Oil prices rose early on Wednesday for the fourth consecutive trading session as the collapsed U.S.-Iran ceasefire precipitated a new crisis in the Strait of Hormuz and Iran threatened to close “all other export corridors that benefit the US and its allies.” As of early trade in Europe on Wednesday, Brent Crude prices were up by 0.83%, remaining above the $85 per barrel mark. Meanwhile, the U.S. benchmark, WTI Crude, was up above $80 after climbing 0.89%. Oil prices have been rising since last Friday, for a total gain of about 12% as…

The Brent Crude futures curve flipped into backwardation this week, signaling expectations of tight prompt supply for the first time in a month, as the market started pricing in the renewed hostilities in the Middle East, collapsed tanker traffic through the Strait of Hormuz, and the reinstated U.S. naval blockade on Iranian oil exports. The September contract at $85.79 per barrel early on Wednesday was about $8 per barrel higher than the Brent contract six months later, which traded at $77.49 a barrel. The futures curve this week flipped to backwardation,…

Chinese refiners largely stopped competing for Middle Eastern crude during the Iran conflict, leaving more Gulf cargoes available to Europe, India, and the rest of Asia just as traders prepared for a supply shock. The International Energy Agency (IEA) estimates China drew 41 million barrels from crude inventories during June, one of the largest monthly stock draws on record. Refiners met domestic demand from storage instead of replacing those barrels through imports, allowing Beijing to ride out the sharp jump in Middle Eastern crude prices caused…

Previously, we reported that India is betting big on solar energy to power its industrialization drive, abandoning earlier plans to rely on coal. Indeed, India is going off the beaten path by attempting to become the first country to industrialize using clean energy instead of fossil fuels by traditional industrial superpowers. And, India’s smaller neighbor is making an equally high-stakes bet on nuclear energy, another low-carbon resource. Bangladesh is currently developing the giant Rooppur Nuclear Power Plant, its biggest infrastructure…

Canada’s biggest oil sands producers, the Alberta provincial government, and the federal government have reached a new milestone in advancing the planned new West Coast pipeline that would move another 1 million barrels per day (bpd) of oil sands output from the top oil province to the British Columbia coast. The parties on Monday unveiled the backgrounder document of the deal for the new pipeline, West Coast Oil Pipeline (WCOP). In this, “Alberta has agreed to implement financial supports to enable the oil production growth needed…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 564,000 barrels in the week ending July 10. In the week prior, US crude oil inventories fell by 399,000 barrels. Although commercial crude oil inventories excluding the SPR have been falling rapidly for three months now, shedding just over 60 million barrels over the last twelve weeks, US crude inventories are only down 9.2 million barrels so far this year, according to API data, kept in check by draws from the SPR. For the week ending July…

Europe’s largest economy is walking a precarious tightrope toward carbon neutrality, trying to balance energy security with climate goals as this summer’s heat waves create mounting pressure on the continent’s energy grids while simultaneously highlighting the importance of mitigating emissions. The German government aims to source 100 percent of the national energy mix from renewables by 2035, but has hedged some of its energy-transition rhetoric in recent months against the backdrop of major energy market volatility. Germany…

A proposed 20% charge on cargo passing through the Strait of Hormuz would violate the basic principles of international navigation, raise energy costs and undermine the stated purpose of restoring stability. It could also do more to accelerate the global energy transition than many conventional climate policies. Donald Trump’s proposal to charge ships 20% of the commercial value of cargo passing through the Strait of Hormuz is difficult to understand as an energy policy. The disruption of the strait has already driven up oil and gas prices,…

US President Donald Trump has walked back his plan to charge a 20 percent fee on cargo shipped through the Strait of Hormuz, replacing it with proposed trade and investment agreements with Persian Gulf states while maintaining a blockade on Iranian shipping. “Based on highly productive conversations with Middle East leadership, I have decided to replace the 20% United States Reimbursement Fee with Trade and Investment Deals that the various Gulf States will be making into the United States,” Trump wrote on Truth Social. He provided…

Azerbaijan is working hard this summer to build bridges across the Caspian Sea, announcing a variety of projects to expand Middle Corridor trade with Central Asian states. In late June, Azerbaijan and Turkmenistan signed a series of agreements to foster energy cooperation and open a regular flow of goods between the two states. Since the start of July, Baku has launched similar initiatives with Kazakhstan and Uzbekistan. Deputy Uzbek Trade Minister Khurram Teshabayev, in an interview published by a government-aligned Azerbaijani media…

