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Petrol Prices in Germany Hit Record High

Petrol prices at German gas stations reached a new all-time high over the weekend. Super E10 cost an average of EUR 2.273 per litre nationwide on Sunday, according to the ADAC in Munich, surpassing the previous record set in March 2022. Diesel also continued to rise, reaching EUR 2.404 per litre on Sunday — up 3.5 cents from Friday and only 4.3 cents below its all-time high from April. The ADAC attributes the surge to the rising price of crude oil amid the escalating Middle East conflict: a barrel of Brent cost $108.30 on Monday morning German time, up 3.6 percent from the previous close, while WTI hovered near $103. Since February, global oil and gas supplies have declined significantly as a result of the Iran war, which began with the United States and Israel. Tehran has repeatedly attacked US bases ...

Trump Suggests U.S. May Stay and Keep Iran’s Oil

President Donald Trump suggested on Sunday (September 13) that the United States might stay in Iran and "keep the oil," drawing parallels to a recent U.S. oil deal with Venezuela. Speaking in Ireland, Trump mentioned that the conflict with Iran could end after the upcoming midterm elections, and the U.S. might withdraw unless they decide to "stay and keep the oil," similar to the arrangement with Venezuela. The U.S. recently struck a deal with Venezuela to purchase 20 percent of its oil at production cost, which is used to fill the U.S. Strategic Petroleum Reserve. Trump emphasized that the revenue from Venezuela has "paid for the war many times." Oil prices have surged due to the ongoing conflict, with the average gas price in the U.S. reaching $4.31. The closure of the Strait of Hormuz by Iran has severely impacted oil traffic, ...

StanChart Warns Oil Is Now Built for Sharper, More Frequent Spikes

Oil prices hit nearly $110 per barrel on Thursday for the first time since July, with no end in sight for the Middle East conflict. The IRGC announced on Wednesday that it had attacked and heavily damaged eight oil tankers and two U.S. Navy destroyers in the Strait of Hormuz, in retaliation after the U.S. military destroyed five IRGC-linked oil tankers in the Gulf of Oman on Tuesday night. CENTCOM has, however, denied the IRGC claims. Hopes for a quick resolution to the war have also faded after U.S. President Donald Trump said that the war is unlikely to end before the midterm elections in November, while advisors have allegedly warned him the war could last for the rest of his term. By Friday morning, Brent crude was trading at $103.58, while WTI was trading at just over $98. And ...

A $7 Billion Gas Bill Sees Developing Asian Nations Sour on LNG

The loss of a fifth of liquefied natural gas supply due to the U.S.-Iran war is blowing out costs for Asia's developing markets, and forcing a rethink of the fuel's long-term future in the region. Qatari shipments of LNG through the Strait of Hormuz have all but dried up since the conflict started at the end of February. That's deprived Asian buyers of contracted supply of the power-station and industrial fuel, pushing them into the spot market where prices are surging. The major non-China emerging-market Asian buyers - India, Pakistan, Bangladesh, Thailand and Vietnam - have spent a collective $7.4 billion since the start of the war on spot LNG, according to a Bloomberg News analysis of purchase tenders. A similar amount of the fuel cost about $3.1 billion under long-term contracts over the same period last year. The more than doubling of ...

Tehran and Muscat delay talks, citing regional consensus need

Negotiations in Oman between Iran and Gulf Arab states have been postponed at the request of some regional countries, Iranian media have reported. The postponement came hours after an attack on an Iranian commercial cargo vessel killed one person in the Strait of Hormuz. Iran's Fars news agency, quoting the director general of the Iranian foreign ministry's Gulf affairs office, said on Sunday the postponement "was made at the request of some countries in the region and was a joint decision by Tehran and Muscat". Omani Foreign Minister Badr Albusaidi said on X that the meeting, scheduled for Monday, had been postponed "in the interests of consensus". "We remain committed to fostering dialogue that supports stability and lasting cooperation in our region," Albusaidi said. Oman has emerged as a key mediator in the war, building on its decades-long role as a ...

