Brent and WTI hit five-month highs as Iran dampened diplomatic hopes and US inventories fell, keeping global supply risk elevated.

Shipping in and around the Strait of Hormuz faces escalating attacks, driving freight and LNG costs sharply higher.

Global oil transport costs have jumped from $3 to $20 per barrel as the Hormuz crisis fuels a shipping squeeze that may persist.

The UK greenlit its first new North Sea gas project since the Iran war lifted energy prices, drawing environmental opposition.

The IEA said it stands ready for another coordinated emergency stock release, with diesel supply the priority as fuel markets tighten.

The American Petroleum Institute reported a 4.93 million barrel draw, extending steep inventory declines and supporting crude prices.

The US Energy Department urged refiners to raise diesel production amid surging fuel prices and tightening supply.

Japan posted a $17.8 billion April-September trade deficit, roughly double a year earlier, on pricier Middle East energy imports.

LNG spot prices in Asia spiked above $30 as Hormuz disruptions strained global supply and cut demand.

Deputy PM Novak said the shipment follows an agreement between the two presidents, marking an unusual flow of Russian fuel to the US.

The SPR has drawn down to a four-decade low, raising questions about the West's ability to rebuild stockpiles.

Deferred refinery maintenance in 2027 is expected to keep fuel markets tight well into next year, the bank said.

The oil field services giant forecast sustained demand as Mideast nations rebuild infrastructure damaged by conflict.

Pump prices have drifted lower in many regions, though the recent crude spike threatens further increases before the midterms.

A sharp drop in Norwegian output tightens European gas supply just as winter demand ramps up.

Rising energy prices are a key driver of stubborn US inflation, eroding household purchasing power.

The EU retained climate-based opposition to Arctic drilling, though a draft softened language amid Norwegian lobbying.

Half of India's coal power plants are running with critically low stocks amid higher-than-usual electricity demand.