The US escalated its aerial campaign against Iran by striking bridges, energy facilities, and a key port, leading to swift Iranian retaliation against US allies. These attacks, which have resulted in numerous casualties and significant damage to civilian infrastructure, appear to be a continuation of President Trump’s promise to expand strikes. The conflict has further destabilized the interim deal concerning the strait of Hormuz, with both sides advancing competing plans for transit and shipping in the waterway drastically reduced.
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Amidst Middle Eastern supply disruptions, Indian refiners have secured their crude oil requirements, including from Iran, with no payment hurdles for these imports. This development follows the United States’ temporary removal of sanctions on Iranian oil and refined products to alleviate supply shortages. India has assured its crude oil needs are met for the coming months, importing from over 40 countries based on commercial considerations. Additionally, India has purchased and is discharging Iranian liquefied petroleum gas from a vessel that recently berthed.
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An investigation by the Financial Times has revealed a sophisticated network of nearly fifty companies coordinating to obscure the origins of Russian oil, moving crude valued at least $90 billion. This extensive operation, which includes entities linked to Rosneft, intensified after U.S. sanctions were imposed on the Russian state-controlled firm in October 2025. The network was uncovered due to a shared private email server among the identified companies, with Redwood Global Supply emerging as a significant exporter of Russian crude since the sanctions.
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A March 12 analysis by the Center for Research on Energy and Clean Air (CREA) reveals that Russia has garnered an additional €6 billion ($6.9 billion) in just two weeks due to increased fossil fuel earnings, amounting to €510 million ($588 million) daily. This revenue stream is substantial enough to fund the purchase of 17,000 Shahed drones every 24 hours. As the U.S. contemplates easing sanctions on Russian oil, a move that would provide Moscow with a significant financial boost, experts warn this could prolong the conflict in Ukraine and undermine European security.
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John Q. Hosedrinker