US Secretary of State Marco Rubio warned that Russia's war against Ukraine is at a stalemate but could escalate into a broader regional conflict if the deadlock pushes either side toward increasingly dangerous actions. Speaking in Lisbon on the final stop of a three-country swing through NATO allies Iceland, Greece, and Portugal, Rubio said Washington believes the war ultimately requires a negotiated settlement and remains ready to facilitate diplomacy. His remarks came as a Russian strike on two buses in the Ukrainian city of Kramatorsk killed…

State-owned energy giant Petronas will boost the dividend it owes the Malaysian government by 19% in 2027 as oil prices soar and raise profits at the company. Malaysia’s Ministry of Finance estimated in its 2027 budget unveiled on Friday that government revenue is estimated to rise 4.7% next year. Assuming average global crude oil prices remain stable in 2027, Malaysia expects its petroleum-related revenue to hit $15 billion, or 61.2 billion Malaysian ringgits, next year, thanks to higher dividends from Petroliam Nasional Bhd (Petronas).…

State-owned energy giant Petronas will boost the dividend it owes the Malaysian government by 19% in 2027 as oil prices soar and raise profits at the company. Malaysia’s Ministry of Finance estimated in its 2027 budget unveiled on Friday that government revenue is estimated to rise 4.7% next year. Assuming average global crude oil prices remain stable in 2027, Malaysia expects its petroleum-related revenue to hit $15 billion, or 61.2 billion Malaysian ringgits, next year, thanks to higher dividends from Petroliam Nasional Bhd (Petronas).…

Oil futures prices are disconnected from reality on the ground in the Middle East and should be trading closer to $150 a barrel for some physical crude prices, Amrita Sen, founder and director of market intelligence at Energy Aspects, told CNBC on Friday. The market is surprisingly complacent against the intensity of the hostilities in the Middle East as the Iran-aligned Houthis target Saudi energy and other infrastructure, Sen said. “Futures prices are just struggling to price in what the true fundamentals are, in part because everything…

Oil futures prices are disconnected from reality on the ground in the Middle East and should be trading closer to $150 a barrel for some physical crude prices, Amrita Sen, founder and director of market intelligence at Energy Aspects, told CNBC on Friday. The market is surprisingly complacent against the intensity of the hostilities in the Middle East as the Iran-aligned Houthis target Saudi energy and other infrastructure, Sen said. “Futures prices are just struggling to price in what the true fundamentals are, in part because everything…

Oil futures prices are disconnected from reality on the ground in the Middle East and should be trading closer to $150 a barrel for some physical crude prices, Amrita Sen, founder and director of market intelligence at Energy Aspects, told CNBC on Friday. The market is surprisingly complacent against the intensity of the hostilities in the Middle East as the Iran-aligned Houthis target Saudi energy and other infrastructure, Sen said. “Futures prices are just struggling to price in what the true fundamentals are, in part because everything…

The record-high freight costs refiners have to pay to receive a cargo of crude oil from the U.S. Gulf Coast have effectively shut the arbitrage to Asia, with refiners in the top crude oil-importing region turning to more barrels from the Middle East and South America, shipbrokers and traders have told Reuters. U.S. crude, which had come to the rescue of the Asian refiners during most of the Iran war, is now out of reach in Asia because the economics of paying $80 million to have a cargo of crude oil shipped from the U.S. Gulf Coast simply don’t…

Historically low levels of natural gas in storage sites for this time of year could leave the European Union with a gas shortfall in the winter and could force the bloc to cut demand by 7%, the U.S.-based Institute for Energy Economics and Financial Analysis (IEEFA) said in a report on Friday.  European natural gas prices have soared dramatically since the war in Iran trapped a fifth of the world’s liquefied natural gas supply behind the Strait of Hormuz. Since early March, European gas prices have reflected the tight global gas market,…

Ship-to-ship transfers in the Gulf of Oman that keep oil flowing from the Middle East provide a lifeline to Gulf producers and to the oil market, according to Russell Hardy, chief executive officer at the world’s biggest independent oil trader, Vitol Group. “Without it, you do have that $200-a-barrel scenario, so it is pretty important it continues,” Hardy said at the Energy Intelligence Forum in London this week. “There aren’t any more inventories to drain in the West.” The ship-to-ship (STS) transfers, in which…

Cuba is turning into a solar-powered island because of the U.S. naval blockade that is preventing fuel from reaching it. Imports of solar tech from that same U.S. are surging despite the decades-old U.S. embargo on Cuba, and strengthening the case for solar energy—in the absence of any alternatives. Bloomberg earlier this week cited U.S. Census data showing that exports of solar cells and modules from the U.S. to Cuba topped $6.3 million over the first seven months of the year. This is an annual increase of a whopping 1,070%, while solar…

