Israeli Attacks Across Gaza Kill at Least Five Palestinians, Including Head of Hamas’s Armed Wing

BP Retreats Further From Green Energy With Archaea Sale Via City A.M., BP plans to sell Archaea Energy after the US biogas operation delivered weaker-than-expected returns. Second-quarter adjusted profit climbed to $5.7 billion as Middle East disruption lifted oil and gas prices. Meg O’Neill is simplifying BP’s portfolio, reducing debt and concentrating investment on its most profitable assets. BP has announced that it will offload its US biogas business just days after confirming its exit from the North Sea, as the firm looks to shift its focus back to core oil and gas products. The...

"Bit Of Chaos": Hormuz Shuts Agains As Ships Make U-Turn The Trump administration’s "baffle 'em with bullshit" methodology has been on full display, as the reopening of the Hormuz chokepoint on Friday drove a broad risk-on in markets: US equities soared, crude collapsed, and Treasury yields declined, based on the assumption that disruption to global energy flows had eased. However, as of early Saturday morning, those moves may prove premature. The Wall Street Journal reports that the world’s most important maritime chokepoint is once again closed to commercial transit. About 20 ships...

Mideast Chaos Sends Supertanker Rates Soaring To $800,000 A Day Supertanker rates on the Baltic Exchange's benchmark Middle East-to-China shipping route have surged to a staggering $800,000 a day. With US forces having destroyed five Iranian-linked tankers and Tehran threatening further escalation in recent days, prospects for near-term stabilization remain limited. The freight surge signals that crude oil and refined products continue to flow but are becoming increasingly costly to transport out of the Gulf region to global markets. According to Bloomberg, US Gulf-to-Asia shipments on very large crude carriers average...