Norway's crude oil export earnings surged 67.9% year-on-year in March to a record 57.4 billion kroner ($6.1 billion), primarily driven by soaring global energy prices following the outbreak of the Iran war and the subsequent closure of the Strait of Hormuz. Oil prices averaged 1,014 kroner ($107.52) per barrel in March, the highest monthly average since September 2023. As Europe’s largest producer of oil and natural gas, the Scandinavian country exported 56.6 million barrels of crude oil in March, good for nearly 2 million barrels per day.…

Negotiations for an end to the Iran war have so far failed, and the Strait of Hormuz remains effectively closed. On Monday, the US military started blockading ships entering and exiting Iranian ports. President Trump said Iranian ships would be “immediately eliminated” if they approach the blockade, which is meant to force Tehran back to negotiations. At least five countries — Sri Lanka, Myanmar, Cambodia, Bangladesh, and Slovenia — are rationing fuel and implementing mandatory purchase limits to conserve supply. Major…

Last month, U.S. President Donald Trump issued a 60-day waiver for the Jones Act in a bid to lower oil prices amid severe supply disruptions due to the closure of the Strait Of Hormuz. The Jones Act, aka Merchant Marine Act of 1920, is a federal statute requiring that all goods transported by water between U.S. ports be carried on ships that are U.S.-built, U.S.-owned, U.S.-flagged and U.S.-crewed. The law is meant to ensure a reliable, domestic shipyard industrial base and skilled mariners in times of war or national emergency, and also protects…

The national average for 87-octane gasoline has remained above the politically sensitive $4-a-gallon level for two straight weeks after the largest monthly jump in AAA data going back two decades. The fuel shock has Wall Street analysts focused on whether surging pump prices will begin crowding out discretionary spending. Bank of America CFO Alastair Borthwick told analysts on a conference call earlier today that the fuel shock at the pump has not undermined overall consumer strength so far, though that could change if the Hormuz chokepoint is…

In Dubai, rows of cars bound for Kyrgyzstan are sitting idle. Aktilik Alipbay uulu, a Kyrgyz importer based in the city, isn't sure when they'll move. "We haven't received clear information like 'load now, it will arrive in 35–40 days,'" he says. "So, we are keeping the cars in garages. These are entrusted goods. If something happens at the port, it would mean losses for us." Previously, cars shipped by ferry across the Persian Gulf to Iranian ports then traveled overland to Bishkek. With the war in Iran, that supply chain has slowed significantly.…

U.S. President Donald Trump has again threatened to fire Federal Reserve Chair Jerome Powell if he does not leave office when his term as chair ends in May. The Trump administration has nominated Kevin Warsh to succeed Powell; however, his confirmation is currently tied up in the Senate. Historically, Fed chairs typically resign from the board once their leadership term ends; however, Powell stated in March that he has no intention of leaving until a Department of Justice investigation into the Fed's headquarters renovation is "well and truly over’’.…

A defining pillar of President Trump’s America First agenda has been national energy security. Paired with the diplomatic momentum of the Abraham Accords, that strategy has reshaped regional alliances, strengthened U.S. partnerships and reinforced economic stability at home.  Today, both pillars are under strain. The widening war with?Iran?has triggered one of the most severe energy shocks in decades. Oil prices have surged above $115 per barrel as markets react to escalating tensions and the risk…

China is tentatively considering whether to curb exports of solar manufacturing equipment to the United States in what could become another significant export restriction of a technology in which Chinese companies are global leaders. Officials in China have discussed whether such a measure should be implemented, but talks have not progressed yet to asking feedback from the Chinese manufacturers on a potential restriction, Reuters reported on Wednesday, citing numerous sources familiar with the deliberations.     Over the past two…

Australia is facing a historic energy crisis, with much of its Gulf-sourced energy facing not one but two blockades. But at least some parts of the country are doing something about it, even if it is too little, too late.  Western Australia will establish its own strategic reserves of diesel fuel to ease “acute shortages,” the state’s government said. As Bloomberg reports, the government signed a deal with Cambridge Gulf to buy and store 4 million liters of diesel, which is expected to arrive in the coming weeks, according…

