Oil

Iraq’s Khor Mor gas field, vital for Kurdistan’s electricity, is preparing to restart production days after a drone attack halted operations, sparking widespread condemnation.

Iran seized an Eswatini-flagged ship carrying 350,000 liters of smuggled fuel off Bushehr, detaining its 13 crew amid ongoing efforts to curb fuel smuggling.

In addition to Dubai, the US is reportedly worried that funds are being smuggled to Hezbollah through Turkey and Iraq.

A drone attack on the Khor Mor gas field in Iraq causes major power outages in northern regions, damaging key infrastructure and halting gas supplies to power stations.

Government officials have warned that subsidized fuel prices in Iran are "not rational," impose a heavy burden on state finances, and incentivise suboptimal consumption as well as force fuel imports.

“Today’s action continues Treasury’s campaign to cut off funding for the Iranian regime’s development of nuclear weapons and support of terrorist proxies,” said Treasury Secretary Bessent.

Prime Minister Sudani's bloc wins Iraq's election, but forming a new government may take months due to challenges in building a majority and balancing US-Iran influence.

President Trump is willing to sign a sanctions bill targeting Russia, but insists on retaining ultimate authority over any sanctions measures, a senior official says.

Novorossiysk and a neighboring Caspian Pipeline Consortium terminal temporarily suspended oil exports, equivalent to 2.2 million barrels per day, or 2% of global supply, on Friday.

The strikes killed a Russian anti-tank crew and destroyed reconnaissance and surveillance equipment at the Syvash drilling rig in the Black Sea.