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Letter from London: The oil market should panic tomorrow
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
Letter from Dubai: A safe haven under fire
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
Trump’s bid to reshape the global energy order
From Venezuela to Hormuz, the US—backed by the most powerful military force ever assembled—is redrawing not only oil and gas flows but also the global balance of energy power
The diesel crisis
By shutting the Strait of Hormuz, Iran has cut exports of distillate-rich Middle Eastern crude, jet fuel and diesel, and is holding the energy market hostage
OPEC+ boosted production before crisis
Petroleum Economist analysis sees increases in output from Saudi Arabia, Venezuela and Kazakhstan among others before region’s murky descent
Energy dominance as diplomatic leverage
Energy sanctions are becoming an increasingly prominent tool of US foreign policy, with the country’s growth in oil and gas production allowing it to impose pressure on rivals without jeopardising its own energy security or that of its allies, argues Matthew McManus, a visiting fellow at the National Center for Energy Analytics
Trump’s gasoline price pledge paradox
The US president has repeatedly promised to lower gasoline prices, but this ambition conflicts with his parallel aim to increase drilling and could be upended by his war against Iran
Explainer: Fujairah on high alert
With the Strait of Hormuz effectively closed following US-Israel strikes and Iran’s retaliatory escalation, Fujairah has become the region’s critical pressure release valve—and is now under serious threat
Middle East oil vulnerabilities have been exposed
The killing of Iran’s Supreme Leader Ayatollah Khamenei in US–Israeli strikes marks the most serious escalation in the region in decades and a bigger potential threat to the oil market than the start of the Russia-Ukraine crisis
How Hormuz chokehold threatens LNG buyers
A potential blockade of the Strait of Hormuz following the escalating US-Iran conflict risks disrupting Qatari LNG exports that underpin global gas markets, exposing Asia and other markets to sharp price spikes, cargo shortages and renewed reliance on dirtier fuels
Russian deputy PM Alexander Novak and Iranian petroleum minister Javad Owji at the Tehran Oil Exhibition
Opinion
Iran Russia Markets Politics NOCs
Danial Rahmat
Tehran
7 June 2023
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Letter from Iran: Tehran's dreams and Moscow's deceptions

Russia is making a show of support for Iran as the two nations strengthen their ties, but the promised investment may never materialise

While the Ukraine conflict has widened the rift between Russia and the West, a more nuanced transformation is unfolding across the Middle East's geopolitical landscape as a result of the war. Alongside its cautious rapprochement with the Gulf Cooperation Council, shared problems have pushed Iran into deepening its political and economic relations with Russia. Tehran and Moscow have not only expanded their military cooperation, but have also signed economic agreements in the energy and transport sectors. For its part, Iran perceives itself on the brink of realising its long-held aspiration of forging a strategic alliance with Russia and China. The reality is more complex, however. The severit

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12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
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Letter from Dubai: A safe haven under fire
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