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 Thursday, bringing the total rig count in the US to 548, down 42 from this same time last year. The number of active oil rigs rose by 2 to 411 during the latest reporting period, according to the data. This is 70 below this same time last year. The number of gas rigs rose by 3, reaching 130, which is 26 more than this time last year. The miscellaneous rig count stayed the same at 7. The latest EIA data…

OPEC+ is preparing to weigh another output increase this Sunday as the world’s most critical oil artery remains effectively shut. Eight core members of the group are expected to discuss raising production again after agreeing to a 206,000 bpd increase for April. Two OPEC+ sources told Reuters that the group is likely to move forward with another hike on paper, positioning itself to add barrels quickly if the Strait of Hormuz reopens. More than 20% of global oil flows normally pass through Hormuz. That flow is now constrained by the U.S.-Israeli…

Britain’s airlines face significant disruption in a matter of weeks if the war in Iran continues throughout April, as a global jet fuel shortage has already forced carriers in Asia to slash service levels in a bid to manage supplies. Major UK-based carriers have said that they have between five and six weeks’ worth of supplies before their reserves will begin to run short as a result of the protracted closure of the vital Strait of Hormuz shipping lane. Several Asian airlines have already been forced to cancel some routes until as far…

WTI crude spiked to $111.29 per barrel on Thursday, with Brent trading at $107.57, inverting the global benchmark structure as the market repriced accessible supply amid a prolonged disruption at the Strait of Hormuz. WTI rarely trades at a premium to Brent. Brent crude reflects seaborne crude and typically leads during global supply shocks, while WTI crude is usually discounted. The current inversion points to a breakdown in normal pricing signals tied to physical flows. Part of the move is technical: WTI’s front-month contract reflects…

A Georgian company has struck a deal to import coal, metals, and chemical products from the Russian-occupied Ukrainian region of Donetsk, a move that raises fresh questions about sanctions enforcement and underscores Tbilisi's tightening economic ties with Moscow. The agreement involves George Oil Ltd, owned by Valerian Kochiashvili, who has openly expressed his intention to trade with Russia and use raw materials from Ukraine’s Donbas to access markets beyond EU restrictions. The entrepreneur confirmed the arrangement to Georgian media,…

Russia is banning gasoline producers from exporting the fuel until July 31, expanding the current ban that applied only to non-producers, as the Middle East war and the Ukrainian drone attacks on Russian export terminals have upended the global and domestic markets. The Russian government on Thursday said it had expanded the ban on gasoline exports to producers of the fuel, Russian news agency Interfax reported. Russia has had a ban on gasoline exports by non-producers, but now the measure is expanding to gasoline producers. The new ban exempts…

Russia is banning gasoline producers from exporting the fuel until July 31, expanding the current ban that applied only to non-producers, as the Middle East war and the Ukrainian drone attacks on Russian export terminals have upended the global and domestic markets. The Russian government on Thursday said it had expanded the ban on gasoline exports to producers of the fuel, Russian news agency Interfax reported. Russia has had a ban on gasoline exports by non-producers, but now the measure is expanding to gasoline producers. The new ban exempts…

Tesla reported a disappointing first quarter, delivering 358,023 vehicles worldwide, falling short of Wall Street expectations of about 372,000, according to Bloomberg-compiled estimates and the company’s own release. The miss marks Tesla’s second consecutive quarter below forecasts, underscoring continued pressure on its core automotive business as it navigates slowing electric-vehicle demand and a more competitive global market. Despite the shortfall, deliveries were still up 6.3% year over year, benefiting from an easier…

Chinese authorities have ordered private refiners to maintain high levels of gasoline and diesel supply, even at a loss, or risk their crude import quotas slashed if they reduce run rates, anonymous sources with knowledge of the matter told Bloomberg on Thursday. As China looks to ensure its domestic fuel supply amid the oil supply shock, officials at the National Development and Reform Commission (NDRC), the country's main planning body, have directed executives at the private refiners to keep their gasoline and diesel production at least at the…

When an Indian tanker carrying liquefied petroleum gas (LPG) passed through the Strait of Hormuz recently, its progress was followed by excited live TV news coverage. “Its position was received eight minutes ago. It’s currently at 12.5 knots and is moving at 154 degrees. It’s reported ETA in India is at 9.30 p.m. tomorrow,” reported one journalist, providing running commentary while following a tracker app. Later, videos showed the ship with a military escort from the Indian Navy in the Gulf of Oman. The attention was not…

