{{dayPoint.date | date : 'd MMMM yyyy'}}

{{newsPoint.title}}

{{newsPoint.title+ ' '}}

{{newsPoint.subtitle}}

World oil prices

New phase of crisis, oil price at $111 per barrel: situation on energy markets

The global energy crisis caused by the Middle East conflict is entering a new phase as the summer season approaches

© Yegor Aleyev/TASS

MOSCOW, May 18. /TASS/. The global energy crisis caused by the Middle East conflict is entering a new phase as the summer season approaches, the Financial Times reported, citing sources.

The price of futures contracts of Brent crude oil for July 2026 delivery on London’s ICE has climbed above $111 per barrel for the first time since May 5.

TASS has compiled the main information on the situation in global energy markets.

Oil price

- The price of futures contracts of Brent crude oil for July delivery on London’s ICE has risen above $111 per barrel first since May 5, according to trade data.

- As of 1:00 a.m. Moscow time (10:00 p.m. GMT on the previous day) the Brent price was up by 1.91% at $111.35 a barrel.

- By 5:00 a.m. Moscow time (2:00 a.m. GMT) the price of Brent had extended gains to 1.96% reaching $111.40 per barrel.

New phase of crisis

- The global energy crisis caused by the Middle East conflict is entering a new phase as the summer season approaches, the Financial Times reported, citing sources.

- The situation with supplies of oil, diesel and jet fuel may be aggravated by increased demand for air conditioners and international travel.

- Economists have warned of the possibility of a new surge in oil prices due to the record-breaking depletion of global reserves, the newspaper said.

- European Commissioner for Sustainable Transport and Tourism Apostolos Tzitzikostas was quoted as saying by the newspaper that if the Middle East conflict was not resolved in the coming weeks, a global recession "could be on the table."

Causes of crisis

- Kirill Dmitriev, Special Representative of the Russian president and CEO of the Russian Direct Investment Fund (RDIF), said in early May that the world was heading toward the largest energy crisis in history due to record high oil prices.

- The escalating situation in the global energy market is linked to the conflict in the Middle East, including US and Israeli strikes on Iran and tensions surrounding shipping in the Strait of Hormuz.

Possible influence on Russian economy

- Changes in oil prices amid the Middle East conflict have a limited impact on the ruble’s exchange rate and the Russian economy, but the situation in the Middle East could pose inflationary risks for Russia, Adviser to Central Bank Governor Kirill Tremasov told reporters.

- If the conflict in the Middle East drags on, it could lead to a global surge in inflation, he said.

- The situation is currently being contained by reserves, but as they are depleted, oil and other products may become significantly more expensive, the expert noted.

- Fertilizer prices already rose sharply in the first wave of this crisis, leading to higher prices for agricultural products, he added.

Tags

Russia no longer looking for replacing Western products but introducing its own — PM

Mikhail Mishustin made this statement during the Digitalization of Industrial Russia conference

Finland scrambles fighter jets over potential drone activity — media

According to Yle, defense forces officially confirmed that control in these areas had been tightened

Cuban diplomat rejects allegations that Cuba poses threat to US national security

Earlier, the news portal said, citing classified intelligence data, that Cuba had allegedly purchased more than 300 combat drones and was looking at using them against the US base in Guantanamo

Trump says Iran has 48 hours to make deal or open strait

Time is running out: 48 hours remain before all hell rains down on them, US President said

Donbass Dome takes down six Ukrainian drones over Donetsk region in past 24 hours

Residents of the region are advised to report any found debris or explosive objects to emergency services

Ukraine attacking Energodar, Zaporozhye NPP site virtually continuously — plant

ZNPP Communications Director Yevgenia Yashina emphasized that there were no casualties as a result of the strikes over the weekend

Brent futures on ICE climb above $110 per barrel for first time since May 5

By 1:20 a.m. Moscow time, Brent pared gains to trade at $110.40 per barrel

Iran calls on Saudi Arabia to ‘eject’ US troops from region

Iran’s Foreign Minister Abbas Araghchi stressed that Iran respects the Kingdom of Saudi Arabia and considers it a brotherly nation