Africa's biggest refinery has started pricing fuel in U.S. dollars because Nigeria can't supply enough Nigerian crude to keep it running. Dangote Petroleum Refinery, which can process 700,000 barrels of crude per day, said it is switching domestic gasoline, diesel, and jet fuel pricing to dollars after struggling to secure enough barrels through the government's naira-for-crude program. Gasoline is now priced at $0.779 per liter, diesel at $1.087, and jet fuel at $0.942. The refinery says it needs 13 to 15 crude cargoes every month. State-owned…

New York Governor Kathy Hochul has signed the country’s first-ever executive order imposing a statewide moratorium on new large-scale data centers for up to one year. The order freezes the permitting process for new data centers requiring 50 megawatts or more of electricity, placing the fastest-growing source of U.S. power demand on hold while state regulators assess its long-term impact on New York’s electric grid, water resources and surrounding communities.   The New York Department of Environmental Conservation will use…

New York Governor Kathy Hochul has signed the country’s first-ever executive order imposing a statewide moratorium on new large-scale data centers for up to one year. The order freezes the permitting process for new data centers requiring 50 megawatts or more of electricity, placing the fastest-growing source of U.S. power demand on hold while state regulators assess its long-term impact on New York’s electric grid, water resources and surrounding communities.   The New York Department of Environmental Conservation will use…

New York Governor Kathy Hochul has signed the country’s first-ever executive order imposing a statewide moratorium on new large-scale data centers for up to one year. The order freezes the permitting process for new data centers requiring 50 megawatts or more of electricity, placing the fastest-growing source of U.S. power demand on hold while state regulators assess its long-term impact on New York’s electric grid, water resources and surrounding communities.   The New York Department of Environmental Conservation will use…

Renewed U.S.-Iran hostilities have pushed Brent above $85, ending the oversupply narrative and reviving fears of a global oil shortage. Much Anticipated 2026 LNG Oversupply Wave May Not Materialize - According to industry analysts, the much-anticipated LNG oversupply wave of 2026 will fail to materialize, with BloombergNEF pushing out its first glut year into 2028 as the US-Iran conflict and recurring project delays impede commissioning. - With Middle Eastern supply still capped, the blistering heat brought by this year’s Super El Niño…

U.S. gasoline prices have increased for the first time since May, with the sudden reversal directly tied to the collapse of the tentative ceasefire between the U.S. and Iran. According to AAA data, the U.S. national average price of gasoline clocked in at $3.8590 per gallon on Tuesday, up from $3.7900 a week ago after the end of the ceasefire sparked renewed military exchanges and disruptions in the critical Strait of Hormuz. According to data compiled by GasBuddy, nearly 80% of states saw retail price increases, mirroring a similar rally in crude…

Venezuela's upstream industry has entered a new phase. Following sweeping hydrocarbon reforms and broader geopolitical developments in early 2026, the conversation has shifted from whether the country can reopen its oil sector to whether it can successfully execute a meaningful production recovery. The country's resource potential has never been in doubt. The greater challenge now lies in converting policy momentum into sustained operational growth. Rystad Energy estimates Venezuela's crude production could increase by approximately 17%, or around…

The UK’s borrowing costs have sailed past five per cent for only the third time since the onset of the Iran war, in a headache for Andy Burnham just days before he enters Downing Street. The yield on the UK’s 10-year government bond – the benchmark for a country’s long-term ability to borrow – climbed by as much as seven basis points on Tuesday morning, after the fragile ceasefire between Iran and the US shattered. The two countries exchanged strikes for a third successive night, in a dramatic escalation of tensions…

Pakistan is on track to procure the most LNG cargoes on the spot market since the Iran war began as the re-escalation in the Strait of Hormuz threatens to disrupt anew term supplies from Qatar. State-controlled Pakistan LNG this week issued a second tender for spot supply in as many weeks as the renewed hostilities over the past few days have disrupted Qatari shipments once again, with no LNG tankers observed to have exited the Strait of Hormuz for days. Pakistan LNG wants to buy another cargo for delivery in July, according to a tender document…

Pakistan is on track to procure the most LNG cargoes on the spot market since the Iran war began as the re-escalation in the Strait of Hormuz threatens to disrupt anew term supplies from Qatar. State-controlled Pakistan LNG this week issued a second tender for spot supply in as many weeks as the renewed hostilities over the past few days have disrupted Qatari shipments once again, with no LNG tankers observed to have exited the Strait of Hormuz for days. Pakistan LNG wants to buy another cargo for delivery in July, according to a tender document…