The months-long closure of the Strait of Hormuz has led to severe fuel shortages around the globe, as companies battle to continue operations. Airlines have been hit hard as they struggle to obtain enough jet fuel to maintain their regular flight schedules. The U.S.-Israeli war on Iran led to the closure of the Strait of Hormuz – a key trade corridor connecting the Persian Gulf with the Gulf of Oman and the Arabian Sea, via which roughly 20 per cent of the world’s oil is transported when fully operational. Several months of closures…

Scientists at UC Davis and Lawrence Berkeley National Laboratory just made a major breakthrough in the design of nuclear fusion reactors. The team is at the vanguard of a new field of nuclear fusion research known as materials-driven fusion, which focuses on what the reactors are made up of in order to maximize efficiency and lower the temperature at which fusion can reliably occur. “Instead of designing materials just to survive the harsh conditions of fusion, researchers might be able to design materials that boost the reaction in specific…

Iran has effectively rejected expectations of an imminent reopening of the Strait of Hormuz, laying out sweeping conditions that would require the United States to fundamentally change its policy toward Tehran. In a statement issued by Mohammad Baqer Zolghadr, secretary of Iran's Supreme National Security Council, Tehran said the strait would remain closed until Washington ends what Iran described as its hostile behavior. The six demands include an end to U.S. threats and military action, a permanent end to the war, withdrawal of U.S. naval and…

Europe is deepening its ties with North Africa to develop stronger clean energy connections between the two regions in support of a green transition. The European Union and several European countries have invested in Morocco and Egypt in recent years to support renewable energy development in countries with favourable climate conditions for energy production. Over the coming decade, Europe and North Africa are expected to establish a stronger clean energy trade corridor that will help both regions decrease reliance on fossil fuels.  In June,…

Despite continued hostilities in the Middle East and an expansion of the war to the Red Sea, oil traders have remained largely bearish on the commodity, betting on a quick peace deal—and they might get a nasty shock. Earlier this week, Brent crude sank below $80 per barrel, and WTI dropped below $75, after President Trump said peace talks between the United States and Iran had resumed, even though Iranian officials denied there were any talks in progress. However, Iran is negotiating a deal about control over the Strait of Hormuz with Oman,…

Europe desperately needs an energy storage revolution. As the region gets rocked by the third energy crisis in four years, the continent’s insufficient indigenous energy systems, and backups to those systems, has become abundantly and painfully clear. "We swore we’d learn. We promised things would change but here we are," a ‘highly frustrated European diplomat’ was recently (anonymously) quoted by the BBC in March.  As a result, the continent is now in an incredibly precarious position that could leave the bloc highly…

Global energy grids are under unprecedented stress as energy flows become more complex with the addition of intermittent energy sources and the artificial intelligence boom drives demand to new heights. Managing variable inflows and outflows of electricity while also keeping up with data center hyperscalers will require expanding and enhancing the grid at an unprecedented scale. “Modernizing the grid to make it ‘smarter’ and more resilient through the use of cutting-edge technologies, equipment, and controls that communicate and…

Elevated US gasoline and electricity prices are seeping into the upcoming midterm elections in November. Candidates are prioritizing consumer affordability over the environment, with Democrats linking gas price increases to President Trump’s foreign policy decisions. Meanwhile, a debate over data center expansion and consumer rate impacts are forcing candidates to address infrastructure investment trade-offs. According to S&P Global Market Intelligence, US residential electricity prices rose 7% in 2025 versus 2024. Ratepayers in 46 states…

The bad economic news keeps coming for the Russian economy. An analysis of Russian government data by the business daily Vedomosti shows that the influx of Central Asian labor migrants to Russia fell by roughly 15 percent during the first half of 2026,  deepening an already critical labor shortage in the country. Official entries for work purposes by Central Asian citizens fell to 1.9 million during the first six months of this year, down from 2.3 million the previous year, according to the Vedomosti report. A large majority of Central Asian…

Citi has raised its third-quarter Brent crude forecast to $80 per barrel from $75 as the U.S.-Iran war drags on and repeated attempts at a deal fail to restore normal oil flows through the Strait of Hormuz. The bank still expects the conflict to be resolved, but the five-month war has lasted longer than Citi anticipated and kept more geopolitical risk in crude prices. Citi left its fourth-quarter Brent forecast unchanged at $70 per barrel and still sees the benchmark averaging $65 in 2027. Brent futures were trading at $83.11 per barrel on Friday…

