GFZ: A magnitude 6.6 earthquake occurred in the South Sandwich Islands region.

Eni CEO Claudio Descalzi said if the Middle East conflict persists, the global oil market will break out of the current roughly $80–$100 per barrel range by Q1 2027 at the latest, boosting inflation and depressing energy demand. Strategic reserve releases have so far kept prices in that band, but reserves are finite and the approach faces rising risk. Iran-related disruptions since late February have driven average daily inventory draws of about 3.8 mln barrels, accelerating to 4.6 mln bpd in May. Descalzi called for diversification of supply sources and routes — highlighting North Africa, sub‑Saharan Africa, Latin America and Southeast Asia — and urged reduced reliance on sea lanes under concentrated control.

Renewed U.S.-Iran fighting this week has sharply reduced vessel transits through the Strait of Hormuz. Kpler data show Thursday transits fell to 22 from 30 the previous day. On Tuesday Iran targeted ships in the strait, damaging a Qatar LNG carrier, and exchanges resumed; since mutual strikes began that day Kpler records only two LNG vessels entering and one exiting. After a June 17 U.S.-Iran agreement to open talks, transits briefly rose to a peak before the ceasefire broke. Shipping broker Braemar LNG said in a Friday client note that owners are withdrawing available tonnage from the area "until the geopolitical picture is clearer", cutting capacity and pushing up freight/transport costs.