no trade with Spain, invading Kharg island. Trump's playing nothing but the old crowd-pleasers at the Nato summit

Doom loop news: India may need to produce an extra 17.7TWh of electricity from fossil fuels over the next year if a developing El Nino boosts cooling demand and cuts wind and hydropower output www.argusmedia.com/en/news-and-...

No doubt US crude producers will welcome the shuttering of their largest European export market no doubt no doubt

UK court rules the damage to the Nord Stream pipelines was a consequence of war and therefore the insurers don't have to pay out caselaw.nationalarchives.gov.uk/ewhc/comm/20...

Peace deal is fracturing. US revokes authorisation to buy Iranian oil free of consequences www.argusmedia.com/en/news-and-...

hydration break

can you... do this?

Farage:

Ineos Jim pitches for EU money www.ineos.com/news/ineos-g...

This week in schisms www.theguardian.com/football/202...

Argus: a vulnerability in the Mideast Gulf crude export model is forcing producers to rethink how they supply oil and how to guard against future shocks. This may prompt them to change their sales strategies.

That must be exhausting

Today in 'oh good what could possibly go wrong' Oil market opens up as retail traders pour in - giftarticle.ft.com/giftarticle/... via @FT

I spent this afternoon at the Old Bailey for the sentencing of two Romanians convicted of stabbing Iranian opposition journalist Pouria Zeraati in Wimbledon in March 2024. The judge today ruled that the Iranian state was behind the attack: as.ft.com/r/5dbfaf9e-6...

Choker: Russian government decree allows temporary production and sale of Euro 3 gasoline and diesel, which was outlawed there in 2016. European regs superseded that quality 20 years ago. www.yahoo.com/news/world/a...

Also, let's not forget - let's *not* forget, Dude - that keeping wildlife, an amphibious rodent, for uh, domestic, you know, within the city - that aint legal either.

Notable details in this FT story about the "coming Falklands oil boom". If it happens, perhaps one day the islands might be remember the old country enough to send a task force to save us www.ft.com/content/ce25...

Most goat meat not goat. Some deer. www.gov.uk/government/n...

Hydration break

Treasury says DESNZ will find "an additional £2bn of savings", and "will reshape its capital budget" to help fund the DIP. questions-statements.parliament.uk/written-stat...

World Bank cedes climate lending targets after US pressure www.argusmedia.com/en/news-and-...

bad beer, mad rules (although 'no phones' didn't stretch to refusing to allow people to *pay* with phones) but some glorious pubs. The Princess Louise, my lord...

DEFENCE SPENDING: Outgoing PM Keir Starmer has announced more £ for defence, saying that "some capital projects, for eg roads/energy…will no longer go ahead as planned" What energy projects could he mean? 🧵 (TL;DR most likely CCUS, but DESNZ is not confirming or denying)

"Stop handwaving away nearly every petition that gains traction on this website." https://petition.parliament.uk/petitions/771707

Shipbuilding. Be interested to see which energy capital projects "which are important but not immediately vital" will be scrapped to pay for this www.theguardian.com/politics/liv...

US suspends countervailing duties on certain phosphate fertilizer imports from Morocco for eight months, citing a "supply emergency" for US farmers. Guess what caused the emergency? www.argusmedia.com/en/news-and-...

Peace line vibes in Crystal Palace this afternoon where St George Cross people waiting for the England game mingled with the an trídhathach people waiting for Kneecap in the park.

Checking in on the comments from E&P oil companies - the shale guys, essentially - in the latest Dallas Fed energy survey www.dallasfed.org/research/sur...

IMO says it has paused its great evacuation plan after a ship was hit was trying to get through Hormuz independently www.imo.org/en/mediacent...

The US war with Iran's effects on the fertiliser market should be easing, with at least 60% of the sulphur trapped on ships in the Gulf now having passed through Hormuz www.argusmedia.com/en/news-and-...

On the hottest June day ever (so far!) the UK enshrined in law greenhouse gas (GHG) emissions reductions of 87pc by 2042, from a 1990 baseline. www.argusmedia.com/en/news-and-...

Iraq: Nice cosy producer guild you have there. Shame if something happened to it

The absence of Greek staple fava bean dip from British shops is down to Big Chickpea pushing hummus at us

IMO's Hormuz exit FAQs state shipowners can choose whether to hug the Omani *or* Iranian coasts on the way out. Says "necessary safety assurances" have been secured. Can't use the regular shipping lanes, though, because mines www.imo.org/en/mediacent...

Iran will be pointing at the precedent of how Turkey manages the Bosporous.

Relegation-threatened Lower League Manager Andy

Brent crude futures prices today fell back to a level last seen The Day Before The War. But prices of refined products - ie oil you can use - are, per Goldman today, likely to stay elevated because of low storage, a stretched refining system, and rapidly recovering demand

London joggers: give it a rest for a couple of days ffs

Hormuz Nuz: Iran says management of the strait will never go back to how it was. "Of course, we will fully comply with international law," said Mohammad Bagher Ghalibaf. "But people need to understand. If there is any issue, we will solve it." www.argusmedia.com/en/news-and-...

One out, all out? IMO says has agreed a way of getting *every ship* that wants out of the Mideast Gulf through Hormuz. "We have secured the necessary safety guarantees and have thoroughly verified the conditions for safe navigation to support these operations." www.imo.org/en/mediacent...

climate week news: extreme heat event cancelled by extreme heat

One out, all out? IMO says has agreed a way of getting *every ship* that wants out of the Mideast Gulf through Hormuz. "We have secured the necessary safety guarantees and have thoroughly verified the conditions for safe navigation to support these operations." www.imo.org/en/mediacent...

Hormuz Nuz: Iran says management of the strait will never go back to how it was. "Of course, we will fully comply with international law," said Mohammad Bagher Ghalibaf. "But people need to understand. If there is any issue, we will solve it." www.argusmedia.com/en/news-and-...

In the Middle East's bunkering hub of Fujairah, traders are wary. It was a main outlet for Iranian HSFO before the war, but with sanctions temporarily lifted and UAE-Iran relations in the toilet, it won't be the only buyer www.argusmedia.com/en/news-and-...

word on the street is that when thinking about future governance of the strait of Hormuz, it would be good to be familiar with the Montreux Convention of 1936

Story: US issues sanctions waiver for Iranian oil sales, as part of the deal to end the war. All payments can be made directly to the Iranian sellers and in US dollars. www.argusmedia.com/en/news-and-...

US removes sanctions on Iranian oil sales for 60 days, per MoU

Some sun and moon from the Sun and Moon exhibition at the Saatchi gallery in London

Christopher Nolan's Muppet Odyssey