The Jul’25 Brent futures reached over $65.30/bbl at 09:40 BST before softening to $84.85/bbl at 10:55 BST (time of writing). President Trump criticised Vladimir Putin following a record wave of Russian attacks on Ukraine, saying, “He has gone absolutely CRAZY!” Over the weekend, Russia launched a total of 367 drones and missiles, including 355 drones in a single night, killing at least 12 people. In March 2025, Saudi Arabia’s non-oil exports, including re-exports, grew by 10.7% year-on-year to 27.04 billion riyals, driven by a 6.7% rise in national non-oil exports and a 21% surge in re-exported goods. However, total merchandise exports fell by 9.8% to 93.78 billion riyals due to a 16.1% drop in oil exports, reducing oil’s share of total exports from 76.5% to 71.2%. According to the US Energy Information Administration, Iraq’s oil exports to the United States dropped sharply last week to 85 kb/d, down from 152 kb/d the previous week. In April 2025, Iraq ranked as China’s fourth-largest oil supplier, exporting 29.32 mb of crude oil, according to China’s General Administration of Customs. This placed Iraq behind Russia, Malaysia, and Saudi Arabia, while data from the US Institute for Energy Research showed Iraq averaged 1.19 mb/d in oil exports to China during 2024. Finally, the front month Jul/Aug spread is at $0.62/bbl, and the 6-month Jul/Jan’26 spread is at $1.62/bbl.
