Kazakhstan’s Ministry of Artificial Intelligence and Digital Development has signed an agreement with an international consortium to start building out the government’s plan to turn the Central Asian state into a data center hub. The project’s timeline appears to hinge on Kazakhstan’s ability to close an existing power deficit. The ministry’s memorandum of understanding with a consortium led by an entity called JMOT04 Ltd. provides for the construction of a Tier IV data center, the most powerful and reliable classification…

Japan has long been known for its strong automaking industry. However, in recent years, it has come to dominate the global hybrid vehicle market, demonstrating that it can evolve to be competitive as the demand for electric vehicles (EVs) continues to rise. While several other countries, such as China, are also increasing their hybrid output, many markets continue to opt for Japanese models due to their solid reputation for traditional automaking and the inclusion of innovative technologies in new hybrid models. In India, Japanese hybrid vehicles…

Cenovus Energy (TSX, NYSE: CVE) just posted one of its strongest quarters on record. Its CEO used the earnings call to deliver one of the starkest warnings the oil sands industry has heard in years. Jon McKenzie told analysts on Wednesday that Canada's national conversation around oil sands development has become "myopically focused on the climate agenda" — and that the consequences are already playing out in the investment numbers. The country, he argued, has spent over a decade making itself one of the least attractive places on earth to…

Evermore sophisticated AI-powered cyberattacks could threaten the stability of the global financial system, The International Monetary Fund (IMF) has warned, as regulators race to contain a new generation of threats. In their new report, the IMF said extreme cyber incidents could spark liquidity pressures and solvency concerns across banks and financial institutions. The lender warned that AI was dramatically lowering the cost and time needed for hackers to identify and exploit vulnerabilities, increasing the risk of systemic financial shocks.…

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 548, down 30 from this same time last year. The number of active oil rigs rose by 2 to 410 during the latest reporting period, according to the data. This is 57 below this same time last year. The number of gas rigs fell by 1. Gas rigs now sit at 129, which is 21 more than this time last year. The miscellaneous rig count stayed at 9. The latest EIA data…

U.S. forces struck two empty Iranian-flagged oil tankers in the Gulf of Oman on Friday, escalating pressure on Tehran’s shipping network even as Washington says a potential deal to halt the war could be close. U.S. Central Command said the vessels were attempting to violate the American naval blockade around Iranian ports. According to CENTCOM, fighter aircraft disabled both tankers by firing precision munitions into their smokestacks. A third Iranian-flagged vessel had already been disabled earlier this week. “All three vessels are…

Iran has seized a tanker that appears to have been carrying its own oil, highlighting just how tangled its export system has become under sanctions and blockade. State media said Iranian forces detained the vessel, identified as the Ocean Koi, in the Gulf of Oman. The ship had already been sanctioned by the United States earlier this year as part of Iran’s shadow fleet, the network used to move crude outside official channels. Iran’s explanation didn’t add much clarity. Officials said the tanker was carrying Iranian oil but had…

The collective monthly value of asset deals within the upstream oil and gas sector collapsed to $5.55 billion in March, down from $32 billion in February, even as the volume held steady at 35 transactions compared with 34 the previous month. Where the capital moved South America dominated March activity, accounting for 55% of total deal value, with North America contributing 16% and Asia 13%. The largest single transaction was the acquisition of SierraCol Energy by Philippines-headquartered Prime Infrastructure for an estimated $1.4 billion, according…

Despite tense bilateral relations, the United States and South Africa held this week their highest-level meeting so far this year to discuss potential resource deals in critical minerals, the Financial Times reported on Friday, quoting attendees of the meeting in Johannesburg.  The two countries have been in tense relations since U.S. President Donald Trump took office for his second term last year and accused South Africa of “white genocide.”    However, the Chinese grip on the global critical minerals market seems…

Oil prices head for a 7% weekly loss as traders struggle to price in conflicting signals from U.S.-Iran talks and ongoing Middle East attacks. Friday, May 08, 2026 Oil prices are set for a 7% weekly loss after markets remain confused about the outlook of a potential US-Iran negotiated settlement. ICE Brent is set to close the week at $101 per barrel, even as missile strikes and drone hits continue to sap any quick diplomatic breakthrough between Washington and Tehran. Meanwhile, the CFTC announcing it would investigate Trump’s war-related…

Iraq’s Oil Ministry has denied that its deputy minister was involved in opaque sales of Iraqi oil mixed with Iranian crude for Iran’s benefit, as the U.S. alleged on Thursday when it sanctioned the senior official.  The United States on Thursday sanctioned Iraq’s Deputy Minister of Oil, Ali Maarij al-Bahadly, and several Iran-aligned militia leaders for facilitating the diversion of Iraqi crude to benefit Iran and affiliated militias. The move also targeted senior figures tied to the Kata’ib Sayyid Al-Shuhada and Asa’ib…

