ICE Brent is set to post its largest weekly loss in two months, dropping by almost 10%, as media reports present a 60-day extension of the current ceasefire and a temporary Hormuz navigation deal as close to being a done deal. Whether US President Trump and Iran’s Supreme Leader Khamenei agree to the deal or not, Brent at $92 per barrel suddenly feels much more comfortable for oil importers.

Japan’s Oil Imports Collapse on Iran War. According to data from Japan’s Ministry of Economy, Trade and Industry (METI), the Asian country’s crude imports plummeted by 66% from a year ago to just 850,000 b/d, the smallest monthly volume since 1967, as flows from the Middle East have dissipated.

Mozambique Questions Total’s Cost Overruns. The government of Mozambique has challenged French energy giant TotalEnergies (NYSE:TTE) with its $2 billion cost overrun estimate for the Mozambique LNG project, having commissioned a third-party audit that couldn’t confirm the cost of the 5-year hiatus.