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Energy

Oil, gas, refineries, and shipping lanes: energy as a weapon of war.
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298 pieces
TESTIMONY: Oil at $70 — the Iran deal eases the pump but strains the budgets
Profile· No. 606

TESTIMONY: Oil at $70 — the Iran deal eases the pump but strains the budgets

On June 25, 2026, the WTI — the benchmark American crude barrel — collapsed to $70.05, its lowest level since mid-February of

NARRATIVE: Russia buys fuel abroad — how Ukraine wins the economic war
Reportage· No. 578

NARRATIVE: Russia buys fuel abroad — how Ukraine wins the economic war

For three years, Russia projected the image of an energy superpower immune to Western pressure — a country that floated on its

ANALYSIS: Zaporizhzhia loses power for the 20th time — the unbearable nuclear roulette
Analysis· No. 569

ANALYSIS: Zaporizhzhia loses power for the 20th time — the unbearable nuclear roulette

On June 20, 2026, the International Atomic Energy Agency recorded the twentieth interruption of the external power supply at the Zaporizhzhia Nuclear

PROFILE: The Oil Market of June 2026, Buffeted by Iran, Putin and Ukrainian Drones
Profile· No. 561

PROFILE: The Oil Market of June 2026, Buffeted by Iran, Putin and Ukrainian Drones

June 2026 will be remembered as the month in which the global oil market simultaneously absorbed three shocks of rare magnitude. First:

TESTIMONY: When Trump Chose Iranian Oil Over Russian Oil — and Changed the World's Rules
Profile· No. 540

TESTIMONY: When Trump Chose Iranian Oil Over Russian Oil — and Changed the World's Rules

I have covered energy geopolitics long enough to recognize a historic turning point when it arrives. June 17, 2026 was one. That

OPINION: The Iran Deal Rattles the Oil Market — and Putin Is Starting to Do the Math
Note· No. 519

OPINION: The Iran Deal Rattles the Oil Market — and Putin Is Starting to Do the Math

There are diplomatic decisions that are measured in moral, strategic, or legal terms. And then there are decisions measured immediately in dollars

DECODING: The Iranian Nuclear Program Intact — The Blind Spot of the USA-Iran Agreement
Analysis· No. 514

DECODING: The Iranian Nuclear Program Intact — The Blind Spot of the USA-Iran Agreement

The USA-Iran memorandum of understanding of June 17, 2026 had the effect of a diplomatic bombshell across global chancelleries. Oil markets eased,

NARRATIVE: Russian Oil Flows Freely as Washington Closes the Waiver Tap
Reportage· No. 508

NARRATIVE: Russian Oil Flows Freely as Washington Closes the Waiver Tap

On June 17, 2026, without fanfare, the United States allowed General License 134C to expire — the third consecutive 30-day waiver granted

DECODING: 16 Refineries in May — How Ukraine Burns Russia's War Machine
Analysis· No. 486

DECODING: 16 Refineries in May — How Ukraine Burns Russia's War Machine

Sixteen Russian refineries struck in a single month — May 2026. Among them, 8 of the 10 largest in Russia. This is

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