Oil prices climbed in early Asian trade on Monday after the U.S. struck Iran for the first time in over a month, with Iran then retaliating against U.S. bases in Jordan. At the time of writing, WTI front-month futures were trading at $85.46 per barrel, up 2.47%, while Brent front-month futures had climbed 2.71% to $90.49 per barrel. The latest escalation started on Sunday when U.S. forces struck two Iranian rocket launchers on Larak Island, which sits inside the Strait of Hormuz. According to a U.S. Central Command spokesperson, the attack came…

Back in October 2025, the U.S. Army unveiled the Janus Program to supply portable nuclear microreactors to military bases by 2028. Whereas these reactors are much smaller than conventional nuclear plants, they typically generate 1-20 megawatts of electricity per reactor, significantly more than what the biggest portable generators can manage. That makes them ideal for the military, considering that major military bases consume as much power as a small city. The military logic is that in a conflict, transporting fossil fuels to remote front lines…

U.S. shale innovation is not limited to drilling techniques and engineering breakthroughs. Producers are testing and already getting more oil out of existing wells in the shale formations with the use of advanced chemicals. The mixture of cocktails of various chemicals, the so-called surfactants, helps release oil from the tight and shale formations. And shale drillers, including supermajors and independent producers, are increasingly perfecting the right cocktail mix to release more oil from the rocks. These advanced chemical mixtures, together…

One day after veteran commodities strategist Jeff Currie told investors to "get long and buckle up" for the next leg of the commodities rally, UBS strategist Sagar Khandelwal issued a similarly bullish call, urging clients to "position for a commodity upcycle." Khandelwal said electrification, surging power demand, artificial-intelligence infrastructure spending, persistent supply constraints, and years of underinvestment are converging to create a perfect storm for a sustained upcycle in hard assets. Commodities can generate returns…

The expansion of data centers to power the artificial intelligence boom is causing a natural gas revival in the United States. Planned gas-fired power capacity tied to data centers nearly doubled in the first half of 2026 alone, as Big Tech players turn to massive new power plants to support the insatiable demand of hyperscale data center campuses. Amazon is currently building a gas-fired power plant in Texas that is set to become the single-biggest source of power-related emissions in the entire United States if it’s developed according…

Turkey and Saudi Arabia have announced ambitious plans to cooperate on renewable energy, as both countries aim to deploy vast amounts of clean power. Saudi Arabia has already invested heavily in Turkey’s solar power sector and aims to deepen its energy partnership with Turkey. Meanwhile, Turkey is also continuing to expand its oil and gas production and discussing the potential for new energy routes linking the Middle East and Europe. Turkey and Saudi Arabia have signed an agreement to add a further 3 GW of renewable energy capacity in Turkey,…

The war between the United States, Israel, and Iran has caused the oil and gas import bill of the world to swell by as much as $330 billion over the six months between March and August. That’s despite a smaller-than-feared oil price climb and equally smaller-than-feared rise in gas prices. However, the war is not over yet. The bill could swell further. The data comes from the Finland-based climate think tank Centre for Research on Energy and Clean Air, and it refers to money paid to import oil, fuels, and LNG versus what analysts had forecast…

For years, the economic case for solar came with an awkward qualification. Yes, it had no fuel bill. Yes, its operating costs were low. And yes, over the life of a project it could already produce cheaper electricity than a new coal or gas plant. But first, someone had to pay for it. Solar concentrated most of its lifetime costs at the beginning. Fossil power appeared to ask for less capital upfront and spread the rest of the bill across decades of coal or gas purchases. In rich countries with deep capital markets, that distinction could be managed.…

After a delayed start under the previous government, Mexico is now well on its way to undergoing a green transition. President Claudia Sheinbaum has launched an energy reform that opens Mexico’s energy sector to greater private investment and focuses on expanding the country’s renewable energy sector. Meanwhile, the approval of several solar and wind projects demonstrates the government’s commitment to the accelerated deployment of clean energy. In February, Sheinbaum launched Mexico’s strategic energy transition roadmap,…

The United States’ energy grid is under extreme duress as rapid electrification and energy demand place increasing and unprecedented demand on transmission infrastructure. The artificial intelligence boom is sending energy demand rates into the stratosphere as hyperscalers race to develop energy-hungry data center campuses across the country. At the same time, clean energy campaigns and the renewable energy transition are increasingly electrifying our lives, from electric vehicles to heating and cooling systems. An official assessment published…