Drone attacks on Moscow leave 12 people injured — mayor

Sergey Sobyanin added that three residential buildings had been damaged

Iranian diplomat calls on Middle East countries to learn from recent events

Esmaeil Baghaei emphasized that Iran strongly protests Middle Eastern states making their territory "available to aggressors"

Russian chess player may be banned for life after trying to poison opponent

The RCF executive added that the federation is deeply disappointed by the incident involving chess player Umaiganat Osmanova

Russian forces moving in western part of Konstantinovka — DPR head

According to Denis Pushilin, fighting continues in the industrial zone and near the railway terminal

Death toll from Israeli attacks on Lebanon nears 2,990 — health ministry

9,210 people being injured

Ukrainian military drone found crashed in Lithuania — crisis management center

The drone fell near the village of Samane in Utena District Municipality in eastern Lithuania

Kremlin hopes Ukraine peace process will resume

Dmitry Peskov said the process is currently on hold

US has no good options left to end Iran conflict — ex-ambassador to Israel

Dan Shapiro noted that the US leader continued to toggle back and forth between the same unappealing options

US leader holds national security team meeting on Iran — CNN

Meanwhile, the Pentagon has prepared military target plans should the US leader decide to resume the hostilities against the Islamic Republic

Iranian military ready to unveil 'new surprises' to the enemy — Foreign Ministry spokesman

Esmail Baghaei said that Tehran is fully prepared for any contingency

UAE defense ministry investigating drone attack on generator near Barakah NPP

Abu Dhabi authorities reported earlier in the day that a fire broke out following a drone strike on a generator near the Barakah NPP

Chinese embassy condemns planned trip by Canadian MP to Taiwan

A certain Canadian MP's visit to the Taiwan region and his meetings with officials of the Taiwan region authorities gravely contravene the one-China commitment Canada upholds and send a wrong message of support for 'Taiwan independence', the Chinese embassy said

More than half of Russian companies already implementing AI — PM

The integration of AI-based components into automated design and manufacturing management platforms is becoming standard, Mikhail Mishustin noted

Yermak leaves pre-trial detention center after spending four nights there — TV

He reluctantly answered journalists’ questions and confirmed that he had been held in a paid cell

Zaporozhye NPP’s Raduga substation attacked by Ukrainian drone

Apart from that, according to the ZNPP, Ukrainian troops also attacked the facility’s transport shop, damaging its roof and personnel buses

Senior Russian official sees prospects for cooperation in energy, agriculture with China

Russian Deputy Prime Minister and Presidential Plenipotentiary Envoy to the Far Eastern Federal District Yury Trutnev highlighted tourism as yet another promising sphere

Press review: Putin V-Day speech gives life to Ukraine peace and Iran's new superweapon

Top stories from the Russian press on Tuesday, May 12th

Serbia to develop military-technical, energy cooperation with Azerbaijan — Vucic

According to the Serbian leader, the two countries may begin the construction of a 500 MW gas-turbine power plant near the city of Nis in southern Serbia already in 2027 to commission it by 2030

Iran believes attack on Namu ship could be false-flag operation

Esmaeil Baghaei said it is important to consider that "there are forces interested in instability in the region"

IN BRIEF: Drone attack on Moscow, surrounding region kills three people, leaves 18 injured

According to preliminary reports, three people were killed and another six suffered injuries in the Moscow Region

US military aircraft struck by Iran makes it to Kuwait — TV

Iran also fired at two US UH-60 Black Hawk helicopters conducting a search and rescue operation

Russian army liberates two settlements, continue fighting for four more — Gerasimov

Russia’s Battlegroup West is conducting active offensive operations within its area of responsibility along a frontline of approximately 350 kilometers, the Chief of Russia’s General Staff Army General said

Ten-point plan for talks with US is 'red line' for Iran — lawmaker

Mohammad Saleh Jokar, Chairman of the Iranian Parliament's Interior Affairs Committee, noted that Iran "never trusted the US," and his country has no other option but to "become stronger"

Russian scientists peek into skull of Earth’s top predator from 250 million years ago

The Garjainia reptile genus that inhabited the Earth approximately 250 million years ago, was an archosaur - the ancestor of the dinosaurs

