Geopolitics

Iran’s oil minister, Mohsen Paknejad, resigned on Sunday, with state media giving no reason. Hours earlier, he said oil revenue was still coming in. However, Iran loaded no oil at its export terminals in September, Fortune reported.

Crude exports from the Persian Gulf returned to near prewar levels in September, excluding Iran, averaging 16.5 million barrels per day. The share of regional crude moving through the Strait of Hormuz fell to 60% from 83% before the war, with about 9.9 million barrels per day crossing the chokepoint. The remaining 40% bypassed Hormuz via pipelines and other routes through Saudi Arabia and the United Arab Emirates. Greater reliance on pipelines, offshore transfers and military escorts has reduced Iran’s leverage over the strait.

G7 countries agreed to release 100 million barrels from strategic reserves to help cool oil prices, while Russia extended a diesel export ban that has pushed its shipments down about 40%. A JP Morgan note said total Gulf exports have fallen by roughly 11% from prewar levels even after factoring in Iranian output constrained by a U.S. blockade. The report also pointed to signs that tensions around the Strait of Hormuz may be easing.

President Donald Trump said he is ruling out a diesel export ban after Europe, under U.S. pressure, agreed to release strategic fuel reserves. The G7 said it will release 100 million barrels of diesel and crude oil from reserves over the next four months. The first phase will feature a frontloaded, substantial diesel release within the first 20 days. The move is aimed at easing tight global supply.

Escalating conflict in the Black Sea has intensified attacks on ports and merchant vessels, severely disrupting shipping routes. Combined wheat exports from Russia and Ukraine are down 60% year on year. Global wheat prices are already higher than a year ago, and experts warn the situation could worsen.

European countries including Britain, France and Germany held an emergency meeting and agreed on a tougher, coordinated response to U.S. pressure to release diesel reserves. Washington is urging a release of 120 million barrels over six months, more than a third of the EU’s total diesel stockpiles. The officials also agreed that any decision on releases should be handled at the International Energy Agency level and that talks with the U.S. should aim to reduce tension.

U.S. President Donald Trump said Washington is prepared to ease sanctions on Iran and unfreeze assets if Tehran agrees to U.S. nuclear demands. Following the comments, international oil prices fell 4% within 30 minutes. The move reflected market expectations that Iranian crude supply could increase.

Google said it plans to invest at least $15.2 billion in Finland over the next two years to expand digital infrastructure for AI and cloud services, making it one of the country’s largest technology investments. Finnish President Alexander Stubb said Finland’s ability to supply clean electricity—95% of its power—and a stable operating environment helped draw the project. He added that Finland has about 50 data centers and another 25 in the pipeline, as the country seeks to build on its growing AI ecosystem.

U.S. President Donald Trump has threatened to ban diesel exports, citing record domestic fuel prices and the war in Iran. In Australia, diesel has risen 7% to nearly $3 a litre and national reserves hold just 32 days of supply. The United States, the world’s largest diesel exporter, ships about 1.2 million barrels a day—mainly to Latin America and Europe—helping offset shortages linked to the prolonged closure of the Strait of Hormuz and bans on refined-fuel exports by Russia and China.

US diesel prices have climbed past $6.50 a gallon, and Donald Trump said he would support banning diesel exports. Republican lawmakers are pressing the administration ahead of November’s midterm elections to limit exports in an effort to ease financial strain on voters. The US exports about 1.3 million barrels of diesel per day, nearly a quarter of its refining output.