HSBC has hiked its Brent Crude forecast for 2026 to $90 per barrel from $80 as the Strait of Hormuz crisis is tightening markets while no clear path to de-escalation is in sight. The oil markets are unlikely to rebalance until the middle of 2027, HSBC analyst Kim Fustier wrote in a note, as cited by The Wall Street Journal. The bank’s base-case scenario for the coming weeks and months is a fragile form of understanding between the United States and Iran which would be susceptible to breakdowns and uncertainties, including in terms of shipping…

TotalEnergies has made a new discovery offshore Angola and has bought operated interest in two new exploration blocks close to operating hubs as the international majors are returning to exploration in Angola’s waters to take advantage of existing infrastructure. TotalEnergies on Thursday said that the Acacia-5 discovery in Block 17 would see first oil achieved just three months after the discovery was made in June 2026. This would be done through a fast-track development using the available capacity on the nearby Pazflor FPSO. Acacia-5 is…

The oil and gas supply shock amid the Middle East conflict has accelerated cumulative global investments in clean hydrogen to above $130 billion across more than 570 projects, as energy security has become a key driver of uptake alongside industrial growth and decarbonization targets, the Hydrogen Council said in a new report on Thursday. Total committed investment has topped $130 billion for 6.9 million tons per annum (mtpa) of capacity, the industry-led association said in its Global Hydrogen Compass 2026 report. Moreover, operational capacity…

For months, crude oil prices have been constrained by reports of improving tanker traffic in the Strait of Hormuz. Even after the June ceasefire between Iran and the United States collapsed, tankers moving in and out of Hormuz have been moving at rates higher than in the spring. This has now changed with the latest escalation in the chokepoint, sending Brent crude above $100 per barrel on Wednesday morning. For months, analysts have been warning that Brent crude could surge to over $100 per barrel and stay there for an extended period of time.…

For decades, the United States has been Canada’s most important energy partner, absorbing the lion’s share of its oil and gas production. After meeting its domestic refining needs, Canada exports ~80% of its crude output, with roughly 90% going to the U.S. thanks to integrated oil infrastructure built over more than 70 years. In 2024, Canada exported crude oil, NGLs and natural gas worth $160 billion, with Canadian oil accounting for more than 60% of U.S. crude imports. In 2025, Canada exported a record 4.3 million bpd of crude, with…

Readers are familiar by now with the broad-based commodity rally, with energy, agricultural products and metals moving sharply higher as former Goldman Sachs commodities head Jeff Currie warned this summer of growing scarcity in the physical economy. The Bloomberg Commodity Index has climbed to levels last seen in 2012... ... while the Quantix Commodity Index has hit a new record high. Bloomberg macro strategist Simon White is out with a new note this morning warning that the commodity rally is threatening…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell 300,000 barrels in the week ending September 4. In the week prior, US crude oil inventories fell by 2.6 million barrels. Commercial crude oil inventories excluding the SPR have lost just over 48 million barrels over the last 21 weeks, with US crude inventories up 2.8 million for the year, according to API data, kept in check by draws from the SPR. For the week ending September 4, another 1.2 million barrels left the SPR to aid commercial inventories,…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell 300,000 barrels in the week ending September 4. In the week prior, US crude oil inventories fell by 2.6 million barrels. Commercial crude oil inventories excluding the SPR have lost just over 48 million barrels over the last 21 weeks, with US crude inventories up 2.8 million for the year, according to API data, kept in check by draws from the SPR. For the week ending September 4, another 1.2 million barrels left the SPR to aid commercial inventories,…

Europe desperately needs to ramp up its energy storage capacity if it wants to avoid another energy crisis. In the wake of Vladimir Putin's invasion of Ukraine back in 2022, the European Union made major strides in building up its own energy production capacities in an effort to wean itself off of Russian oil and gas. Much of this buildout has been in the form of wind and solar energy, which is great news for energy independence and the bloc's climate goals, but poses key challenges in terms of energy security. As more and more of Europe's energy…

After signing what President Donald Trump touted as “the biggest oil deal in world history” to take majority control of 65 billion barrels of proven crude oil reserves in Venezuela, the U.S. Administration is setting its sights on the South American country’s potentially vast gold and critical minerals wealth. The Trump Administration is weighing measures to involve U.S. companies in Venezuela’s gold and critical minerals and has held initial meetings with firms to see if there is interest in engaging in the Venezuelan mining…

