Every time oil prices rise, Europe falls into the same familiar cycle. Politicians promise relief, analysts debate OPEC strategy, governments consider subsidies, and consumers prepare for higher transport and heating costs. It is a ritual of crisis management that assumes one thing above all else: oil will remain central, and Europe’s role is simply to cope with the consequences. China is taking a different approach. Rather than endlessly managing fossil-fuel volatility, it is steadily reducing how much oil matters to its economy. That is…

The war in the Middle East and the closure of the Strait of Hormuz have created the largest energy security threat the world has ever faced, Fatih Birol, the executive director of the International Energy Agency (IEA), told CNBC on Thursday. “We are facing the biggest energy security threat in history,” Birol told CNBC, building on the IEA’s assessment at the start of the war that the Middle East war is creating the biggest supply disruption in the history of the oil market. “As of today, we’ve lost 13 million barrels…

In a political climate where bipartisan unity is increasingly rare, a consensus is forming among US lawmakers and foreign policy heavyweights: The relationship between Moscow and Tehran has moved far beyond diplomatic convenience. Instead, they argue, it has hardened into a “transformational” military alliance -- a deepening axis that is drastically shaping battlefields in the Middle East and Ukraine. At a hearing of the Helsinki Commission on April 21, the rhetoric was as sharp as the intelligence reports. Congressman Joe Wilson, a…

Russia says it’s still pumping and shipping crude into a tightening global market, but it’s not bringing any new ideas to the table ahead of the next OPEC+ meeting, even as supply shrinks and demand climbs during the worst energy crisis in years. The Kremlin said on Thursday that Russia would continue to export oil to global markets. Russia has framed its steady flows as a stabilizing force amid the Iran war, which is disrupting supply chains and trapping barrels in the Middle East. Kremlin spokesman Dmitry Peskov said Russia is helping…

If U.S. President Donald Trump had already succeeded in his real core aim of changing the regime in Iran, the world would very different today — and Washington’s leverage over Beijing and Moscow would have expanded dramatically. A pro?West Iran, led by a government aligned with Washington, would control the vital Strait of Hormuz and the Bab el?Mandeb Strait, which together account for up to 45% of global oil flows. And with Washington directing the strategic framework, China would not continue receiving discounted Iranian oil if a…

Japan's Prime Minister Sanae Takaichi on Thursday requested cooperation from the world's top crude oil exporter, Saudi Arabia, in expanding energy deliveries to Japan amid the ongoing supply crunch. In a telephone call with Saudi Arabia's Crown Prince Mohammed bin Salman today, Takaichi “expressed her appreciation for Saudi Arabia's continued supply of crude oil to Japan via Yanbu Port even after the outbreak of the situation, and requested cooperation toward the expansion of energy supply to Japan,” the office of the Japanese PM said…

Russian oil has reportedly started to flow once again through the Druzhba pipeline to the European Union after months of a blockage in Ukraine. At the same time, Russia is reportedly halting the flow of Kazakh oil via Druzhba to Germany as of May 1, an action that some regional experts describe as an attempt at geoeconomic retaliation. According to Kazakh officials, Russia is claiming that “a lack of technical capability” is forcing Moscow to halt Kazakh shipments via Druzba, the KazTag news agency reported April 22. “This is…

The UK's development finance institution and impact investor, British International Investment, plans to mobilize about $20 billion in new capital into developing countries to help them with energy supply and boost climate initiatives. The new five-year strategy of the British International Investment (BII) is focused on accelerating the flow of private capital to developing countries, the UK development finance institution said on Thursday. Of the £15 billion, or $20 billion, of capital, BII will contribute up to $10.8 billion (£8…

Oil prices were rallying again on Wednesday after Iran's Islamic Revolutionary Guard Corps (IRGC) captured two commercial vessels in the Strait of Hormuz. Brent crude for June delivery gained 2.99% to trade at $101.40 per barrel at 3.49 pm ET, while the corresponding WTI crude contract was up 3.18% to change hands at $92.52/bbl. Iranian state media reported that the vessels violated maritime regulations, operated without permits, and tampered with navigation systems. The IRGC identified the seized ships as Panama-flagged MSC Francesca and Liberia-flagged…

Asian countries have been buying all the oil they can get their hands on since the Strait of Hormuz shut down for business. Thanks to ample supply of seaborne crude oil, mostly consisting of sanctioned Russian and Iranian crude, the shock from the fallout of the war has been somewhat mitigated—but not for long. As that supply runs out, the shock is looming ever larger. Iran closed Hormuz for traffic right after the United States and Israel bombed it on February 28. Since then, tanker traffic has been sporadic, sending international oil prices…

