Oil Markets Ignore Mounting Risks at Their Own Peril
The article reports on escalating U.S.-Iran hostilities as of July 17, 2026, including US strikes on Iranian civilian infrastructure, Iranian attack on a Kuwaiti power plant, repeated tanker attacks in the Strait of Hormuz, and potential extension of maritime warfare to Bab el-Mandeb. Hormuz transits have fallen near zero, yet ICE Brent trades around $86/bbl. China's crude imports plunged 41% year-on-year in June. The US has reinstated a naval blockade of Iranian ports, redirecting two vessels. Iraq suspended oil loadings after a drone scare. India banned seafarers from Hormuz voyages. The IEA warns the global economy faces serious trouble unless Hormuz reopens within weeks. Pakistan paid a steep $20.7/MMBtu for emergency LNG. Nickel prices rose on disrupted sulphur shipments. Pirates seized a tanker off Yemen. ConocoPhillips acquired a stake in BP's Iraq venture. The US imposed 25% tariffs on Brazilian goods. Russia is seeking gasoline from India after Ukrainian strikes. Australia's only manganese smelter closed.
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