Space and Time.
What it means to be alive.
1. The price of Brent crude could fall as low as $60 a barrel by the end of this year, say analysts at Citi, less than half its peak during the Iran war, as Wall Street strategists predict the global oil market will swing back to a surplus. The US bank’s analysts said in a note on Friday that, despite temporary flare-ups, both the US and Iran had good reason to uphold the memorandum of understanding they signed in mid-June, adding that a jump in oil supply could put downwards pressure on prices over the second half of the year. It recommended that traders sell into rallies over the summer and forecast that Brent will be between $60 and $65 a barrel by the end of the year. (Source: ft.com)
2. Oil prices have fallen to prewar levels. Tanker traffic through the Strait of Hormuz is recovering fast. Gulf producers are already restarting idled wells. But one thing will take much, much longer—refilling the world’s oil coffers. Speed matters. The amount of oil in storage around the world is playing a central role in the U.S.-Iran power dynamics. The faster countries restock their buffers of crude, the weaker Iran’s ability to threaten the world economy by holding the Strait of Hormuz hostage. (Source: wsj.com)
3. Russia launched its second major air attack on the Ukrainian capital in less than a week, striking Kyiv early on Monday with missiles and suicide drones on the eve of the Nato summit in Turkey. At least 11 people were killed and 43 others injured, including two children, according to authorities. Ukraine’s State Emergency Service said rescue operations were under way at strike locations in three districts of the capital. The emergency service said at least 15 residential buildings were damaged or destroyed by successive waves of ballistic and cruise missiles and attack drones, which tore through the city early on Monday. Thick plumes of black smoke blanketed Kyiv as the sun rose on Monday and air-raid sirens wailed, warning of more Russian projectiles. (Source: ft.com)
4. Ukraine is striking Russian energy infrastructure at an unprecedented rate, according to an FT data analysis showing that Kyiv’s intensified drone campaign is spurring Russia’s worst fuel crisis in decades. The number of successful Ukrainian strikes against Russian refineries reached an all-time monthly record of 16 in May, data from Rochan Consulting, a Polish analytical group monitoring the war, shows. Since the beginning of 2026, Russian refineries have been hit at least 194 times, an 11-fold increase from the same period the previous year. (Source: ft.com)
