Oil prices jumped by 4% in Asian trade on Monday, following a weekend of intense U.S. strikes on Iran, claims from Iran that the Strait of Hormuz is closed to traffic once again, and Iranian strikes on five U.S. allies in the region. Brent Crude futures surged by 4% to top $79 per barrel in Asian trading, to the highest level in more than three weeks, as the market fears this weekend’s hostilities may not subside as easily as in previous short-term instances of flare-ups. WTI Crude, the U.S. benchmark, jumped by 4.13% to $74.36 a barrel. …

Iran has opened a new front across the Gulf, striking countries that host U.S. forces and sit beside the oil, gas, and shipping infrastructure sustaining the global energy system. Qatar, Bahrain, Kuwait, Oman, and Jordan all reported Iranian missile or drone activity on Sunday after the United States hit a reported 140 military targets inside Iran in response to an Iranian strike on a commercial vessel near the Strait of Hormuz. The heaviest confirmed damage occurred in Kuwait, where a drone struck an offshore drilling platform operated by Kuwait…

Supermajors are set to report bumper profits for the second quarter thanks to the surge in oil and gas prices, driven higher by the hostilities between the United States, Israel, and Iran. This is a problem for governments—notably the Trump administration, but politicians in Europe are angry at Big Oil’s good fortune again. Oil prices soared fourfold earlier this year after U.S. and Israeli strikes on Iran prompted the latter to shut traffic via the Strait of Hormuz—something Tehran had been threatening it would do for decades…

Companies are gearing up for exploration drilling in deepwater blocks offshore Uruguay in the hope that the South Atlantic margin offshore South America could hold a lot of oil, similar to the recent discoveries offshore Namibia in Africa.   Uruguay, with a limited exploration drilling history of three wells spudded, all dry, has attracted the interest of many international companies that look to find the next billion-barrel oil province. Companies including Shell, Chevron, Eni, APA, QatarEnergy, and Argentina’s YPF have acquired the…

Artificial Intelligence has grown in popularity over the past five years, from something consumers only knew from sci-fi movies to a widely used technology. Many companies are now using AI in some form, and it has become part of everyday life for many consumers, with AI services integrated into internet search engines, phone applications, and other daily interactions. However, as AI is deployed at a faster pace, it is becoming clear that the technology cannot be used as extensively as tech companies had hoped, while companies are realising the…

A massive industrial manufacturer of sodium-ion battery systems is being constructed in Northern California. The 183,000-square-foot Sacramento plant will be able to produce 4 gigawatt-hours of sodium-ion battery systems per year, enough batteries to power almost four million households. This marks a major step forward for the state’s clean energy sector as well as a considerable endorsement of sodium-ion battery technologies as a promising next-gen storage solution. The plant will be the first production site in the country dedicated solely…

After years of neglect, the United Kingdom has big plans for hydropower as part of broader plans for a green transition. The government is supporting the development of three large-scale hydro-storage projects as part of its plans to diversify the U.K. energy mix, support a green transition, and boost energy security. Hydropower is one of the oldest and largest sources of renewable energy. It works by converting the energy of running water into electricity. Many hydropower projects rely on reservoirs created by dams to store large quantities of…

The Middle East is once again at the center of global energy markets due to the renewed military confrontation involving Iran. Markets, however, should recognize that, unlike in previous crises, the world is entering this new phase with a significantly weaker strategic safety net. At present, crude oil prices still respond to headlines surrounding military operations, shipping incidents, and diplomatic statements. Still, it is now time that markets should no longer overlook the structural consequences of the past months. The world’s emergency…

An unconventional approach to nuclear energy production just got one step closer to reality. A prototype reactor canister just arrived at its installation site in Kansas, where it will soon be part of a proof of concept for a first-of-its-kind underground small modular reactor system. California-based startup Deep Fission believes that by burying a small nuclear reactor deep under the ground, they can make nuclear energy cheaper and safer at a time when round-the-clock carbon-free energy is needed more than ever before. “The prototype has…

In recent years, California has grown increasingly progressive in its energy policy, shifting away from fossil fuels toward renewable alternatives. The state has invested heavily in developing its renewable energy capacity over the last decade, in a bid to decrease reliance on oil, coal, and gas. This has helped it reduce emissions as many other U.S. states struggle to decarbonise. While the move is seen as positive by millions of Californians, President Trump is not so sure. The Trump administration has doubled down on its support for fossil fuels…

