Bank of America (BoFA) is warning that oil prices could continue climbing into the winter if the U.S. and Iran fail to reach an agreement reopening the Strait of Hormuz, with severe shortages already emerging in diesel, gasoline and global natural gas markets. “We’ve been expecting oil to be in the $70 to $80 a barrel range for Brent on the assumption that we were going to see some resolution,” Francisco Blanch, Bank of America’s head of commodities and derivatives research, told CNBC on Monday. “But if we don’t,…

Iran’s Supreme Leader Mojtaba Khamenei has replaced Mohammad Baqer Zolqard as his representative on the Supreme National Security Council (SNSC), appointing the veteran commander Mohsen Rezaei as the new secretary of the council. The move came after days of speculation in Iranian media about Zolqadr’s fate, with rumors suggesting that he had submitted his resignation only for President Masud Pezeshkian, who on paper is the head of the SNSC, to reject it. The president formally chairs the SNSC, but in practice it's the secretary who…

Egypt and Libya are reportedly nearing a deal to build an 800-kilometer oil pipeline connecting Tobruk with Alexandria, creating a direct route for growing Libyan crude production to reach Egyptian refineries as the war with Iran disrupts Egypt’s traditional Gulf supplies. The proposed pipeline would cost more than $1 billion, according to a government official who spoke to Asharq Bloomberg on condition of anonymity. The two countries are now studying financing, implementation and the pipeline’s final capacity, which would be determined…

Egypt and Libya are reportedly nearing a deal to build an 800-kilometer oil pipeline connecting Tobruk with Alexandria, creating a direct route for growing Libyan crude production to reach Egyptian refineries as the war with Iran disrupts Egypt’s traditional Gulf supplies. The proposed pipeline would cost more than $1 billion, according to a government official who spoke to Asharq Bloomberg on condition of anonymity. The two countries are now studying financing, implementation and the pipeline’s final capacity, which would be determined…

Egypt and Libya are reportedly nearing a deal to build an 800-kilometer oil pipeline connecting Tobruk with Alexandria, creating a direct route for growing Libyan crude production to reach Egyptian refineries as the war with Iran disrupts Egypt’s traditional Gulf supplies. The proposed pipeline would cost more than $1 billion, according to a government official who spoke to Asharq Bloomberg on condition of anonymity. The two countries are now studying financing, implementation and the pipeline’s final capacity, which would be determined…

The U.S. oil industry got a scare last week. News reports claimed that the Trump administration may be considering an export ban on crude oil and refined petroleum products such as gasoline and diesel in order to bring those prices down—prices which have been elevated considerably by the reduction of oil supplies worldwide in the wake of the Iran war. But a Trump administration spokesperson said the administration has no plans to ban exports of oil or natural gas products. It's important to note that there is an old adage in Washington, D.C.:…

Russia is ramping up work on Iran’s Bushehr nuclear expansion, according to TASS news agency, with Rosatom planning to increase its Russian workforce at the site from 25 to around 100 by autumn as construction advances on two additional reactors, despite the ongoing conflict and intermittent U.S. strikes on key Iranian infrastructure. Rosatom chief Alexey Likhachev said five engineering and technical specialists have recently arrived at Bushehr, with several dozen more due over the next two weeks. The returning personnel are working on the…

Russia is ramping up work on Iran’s Bushehr nuclear expansion, according to TASS news agency, with Rosatom planning to increase its Russian workforce at the site from 25 to around 100 by autumn as construction advances on two additional reactors, despite the ongoing conflict and intermittent U.S. strikes on key Iranian infrastructure. Rosatom chief Alexey Likhachev said five engineering and technical specialists have recently arrived at Bushehr, with several dozen more due over the next two weeks. The returning personnel are working on the…

Central Asia’s energy market is experiencing a rapid shake-up thanks to Ukraine’s drone campaign against Russian energy infrastructure. Russia stands to lose leverage and market share in the region over the long term as Central Asian states rush to diversify their fuel-supply options. Repeated Ukrainian attacks on Russian refineries have caused the Kremlin to limit exports of fuel products, including gasoline and jet fuel, to cope with deepening domestic shortages. That, in turn, is prompting Central Asian states to scramble for alternate…

The biggest Indian state-controlled refiners that have been selling liquefied petroleum gas (LPG) on the retail market have seen their losses on these sales narrow so far in August, an Indian energy ministry official said on Monday. Indian Oil Corporation Ltd., Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) have seen their losses narrow nearly threefold this month compared to July, India's junior oil minister Suresh Gopi told Parliament in a written reply on Monday, carried by Reuters. The revenue…

