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The Iran war has delivered a shock to energy markets that is driving Asian and European countries to accelerate their transition toward renewable energy sources.

Russia's Novak states that OPEC+ countries do not plan to share UAE's oil output quota, according to TASS.

OPEC+ countries do not plan to share UAE's oil output quota according to Russia's Novak as reported by TASS.

Russia's Deputy Prime Minister Novak states that Russia is not currently considering imposing a ban on diesel exports.

Russia's Deputy Prime Minister Novak stated that Russia expects to reach its OPEC+ oil production quota this year.

Russia's Deputy Prime Minister Novak stated that Russia will consider implementing a diesel export ban if necessary, which could impact global fuel supply.

Russia's Deputy Prime Minister Novak reports that Russian oil production is currently lower than at the start of the year due to unplanned maintenance at oil refineries.

Russia's Novak states the country is not currently considering a ban on diesel exports, providing clarity on fuel supply policy.

Russia's Novak says the country expects to reach its OPEC+ oil production quota by the end of this year.

Russia's Novak says the country will consider banning diesel exports if necessary to stabilize domestic fuel markets.

Russia's Deputy Prime Minister Novak reports that the country's oil production has declined since the start of the year due to unplanned refinery maintenance.

Novak states the global oil market is experiencing a rare crisis unseen even in the twentieth century.

Russia's deputy prime minister Novak says OPEC+ still plays a major role in global oil markets despite reports of the UAE leaving the group.

OPEC+ still plays a significant role in the global oil market due to its large share of production and exports, according to Novak on UAE leaving OPEC.

Novak states that approximately 12 million barrels per day of oil are not being delivered to the market.

Novak says the oil market has not yet seen the full consequences of the Middle East conflict as stockpiles are being drawn down.

Russia's Deputy Prime Minister Novak reports that approximately 12 million barrels per day of oil are not being delivered to the market.

Russian Deputy Prime Minister Novak warns that the oil market has not yet fully felt the consequences of the Middle East conflict and stockpiles are being drawn down.

President Trump suggests Iran negotiations are progressing well but notes a deal could take weeks, while Brent crude futures decline 0.7% amid ongoing talks.

Slumping Chinese oil imports are shielding the global market from higher prices according to a Financial Times report.

Slumping Chinese oil imports are shielding the global market from higher prices according to a Financial Times report.

Oil prices eased slightly after the US-brokered Israel-Lebanon ceasefire but strong economic data and hawkish Fed commentary kept markets focused on inflation risks and potential rate hikes.

Gold prices declined as renewed US-Iran hostilities jeopardized ceasefire talks, keeping energy prices and inflation risks elevated.

Trump downplayed the threat of Iranian mines in the Strait of Hormuz, stating U.S. forces have cleared most of them and the waterway could reopen quickly if Iran agrees to a ceasefire framework.

US SPR draws are running at ~1.1 mbpd, with only 13 weeks until the congressional minimum (252.4M bbls) and 14.5 weeks until the operational limit (240M bbls) risking cavern collapse. As SPR outflows taper or halt, the US will be unable to maintain its export and domestic supply balance without Hormuz normalization, which is being delayed by Iran – creating a physical shortage that should lift crude prices. Long USO to profit from imminent upward repricing of crude as the SPR safety valve closes. A surprise Iran deal could temporarily crash oil; demand destruction from recession could cap gains.

Business Insider shares the latest news and analysis on the oil market without offering any directional commentary.

Oil prices will move higher.

President Trump downplayed the threat of sea mines in the Strait of Hormuz and said the strait would open immediately upon Iran signing a memorandum of understanding.

Federal Reserve Bank of Dallas President Lorie Logan states that the most significant disruption in energy in history is currently being observed.

Global stocks fell and Treasury yields rose as renewed US-Iran clashes pushed oil near 96 dollars a barrel, raising inflation risks and hawkish Fed expectations.