Oil prices edged higher in early Asian trade on Thursday, rebounding from the previous session’s steep selloff, as investors reassessed the chances of a near-term U.S.-Iran peace agreement and weighed continuing disruptions to Middle East energy flows. Brent crude futures rose 0.66%, to $101.94 a barrel in early trade, while U.S. West Texas Intermediate crude gained 0.74% to trade at $95.78 a barrel. Both benchmarks tumbled more than 7% on Wednesday after reports suggested Washington and Tehran were moving closer to a framework agreement…

The United States has been playing a vital role as the world’s “swing supplier” of key energy commodities amid the global shortage triggered by the war in Iran, with surging exports helping to cut the energy deficit. According to data from commodities intelligence firm Kpler via Reuters, shipments of crude oil, gasoline, LNG, diesel, jet fuel, and ethane surged to 153 million tons from January to April, good for a 20% Y/Y increase compared to last year’s corresponding period. Combined exports of oil and refined products…

Asian economies are starting to feel the first serious effects of the oil and gas export paralysis in the Persian Gulf, with economic growth stuttering and likely to deteriorate over the coming months. Some are already in stagflation, and the outlook is dire. Asia buys 85% of its total oil imports from Persian Gulf countries, which made it especially vulnerable to the kind of supply shock that almost nobody believed would ever materialize. Now that it has, Asia is suffering the consequences of its heavy dependence. Asia imported 30% less oil last…

The world's biggest nuclear fusion experiment just got one huge step closer to completion. The International Thermonuclear Experimental Reactor (ITER) in Cadarache, France just received the final shipment of necessary components to assemble the giant magnet at the heart of the reactor. The central solenoid magnet, developed in the United States at the Oak Ridge National Laboratory, is a critical component of the massive experimental site, which is cooperatively funded and operated by a coalition of seven major world economies: China, the European…

As the Strait of Hormuz has now been closed for nearly nine weeks, the oil hub at Fujairah in the United Arab Emirates (UAE) has become an even more prominent oil export and bunkering hub than it has ever been. Thanks to its strategic position on the east coast of the UAE and outside the Strait of Hormuz, Fujairah is now the key export port for crude and fuels from the UAE and an even more important bunkering port for ship refueling. The strategic position of Fujairah outside the blocked Strait of Hormuz made it a target of Iranian attacks as early…

Europe's offshore wind expansion is running into a structural supply constraint where the turbine market is becoming increasingly concentrated. GE Vernova, Siemens Gamesa and Vestas have historically anchored Western offshore turbine supply, but with GE Vernova having paused new offshore wind orders following a series of technical and operational setbacks, Siemens Gamesa and Vestas now account for virtually all turbines available to European developers. Rystad Energy’s analysis of the offshore wind market outlines a sharp increase in per-megawatt…

Most energy market shifts announce themselves loudly. New subsidies. New targets. New technologies. The latest turning point in Europe’s biomethane market did none of that. It arrived quietly, just before Christmas, in the form of a few additional pages in a certification guidance document. Yet the implications are anything but minor. With a subtle update to its Mass Balance Guidance, ISCC has fundamentally raised the bar for how biomethane is expected to be traded, evidenced and claimed across Europe. Not in theory. In practice. In audits.…

Central Asian states are a key conduit for Russia’s sanctions-busting trade, enabling “logistical and financial support for diversion networks” dedicated to procuring goods for the Russian war machine, a watchdog group has documented.  A report, titled Russia’s Sanction Evasion Research 2025-2026, published by the Washington, DC-based Center for Global Civic and Political Strategies (CGCPS), notes that “Russia has demonstrated significant adaptive capacity in mitigating the operational impact of Western sanctions,”…

US oil product exports surged to a record 8.2 million barrels per day last week as countries scrambled to replace fuel supplies disrupted by the Hormuz crisis, according to Bloomberg reporting, which noted that diesel exports led the increase and reached an all-time high.Countries are now competing for refined products, including diesel, jet fuel, and gasoline as shipping disruptions around Hormuz destabilize downstream fuel systems tied to transportation, aviation, and industrial activity.  Europe’s growing jet fuel shortages and rising…

US oil product exports surged to a record 8.2 million barrels per day last week as countries scrambled to replace fuel supplies disrupted by the Hormuz crisis, according to Bloomberg reporting, which noted that diesel exports led the increase and reached an all-time high.Countries are now competing for refined products, including diesel, jet fuel, and gasoline as shipping disruptions around Hormuz destabilize downstream fuel systems tied to transportation, aviation, and industrial activity.  Europe’s growing jet fuel shortages and rising…

