Rosemary Griffin

Georgia's Kulevi oil refinery has started to diversify away from Russian crude, securing supplies from Kazakhstan and Libya, owner Black Sea Petroleum LLC said July 31, in a bid to avoid EU sanctions. The 24,000 b/d plant on the Black Sea began processing Kazakh-origin crude oil at the beginning of July and will continue to do so in August, the company said in a statement. It also signed an agreement for a cargo of Libyan-origin crude, which it expects to receive by the end of August.

The ramifications of the conflict in the Middle East are likely to continue to drive commodities markets in the third quarter. Even if the US, Israel and Iran reach a lasting political deal, it could take months to recover from physical shortfalls. Here are some of the key events that may affect markets in Q3 2026. Click here for more S&P Global Energy events

Iran's ramp-up in oil production and exports could be slower than that of its neighbors if a US-Iran agreement delivers lasting peace and a return to pre-war shipping levels through the Strait of Hormuz, analysts said. Unlike other Middle Eastern producers, Iran's production and export capability had already been battered by years of Western sanctions when the war began in February.