Kazakhstan’s giant Karachaganak oil and gas field cut crude production by more than a quarter after a drone attack forced the shutdown of a processing plant in Russia that handles its gas.

Ukraine said its drones hit two oil refineries in the Russian city of Ufa, the latest in a wave of strikes on its foe’s energy infrastructure that have led to fuel shortages.

A swarm of drones struck the Russian city of Ufa, home to three oil refineries owned by the country’s top oil producer, Rosneft PJSC, causing a fire in the local industrial area.

Ukrainian drones struck a gas-processing plant and a helium production facility in Russia’s Orenburg region, raising fears of a knock-on impact on oil and gas production in neighboring Kazakhstan.

Russia is weighing a ban on exports of diesel to avoid domestic shortages after Ukraine intensified attacks on the nation’s refineries.

Russia’s gasoline crunch is worsening, with at least two-thirds of the country’s regions introducing fuel rationing or suffering supply disruptions following relentless Ukrainian drone attacks on refineries.

The flow of oil through the Strait of Hormuz is running at the fastest pace since the Iran war began — despite Tehran stating that the world’s key shipping chokepoint is shut and a report that the Islamic Republic continues to harass passing vessels.

Estimates vary, but more crude is clearly moving out of the Persian Gulf.

Iran sought to assert control over the Strait of Hormuz by saying that ships need its permission and mandatory insurance in order to cross, even as the US said that 20 ships had quietly sailed through overnight via a route along Oman’s coast.

Oil flows through the waterway are surging, but some doubts remain.

Russian gasoline prices advanced further, with Ukrainian attacks on refineries forcing some filling stations to limit sales just as the summer vacation season gets underway.

Russian gasoline prices advanced further, with Ukrainian attacks on refineries forcing some filling stations to limit sales just as the summer vacation season gets underway.

The oil and shipping industry remains largely in wait-and-see mode ahead of Friday’s deadline to reopen the Strait of Hormuz, although there are some tentative signs of preparations as a handful of ships begin rerouting toward the Middle East while Iranian tankers laden with oil move out.

The US and Iran have committed to reopening the Strait of Hormuz, the world’s most important artery for shipping oil and natural gas, which has been largely blocked since the two countries went to war in February. However, returning traffic in the strait to prewar levels — if that day ever comes — presents significant challenges. The prediction market Kalshi assigns a 51% probability that traffic will return to normal before Aug. 1 and a 68% probability before Sept. 1.

A number of Iran-linked oil tankers have been shifting position as the country prepares to sign a peace deal that could allow Tehran to immediately start selling its oil.

Ukrainian drones hit Moscow’s oil refinery, the latest in a series of strikes on Russian energy infrastructure that has left the nation facing a growing fuel shortage.

Transits into the Gulf of Aden remain far below levels seen back in 2023, when the militants lashed out at commercial shipping.

Russia’s payouts to refiners in May were near the highest in more than two years, denting the nation’s oil and gas revenues even as the war in Iran helped to boost crude prices.

Russia banned exports of jet fuel through end-November to avoid shortages at home after Ukraine intensified attacks on the nation’s refineries.