Trump calls on Ukraine to stop targeting Russian refineries as both countries trade strikes

President Trump on Sunday called on his Ukrainian counterpart to halt strikes on Russian refineries, saying the attacks are causing a shortage of diesel. Mr. Trump, who is in Ireland watching the Irish Open at one of his golf courses for the weekend, was asked by a reporter if he had spoken with Ukrainian President Volodymyr Zelenskyy following his recent conversation with Russia's Vladimir Putin. The U.S. president responded by calling on Zelenskyy to halt strikes against Russia. "Mr. Zelensky has to do one thing. He has to stop knocking out diesel fuel in Russia," Mr. Trump said. "Let him go after targets but not diesel fuel, because he's causing a shortage of diesel fuel." Ukraine's recent long-range strikes have targeted Russia's oil and gas industry, which Kyiv says both funds and directly fuels its war on Ukraine. The Ukrainian ...

Canada Discussing Joining EU As ‘Associate Member,’ Report Says

Topline: Canadian officials are negotiating with the European Union for closer ties with the economic bloc in response to the breakdown of trade negotiations with the United States earlier this summer, the Wall Street Journal reported on Saturday—including potentially becoming an "associate member" of the union. Canadian Prime Minister Mark Carney will address the European Parliament next week. Key Facts: Although the EU is historically not known for allowing flexible membership arrangements with individual countries, European officials are reportedly open to Canada joining as an "associate member," anonymous officials from both Canada and the EU told the Journal. This could mark the largest reorientation of the Canadian economy in decades—the U.S. has long been Canada's largest trading partner, with about 72% of exports going across the southern border in 2025. The details of a potential deal are still being discussed, ...

From Bad to Catastrophic: Saudi Pipeline Outage Threatens to Make Gas Prices Even More Brutal

A Houthi strike just knocked out the oil world's most critical backup route, and the window before global fuel stocks run dry is measured in days, not weeks. The single most important pipeline in global oil trade is offline, and the clock on the world's fuel reserves is measured in days. Saudi Arabia's East-West pipeline, which normally routes around 4 million barrels per day from the kingdom's eastern oilfields to the Red Sea port of Yanbu, was shut down over the weekend after Houthi strikes hit Saudi infrastructure. That line alone carries roughly 4% of global supply. Stocks already sitting at Yanbu can keep tankers loading for only 5 to 7 days, with Egypt's Ain Sukhna and Sidi Kerir terminals adding just a few more days of buffer. One source told Reuters repairs could take five to six weeks. Why ...

Wisconsin DNR asks Enbridge to halt work on temporary bypass around site of gas leak

The head of the Wisconsin Department of Natural Resources is asking Enbridge to halt work on building a new stretch of its Line 5 pipeline around the site of a gas leak in Iron County, saying the company lacks state approvals. In a Wednesday letter to Enbridge, DNR Secretary Karen Hyun said Enbridge has added to a growing list of environmental concerns and violations that demonstrate "disregard for the environment, human health, and the statutory authority of the department." The DNR issued a notice of noncompliance to the company for conducting work on the bypass without state approvals, and the agency said it may consider enforcement action. "Given that Enbridge has made decisions to prioritize restarting Line 5 without the necessary approvals from the department, the department requests that Enbridge halt construction of the bypass so Enbridge can prioritize addressing ...

Pipeline “solution” to Strait of Hormuz closure gone in a flash

The East-West Pipeline in Saudi Arabia which delivers oil to the shores of the Red Sea has been an important workaround to the choking of tanker traffic by Iran in the Strait of Hormuz, the only exit for tankers from the Persian Gulf to the open sea. The Saudi government claims that 7 million barrels per day (mbpd) of crude oil can flow through the pipeline to the port of Yanbu though the current exports are thought to be lower (perhaps 5 mbpd) than that given infrastructure restraints. But, now that pipeline has been bombed and put out of service. The Saudis are saying that the pipeline has been closed "as a precautionary measure." But that statement seems to underplay what has happened. Satellite images show that the attacks damaged at least two pumping stations. Repairing or replacing these stations may ...

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