This year’s global energy crisis has revived international interest in hydrogen’s potential to replace fossil fuels in a wide range of industrial applications, from steelmaking to shipping. Green hydrogen is still massively expensive to produce, reducing its potential for commercial scaling, while gray and blue hydrogen relies on the same fossil fuels that many global markets are trying to move away from. But scientific breakthroughs are piling up to expand the hydrogen rainbow in ways that could sidestep these pitfalls and potentially…

Hurricane Isaias has knocked 1.28 million barrels per day of U.S. Gulf oil production offline, up from just 185,120 bpd two days ago as operators clear personnel from the storm’s path. The Marine Minerals Administration said Thursday that 62.89% of current Gulf oil production and 57.35% of natural gas production had been shut in based on operator reports submitted by 11 a.m. CDT. Operators evacuated personnel from 121 production platforms, or 32.61% of the Gulf’s 371 manned platforms. Five non-dynamically positioned rigs were evacuated,…

On the evening of Sept. 9, 2026, with a heat wave pushing electricity demand across California toward its limits, more than 140,000 home batteries started discharging at the same time. Over a three-hour window, they sent more than 580 megawatts of power into the state's grid, roughly what a large conventional power plant puts out. Nobody broke ground on anything and no fuel got burned. The batteries were already mounted on garage walls across the state, and software told them when to go. That's a virtual power plant, and it's quickly becoming one…

President Trump just issued a new Truth Social Post Thursday just after noon time (eastern), wherein he declared "we will not be attacking Iran at any time prior to the Midterm Elections" in November. Oil dropped on the statement (though is still up on the day)... The full Trump post below, wherein Trump also claims that active discussions with the Iranians are still happening, and that oil is "flowing in record numbers"... Quick Iranian rection: U.S. and Israeli officials say Iranian leaders are deeply suspicious of Trump's statements. The officials…

U.S. gasoline prices have fallen for a second straight week, but drivers are still paying more at the pump than they ever have in October. AAA put the national average at $4.36 per gallon Thursday, down about five cents from a week ago. A year ago, gasoline averaged $3.12. This is the first October in which the national average has remained above $4 per gallon. The drop came despite a small increase in gasoline demand. EIA data showed demand rising to 8.76 million barrels per day from 8.68 million bpd, while gasoline inventories edged up to 204.7…

U.S. gasoline prices have fallen for a second straight week, but drivers are still paying more at the pump than they ever have in October. AAA put the national average at $4.36 per gallon Thursday, down about five cents from a week ago. A year ago, gasoline averaged $3.12. This is the first October in which the national average has remained above $4 per gallon. The drop came despite a small increase in gasoline demand. EIA data showed demand rising to 8.76 million barrels per day from 8.68 million bpd, while gasoline inventories edged up to 204.7…

U.S. gasoline prices have fallen for a second straight week, but drivers are still paying more at the pump than they ever have in October. AAA put the national average at $4.36 per gallon Thursday, down about five cents from a week ago. A year ago, gasoline averaged $3.12. This is the first October in which the national average has remained above $4 per gallon. The drop came despite a small increase in gasoline demand. EIA data showed demand rising to 8.76 million barrels per day from 8.68 million bpd, while gasoline inventories edged up to 204.7…

Retailers have urged John Healey to slash green policy costs from energy bills, warning that their electricity costs are set to soar by £440m this year.  The British Retail Consortium (BRC) – which represents top retailers including Tesco, Sainsbury’s and Marks & Spencer – has warned that rising “policy costs” on energy bills will inevitably push up prices for shoppers.  The Chancellor “must take immediate action to reduce the plethora of policy levies” pushing up energy costs for high…

Reliance Industries is leading a major rebound in Indian crude oil imports from Venezuela, with more than three-quarters of all purchases from the South American country going to India’s biggest private refiner.   Reliance Industries, owned by Indian billionaire Mukesh Ambani, operates the world’s largest crude oil processing complex at Jamnagar, which has the capacity to process 1.4 million barrels per day (bpd) of crude oil.  Following years of abstention from Venezuelan crude while U.S. sanctions were in place, Reliance…

Reliance Industries is leading a major rebound in Indian crude oil imports from Venezuela, with more than three-quarters of all purchases from the South American country going to India’s biggest private refiner.   Reliance Industries, owned by Indian billionaire Mukesh Ambani, operates the world’s largest crude oil processing complex at Jamnagar, which has the capacity to process 1.4 million barrels per day (bpd) of crude oil.  Following years of abstention from Venezuelan crude while U.S. sanctions were in place, Reliance…