the United States and Iran in recent days has curtailed shipping through the Strait of Hormuz, which carries about 20 percent of the world's daily oil and gas supply, delaying the strait's full reopening. The report noted that technical talks between the two sides are continuing.
Reuters (via Yahoo Finance) · Jul 10, 2026
Iraq and Turkey Near Deal to Extend Kirkuk-Ceyhan Oil Pipeline Exports
Turkish Energy Minister Alparslan Bayraktar visited Baghdad on Thursday, July 9, 2026, to finalize a roughly 12-month extension of crude exports through the 970-kilometer Kirkuk-Ceyhan pipeline; the current agreement expires on July 16. According to The National (July 9, 2026), citing Reuters, the deal is expected to be signed "in the coming days." Iraqi oil output has fallen from 4.3 million barrels a day to 1.4 million (as of May), and flows through the Ceyhan terminal have dropped from a pre-war 3.5 million barrels a day to about 200,000. With most of Iraq's southern exports through the Strait of Hormuz shut off, Ceyhan has become one of Iraq's few working export routes.
The National · Jul 10, 2026
EU Races to Avert Automatic Jump in Russian Oil Price Cap by July 15
EU ambassadors met on Friday, July 10, 2026, to try to prevent an automatic six-monthly revision of the G7/EU price cap on Russian seaborne oil. The current cap, confirmed by the European Commission, stands at $44.10 a barrel, but the recent spike in global oil prices following the Strait of Hormuz crisis threatens to push the automatic revision formula to a far higher level. According to Euronews (July 10, 2026), Brussels wants to freeze the cap at $44.10 through January 2027, but Bulgaria has blocked the package over an unrelated sanctions-list dispute. The deadline to avoid the automatic revision is July 15.
Euronews · Jul 10, 2026
Saudi Aramco Cuts Official Asia Oil Price in Biggest Reduction in Decades
Saudi Aramco cut its official selling price (OSP) for Arab Light crude to Asia by $11 a barrel for August loadings, moving it to a $1.50 discount versus the Oman/Dubai average, down from a $9.50 premium the prior month. According to Bloomberg (July 6, 2026), it is Aramco's largest official price cut since 2003 and the first time Arab Light has sold at a discount since the 2020 oil price war. Outlets cited weakening Chinese demand and a global supply surplus as the main drivers, even as geopolitical risk from the Strait of Hormuz crisis keeps global oil prices elevated. The move challenges the "war premium" narrative that has recently dominated oil markets, showing supply and demand fundamentals are also at work.
Bloomberg · Jul 10, 2026
Russian Urals Oil Discount to India Widens Past $10 a Barrel
According to a Reuters report published July 7 (17 Tir), the discount on Russian Urals crude against dated Brent in Indian ports has widened to more than $10 a barrel, near its widest recent level. Sources say Urals cargoes for August delivery to India have traded at discounts of $10 a barrel or more. The grade had traded at a premium to Brent in India and China from March through June amid supply disruptions from the Middle East war, but that support has faded as Iranian and other Middle Eastern producers resumed exports, giving Asian refiners a wider range of supply options. Weaker refining demand and competition from cheaper Middle Eastern crude were also cited as reasons for the wider discount.
Reuters (via Yahoo Finance) · Jul 10, 2026
Silver and platinum climb alongside gold on Hormuz-driven safe-haven demand
Global silver prices rose 0.62% to $60.32 an ounce on Friday, July 10 (19 Tir). Platinum also gained 0.75%, or $12, trading between $1,621 and $1,631 an ounce. According to Kitco News and Trading Economics, the simultaneous rise in precious metals mirrored gold's return above $4,100 an ounce and reflected renewed safe-haven demand as US-Iran military tensions flared again and shipping traffic through the Strait of Hormuz slowed. Silver was nonetheless still on track for a weekly loss, as investors continued to monitor Middle East developments and their impact on inflation and Federal Reserve policy.
Trading Economics · Jul 10, 2026
European Gas Prices Hit One-Month High on Strait of Hormuz Supply Fears
European natural gas prices, tracked by the Dutch TTF benchmark, climbed to about 50 euros per megawatt hour on Thursday, July 9, 2026, after a 5.1 percent rise in the prior session, the highest level in a month. Markets cited concerns over potential disruption to Persian Gulf LNG supplies as Iran-US military tensions escalated again around the Strait of Hormuz. The Strait of Hormuz carries about a fifth of global oil and LNG trade, and analysts have warned a prolonged disruption could complicate Europe's efforts to rebuild gas storage ahead of winter demand. Goldman Sachs kept its base-case second-half 2026 TTF forecast at 41 euros per megawatt hour, but flagged a risk scenario in which a full Hormuz disruption could push prices above 100 euros per megawatt hour.
Investing.com · Jul 10, 2026
Strait of Hormuz Shipping Grinds to Near Halt as Just 13 Tankers Cross Versus 33 Daily Average
Shipping traffic through the Strait of Hormuz, one of the world's most critical oil transit routes, ground to a near halt after the US and Iran traded strikes for a second straight day on Wednesday, July 8, 2026. According to ship-tracking data cited in news reports, only 13 tankers crossed the strait on Wednesday, compared with an average of 33 per day over the previous week. Reports say the US-backed Omani corridor, set up for safer tanker passage, was effectively empty of observable traffic on Thursday, July 9. Qatar separately said it had paused efforts to revive production at the world's largest liquefied natural gas facility due to concerns over the risks of transiting the strait. Reports indicate shipowners are increasingly using alternate routes and switching off tracking systems to reduce risk. The developments have coincided with a rising risk premium in global oil and gold markets.