The biggest Indian state-controlled refiners that have been selling liquefied petroleum gas (LPG) on the retail market have seen their losses on these sales narrow so far in August, an Indian energy ministry official said on Monday. Indian Oil Corporation Ltd., Bharat Petroleum Corporation Limited (BPCL), and Hindustan Petroleum Corporation Limited (HPCL) have seen their losses narrow nearly threefold this month compared to July, India's junior oil minister Suresh Gopi told Parliament in a written reply on Monday, carried by Reuters. The revenue…

Money managers have reduced their bullish bets on both Brent and WTI crude futures over the past two weeks despite little progress on a potential reopening of the Strait of Hormuz. In the latest reporting week to August 4, portfolio managers trimmed their net long position in NYMEX WTI by 7,257 lots to 101,050 lots, data from the exchanges found. The net long position, the difference between bullish and bearish bets, in ICE Brent crude oil futures was slashed by 11%, or by 20,361 lots to 164,722 lots. This was the second consecutive weekly decline…

Shares in Australia-listed Sunrise Energy Metals Ltd (SRL:ASX) jumped by 29% at opening on Monday after the U.S. Department of War announced a conditional commitment for a US$400-million loan for the company to build out its scandium operations. The Department of War’s Office of Strategic Capital (OSC) conditionally committed up to US$400 million under a proposed 25-year debt facility for development of the Syerston Scandium Project, the U.S. Administration said on Friday. Sunrise Energy Metals owns the Syerston Scandium Project in New South…

Crude oil prices began this week with a gain following a statement by Iran setting six demands for a peace deal with the United States and claims from the Houthis that they had struck an Aramco refinery in Jazan. At the time of writing, Brent crude was trading at $84.24 per barrel, with West Texas Intermediate changing hands for $78.70 per barrel. Both benchmarks are off their spring peaks but still elevated from pre-war times. Iran said over the weekend that it will only reopen the Strait of Hormuz if the United States meets six sweeping demands,…

U.S. President Donald Trump is weighing another suspension of the Jones Act as gasoline prices above $4 a gallon threaten to become a liability for Republicans heading into the midterm elections. The move would again open domestic oil and fuel shipments to cheaper foreign-flagged vessels, extending an emergency waiver Trump imposed after the Iran war sent crude prices sharply higher in March. The problem is that the first waiver barely moved gasoline prices. Shipping costs account for only a small part of what Americans pay at the pump, leaving…

In the United States, President Trump aims to expand the country’s nuclear power capacity by developing new projects and restoring old reactors. However, restarting disused reactors is not as simple as just turning them back on, as rigorous safety standards must be considered. In May 2025, President Trump published an executive order entitled “Reinvigorating the Nuclear Industrial Base”, in which he outlined plans to start construction of 10 new large reactors and add 5 GW of power to existing nuclear reactors by 2030. Several…

Europe is currently contending with its third energy crisis in four years against the backdrop of near-constant global geopolitical friction and fracas. The continent’s over-reliance on foreign fossil fuel imports has been thrown into sharp relief in recent months and years as the European Union has struggled to catch its breath and stabilize markets in the vanishingly short time spans between global oil shocks. When Russia invaded Ukraine in February of 2022, Europe as a whole depended on Russian producers for 40 percent of the continent’s…

To accelerate the global green transition, several energy companies are developing more durable and efficient renewable energy equipment, such as wind turbines and solar panels. This has been hugely successful in recent decades, with the creation of larger, stronger wind turbines and more efficient, resilient solar panels. As companies continue to improve renewable energy equipment and technology, several innovations could significantly help to boost energy production in the coming years. Global wind energy additions are expected to total 160 GW…

The U.S. energy system has helped mitigate the shock loss of oil and LNG supply from the Middle East when the Strait of Hormuz closed to traffic and sent refiners and gas importers worldwide scrambling for alternative supply. The record American crude oil production and huge natural gas production and rising LNG exports were decades in the making, during which companies invested billions of dollars every year to increase oil, natural gas, and fuel supply, the American Petroleum Institute (API) said in an analysis this week. But the role of “the…

Southeast Asia has been hit harder than anywhere else on Earth by the energy crisis stemming from the War in Iran, leaving many nations scrambling to shore up localized energy supply chains. The newfound volatility in global energy markets has catalyzed the clean energy transition worldwide, but particularly in cash-strapped, import-dependent nations, of which there are many in Southeast Asia. But the rapidly developing region’s ageing and overburdened grids are ill prepared for a quick build-out of indigenous renewable energy capacity, threatening…