The price of Brent crude oil rose on Tuesday afternoon following reports of new U.S. strikes on Iran.
July Brent futures on the London ICE Futures exchange were up $2.57 (2.67%) to $98.71 per barrel as of 2:32 p.m. local time.
Meanwhile, July WTI crude futures on the New York Mercantile Exchange (NYMEX) are currently down $4.26 (4.41%) to $92.34 per barrel. WTI trading was suspended the previous day due to a U.S. holiday.
Captain Tim Hawkins, a spokesperson for U.S. Central Command (CENTCOM), stated that the U.S. military carried out strikes in self-defense “to protect against the threat posed by Iranian forces.” He explained that the strikes targeted anti-aircraft missile launchers and boats that were attempting to lay mines.
In response, the Iranian military warned that a new U.S. attack would not go unanswered, according to the Fars news agency. A senior representative of the local armed forces, Abolfazl Shekarchi, stated that any new aggression against Iran would face a “much harsher” response that would extend beyond the region.
Meanwhile, U.S. Secretary of State Marco Rubio said that finalizing the wording of an agreement between Washington and Tehran could take several days. “Some talks took place in Qatar today, so we’ll see if we can make progress,” he told reporters in Jaipur during an official visit to India.
The Secretary of State reiterated that U.S. President Donald Trump intends to conclude an agreement with Iran, adding that it is important to restore shipping in the Strait of Hormuz.
“We are still awaiting details of a potential deal,” noted Giovanni Staunovo of UBS. “At the same time, we are seeing rising tensions in the Middle East, and shipping through the Strait of Hormuz remains restricted.”
British energy company BP announced the acquisition of a 40% stake in a production-sharing agreement covering six oil and gas exploration blocks in the Ustyurt region of Uzbekistan. This marks the company’s return to traditional energy investments.
BP had previously scaled back its exploration activities in the region in 2021 as part of a “green” energy strategy adopted under former CEO Bernard Looney, who committed to reducing oil and gas production by 40% by 2030.
Since then, the company has refocused on fossil fuels.
“We believe Uzbekistan has significant resource potential and view this as an opportunity to support the exploration and development of the country’s oil and gas resources,” said Joe Cristofoli.
BP, GAS, OIL, UZBEKISTAN
In April, China increased oil production by 1.2% compared to the same month last year, reaching 17.94 million tons, according to the National Bureau of Statistics. From January to April, production rose by 0.5% to 72.74 million tons.
Oil refining volumes fell by 5.8% last month to 54.65 million tons, the lowest level since August 2022. From January to April, the figure decreased by 0.5% to 238.95 million tons.
Natural gas production in April rose by 3% to 23.4 billion cubic meters; since the start of the year, production has increased by 2.7% to 90 billion cubic meters.
On April 20, PJSC Ukrgazvydobuvannya (Kyiv) announced its intention to enter into an agreement with Guardian Insurance Company for risk insurance services related to the commercial development of oil and gas fields. According to the Prozorro electronic public procurement system, the expected cost of the services was 548,800 UAH, and the company’s bid was 501,499 UAH.
The insurance company “VUSO” also participated in the tender with a bid that was 1 hryvnia higher.
GAS, Guardian, INSURANCE, INSURANCE COMPANY, OIL, RISK, UKRGAZVYDOBUVANNYA
On Wednesday, after 12:00 p.m., Ukraine resumed oil transit via the Druzhba pipeline, according to a source close to the Ukrainian government who spoke to the online portal “Energoreforma.”
“At 12:35 p.m., oil transit was launched. Pumping has begun,” said the source speaking to “Energoreforma.”
He has not yet specified the volume of the transit.
As reported with reference to Slovak Economy Minister Denisa Saková, the resumption of supplies via the Druzhba pipeline to that country is expected on Thursday morning.
Hungary and Slovakia have not received Russian oil via the Druzhba pipeline since January 27 of this year due to damage to the pipeline caused by Russian shelling. Earlier, Hungarian Prime Minister Viktor Orbán stated that he would not lift his veto on the €90 billion EU loan for Ukraine until oil supplies are restored.
Péter Magyar, leader of the Tisza Party, which won the elections in Hungary, called on Ukrainian President Volodymyr Zelenskyy to ensure the Druzhba pipeline is restored as soon as possible.
The day before, the Kremlin stated that Russia is technically ready to resume transit through the Druzhba pipeline to Hungary.
Hungarian MOL announced on Wednesday, April 22, that the state-owned JSC “Ukrtransnafta,” responsible for operating the Ukrainian section of the Druzhba pipeline, had officially notified it of the completion of repair work on the Druzhba pipeline, as well as the termination of the force majeure circumstances that had been in effect since January 27, 2026.
Kernel, one of Ukraine’s largest agricultural holdings, increased oilseed processing by 17% in the third quarter of fiscal year 2026 (FY, January–March 2026) compared to the same period last year—to 986,000 tons, the company reported in its operating report.
“Kernel processed 986,000 tons of oilseeds during January–March 2026, which is 17% more than in the previous year, thanks to improved availability and procurement of sunflower seeds on the domestic market, while remaining generally stable compared to the previous quarter. Sunflower seeds accounted for the majority of the processing volume, while soybeans and rapeseed contributed to the overall utilization at the group’s oil processing plants,” the document states.
According to the report, sales of edible oil during the reporting period increased by 7% and reached 373,000 tons, which correlates with processing trends. Bottled sunflower oil accounted for 19,000 tons of total sales.
The volume of grain stored in elevators (silos) in January–March amounted to 511,000 tons. According to the agricultural holding, this result reflects the protracted harvest campaign in Ukraine, as well as an increase in the volume of products received from third-party suppliers. Cumulatively, over the first nine months of the 2026 financial year, this figure reached 4 million tons.
Kernel emphasized that the 50% year-over-year growth in procurement is due to a change in crop structure: the share of corn in the 2025 harvest rose to 48% compared to 24% in the previous season.
Grain exports from Ukraine in the third quarter of the fiscal year totaled 1.5 million tons, effectively maintaining the level of the previous quarter. Restraining factors included slow sales by farmers, power shortages, and rising logistics costs.
At the same time, transshipment through the group’s export terminals increased by 4% compared to the previous fiscal year and by 6% compared to the previous quarter, reaching 2.6 million tons. Grain accounted for 73% of total cargo handling, oils for 14%, and meal for the remainder.
” “In total, terminal throughput for the first nine months of fiscal year 2026 amounted to 6.9 million tons, which is 6% less than in the previous year, amid operational disruptions caused by intensified attacks on Black Sea ports and adverse weather conditions,” the agricultural holding concluded.
Kernel Agricultural Holding is the world’s largest producer and exporter of sunflower oil, Ukraine’s largest grain exporter, an operator of an extensive network of logistics assets, and a leading producer of grains and oilseeds in Ukraine. It is one of the largest producers and sellers of bottled oil in Ukraine. It is engaged in the cultivation and sale of agricultural products.
