By Gavin Maguire

June 1 (Reuters) -

Breaking down what matters today in global energy markets

By Gavin Maguire, ROI Global Energy Transition Columnist

Iran and the U.S. traded fresh strikes while Israel ordered troops to move further into Lebanon over the weekend, dimming hopes for a ceasefire extension that had seemed within reach on Friday.

That backsliding has sent oil prices marching higher again, with global benchmark Brent futures rallying over 6% and U.S. light crude futures posting gains of over 7%. The latest Reuters energy market wrap is here.

Iran's attacks on a U.S. air base in Kuwait on Monday - which were intercepted by air defense systems - along with more intense fighting between Israeli forces and Hezbollah in Lebanon are raising concerns that the conflict may be escalating in the region.

Even so, U.S. President Trump posted on Truth Social that "Iran really wants to make a deal" and everyone should "sit back and relax."

Despite those assurances, markets remain jittery, especially as U.S. gasoline inventories continue to get run down just as the peak driving season is getting underway. I dig into the historically tight U.S. gasoline situation in my latest column.

In other news:

• China's crude oil imports slumped to the lowest in 10 years in May. ROI's Clyde Russell explains the dip has been driven by economics, not altruism.

• Ousted BP Chairman Manifold met with activist shareholder Elliott Management during his tenure without telling fellow board members directly, two sources with knowledge of the matter told Reuters.

• U.S. shale producers have the lowest stock of drilled-but-uncompleted wells on record, limiting their ability to move quickly to boost crude output and replace rapidly depleted oil inventories. Exports and refinery processing jumped to plug the shortfall in supply caused by the U.S.-Israeli war on Iran.

• Activist investor Voss Capital has urged Sempra to spin off its Oncor electricity unit, creating a high-growth Texas-focused utility unencumbered by the $60 ‌billion energy giant's main California business, according to sources familiar with the matter and a letter seen by Reuters.

• Devon Energy has received a roughly $8 billion offer from money manager Stone Ridge Asset ‌Management for its Marcellus shale assets, four people familiar with the matter said.

As ever, don’t hesitate to contact me at gavin.maguire@thomsonreuters.com or follow me on LinkedIn with any questions or thoughts.

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