The US government is exploring an unusual legal route for dealing with Iranian oil and ships captured as part of its blockade: bringing back a wartime maritime system that has barely been used for generations, according to Bloomberg. The Justice Department, working with the Pentagon, is preparing to use prize law, which historically allowed courts to decide whether vessels and cargo captured during armed conflict could legally become property of the United States. The mechanism was once commonplace in naval warfare but largely disappeared…

Azerbaijan is one of the world’s oldest oil producers and exporters, having pumped crude since the mid-19th century, and remains a major global oil producer. It has long relied on oil and gas to meet its energy needs and as a major economic contributor. However, the host of the 29th UN Climate Change Conference (COP29) in 2024 is now looking to diversify its energy mix by deploying more renewable energy capacity. Natural gas contributed 67 per cent of Azerbaijan’s energy supply in 2023, while oil and oil products accounted for 31.1%…

Over the last two years, the EU and UK have emerged as leading actors in imposing sanctions on Russia. But people like Maria Demertzis, Professor at the European University Institute in Italy, have raised questions around the effectiveness of the sanctions campaign, as European institutions continue to operate profitable subsidiaries in the country with little scrutiny. UK and EU regulators should broaden their sanctions campaign by increasing scrutiny of European businesses that remain economically exposed to Russia. The new UK Foreign Secretary,…

The massive data center capacity scale-up underway has focused attention on the scale of water required for these facilities to operate. Rystad Energy estimates that without water-saving measures in place, global water consumption by data centers could rise to 644 billion liters per year by 2030. However, active mitigation could reduce demand to 388 billion liters, representing worst- and best-case scenarios as data center capacity ramps up, driven largely by the growing adoption of artificial intelligence (AI) in everyday life. Forecasting the…

Venezuela helped create OPEC. More than six decades later, it is considering walking away, and Washington appears perfectly happy to hold open the door. Caracas is weighing whether to leave the Organization of the Petroleum Exporting Countries, Bloomberg reported Friday, citing people familiar with discussions that have included U.S. officials. No final decision has been made. Venezuela produced about 1.117 million barrels per day (bpd) in July according to OPEC’s secondary sources, and is currently exempt from OPEC production quotas after…

Venezuela helped create OPEC. More than six decades later, it is considering walking away, and Washington appears perfectly happy to hold open the door. Caracas is weighing whether to leave the Organization of the Petroleum Exporting Countries, Bloomberg reported Friday, citing people familiar with discussions that have included U.S. officials. No final decision has been made. Venezuela produced about 1.117 million barrels per day (bpd) in July according to OPEC’s secondary sources, and is currently exempt from OPEC production quotas after…

Venezuela helped create OPEC. More than six decades later, it is considering walking away, and Washington appears perfectly happy to hold open the door. Caracas is weighing whether to leave the Organization of the Petroleum Exporting Countries, Bloomberg reported Friday, citing people familiar with discussions that have included U.S. officials. No final decision has been made. Venezuela produced about 1.117 million barrels per day (bpd) in July according to OPEC’s secondary sources, and is currently exempt from OPEC production quotas after…

Kazakhstan is trying to keep the Kremlin at arm’s length amid Russian efforts to lean on Central Asian states for help in bolstering Moscow’s staggering war economy. Ukraine’s ongoing drone campaign has inflicted severe damage on Russia’s energy infrastructure and its military-industrial complex, prompting Russian officials to seek emergency energy supplies and refining arrangements from Central Asian states, while exploring offshoring options for arms production. …

More Gulf oil is moving again. Getting it out now costs a fortune. Earnings on the benchmark Saudi Arabia-to-China supertanker route surged to a record $647,000 per day on Thursday, according to Baltic Exchange data cited by Bloomberg. That is more than ten times the rate a year ago—and nearly 27% above the $510,000 reached just ten days earlier. The spike comes as Persian Gulf producers increase crude shipments through the Strait of Hormuz despite the continuing Iran war. That should, in theory, ease the oil supply crunch. Instead, it has…

More Gulf oil is moving again. Getting it out now costs a fortune. Earnings on the benchmark Saudi Arabia-to-China supertanker route surged to a record $647,000 per day on Thursday, according to Baltic Exchange data cited by Bloomberg. That is more than ten times the rate a year ago—and nearly 27% above the $510,000 reached just ten days earlier. The spike comes as Persian Gulf producers increase crude shipments through the Strait of Hormuz despite the continuing Iran war. That should, in theory, ease the oil supply crunch. Instead, it has…