Citi has raised its third-quarter Brent crude forecast to $80 per barrel from $75 as the U.S.-Iran war drags on and repeated attempts at a deal fail to restore normal oil flows through the Strait of Hormuz. The bank still expects the conflict to be resolved, but the five-month war has lasted longer than Citi anticipated and kept more geopolitical risk in crude prices. Citi left its fourth-quarter Brent forecast unchanged at $70 per barrel and still sees the benchmark averaging $65 in 2027. Brent futures were trading at $83.11 per barrel on Friday…

Citi has raised its third-quarter Brent crude forecast to $80 per barrel from $75 as the U.S.-Iran war drags on and repeated attempts at a deal fail to restore normal oil flows through the Strait of Hormuz. The bank still expects the conflict to be resolved, but the five-month war has lasted longer than Citi anticipated and kept more geopolitical risk in crude prices. Citi left its fourth-quarter Brent forecast unchanged at $70 per barrel and still sees the benchmark averaging $65 in 2027. Brent futures were trading at $83.11 per barrel on Friday…

Citi has raised its third-quarter Brent crude forecast to $80 per barrel from $75 as the U.S.-Iran war drags on and repeated attempts at a deal fail to restore normal oil flows through the Strait of Hormuz. The bank still expects the conflict to be resolved, but the five-month war has lasted longer than Citi anticipated and kept more geopolitical risk in crude prices. Citi left its fourth-quarter Brent forecast unchanged at $70 per barrel and still sees the benchmark averaging $65 in 2027. Brent futures were trading at $83.11 per barrel on Friday…

The total number of active drilling rigs for oil and gas in the United States stayed the same overall this week, according to new data that Baker Hughes published on Friday, with the total rig count in the US staying at 588, up 49 from this same time last year. The number of active oil rigs rose by 3, reaching 454 during the latest reporting period, according to the data. This is 43 above this same time last year. The number of gas rigs fell by 3 to 124, which is 1 more than this time last year. Miscellaneous rigs stayed at 10. The latest EIA data…

Conflicting signals from Washington and Tehran keep oil markets on edge as Iran weighs a permanent Hormuz shipping ban while Trump insists a deal is within reach. Friday, August 07, 2026 The oil market’s very own schizophrenia – trying to read into the contradicting claims of US President Trump and Iranian officials seeking to escalate the blockade of Hormuz even further – continues to puzzle industry analysts and traders. Iran’s Parliament is reviewing a bill to permanently ban US, Israeli and other hostile vessels from…

Abu Dhabi National Oil Company said attacks on its vessels and employees are having a significant impact on operations as the company tries to keep crude, gas and refined products moving through the Strait of Hormuz. Fifteen ADNOC vessels have been hit by missiles or drones since the war began, including three this week, the company said Friday. One crew member has been killed and 20 others injured. The Strait of Hormuz carried roughly one-fifth of global oil consumption before the U.S.-Israeli war against Iran expanded into a broader regional…

Libya's National Oil Corporation (NOC) is confident the country could raise oil production to 2 million barrels per day (bpd) by early next decade from about 1.4 million bpd now, NOC chairman Masoud Suleman told Bloomberg in an interview published on Friday. A 2026 unified budget for Libya, brokered with the help of the United States, gives the NOC a “lifeline” of more than $2 billion (13 billion Libyan dinars) as an operating budget, the official told Bloomberg. The national oil company did not receive any funding in the 2025 budget.…

Libya's National Oil Corporation (NOC) is confident the country could raise oil production to 2 million barrels per day (bpd) by early next decade from about 1.4 million bpd now, NOC chairman Masoud Suleman told Bloomberg in an interview published on Friday. A 2026 unified budget for Libya, brokered with the help of the United States, gives the NOC a “lifeline” of more than $2 billion (13 billion Libyan dinars) as an operating budget, the official told Bloomberg. The national oil company did not receive any funding in the 2025 budget.…

The latest Saudi oil route looks absurd on a map. Crude moves west across Saudi Arabia to Yanbu, north through the Red Sea to Egypt, across the SUMED pipeline from Ain Sokhna to Sidi Kerir, then west through the Mediterranean before tankers sail around the Cape of Good Hope to reach customers in Asia. Oil that started relatively close to Asia first travels thousands of kilometres in the opposite direction. The detour reportedly adds around $5 per barrel once extra freight, fuel, insurance and pipeline charges are included. For a two-million-barrel…

ADNOC has bought 11 very large crude and gas carriers for $1.3 billion as the national oil company of Abu Dhabi continues to expand its fleet of supertankers to boost crude and LNG exports. ADNOC’s unit ADNOC Logistics & Services plc on Friday announced it had acquired five modern Very Large Gas Carriers (VLGCs) and six Very Large Crude Carriers (VLCCs) for a combined investment of about $1.3 billion. Nine of the vessels, six VLCCs and three VLGCs, were acquired on the secondary market. They are scheduled for delivery this quarter and…