Oil producers in the Middle East would typically rejoice at oil prices of $100 per barrel as they would see windfall revenues from their exports. But since the Iran war trapped most oil and gas shipments at the Strait of Hormuz, the Gulf economies have lost billions of dollars in oil revenues and haven’t seen any upside from the oil price spike. The United Arab Emirates, one of the richest Gulf countries, hasn’t been spared from crashing revenues from oil, and tourism, too, as airlines have cut routes to avoid the war zone, which the…

Saddam Hussein’s favorite movie was reportedly “The Godfather.” A central theme in the story is the attempts of Michael Corleone, the godfather, to turn the Corleone Family into a legitimate business. Many of today’s leaders of Iraq’s Iran-aligned militias (and their families) were persecuted by Saddam’s security services and could not enjoy the luxury of foreign films, but they would understand Michael’s dilemma. The “founding charter” of Iraq’s militias is arguably Coalition Provisional…

A reprieve from high gasoline prices in California is in the works — though it won’t please everyone in a state that has vilified Big Oil.On Monday, Phillips 66 (NYSE:PSX) and Kinder Morgan (NYSE:KMI) announced they have secured enough long-term shipper commitments to advance a proposed pipeline to supply fuel to Arizona and California. According to the companies, the Western Gateway Pipeline will connect Midwest and Gulf Coast refinery supply to Phoenix, Arizona and California markets with connectivity to Las Vegas, Nevada, via Kinder…

Hochschild Mining revealed a near 40 per cent rise in the average price of the gold it produces this morning, burnishing the appeal of a sector with a long history in the City. The news propelled shares in the £3bn, 100-year-old firm onto the leaderboard of the FTSE 250. Hochschild's stock strode over 2% higher to 672p, the fourth-biggest rise of the day. In a trading update for the first quarter, it reported an “average realisable price” for gold of $4,471/ounce for gold. At its annual results in March, the equivalent figure…

Brazil posted a record trade surplus of $14.2 billion in the first quarter of 2026, marking a 47.6% increase compared to the same period in 2025 thanks in large part to high oil prices. Brazil’s crude oil exports climbed 31% Y/Y to $12.56 billion in the first quarter, with China accounting for 57% of oil exports at $7.2 billion, and 65% of crude exports in March alone. In contrast, oil exports to the U.S. collapsed by 40% to just $632 million while overall exports fell 18.7% due to new tariff pressures and shifting corporate strategies. Interestingly,…

Brazil posted a record trade surplus of $14.2 billion in the first quarter of 2026, marking a 47.6% increase compared to the same period in 2025 thanks in large part to high oil prices. Brazil’s crude oil exports climbed 31% Y/Y to $12.56 billion in the first quarter, with China accounting for 57% of oil exports at $7.2 billion, and 65% of crude exports in March alone. In contrast, oil exports to the U.S. collapsed by 40% to just $632 million while overall exports fell 18.7% due to new tariff pressures and shifting corporate strategies. Interestingly,…

Brazil posted a record trade surplus of $14.2 billion in the first quarter of 2026, marking a 47.6% increase compared to the same period in 2025 thanks in large part to high oil prices. Brazil’s crude oil exports climbed 31% Y/Y to $12.56 billion in the first quarter, with China accounting for 57% of oil exports at $7.2 billion, and 65% of crude exports in March alone. In contrast, oil exports to the U.S. collapsed by 40% to just $632 million while overall exports fell 18.7% due to new tariff pressures and shifting corporate strategies. Interestingly,…

We knew there was a reason why China had accumulated a cool 1.5 billion barrels in its strategic petroleum reserve: the reason, to become the world's strategist petroleum reserve when the time arises... for a price of course. According to the chief executive officer of commodity trader Mercuria, Chinese oil companies have been aggressive sellers in recent weeks, selling barrels to several nations in tenders. “What has been happening in the last two or three weeks is actually they have been aggressively selling crude oil,” Mercuria CEO…

The global energy crisis has reshaped global energy priorities seemingly overnight. The Strait of Hormuz has been closed to virtually all commercial traffic for well over a month now, severely restricting global flows of oil and gas. As a result, global energy prices have skyrocketed, and supplies have tightened, pushing many countries to explore alternative energy pathways in a big hurry. This has led to an unfortunate resurgence of coal-fired power, especially in Asia – but it is also set to supercharge the clean energy industry on a global…

Japan Petroleum Exploration (Japex) has unveiled plans to invest 1.16 trillion yen ($7.3 billion) in exploration and production in a bid to quadruple oil and gas output over the next decade, mainly in the United States. Japex has set a goal to raise net profit to 100 billion yen and achieve a 12% Return on Equity (ROE) by 2035. In February, Japex completed the acquisition of Denver-based tight oil company, Verdad Resources, in a $1.3-billion deal, the company’s largest ever M&A transaction. The merger gives Japex exposure to the sprawling…