Leaders of Russia, China to discuss global, regional issues — Chinese diplomat

Guo Jiakun emphasized that Russia and China will celebrate the 30th anniversary of the strategic partnership and the 25th anniversary of the Treaty of Good Neighborliness and Friendly Cooperation

Israel build two covert bases in Iraq for Iran war — media

According to The New York Times, Israel began preparations to build one of the bases in late 2024

A 'no-money world' and things for free? Japanese billionaire views our future from space

Tenth Russia-China Expo kicks off in Harbin

The event is organized by Russia’s Ministry of Industry and Trade and Ministry of Economic Development together with the Chinese Ministry of Commerce and the Heilongjiang Provincial People's Government

Israel, US attack amusement park in central Iran

No information on casualties or damage has been reported yet

German expert sees EU weakening on a scale unimaginable five years ago

"In response to this weakening, there's a perceived need to fight adversaries like Russia and China, to regain lost ground," Reiner Braun said

Press review: US, Israel preparing new strikes against Iran as Ukraine mum on Russia talks

Top stories from the Russian press on Monday, May 18th

Russian armed forces liberate Borovaya and Kutkovka in Kharkov Region

The Russian Defense Ministry also reported that Ukraine lost about 1,045 servicemen in the special military operation zone over the past day

Netanyahu discusses Iran with Trump, calls war cabinet meeting — media

Shortly after this conversation, Netanyahu called a meeting of the Israeli war cabinet, which will be held later in the day

Putin holds phone conversation with Kazakh President Tokayev — Kremlin

The two leaders discussed current matters pertaining to the preparations for Vladimir Putin's upcoming state visit to Astana and the meeting of the Supreme Eurasian Economic Council to be held there

Soyuz MS-18 landing scheduled for October 17 — cosmonaut

Two crew members will stay in the orbit longer than scheduled due to Russia’s plans to shoot the first movie in space aboard the statio

Political relations between Russia, China spearheaded by two leaders, senior official says

Russian Deputy Prime Minister and Presidential Plenipotentiary Envoy to the Far Eastern Federal District Yury Trutnev also added that it is impossible not to say that these relations are built between specific people

Tanker with Iranian oil change course, heading to China — PTI

The change in the destination of Pin Shun appears to be payment-related, Sumit Ritolia, Lead Research Analyst at Kpler, noted

Iran wants to strike deal, but its proposals are irrelevant — Trump

The US president previously urged Iran to act quickly on the potential deal, noting that time is of the essence

One civilian killed, four wounded in Ukraine’s attacks on DPR during day

Apart from that, according to Pushilin, two civilian infrastructure facilities, two cars, and two trucks were damaged

US Congress unlikely to approve more military aid for Kiev — lawmaker

Republican chairman of the House Foreign Affairs Committee Brian Mast also emphasized that Washington’s European allies should increase their support for Kiev

Kiev actively pushing toward escalation of terrorist war — Russian Foreign Ministry

Ambassador-at-Large for the Kiev regime's crimes Rodion Miroshnik pointed to Ukraine's deliberate attacks on the civilian population and infrastructure

Kiev loses over 6,500 soldiers, mercenaries in special op zone over week — military expert

Ukrainian armed formations suffered the heaviest losses in the area of responsibility of Russia's Battlegroup Center

Belarus kicks off military exercise to practice nuclear weapons use — top brass

According to the statement, a key feature of the exercise is to check the preparedness of troops for accomplishing the tasks of combat use from unprepared areas across the entire territory of the republic

Over 50 aircraft divert from Moscow airports to alternate airfields over restrictions

In addition, about 32 flights were reported to be delayed for departure by more than two hours

Israel stepping up fight against FPV drones, analyzing Ukraine conflict experience — PM

Touching upon the issue of the use of drones during a war cabinet meeting, he recalled that six year ago he had warned about this threat

Iran guarantees safe passage through Hormuz Strait for all vessels after end of war — MFA

Iranian Foreign Minister Abbas Araghchi stressed that complete cessation of hostilities is the only solution

