- Brent held near $90 after the U.S. announced sweeping Iran sanctions, as mediation efforts failed to resolve the Hormuz standoff.
- Iran and Oman reported progress toward a temporary shipping corridor, but Tehran tied reopening the passage to sanctions relief, an end to the blockade and compensation.
- Saudi Aramco sold at least 4 million barrels of Arab Medium and Heavy crude to PetroChina for September loading outside Hormuz, showing Gulf exporters are rerouting supply.
- The disruption is widening beyond crude: European diesel is up more than 70% since the war began, UK household energy costs are set to rise 4%, and Indian coal inventories have fallen 19%.
- Sempra Infrastructure began permitting a 27 mtpa LNG expansion, while TotalEnergies exited a sanctioned Russian LNG project and retained rights to recover $1.3 billion in shareholder loans after sanctions are lifted.
Quotes
“Oil holds near $90 despite sweeping Iran sanctions as uncertainty over Hormuz transits keeps markets on edge.”