The UK is hosting on Thursday a virtual meeting of senior officials from three dozen countries -- with the notable exception of the United States -- to discuss ways and measures to seek to re-open the Strait of Hormuz. The meeting, which will be chaired by the UK’s Foreign Secretary Yvette Cooper, “will assess all viable diplomatic and political measures we can take to restore freedom of navigation, guarantee the safety of trapped ships and seafarers and to resume the movement of vital commodities,” the UK’s Prime Minister…

The UK is hosting on Thursday a virtual meeting of senior officials from three dozen countries -- with the notable exception of the United States -- to discuss ways and measures to seek to re-open the Strait of Hormuz. The meeting, which will be chaired by the UK’s Foreign Secretary Yvette Cooper, “will assess all viable diplomatic and political measures we can take to restore freedom of navigation, guarantee the safety of trapped ships and seafarers and to resume the movement of vital commodities,” the UK’s Prime Minister…

For decades, the U.S. military procurement system operated on a quiet assumption: the global supply chain would always be there. Parts would arrive. Materials would be available. Someone, somewhere, would have what was needed. That assumption is now gone. China's export restrictions on rare earth materials, imposed in late 2025, removed any remaining doubt about where the vulnerability was. Beijing didn't threaten to cut off raw ore, it blocked the processed metals and alloys that actually go into guidance systems, drone motors, and fighter jets.…

The Group CEO of ADNOC has called on the world to act together to protect the free flow of energy through the Strait of Hormuz in order to avoid a major economic collapse. He described Iran’s actions in the Strait of Hormuz as an act of “global economic extortion,” and emphasized the impact of the blockade beyond just oil markets. Traffic at the Strait of Hormuz has been at a near standstill for over a month now, with a limited number of vessels transiting the world’s most critical oil and gas chokepoint at Iran’s…

Long-suffering energy investors finally have a reason to smile, with the sector on track to outperform the broader market by its widest margin on record, driven by Middle East conflict, rising demand from the AI boom, and a continued rotation away from expensive technology and growth stocks. The energy sector's 14-week winning streak far exceeds previous bull runs, including the nine-week streak it posted back in 2007 thanks to the nearly 50% surge in oil prices triggered by the Middle East conflict. The S&P 500 Energy Sector has returned 36.5%…

The temporary easing of U.S. sanctions on Russian crude has rapidly redrawn global oil flows, with India stepping back in as the dominant buyer of previously distressed barrels. Even as overall imports are about to ease seasonally, Russian volumes into Asia are surging—tightening the market and pushing Urals to a rare $8/bbl premium over Brent. Washington’s March 12 decision to allow sales of oil already loaded onto tankers had an immediate impact. Almost all of Russia’s floating storage was quickly absorbed, pulling hesitant…

The UK cannot wind power itself out of the new energy crisis resulting from the war in the Middle East. With about a third of its electricity generation typically coming from gas-fired power plants, the UK is feeling the energy shock after oil and gas prices soared in the month since the war in Iran began. And the UK is likely to feel the worst of the energy price shock, according to the International Monetary Fund (IMF). That’s despite the record wind power generation in the first quarter of 2026 and the new daily record in wind power output…

Nuclear energy is once again at the center of fierce debate between European leaders as a new energy crisis sweeps the world, leaving the import-dependent European Union scrambling for alternative energy sources. The bloc still imports more than half of its energy needs, leaving it extremely vulnerable to global market shocks, like the unprecedented interruption to oil and gas supplies currently taking place in the Strait of Hormuz as the United States and Israel continue to wage war with Iran. In order to keep the lights on and prevent huge numbers…

Supply chain disruptions caused by the U.S. and Israeli war on Iran have sent ripples across industries, but information technology stands out as particularly vulnerable. That’s because of its expansive growth plans, which need certain ingredients to work out, from energy to helium. Cheap energy is one of these ingredients, and cheap energy has swung from a perceived surplus into a definite and acute shortage in most of the world as a result of the energy export disruption in the Middle East. Some argue that the U.S. market is insulated thanks…

President Donald Trump has told Sir Keir Starmer that the UK will have to “fight for yourself” as the US would not provide any support in fuel supplies. In another threat targeted at Starmer posted on his own social media platform, the US president mocked the UK’s struggles in obtaining jet fuel because of a block across the Strait of Hormuz, which has come as a result of the US and Israel’s war against Iran. He said that the UK could “buy from the US” or “build up some delayed courage” and “go…