Insurance Journal · Jul 10, 2026
Trump Renews Threat to Seize Kharg Island, Says US Already Struck Part of It
President Trump on Wednesday, July 8, 2026, again threatened that the US could "take" Kharg Island, the terminal handling roughly 90% of Iran's crude oil exports. Per NBC News, Trump told reporters: "We attacked Kharg Island last night. We knocked out a piece. I said, don't touch the oil, because maybe we'll take over Kharg Island, and we may take over Kharg Island, and there's not a thing they can do about it." The threat, first floated in a Truth Social post in June 2026, is now being repeated alongside actual strikes. Analysts warn any disruption at Kharg would have an outsized direct effect on global oil supply and Iran's export revenue.
NBC News · Jul 10, 2026
Iran's 25-Year Gas Export Contract With Turkey Expires This Month as Renewal Talks Have Not Begun
Iran's 25-year gas export contract with Turkey, which carries up to 9.6 billion cubic meters annually via pipeline, is set to expire this month (July 2026). According to a Forbes report published June 29, 2026, Turkish Energy Minister Alparslan Bayraktar confirmed that formal negotiations on an extension have not yet begun, though he said "according to our forecast, we might need this gas pipeline or the gas flow from Iran for the security of supply of Turkey." The report noted that since UN sanctions snapped back in September 2025, Turkish banks have grown more cautious about payments to the National Iranian Gas Company, since the US oil sanctions waiver does not cover natural gas.
Forbes · Jul 10, 2026
War-Risk Insurance to Cross the Strait of Hormuz Jumps to Up to 6% of Vessel Value
According to Insurance Journal and Bloomberg on Thursday, July 9, 2026, war-risk insurance rates for commercial vessels transiting the Strait of Hormuz have risen to between 2 and 6 percent of a ship's value, up from a fraction of a percent before the crisis. Marcus Baker, global head of marine at insurance broker Marsh, said that at the height of the recent escalation some vessels were charged as much as 10 percent of their value to transit, though no-claim discounts can reduce the headline rates. Two marine war-risk brokers and two underwriters told the report that quote requests have fallen since this week's ceasefire collapse, with visible shipping traffic through Hormuz having virtually ground to a halt.
Insurance Journal · Jul 10, 2026
US Revokes Temporary Iran Oil Sanctions Relief, Sets 10-Day Wind-Down
The U.S. Treasury's Office of Foreign Assets Control (OFAC) revoked, on Tuesday, July 7, 2026, its temporary Iran oil sanctions relief (General License X, issued June 21, 2026) in full by issuing General License X1. Under OFAC's official notice, no new transactions involving the production, sale, or delivery of Iranian-origin crude oil, petrochemicals, or petroleum products are authorized as of that date, with only a 10-day wind-down period running through 12:01 a.m. EDT on July 17, 2026, for previously permitted deals to be closed out. The move followed the July 6-7 attacks on tankers in the Strait of Hormuz and the resumption of US military strikes on Iran.
Office of Foreign Assets Control (OFAC), U.S. Department of the Treasury · Jul 10, 2026
China's Iranian Oil Imports Halve in June as US Sanctions a Chinese Refinery
China's crude oil imports from Iran fell to about 654,000 barrels a day in June 2026, more than halving from the prior month. The US Treasury Department, in an official statement issued in July 2026, sanctioned the Chinese refinery Shandong Shengxing Chemical Co. for purchasing more than a billion dollars' worth of Iranian crude, including from a front company linked to the Revolutionary Guards' Quds Force. According to CNBC, China, which typically buys around 90 percent of Iran's oil exports, has scaled back purchases amid tightening sanctions and geopolitical risk.
U.S. Department of the Treasury · Jul 10, 2026
Oil Retreats After Topping $78 as Strait of Hormuz Risk Premium Eases
WTI crude opened at $72.22 a barrel on Wednesday, July 8, 2026 (17 Tir), while Brent opened at $75.92 the same day and touched $78.17 intraday. According to Fortune, the rise reflected concern over a possible disruption to oil transit through the Strait of Hormuz after three tankers were attacked and a fresh round of US strikes on Iran began. By Thursday, July 9 (18 Tir), however, Brent eased back toward $77 a barrel, giving up part of the prior two days' gains. Analysts attributed the swings to the tug of war between regional geopolitical risk and the market's wait for the US Federal Reserve's next interest rate decision.
Fortune · Jul 10, 2026
Seven OPEC+ Members to Raise August Oil Output by 188,000 Barrels a Day
Seven OPEC+ members, Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman, agreed on Sunday, July 5, 2026 (14 Tir), to raise their combined oil output by 188,000 barrels a day in August. According to Al Jazeera, it marked the fifth consecutive month the group has agreed to raise production, part of a gradual unwinding of the output cuts announced in 2023. The countries said in a statement they would continue to monitor market conditions and maintain a cautious approach. The decision came as oil prices eased from the highs of recent weeks.
Al Jazeera · Jul 10, 2026
Three Tankers Attacked in Strait of Hormuz as US Revokes Iran Oil Export Waiver
Three commercial vessels, including a Qatari flagged LNG carrier called Al Rekayyat and a Saudi flagged crude oil tanker, were attacked with projectiles and a drone in the Strait of Hormuz on Tuesday, July 7, 2026 (16 Tir). According to the Washington Times, the Al Rekayyat caught fire after being struck by a projectile, though no casualties were reported. The US Treasury Department revoked, on the same day, an authorization issued in June 2026 that had allowed Iran to legally export oil. The move followed the attacks on the vessels and tightened pressure on Iran's oil exports, deepening concerns over the flow of crude from the Persian Gulf.
The Washington Times · Jul 10, 2026