U.S. President Donald Trump has acknowledged that gasoline prices might remain high through the November 2026 midterm elections, a rare admission of the potential political fallout from the ongoing war in the Middle East. Trump told Fox News' Maria Bartiromo that gas prices could "stay the same, or maybe a little bit higher, but it should be around the same" when asked if gas prices would be lower by the fall. Trump has defended the surge as a "very small price to pay" for long-term global safety and the neutralization of Iran's nuclear threat.…

Ecuador, once a stable mid-tier oil producer in Latin America, is now facing a structural energy decline that is increasingly spilling over into regional instability. Production has fallen sharply in recent years, dropping to around 349,000 barrels per day in 2025, an 8.5% annual decline, while fuel imports have surged, further deepening external dependence. This is not the result of resource depletion. Ecuador still holds very significant reserves and untapped potential. Rather, the country’s decline is the consequence of policy fragmentation,…

Kyrgyzstan is hoping to preside over the launch of a Shanghai Cooperation Organization (SCO) Development Bank during its 2026 chairmanship of the group, according to local news reports that cite the Kyrgyz Ministry of Economy.  Working out details connected with the SCO bank’s launch was the focus of recent discussions between top Economy Ministry officials from both Kyrgyzstan and China. The idea of an SCO Development Bank (SCODB) gained the approval of the 10 members of the organization at its most recent summit in 2025. At that time,…

Europe has long punched above its weight in research excellence, innovation clusters and academic talent. And yet, when it comes to growing global businesses, particularly in deep technology and energy transition sectors, Europe routinely sees its most promising companies relocate or expand outside its borders. A new study from a leading European institution has put more rigour behind a phenomenon many founders quietly acknowledge but few policymakers have fully internalised. The study’s detailed analysis of relocation drivers reveals something…

Petrobras (NYSE:PBR) has made yet another deepwater hydrocarbon discovery in the Campos Basin offshore Brazil, marking another win in its strategy to replenish reserves. The discovery was made  within Block C-M-477, roughly 200 kilometers off the coast of Rio de Janeiro state. Petrobras operates the block with a 70% working interest, alongside BP Plc. (NYSE:BP), which holds the remaining 30%.  Last week, Petrobras signed a $450 million deal with Petronas Petróleo Brasil to acquire the remaining 50% stake in the Tartaruga Verde…

Petrobras (NYSE:PBR) has made yet another deepwater hydrocarbon discovery in the Campos Basin offshore Brazil, marking another win in its strategy to replenish reserves. The discovery was made  within Block C-M-477, roughly 200 kilometers off the coast of Rio de Janeiro state. Petrobras operates the block with a 70% working interest, alongside BP Plc. (NYSE:BP), which holds the remaining 30%.  Last week, Petrobras signed a $450 million deal with Petronas Petróleo Brasil to acquire the remaining 50% stake in the Tartaruga Verde…

Rachel Reeves’ flagship wealth fund has announced a fresh heap of financing for Rolls-Royce SMR following its tie-up with Ed Miliband’s state-owned energy company. The National Wealth Fund has revealed a £599m financing package for Rolls-Royce Small Modular Reactors (SMR) in a bid to kick start delivery on its project with Great British Energy. The partnership will see the creation of the UK’s first small modular reactors as part of the government’s drive for clean energy. Small modular reactors are designed to produce…

UK-based supermajor BP has agreed to buy 60% in three offshore exploration blocks in Namibia as part of its ongoing strategy to grow its upstream portfolio. The company will buy from Canada-based Eco Atlantic Oil & Gas a majority 60% stake in each of the PEL97, PEL99, and PEL100 exploration blocks offshore Namibia, one of the world's most sought-after exploration sites in recent years. Subject to approvals by the Namibian government, the UK supermajor will become the operator of the three blocks in the Walvis Basin offshore Namibia, while Eco…

Being irreverently British, the first thing that sprang to mind when I heard the 7 April ceasefire announcement between the U.S. and Iran was lettuce. Specifically, the 2022 moment when The Daily Star newspaper ran a 24/7 livestream of a supermarket lettuce next to a framed photo of newly?installed Prime Minister Liz Truss to monitor whether the lettuce would last longer than Truss’s premiership. The lettuce won after forty-nine days. In the case of the U.S.-Iran ceasefire — which is technically still in effect, despite the collapse…

The European Commission is preparing to adopt next week a policy paper to recommend lowering energy taxes and grid charges as the EU looks to reduce the impact of the Hormuz crisis on households and industry, sources familiar with the plan told Bloomberg on Monday. Various EU member states have already taken steps to support households and businesses in uncoordinated national measures to blunt the impact of the second major energy crisis in four years. Now the Commission is set to adopt on April 22 a policy paper that would outline recommendations…