In a closely contested presidential election in Colombia, controversial far-right candidate Abelardo de la Espriella emerged victorious. After an official recount, his opponent, left-wing senator Ivan Cepeda, conceded defeat. This was a hard-fought campaign which split the community, sparking much controversy across Colombia. While debate rages over De la Espriella’s policies and ascension to power, it is clear his presidency will be a godsend for Colombia’s beaten-down, economically critical oil industry. After the closest election…

With Europe facing more frequent and hotter heatwaves, the uptake of air conditioning systems has soared across the region in recent years. This trend is driving energy demand and making it more difficult for countries to reduce reliance on fossil fuels in favour of renewable alternatives. Several countries across Europe have made ambitious green transition pledges, which is why many governments, companies, and researchers are exploring alternative, less carbon-intensive methods for cooling. Researchers have been investigating alternative cooling…

Europe’s blistering heat wave is threatening energy security across the continent as power plants shut down and the risk of rolling blackouts rises. Electric grids are overstressed, and ecosystems are too. Rivers are greatly affected by soaring temperatures, which in turn impacts the energy industry and power plants that rely on that water supply for their cooling systems. Just this week, France announced that it will reduce production at as many as five nuclear power plants, with two already curbing output this week. France is expected to…

Kazakhstan is growing more possessive of its petroleum products as a gasoline shortage tightens its grip in Russia and the US-Iran conflict reignites. Kazakh officials have established new police checkpoints on almost 60 roads along the country’s lengthy border with Russia to curb ‘gasoline tourism,’ according to local news reports. In addition, new restrictions have been introduced at border checkpoints, limiting trucks and cars to one crossing per day. In recent weeks, as gasoline shortages have spread across Russia caused by…

The energy grid operator has warned that the “extreme temperatures” from this week’s heatwave could hit power supplies on Thursday night, as households’ use of fans and air conditioner place a record strain on our electricity system. The National Energy System Operator (Neso) issued a rare overnight notice calling on energy companies to generate additional supplies to satisfy demand from cooling devices during what Britain’s third heatwave of the summer. It is Neso’s second warning in as many months. The group…

The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday, bringing the total rig count in the US to 581, up 44 from this same time last year. The number of active oil rigs stayed at 445 during the latest reporting period, according to the data. This is 21 above this same time last year. The number of gas rigs also stayed the same, at 126, which is 18 more than this time last year. The gain was courtesy of the miscellaneous rig count, which gained 1,…

China isn't waiting for Namibia to become an oil producer. It's getting in early. During a state visit to Beijing this week, Namibia and China signed eight cooperation agreements covering energy, critical minerals, infrastructure, agriculture, and economic development, as China attempts to secure a front-row seat to what could become Africa's next major energy story. Namibia's first female president, Netumbo Nandi-Ndaitwah, spent the week courting investment as her government looks to diversify an economy still grappling with high unemployment.…

China isn't waiting for Namibia to become an oil producer. It's getting in early. During a state visit to Beijing this week, Namibia and China signed eight cooperation agreements covering energy, critical minerals, infrastructure, agriculture, and economic development, as China attempts to secure a front-row seat to what could become Africa's next major energy story. Namibia's first female president, Netumbo Nandi-Ndaitwah, spent the week courting investment as her government looks to diversify an economy still grappling with high unemployment.…

China isn't waiting for Namibia to become an oil producer. It's getting in early. During a state visit to Beijing this week, Namibia and China signed eight cooperation agreements covering energy, critical minerals, infrastructure, agriculture, and economic development, as China attempts to secure a front-row seat to what could become Africa's next major energy story. Namibia's first female president, Netumbo Nandi-Ndaitwah, spent the week courting investment as her government looks to diversify an economy still grappling with high unemployment.…

Renewed U.S.-Iran strikes have revived the Middle East risk premium, lifting Brent above $76 as traffic through the Strait of Hormuz slows and supply disruption fears return. Friday, July 10, 2026 The return of the Middle Eastern geopolitical risk premium has lifted global oil prices by $4 per barrel this week, with ICE Brent set to settle above $76 per barrel. Renewed US-Iran strikes pushed traffic through the Strait of Hormuz back toward a near-standstill as market concerns about continued supply disruptions outweighed President Trump’s…