Donald Trump has denied, downplayed, or sought to reverse action on climate change through a combination of public rhetoric, the appointment of skeptics to key positions, and the dismantling of environmental regulations. As of 2026, his actions have included calling climate change a “hoax” or “scam,” withdrawing the US from global climate agreements, and systematically removing climate data from federal websites. (Natural Resources Defense Council) Now his administration is turning to the courts to defend oil and gas companies…

Israel will begin supplying jet fuel to Germany after Berlin requested assistance as the Hormuz crisis starts disrupting aviation fuel flows into Europe. Israeli Foreign Minister Gideon Sa’ar informed Germany’s economy and energy ministry during meetings in Berlin this week that Israel would approve shipments after determining it had surplus jet fuel production capacity, according to Israeli media reports.  Israeli officials said the shipments would be coordinated through domestic refining companies, with export volumes and delivery…

Israel will begin supplying jet fuel to Germany after Berlin requested assistance as the Hormuz crisis starts disrupting aviation fuel flows into Europe. Israeli Foreign Minister Gideon Sa’ar informed Germany’s economy and energy ministry during meetings in Berlin this week that Israel would approve shipments after determining it had surplus jet fuel production capacity, according to Israeli media reports.  Israeli officials said the shipments would be coordinated through domestic refining companies, with export volumes and delivery…

Europe and the UK’s approach to energy policy is “all over the place” and eroding the region’s security and growth prospects, Jim Ratcliffe has said in an announcement confirming Ineos’s plans to expand its oil and gas operations in the Gulf of Mexico. In a statement announcing Ineos’s fresh investment in the US alongside Shell, the billionaire chemicals tycoon blasted Britain and the EU for neglecting their energy and industrial sectors, saying both were crucial for a vibrant economy. “Growth in an economy…

Crude oil inventories in the United States decreased by 2.3 million barrels during the week ending May 1, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 457.2 million barrels, according to government data, which is still 1% above the five-year average for this time of year. According to weekly EIA data, crude oil inventories in the United States have increased by 1 million barrels over the last 6 weeks. The EIA’s data release follows API’s…

Lufthansa Group expects the surge in jet fuel prices to cost it an additional $2 billion this year as the closure of the Strait of Hormuz “is leading to a shortage in kerosene supply and thus to a significant increase in kerosene prices,” Europe’s biggest airline said on Wednesday. Lufthansa expects strong summer travel numbers, but it warned that “At the same time, the current closure of the Strait of Hormuz is leading to a shortage in kerosene supply and thus to a significant increase in kerosene prices.” The war…

Lufthansa Group expects the surge in jet fuel prices to cost it an additional $2 billion this year as the closure of the Strait of Hormuz “is leading to a shortage in kerosene supply and thus to a significant increase in kerosene prices,” Europe’s biggest airline said on Wednesday. Lufthansa expects strong summer travel numbers, but it warned that “At the same time, the current closure of the Strait of Hormuz is leading to a shortage in kerosene supply and thus to a significant increase in kerosene prices.” The war…

The national average price of gasoline in the United States has just topped $4.50 per gallon, the highest level since the middle of July 2022, according to data from GasBuddy, as the Iran war drains fuel inventories and sends crude prices higher. Prices are now just $0.50 off the all-time high hit in June 2022, when the Russian invasion of Ukraine led to crude oil prices spiking to above $100 per barrel. Nationwide, the all-time high was set on June 14, 2022, when a gallon of regular gasoline at retail sites topped $5 and was $5.016. The pain at…

The national average price of gasoline in the United States has just topped $4.50 per gallon, the highest level since the middle of July 2022, according to data from GasBuddy, as the Iran war drains fuel inventories and sends crude prices higher. Prices are now just $0.50 off the all-time high hit in June 2022, when the Russian invasion of Ukraine led to crude oil prices spiking to above $100 per barrel. Nationwide, the all-time high was set on June 14, 2022, when a gallon of regular gasoline at retail sites topped $5 and was $5.016. The pain at…

Pakistan on Wednesday issued a tender seeking to urgently buy two LNG cargoes for delivery later this month as the country struggles to cope with a gas and power crisis amid disrupted LNG supplies from the Middle East. Pakistan LNG Limited (PLL), the state-owned company procuring LNG from international markets, issued a tender on Wednesday inviting bids from LNG suppliers for the supply of LNG on a Delivered Ex-Ship (DES) basis at Port Qasim, Karachi. Pakistan is seeking to buy one LNG cargo for delivery in the window May 12-14, 2026, and another…