A new British report offers households an attractive deal: abandon net zero and save more than £500 a year. At a time of painfully high energy bills, that claim deserves attention. A transition households cannot finance will eventually lose political support. But the £500 promise is not really a household-cost calculation. It models a cheaper-looking electricity system, excludes costs outside it, assumes fewer cars and homes electrify, and translates the total into a household-sized headline. The report identifies genuine weaknesses…

Belarusian oil refineries recorded their highest profitability in a decade in 2026, according to the independent Pozirk news agency, as Russia's refining crisis pushed record volumes of gasoline and diesel across the border. Belneftekhim head Ilya Ikan credited the results to "favorable conditions in foreign markets, primarily in the eastern direction," adding that reserve capacity came online for round-the-clock operations in June and July. Belarusian gasoline shipments to Russia rose 25-fold over the first seven months of 2026 compared with the…

Belarusian oil refineries recorded their highest profitability in a decade in 2026, according to the independent Pozirk news agency, as Russia's refining crisis pushed record volumes of gasoline and diesel across the border. Belneftekhim head Ilya Ikan credited the results to "favorable conditions in foreign markets, primarily in the eastern direction," adding that reserve capacity came online for round-the-clock operations in June and July. Belarusian gasoline shipments to Russia rose 25-fold over the first seven months of 2026 compared with the…

The United States has imposed sanctions on all of Iran's remaining active airlines, sharply escalating pressure on Tehran's aviation sector as part of a broader campaign aimed at cutting the Islamic Republic off from international trade and finance. The US Treasury Department on September 8 sanctioned 36 targets, including 27 Iranian airlines, as well as foreign companies and an individual accused of helping Iran's sanctioned aviation networks procure aircraft, aircraft parts, and other technology. The action marks the first time Washington has…

Uganda is approaching its entry into the oil export market, but getting its new Pearl Sweet grade to buyers will be harder than its low sulphur content might suggest. The country’s two projects are expected to produce 230,000 b/d at plateau, opening a yet untapped revenue stream for the landlocked economy. Yet the crude’s high wax content requires heating from the production facilities through to its destination, adding costs and narrowing the pool of buyers. With production deadlines slipping and the export pipeline still incomplete,…

Google will invest at least €13 billion ($15.1 billion) in Finnish AI infrastructure over 2027 and 2028 and has signed a 22-year power purchase agreement with Fortum for up to 50% of the output from the Loviisa nuclear plant, Google's first nuclear power contract outside the United States, the companies said Wednesday. The Fortum agreement funds a life-extension and upgrade program that keeps Loviisa running through 2050. Without it, the plant, which supplies about 10% of Finland's electricity and employs nearly 600 people, would have had…

Google will invest at least €13 billion ($15.1 billion) in Finnish AI infrastructure over 2027 and 2028 and has signed a 22-year power purchase agreement with Fortum for up to 50% of the output from the Loviisa nuclear plant, Google's first nuclear power contract outside the United States, the companies said Wednesday. The Fortum agreement funds a life-extension and upgrade program that keeps Loviisa running through 2050. Without it, the plant, which supplies about 10% of Finland's electricity and employs nearly 600 people, would have had…

Google will invest at least €13 billion ($15.1 billion) in Finnish AI infrastructure over 2027 and 2028 and has signed a 22-year power purchase agreement with Fortum for up to 50% of the output from the Loviisa nuclear plant, Google's first nuclear power contract outside the United States, the companies said Wednesday. The Fortum agreement funds a life-extension and upgrade program that keeps Loviisa running through 2050. Without it, the plant, which supplies about 10% of Finland's electricity and employs nearly 600 people, would have had…

Bank of England governor Andrew Bailey has warned inflationary pressures are still buffeting the UK economy and energy prices could rise further next year if the war in Iran continues. Speaking to MPs on Tuesday, the Bank chief said inflation risks were “to the upside” and energy prices “could be higher still” due to the conflict, which has triggered a surge in oil prices and stoked inflation fears globally.  “The conflict is still going on and it is also causing a high level of energy prices and quite a bit of…

Angola's National Oil, Gas and Biofuels Agency, ExxonMobil and its Block 15 partners confirmed a new oil discovery at the Vicango Este-01 well on Wednesday, the deepwater block's 20th find since production began. Some 370 kilometers (230 miles) northwest of Luanda, the well was drilled to 940 meters, encountering 25 meters of high-quality, hydrocarbon-bearing sandstone, according to a joint company statement, as reported by CNBC. Block 15 has produced more than 2.7 billion barrels over 30 years. In a joint statement, ExxonMobil Angola chief executive…