Iraq’s Oil Ministry has denied that its deputy minister was involved in opaque sales of Iraqi oil mixed with Iranian crude for Iran’s benefit, as the U.S. alleged on Thursday when it sanctioned the senior official.  The United States on Thursday sanctioned Iraq’s Deputy Minister of Oil, Ali Maarij al-Bahadly, and several Iran-aligned militia leaders for facilitating the diversion of Iraqi crude to benefit Iran and affiliated militias. The move also targeted senior figures tied to the Kata’ib Sayyid Al-Shuhada and Asa’ib…

The semi-official Tasnim news agency reported that Iran has seized an oil tanker, accusing it of "attempting to disrupt oil exports and the interests of the Iranian nation." Tasnim did not elaborate on the seizure, but Iran's official state news agency, the Islamic Republic News Agency (IRNA), stated that the Iranian military directed the tanker to Iran's southern coast. The report noted that the tanker was carrying Iranian crude oil. "Army commandos seized this violating oil tanker carrying a cargo of the Islamic Republic of Iran's oil, which…

The first fuel oil cargo from Mexico has just arrived in Asia, in a first such shipment in nine months, as high Asian prices draw supplies from other regions amid the shock supply loss from the Middle East.  The cargo, on the Orion tanker, has arrived in Singapore, and more cargoes from Mexico are likely to follow amid favorable arbitrage economics and sufficient supply in the Americas, industry sources told Reuters.   The tanker laden with about 1 million barrels of Mexican high-sulfur fuel oil (HSFO) departed from the Salina Cruz…

Inflation in India, the world’s third-biggest crude oil importer, accelerated in April as the higher global oil and gas prices started to feed through consumer prices. The annual consumer price index (CPI) is expected to have jumped to 3.8% in April, up from 3.4% in March, a Reuters poll of 46 economists showed on Friday. Responses in the poll, carried out between May 4 and May 8, ranged from 2.8% to 4.2%. Official data is expected on May 12. All economists concur that the effects of the higher energy prices have begun to take their toll…

Inflation in India, the world’s third-biggest crude oil importer, accelerated in April as the higher global oil and gas prices started to feed through consumer prices. The annual consumer price index (CPI) is expected to have jumped to 3.8% in April, up from 3.4% in March, a Reuters poll of 46 economists showed on Friday. Responses in the poll, carried out between May 4 and May 8, ranged from 2.8% to 4.2%. Official data is expected on May 12. All economists concur that the effects of the higher energy prices have begun to take their toll…

Crude oil prices experienced one of the most volatile trading weeks of 2026 during the period of May 3 through May 7, as traders reacted to the ongoing U.S.-Iran conflict, disruptions in the Strait of Hormuz, and sudden changes in diplomatic negotiations. June West Texas Intermediate (WTI) crude futures swung violently between a high of $107.46 and a low of $88.66 before stabilizing near $97 a barrel by the end of the week. The sharp price swings reflected how sensitive the market remains to supply disruptions and geopolitical headlines. Strait…

Politics, Geopolitics & Conflict The military situation around Hormuz remains active even as diplomacy accelerates behind the scenes. US Central Command said Thursday that Iranian forces launched missiles, drones, and small boats toward US naval vessels transiting the Strait of Hormuz toward the Gulf of Oman, including the USS Truxtun, USS Rafael Peralta, and USS Mason. According to Centcom, no US assets were hit. American forces then carried out retaliatory strikes on missile and drone launch positions, command facilities, and intelligence…

China is one of the few major economies coming out of the Iran shock with potentially more leverage, not less. While the Hormuz blockade decimates Gulf trade routes and energy markets, China’s factories are still producing, its export base is strong, and the expansive and expensive corridor systems it has been building for years are now coming in very handy. Pakistan’s decision to open transit routes into Iran is the clearest example of how those Chinese-built corridors are now being used. Tehran has relied heavily on UAE ports for…

An oil tanker that had passed through the Strait of Hormuz in mid-April arrived on Friday at a port in South Korea, shipping the first crude cargo to the country via Hormuz since the war began. The Malta-flagged Odessa crude oil tanker arrived at Daesan on South Korea’s west coast laden with 1 million barrels of crude. Such volumes of oil are equal to about 35-50% of South Korea’s daily oil consumption. Before the Iran war began, South Korea imported most of the crude it consumes from the Middle East and is one of the most exposed Asian…