TotalEnergies profits surge to $11.2 billion as France rejects windfall tax
TotalEnergies' record $11.2 billion H1 profits spark controversy as France declines windfall tax.
Event / Politics
Saudi Arabia-Houthi Conflict
Escalating military conflict between Saudi Arabia and Houthi forces, including coordinated attacks on airports and energy infrastructure, with regional ceasefire violations and international responses.
13 reported locations
Daily activity
57 articles0 articles
2026-07-30 to 2026-10-27 · UTC publication dates
Coverage begins 11 Apr, 00:07 UTC
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What happened
Crude oil prices surpass $100 per barrel
Both Brent crude and U.S. crude oil surpassed $100 per barrel for the first time in months, driven by escalating military conflict between the U.S. and Iran, which has disrupted Middle East supply chains and tanker traffic through the Strait of Hormuz.
Hong Kong diesel prices increase 26% during Iran conflict period
Diesel prices in Hong Kong rose 26% during the Iran conflict period, reaching an average of $17.78 per gallon (approximately 37 Hong Kong dollars per liter), the highest sticker price reported globally by Global Petrol Prices.
Saudi Arabia oil production reaches three-decade low
Saudi Arabian oil production fell to its lowest level in three decades in the most recent reporting month, attributed to Houthi attacks on the country's energy facilities.
Russian refining disrupted by Ukrainian attacks
Intense Ukrainian attacks on Russia's refining infrastructure have nearly halted Russian product exports, contributing to global fuel supply disruptions alongside Middle East losses.
U.S. diesel prices exceed $6 per gallon amid Iran conflict
The national average diesel price reached $6.05-$6.06 per gallon on Friday, up from $5.85 the previous week and $3.70-$3.71 one year earlier. The price surge is driven by disruptions to global fuel supplies resulting from escalating military conflict between the U.S. and Iran.
Amazon applies temporary fuel surcharge to third-party sellers
Amazon implemented a temporary 3.5% fuel and logistics surcharge on some third-party sellers in April 2026, citing rising fuel costs associated with the Iran conflict.
U.S. grocery prices rise 2.7% year-over-year in July
Overall U.S. grocery prices in July 2026 were up 2.7% compared to July 2025, with refrigerated items experiencing steeper increases: seafood prices up 7% and fresh fruit prices up 4.9% year-over-year.
UPS, FedEx, and USPS add shipping fees amid fuel cost increases
United Parcel Service, FedEx, and the United States Postal Service added fees to certain packages shipped during the Iran conflict period, citing rising overall fuel costs.
Lebanon diesel prices jump 80% since February
Diesel prices in Lebanon increased 80% from late February 2026, part of the broader global price surge driven by Middle East supply disruptions.
Indonesia diesel prices increase nearly 87% since February
Diesel prices in Indonesia rose nearly 87% from late February 2026, reflecting global fuel market disruptions from the Iran conflict.
Nigeria diesel prices surge over 90% since February
Diesel prices in Nigeria increased over 90% from late February 2026, reaching approximately $4.95 per gallon (1,730 naira per liter) by the following Monday, reflecting the global impact of Middle East supply disruptions.
S&P Global Energy forecasts Middle East crude production below prewar levels through 2027
S&P Global Energy announced it no longer projects Middle East crude oil production to return to prewar levels by the end of 2027, citing continued security and logistical challenges limiting oil flows.
U.S. and Israel military operations against Iran in late February
The U.S. and Israel conducted military attacks on Iran in late February 2026. Diesel prices increased over 60% from the pre-attack national average of approximately $3.76 per gallon, with supply chain disruptions concentrated in the Middle East and particularly affecting tanker traffic through the Strait of Hormuz.
U.S. regular gasoline prices reach $4.29 per gallon
The national average price for regular unleaded gasoline reached $4.29 per gallon on Friday, up from $2.98 before the Iran conflict began, though still below the 2022 peak of approximately $5.02 per gallon.
Dated Brent crude benchmark exceeds $100 per barrel in physical markets
The dated Brent crude oil benchmark, against which approximately two-thirds of global oil supply is priced, has traded above $100 per barrel since September 3, according to LSEG data. Physical crude oil markets, which react more quickly to supply disruptions than futures contracts, have remained above this threshold.
U.S. military destroys five Iranian oil tankers in Middle East escalation
U.S. military forces destroyed five Iranian oil tankers in response to attempted missile attacks on a Navy warship, marking a sharp escalation in the six-month-old conflict between the U.S. and Iran that began on February 28.
Houthi attacks threaten Red Sea shipping route as alternative to Strait of Hormuz
Attacks by Iran-backed Houthis on Saudi energy facilities and shipping in the region threaten the Red Sea as a key alternative route to the Strait of Hormuz. These attacks widen disruption risks beyond Iranian oil supply to vital alternative shipping corridors.
Oil shipping through Strait of Hormuz falls below 2 million barrels per day
Oil flows through the critical Strait of Hormuz have fallen below 2 million barrels per day following the resumption of fighting on August 30. In the week before fighting resumed, flows had reached 8-9 million barrels per day, double the previous week's volume. The strait normally handles approximately one-fifth of global oil and gas supply.
U.S. gasoline prices reach $4.22 per gallon, highest level since early June
U.S. gasoline prices averaged approximately $4.22 per gallon on September 9, the highest level since early June. Diesel prices reached record highs, approaching $6 per gallon, while consumers faced record gasoline prices during the Labor Day holiday weekend.
Iran-backed Houthis attack Saudi Arabian oil facilities, setting installations ablaze
Iran-backed Houthi rebels launched attacks on Saudi Arabian energy facilities this week, setting oil installations ablaze and threatening a significant expansion of the conflict. A tanker carrying approximately 2 million barrels of Iraqi fuel oil was struck by a drone in Iraqi territorial waters during the same period.
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2 alternative perspectives
US-Iran peace agreement signals end to Middle East hostilities escalation
US-Iran ceasefire agreement restores Strait of Hormuz navigation, ending hostilities escalation.
French fuel prices surge as Russia halts diesel exports
Russian diesel export ban drives French fuel prices above €2 per liter amid global supply crisis.
US and Iran agree to ceasefire, reopen Strait of Hormuz
US-Iran ceasefire agreement restores Strait of Hormuz access, easing global energy crisis.
Global oil demand forecast cut as deliveries plunge and reserves shrink
IEA cuts 2026 oil demand forecast by 1.1M barrels/day as deliveries plunge and reserves shrink.
Israel-Iran ceasefire begins as underlying tensions threaten fragile peace
Israel-Iran ceasefire begins April 8 amid ongoing military strikes and Iranian payment difficulties.
TotalEnergies threatens fuel cap exit over windfall tax proposal
TotalEnergies threatens fuel cap exit if France imposes windfall tax on record crisis profits.
US and Iran escalate Strait of Hormuz standoff with military posturing
US and Iran escalate military posturing around Strait of Hormuz despite ongoing diplomatic proposals.
EU rules grant flight passengers compensation and expense coverage rights
EU regulations guarantee flight passengers compensation, alternative travel options, and expense reimbursement for cancellations.
TotalEnergies warns of energy shortage risk as Strait blockade persists
Energy executives warn of potential shortages from prolonged blockade; French government sees no immediate fuel crisis.
Iran, US launch Hormuz talks as Macron demands strait navigation freedom
Iran and US launch Islamabad negotiations as Trump extends truce and Macron demands open Hormuz access.
Macron demands free navigation through Strait of Hormuz amid energy tensions
Macron demands open Strait of Hormuz shipping lanes while asserting France's short-term energy resilience.