Russia will continue providing assistance to Cuba through oil supplies, Russian Foreign Minister Sergey Lavrov said following an official visit to China.

Georgian company Black Sea Petroleum (BSP), which owns the country’s only oil refinery in Kulevi (Kulevi Oil Refinery), plans to fully phase out Russian crude and rely instead on Azerbaijan’s transit infrastructure to access alternative supplies. The announcement was made by BSP co-founder and CEO David Potskhveria in an interview with BMGTV.

A United Arab Emirates (UAE) minister on Sunday warned of mounting risks to global supply chains as disruptions intensify in the Strait of Hormuz, one of the world's most critical energy corridors.

China’s position as the largest buyer of Iranian oil is coming under renewed pressure following a temporary US sanctions waiver that could reshape global supply dynamics.

Oil prices are heading for another weekly gain as the war involving Iran continues to intensify, tightening global supply and raising fears of a deeper energy crisis.

Gulf oil producers have lost an estimated $15.1 billion in energy revenues since U.S. and Israeli strikes on Iran triggered a near shutdown of the Strait of Hormuz, leaving millions of barrels of crude unable to reach global markets.

Oil prices have climbed back above $100 per barrel as global energy markets face one of the most significant supply disruptions in decades.

The war in the Middle East is creating the largest supply disruption in the history of the global oil market, according to the International Energy Agency (IEA).

Global oil prices surged past $100 per barrel again overnight as the ongoing conflict involving the United States and Israel with Iran continues to disrupt energy markets and fuel supply routes.