Zaporozhye NPP, Energodar see increased Ukrainian troop activity during weekend

According to ZNPP Communications Director Yevgenia Yashina, the Ukranian attacks continue around the clock, with both artillery threats and drone activity

No signal from Kiev regarding new round of talks, senior Russian diplomat says

Mikhail Galuzin noted that for successful negotiations Vladimir Zelensky will need to order the Ukrainian armed forces to cease fire and pull troops from Donbass

36 Ukrainian drones taken down over Russian regions, Azov Sea in seven hours

Russian air defense systems intercepted and destroyer 36 Ukrainian fixed-wing unmanned aerial vehicles over Crimea, the Belgorod, Bryansk, Kursk, Novgorod, Rostov, Smolensk, Moscow, and Krasnodar Regions, and the Azov Sea

Drone attack on Moscow overnight into Sunday becomes largest in more than a year

Over the past 24 hours, more than 120 UAVs have been shot down

Iran continues dialogue with Oman on security in Hormuz Strait — Foreign Ministry

Iranian Foreign Ministry Spokesman Esmaeil Baghaei stressed that Tehran was in constant contact other stakeholders to develop a mechanism to ensure safe passage for all nations

Court receives full bail amount paid for Yermak

Ukrainian journalist Mikhail Tkach said there were about 200 payments

US-Israeli strike on humanitarian aid aircraft in western Iran reported

The Civil Aviation Organization of the Islamic Republic called on all international bodies to take appropriate measures in response to this incident

Russian army controls 85% of Krasny Liman, over 50% of Shiykovka — Gerasimov

The troops of the grouping are also successfully operating on the Boguslav and Rubtsovsk directions, the Chief of Russia’s General Staff Army General said

Difficult to expect major peace talks under Zelensky, former Ukrainian PM says

Nikolai Azarov noted that the scenario of "Vladimir Zelensky stepping down and an interim government being formed at the helm for a transition period will be the best"

Trump calls on Iran to act faster on issue of potential deal

The United States and Israel launched a military operation against Iran on February 28

Global energy crisis over Middle East conflict enters new phase

Around 80 countries have introduced emergency measures to shield their economies

Sweatshirts with Putin's quotes turn into top sellers at Harbin expo

Besides clothing, high-quality Russian handicrafts are generating immense interest among Expo visitors

IOC should allow all world's athletes to compete — Russian lawmaker

The IOC press office said earlier in the day that the organization must take into account the present-day political context, but does not take sides in global conflicts, as that falls outside its intended mission

US needs stability on Taiwan issue — trade representative

Taiwan has been governed by its local administration since 1949 when the Kuomintang’s remaining forces headed by Chiang Kai-shek (1887-1975) were defeated in the Chinese Civil War and took refuge on the island

Russia no longer looking for replacing Western products but introducing its own — PM

Mikhail Mishustin made this statement during the Digitalization of Industrial Russia conference

Russian MP warns of nuclear proliferation risk if Israel uses nukes against Iran

Alexey Pushkov noted that the question of whether Israeli Prime Minister Benjamin Netanyahu will use nuclear weapons in Iran has been actively discussed on American television in recent days

Pakistan conveys Iran's revised proposal to US — media

According to the source, both sides "keep changing their goalposts"

Cuba has right to self-defense in case of US aggression — Cuban diplomat

Ernesto Soberon Guzman emphasized that Cuba has the right to legitimate self-defense, which is based on the principle of international law and the United Nations Charter

China reassures US of not providing material support to Iran — official

According to Greer, the United States is not seeking "to have joint military options with the Chinese" in the Strait of Hormuz

German politics centered on image of Russia as an enemy — expert

According to Reiner Braun, Russia possesses the potential of a great power

Russian air defense shoots down 1,054 Ukrainian drones, Flamingo, Neptune-MD missiles

The Black Sea Fleet destroyed six unmanned boats of Ukrainian armed forces

Kiev forces lost over 1,100 troops in 24 hours across all special military operation zone

In the Battlegroup North zone, the enemy lost up to 155 soldiers

At least ten people injured as car rams into crowd in Modena — Il Giornale

The exact number of the affected is being determined

Naval blockade unlikely to undermine Iran’s economy, envoy says

Alireza Sanei noted that Iran shares borders with 15 countries, including Russia, Afghanistan, Pakistan, Turkey, Iraq, Azerbaijan, and Armenia

