Oil Prices Surge Amid EU Sanctions, Geopolitical Tensions, and Energy Shifts

Oil prices are on the rise as the European Union introduces fresh sanctions on Russia, including the much-debated floating price cap mechanism. Brent crude remains buoyant around the $70 mark, supported by market expectations of supply constraints and geopolitical risks.

Chevron Wins Legal Battle Against Exxon Over Hess Deal

In a major legal win, Chevron (NYSE:CVX) has secured rights to acquire Hess Corporation’s $53 billion assets, including a 30% stake in Guyana’s Stabroek block. The International Chamber of Commerce ruled in Chevron’s favor against ExxonMobil, ending months of uncertainty over the deal.

Drone Strikes Paralyze Kurdish Oil Fields

A series of drone attacks have slashed Kurdish oil production by 200,000 b/d, disabling the Tawke and Peshkabir fields operated by Norway’s DNO. The strikes have effectively succeeded where political negotiations failed, and Baghdad’s OPEC+ compliance is expected to improve as a result.

BlackRock to Invest $10 Billion in Saudi Jafurah Gas Project

Saudi Aramco is nearing a $10 billion deal with BlackRock (NYSE:BLK), positioning the US firm as a key investor in the $100 billion Jafurah sour gas development — the largest untapped gas field in the Kingdom.

India Plans Another Mega Refinery in Jamnagar

India’s ONGC is evaluating a proposal to construct a new 200,000–240,000 b/d refinery in Gujarat’s Jamnagar — already home to the world’s largest refinery complex operated by Reliance. Analysts warn this could add to concerns about downstream overcapacity.

Malaysia Targets Illegal Iranian Oil Transfers

Under pressure from the US, Malaysia is preparing to crack down on unauthorized ship-to-ship transfers of Iranian crude in its territorial waters. The move could disrupt the 1.5–1.7 million b/d of Iranian oil reaching China.

Russia’s Oil and Gas Output Continues to Decline

Russia’s energy sector remains under pressure, with crude oil production falling 3.5% year-on-year to 211 million metric tonnes between January and May. Gas output also dipped by 3%, reflecting OPEC+ cuts and economic constraints.

China Pushes Back Against $23B Panama Port Deal

Beijing has warned it could block a $23 billion port transaction involving CK Hutchison, BlackRock, and MSC unless China’s shipping giant Cosco is included in the deal. The outcome could reshape maritime power balances in Latin America.

Belarus Nuclear Reactor Shutdown Sparks Energy Fears

Belarus took its second Astravets nuclear reactor offline after an alarm indicated issues with the cooling system. Though radiation levels remain normal, the shutdown affects 20% of the nation’s power supply.

Trump Pulls $4 Billion from California’s High-Speed Rail

The Trump administration has canceled $4 billion in federal support for California’s high-speed rail project, citing a ballooning budget that has reached $128 billion. The project aimed to connect San Francisco, Los Angeles, and Anaheim.

Canada Imposes Steel Tariffs to Protect Domestic Industry

New Canadian PM Mark Carney introduced tariff rate quotas for steel imports, excluding the US, while imposing a 25% tariff on Chinese steel. The move aims to protect domestic producers from global dumping.

Slovakia Greenlights EU’s 18th Sanctions Package Against Russia

After securing energy guarantees from Brussels, Slovakia has lifted its veto on the European Union’s 18th sanctions package against Russia, paving the way for more punitive measures including a revised price cap.

Lithium Prices Rebound as Chinese Output Stalls

Lithium carbonate futures in China surged to a three-month high of ¥70,000/tonne ($9,750) after Zangge Mining halted operations at its Qinghai mine. The rebound signals renewed market tightness for the crucial battery metal.

Brazil Redirects Oil Exports to Asia After US Tariffs

Petrobras (NYSE:PBR) is exploring new markets in Asia following the Trump administration’s decision to impose 50% tariffs on Brazilian goods. The country previously shipped 200,000 b/d to Pacific Coast refiners in the US.

US Imposes 93.5% Tariff on Chinese Graphite Imports

The US Commerce Department has set a preliminary anti-dumping duty of 93.5% on Chinese anode-grade graphite — a key component in EV battery production — with final duties expected by December 5.

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