Lawmakers in Maine have approved a bill temporarily banning the construction of large data centers until November 2027 in a move that could make Maine the first U.S. state to legislate a pause in the AI centers expansion, which has weighed on consumer energy bills. The Maine Legislature passed the bill, which still needs Governor Janet Mills' final approval. The bill would block large data centers that draw over 20 megawatts of power until November 2027. The bill, LD 307, would also create a new Data Center Coordination Council, which is expected…

Crude oil inventories in the United States decreased by 900,000 barrels during the week ending April 10, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 463.8 million barrels according to government data, which is still 1% above the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories saw a build of 6.10 million barrels in the period.…

US President Donald Trump suggested that talks with Iran could resume in a day or two, while the US military said that no ships slipped through a naval blockade targeting vessels headed to or from Iranian ports in the first 24 hours of the restrictive measure. Trump ordered the blockade after US-Iranian peace talks in Islamabad on April 11-12 failed to produce an agreement to end the war, which began with US and Israeli air strikes on Iran on February 28. In comments to the New York Post on April 14, he indicated that negotiators could meet again…

An analysis by The Guardian has revealed that the world's largest Oil & Gas companies, as well as major oil producers such as Saudi Arabia and Russia, will make an extra $234 billion in windfall profits by the end of the year if oil prices continue to average $100 per barrel. According to the exclusive report, based on Rystad Energy data, the world's top 100 oil and gas companies recorded more than $30 million per hour in paper profits in the first month of the U.S-Israeli war in Iran that began in late February. Oil markets remained steady…

An analysis by The Guardian has revealed that the world's largest Oil & Gas companies, as well as major oil producers such as Saudi Arabia and Russia, will make an extra $234 billion in windfall profits by the end of the year if oil prices continue to average $100 per barrel. According to the exclusive report, based on Rystad Energy data, the world's top 100 oil and gas companies recorded more than $30 million per hour in paper profits in the first month of the U.S-Israeli war in Iran that began in late February. Oil markets remained steady…

In 1992, China’s political leader Deng Xiaoping made a comparison that should’ve set off alarms across the West: “There is oil in the Middle East; there is rare earth in China.” Instead, for the next 30 years, Western governments largely treated rare earth processing as low-value work — something they could hand off to whoever would do it cheapest. But then REalloys (NASDAQ: ALOY) came along with partners and started building domestic processing capability while most of the industry was still looking the other way.…

The message given by Ursula von der Leyen to electrify the European economy is strategically coherent, politically appealing, and, on the surface, even unavoidable. It will be the real deal to decarbonize industry and power transport, reduce dependence on imported fossil fuels, and anchor Europe’s competitiveness. The latter is especially valid in an increasingly fragmented geopolitical order. Electrification is presented as the backbone of Europe’s future prosperity and security. However, beneath this clear vision lies a far more uncomfortable…

Nuclear energy is poised for a major comeback in the United States. Donald Trump has made the revitalization of the domestic nuclear power sector a major aim of his administration, with the stated goal to reestablish the United States as the global leader in nuclear energy. The idea is that updating and expanding the United States' aging nuclear fleet will give the country a major leg up in terms of energy independence and autonomy. However, the U.S. nuclear energy sector – like the vast majority of the global nuclear sector – is extremely…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose 6.10 million barrels in the week ending April 10. In the week prior, US crude oil inventories rose by 3.719 million barrels. Analysts had expected a 1.3 million barrel draw. Inventories in the US Strategic Petroleum Reserve (SPR) continue to draw down to alleviate the pressure on prices. For the week ending April 10, 4.1 million barrels left the SPR, bringing the new total to 409.2 million barrels. This is 316.3 million barrels shy of maximum capacity.…

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose 6.10 million barrels in the week ending April 10. In the week prior, US crude oil inventories rose by 3.719 million barrels. Analysts had expected a 1.3 million barrel draw. Inventories in the US Strategic Petroleum Reserve (SPR) continue to draw down to alleviate the pressure on prices. For the week ending April 10, 4.1 million barrels left the SPR, bringing the new total to 409.2 million barrels. This is 316.3 million barrels shy of maximum capacity.…

France is shifting its response to rising fuel costs away from short-term relief and toward long-term electrification, according to Prime Minister Sébastien Lecornu. Instead of expanding fuel subsidies after oil prices spiked due to the Iran conflict, the government plans to redirect funding into helping households and businesses transition to electric energy, according to Bloomberg. Under the plan, annual support for electrification will nearly double to €10 billion by 2030, up from €5.5 billion today. The increase will come from…