Sarmat needs no advertising, no one else has analogues — Russian deputy foreign minister

This system allows guaranteed penetration of both existing and any missile defense systems still in the development phase, Sergey Ryabkov said

Putin's test for Europe, Nazi revival, US-China relations: Lavrov's statements

Russia will not be drawn into any triangulation attempts by the US to pit Moscow and Beijing against one another, the Russian foreign minister said

US fighter jet downed over Iran likely conducted strikes on ground targets — media

According to CBS News national security analyst Aaron MacLean, the pilots of the downed fighter had sidearms

Russia ready to send tourists into space

Russia's Glavkosmos provides orbital flights on board the Soyuz spacecraft, with docking at the International Space Station

Earthquake in southern China leaves two people killed

One person remained missing

Zaporozhye NPP’s transport shop comes under Ukraine’s shelling attack

It also said that Ukrainian troops tried to attack the facility’s Raduga substation with a use of a drone, which was shot down and did not detonate

Six Ukrainian attacks on DPR recorded over past day

One person was reported killed and four civilians sustained wounds

Kallas would face difficult time as negotiator with Russia, Kremlin spokesman says

EU foreign policy chief won't have an easy time, Dmitry Peskov said

Cuba to use its right to self-defense if attacked — foreign iistry

The New York Times reported on Saturday, citing sources, that the United States does not rule out capturing one of the leaders of the Cuban Revolution, Army General Raul Castro

Russian physicists divide magnetic vortices into collectivists and individualists

Studying the behavior of skyrmions will help to create unique quantum devices based on new physical principles

Finland to practice forcefully crossing Russian border during naval drills — expert

Alexander Stepanov warned that industrial facilities in northwestern Russia as well as taking control of Karelia may be priority objectives in the course of potential aggression against Russia

Top Iranian diplomat comments on Russia’s uranium proposal, attempts to derail talks

Abbas Araghchi pointed to the Iranian authorities' efforts to maintain a ceasefire with the US in order to resolve the conflict diplomatically

NATO secretary general to put pressure on EU defense companies to please US — FT

According to the newspaper, the North Atlantic Alliance is interested in European industry helping to meet Washington's demands for increased defense spending to mitigate Trump's "anger" at the alleged inability of allies to support the United States in the conflict in the Middle East

International Gymnastics Federation lifts restrictions against Russian athletes

The decision applies to all five disciplines governed by the Russian Gymnastics Federation

Air defenses down 84 Ukrainian drones in Kursk Region over past 24 hours — governor

There were no fatalities or injuries

UAE reserves right to respond to attack on Barakah NPP’s generator — top diplomat

According to the WAM news agency, the top UAE diplomat "strongly condemned the terror attack" when a drone struck a generator outside the Barakah NPP’s inner perimeter causing fire to it

US sets Iran five conditions for continuing peace process — Fars news agency

According to the agency, the US refuses to pay any compensation for damage caused by the bombings of Iranian territory

Trump warns Iran of harder strikes than before if there is no deal

Earlie on Sunday, the US president urged urged Iran to act faster to move to a potential deal

Iranian national football team to take part in 2026 FIFA World Cup — Foreign Ministry

According to the statement, the decision was made based on the evaluation of the Iranian Ministry of Sports and Youth and the Iranian Football Federation

Press review: Russia not done building nuke triad and Trump taps Xi to help with Iran

Top stories from the Russian press on Thursday, May 14th

Russian embassy receives many requests from Transnistria for citizenship

The admission procedure in accordance with the decree will be launched upon completion of the necessary technical approvals

New phase of crisis, oil price at $111 per barrel: situation on energy markets

The global energy crisis caused by the Middle East conflict is entering a new phase as the summer season approaches

Kremlin views discussions on dialogue with Russia in Europe as positive thing

Russian presidential press secretary Dmitry Peskov said that "the shift in thinking that ‘at some point we’ll have to talk to the Russians,’ that’s a good thing"