Story perspectives

Kazakhstan Halts Exports, Brent Cracks $100, Demand Slides

7/27/2026

Summary

Story summary

Kazakhstan halted exports after Ukrainian drones struck the Novorossiysk terminus, cutting 1.7 million barrels per day.
IEA head Fatih Birol said IEA countries hold over 1 billion barrels of emergency oil stocks, while global crude demand fell about 5 % in Q2 2026.
Brent crude rose above $100 per barrel after Houthi rebels hit Saudi tankers in Bab el-Mandeb, with tanker traffic falling through the Strait of Hormuz and to 4-5 million barrels per day.

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Story summary

Kazakhstan halted exports after Ukrainian drones struck the Novorossiysk terminus, cutting 1.7 million barrels per day.
IEA head Fatih Birol said IEA countries hold over 1 billion barrels of emergency oil stocks, while global crude demand fell about 5 % in Q2 2026.
Brent crude rose above $100 per barrel after Houthi rebels hit Saudi tankers in Bab el-Mandeb, with tanker traffic falling through the Strait of Hormuz and to 4-5 million barrels per day.