Blockade costly for Iran
** According to Pentagon officials, over 40 vessels carrying oil and other contraband have been redirected by the US military since the blockade began on April 13th. The US Department of Defense estimates that Iran has lost nearly five billion dollars in oil revenue as a result of the US blockade of the Strait of Hormuz, Axios reported early Saturday morning.
Sneaky oil tanker
** A supertanker hauling Iraqi crude may have crossed the Strait of Hormuz in recent days, automated tracking data suggest. Separately, a cargo of cooking fuel destined for India left the Persian Gulf.
OPEC+ to increase output
** OPEC+ has agreed to a modest, largely symbolic oil output increase for June as the United States-Israel war on Iran disrupts Gulf supplies through the Strait of Hormuz.
Ukrainian drones hit Russian oil terminal
** Ukrainian drones have once again caused a fire at the oil terminal in the Russian Black Sea port of Tuapse, authorities said on Friday. There were no deaths or injuries, the crisis management team for the southern Russian region of Krasnodar told the state news agency TASS.
Hijacked oil tanker
** Yemen’s Coast Guard has said that it is attempting to recover an oil tanker that was hijacked off the coast and is now heading towards Somalia.
US energy
** President Trump grants a key approval to the proposed Bridger Pipeline Expansion — dubbed “Keystone Light” — that would carry up to 550,000 barrels of oil daily from Canada through Montana and Wyoming.
** A Navajo Nation Council committee votes to conditionally greenlight Tallgrass Energy’s proposed 234-mile natural gas and gas-hydrogen blend pipeline across tribal land, but the project still must go through the state and federal permitting process.
** Environmental advocates petition the U.S. EPA to designate the Permian Basin in New Mexico as an ozone nonattainment area and crack down on toxic oil and gas facility emissions.
** Tesla begins mass-manufacturing its class 8 electric semi at its high-volume production line in Reno, Nevada.