A priest, an engineer, and an economist are stranded on a desert island. The first order of business is to get some food. The priest suggests that they all pray. The practical-minded engineer suggests that the three men make a net to catch some fish. But where will they find the necessary materials? The priest and the engineer turn to the economist and ask him if he has any ideas. The economist replies, "Assume a fish." This well-worn economist joke summarizes one of the chief flaws in contemporary economic theory. That theory almost completely…

Oil prices jumped more than 7% back above $100 a barrel as the U.S. moved to block ships sailing through the Strait of Hormuz in a bid to throttle Iran's oil exports. Brent crude for June delivery was up 7.1% to trade at $101.64 per barrel at 8.05 am ET on Monday, while WTI crude for May delivery soared 7.3% to trade at $103.66 per barrel. Following the collapse of peace negotiations in Islamabad, Pakistan, President Donald Trump announced on Sunday that the U.S. navy would begin a blockade of the Strait of Hormuz, with enforcement set to officially…

Oil prices surged back above $100 a barrel in early Asian trade following the collapse of U.S.-Iran negotiations and Trump's announcement that the U.S. would blockade the Strait of Hormuz. At the time of writing, West Texas Intermediate was trading at $105.30 per barrel, up 9.04%, while Brent had risen 8.55% to trade at $103.30. Both benchmarks remain roughly $10 below last week's peaks before the ceasefire was announced and prices tumbled. While the failure of negotiations in Pakistan over the weekend is helping to push crude prices higher, it…

Oil prices surged back above $100 a barrel in early Asian trade following the collapse of U.S.-Iran negotiations and Trump's announcement that the U.S. would blockade the Strait of Hormuz. At the time of writing, West Texas Intermediate was trading at $105.30 per barrel, up 9.04%, while Brent had risen 8.55% to trade at $103.30. Both benchmarks remain roughly $10 below last week's peaks before the ceasefire was announced and prices tumbled. While the failure of negotiations in Pakistan over the weekend is helping to push crude prices higher, it…

The war in the Middle East has hurt the global LNG industry and promoted a supply chain crisis that will leave global scars. The warning comes from the head of the International Gas Union and points to extended disruption in the supply of the most flexible form of natural gas. Just a year ago, even a few months ago, there were warnings of an LNG glut that was going to pressure prices around the world, especially as U.S. energy companies rushed to build new export capacity. Then the U.S. and Israel bombed Iran’s energy infrastructure, and…

On Wednesday, the United States and Iran agreed to a two-week ceasefire, pausing the 42-day military campaign by the U.S. and Israel against multiple Iranian military and civilian targets. The Pakistan-brokered deal is, however, already being severely tested: whereas direct U.S. strikes on Iran have stopped, Israel and Hezbollah in Lebanon have continued fighting, with Israel maintaining that Lebanon is not part of the ceasefire, while Iran insists that continued Israeli strikes violate the agreement. Meanwhile, traffic through the Strait of Hormuz…

Many countries worldwide have been hit hard by the energy crisis that has emerged following the U.S.-Israeli attacks on Iran and ensuing conflict, with severe oil and gas shortages driving energy prices sky high. But while some countries are suffering badly, China so far appears relatively untarnished, following several years of preparation aimed at boosting the Asian giant’s energy and national security and reducing reliance on foreign powers.  China has been stockpiling vast quantities of oil in recent years, with a 1.3-billion-barrel…

Fiscally stressed Colombia is facing multiple crises that possess the potential to derail a vulnerable economy. Oil and natural gas production is in freefall because of adverse regulatory reforms and frequent tax hikes. Declining revenue from Colombia’s oil patch is impacting a fragile economy and weak government finances. There are fears that recent oil shocks caused by Tehran's closing of the Strait of Hormuz will sharply impact Colombia’s hydrocarbon-dependent economy, potentially triggering energy and fiscal crises due to a growing…

There is great uncertainty as to whether and to what extent the Strait of Hormuz is reopening the flow of global oil and gas trade against the backdrop of a fragile ceasefire. What is certain, however, is that the global energy sector will see far-reaching consequences of the historic disruption for a long time to come. In fact, the global energy landscape may never be the same again. On an average day, approximately one-fifth of the world’s oil and gas trade crosses through the Strait of Hormuz, a waterway between the Persian Gulf and the…

It almost looks like an eternal story or an Australian boomerang approach, but the global oil market is once again being misread, very badly. Headlines speak of disruption, paralysis, and the near closure of the Strait of Hormuz. International tanker trackers all report traffic collapsing, while Gulf exporters are shutting in production. Every single visible metric indicates that the system is under extreme stress. And yet, there is still oil flowing. This time it is not open, not as usual able to be measured by markets, or in volumes that are…