Amid calls from some member states, the European Union should be careful in its efforts to ditch Russian LNG as it should protect its security of gas supply, the European Union Agency for the Cooperation of Energy Regulators, ACER, said in a report on Friday. The Baltic EU member states have been calling for a ban on the bloc’s imports of LNG, but the EU’s watchdog believes that any such move should only be gradual.   As the EU aims to completely end its reliance on Russian fossil fuels by 2027, “the reduction of…

Oil prices gave up nearly all of early Friday’s gains after an Iranian official told Reuters that there hadn’t been a missile attack against Iran. Oil surged by as much as $3 per barrel in Asian trade early on Friday after a U.S. official told ABC News today that Israel launched missile strikes against Iran in the early morning hours today. After briefly spiking to above $90 per barrel early on Friday in Asian trade, Brent fell back to $87.10 per barrel in the morning in Europe. The news was later confirmed by Iranian…

Inflation, interest rates, and wars may well delay the energy transition by quite a long time, JP Morgan has warned in a call for “a reality check” on its shift from hydrocarbons to alternatives. “While the target to net zero is still some time away, we have to face up to the reality that the variables have changed,” the bank’s head of global energy strategy, Christyan Malek, told the Financial Times. Malek was the lead author of a new report by JP Morgan focusing on energy. The report noted higher interest…

The director of the FBI has warned that the Chinese state has its sights set on U.S. critical infrastructure to compromise U.S. economic and national security. Speaking at the Vanderbilt Summit on Modern Conflict and Emerging Threats, Christopher Wray said “The PRC [People’s Republic of China] has made it clear that it considers every sector that makes our society run as fair game in its bid to dominate on the world stage, and that its plan is to land low blows against civilian infrastructure to try to induce panic and break America’s…

Israel launched missile strikes against Iran in the early morning hours, a U.S. official told ABC News today. The news was later confirmed by Iranian media, which said the country’s air defense system took down three drones over the city of Isfahan, according to Al Jazeera. Flights to three cities including Tehran and Isfahan were suspended, Iranian media also reported. The news of the Israeli strike prompted a sharp spike in crude oil prices, which gained $3 per barrel earlier in the day. "If these reports turn out to…