Charles Kennedy

Harold Hamm’s Continental Resources has agreed to acquire a 50% interest in Phoenix Global Resources, forming an equal joint venture with Mercuria Energy Group to invest more than $4 billion in Argentina’s Vaca Muerta shale basin over five years. The partners aim to raise production from more than 28,000 to over 100,000 barrels of oil equivalent per day across approximately 163,000 net acres. The deal remains subject to final agreements, closing conditions and regulatory approval. The investment follows Peter Thiel’s purchase of a stake in Vista Energy and reflects growing international confidence in President Javier Milei’s economic reforms and Vaca Muerta’s substantially upgraded recoverable oil-resource estimate.

Coal is expected to remain the world’s largest individual source of electricity through 2030, generating nearly 11,000 TWh in 2026—far more than wind or solar individually. The International Energy Agency revised its forecast after the U.S.-Iran war disrupted LNG supplies through the Strait of Hormuz and raised gas prices, making coal more competitive in parts of Europe and Asia. China and India account for much of coal’s continued dominance, as rapidly growing electricity demand absorbs substantial new renewable generation. Although renewables collectively are expected to overtake coal in 2026, coal-fired generation is forecast to decline only gradually while global power demand continues to expand.

SLB is preparing to reactivate as many as 15 drilling rigs in Venezuela, with up to four potentially returning to service by the end of 2026 and all operating within a year, subject to producer contracts. The effort could help Venezuela expand crude output from its current capacity of about 1.25 million barrels per day, despite having the world's largest proven reserves. Formentera Partners is separately exploring imported rigs, while Chevron expects production from its Venezuelan joint ventures to rise by as much as 50% by the end of 2028. Equipment-import difficulties, weak infrastructure and power supplies, permitting issues, and limited contractual protections remain major barriers to sustained growth.

Saudi-listed Arabian Drilling secured an offshore drilling contract with Masirah Oil and Northern Offshore covering two firm wells and two optional wells in Oman’s Block 50, with operations expected to start before the end of the third quarter of 2026. The undisclosed-value agreement is expected to strengthen Arabian Drilling’s backlog and international expansion. The campaign will support development of the Yumna oil field, whose production has declined despite Masirah Oil’s efforts to improve recovery and sustain output.

Anadarko Peru, Occidental Petroleum’s subsidiary, plans to drill its first exploration well in Peru’s offshore Block Z-62 in 2027 after entering the project’s third exploration period. The move follows a $40 million, 6,018-square-kilometer 3D seismic survey that identified prospective geological structures in the Trujillo Basin. Chevron and Westlawn have acquired 35% and 30% stakes, respectively, while Anadarko remains operator. Peru estimates the blocks could eventually produce 150,000 to 200,000 barrels per day, but the basin’s commercial potential will depend on the results of the first well.

Equinor will acquire a 17.4% participating interest in Namibia’s Petroleum Exploration Licence 90 from Harmattan Energy, a Chevron subsidiary. The licence covers offshore Block 2813B in the Orange Basin and includes a drill-ready prospect scheduled for testing in 2026. Chevron will continue as operator, alongside QatarEnergy, Trago Energy and Namibia’s state-owned NAMCOR. The deal gives Equinor exposure to a closely watched exploration region while allowing Chevron to retain control, though regulatory approvals and further drilling, appraisal and economic evaluation are still required before any commercial development.

Gulf producers are moving more than 4 million barrels per day through a shadow export network involving AIS-dark shuttle tankers and ship-to-ship transfers off Oman and the UAE as the Iran war disrupts normal traffic through the Strait of Hormuz. Saudi Arabia and the UAE have the strongest alternatives, including Saudi Arabia’s 5-million-bpd East-West Pipeline and the UAE’s 1.5-million-bpd pipeline to Fujairah, while Iraq, Kuwait and Qatar remain highly dependent on the strait. The workarounds preserve oil flows but shift the risks to the Red Sea, Bab el-Mandeb, longer routes around Africa and rising Somali piracy, making a full replacement for Hormuz difficult and costly.

Colombia’s state-controlled Ecopetrol has completed its roughly $1.2 billion acquisition of a controlling 51% stake in Brazilian oil producer Brava Energia. The transaction combines a 25% stake acquired through a tender offer with an additional 26% purchased from existing shareholders. Brava produced about 78,800 barrels of oil equivalent per day in the first half of 2026 and held 459 million boe of proved reserves at the end of 2025. The deal gives Ecopetrol immediate production, substantial reserves and greater exposure to Brazil as it diversifies beyond its Colombian operations.

China’s solar equipment exports fell 21.4% year over year in July, marking a third consecutive monthly decline after Beijing removed VAT export rebates for photovoltaic products on April 1, 2026. The policy has increased export costs and made Chinese products more expensive overseas, although it was welcomed by the China Photovoltaic Industry Association as a measure to support rational pricing and reduce trade tensions. Exports surged to a record 68 gigawatts in March ahead of the change, while June shipments fell 9% overall but grew to Southeast Asia, Africa and South Asia. Exports to Europe and the Middle East declined sharply.

Russia has received its first gasoline shipment from India as Ukrainian attacks disrupt Russian refining capacity and fuel shortages spread to at least 10 regions, including the Moscow area. The approximately 68,000-metric-ton cargo was produced by Nayara Energy, transferred ship-to-ship near Egypt, and delivered to Russia’s Arctic port of Vitino; two additional Indian shipments are expected. Russia is also importing fuel from Belarus and other Asian suppliers, while gasoline sales on the St. Petersburg exchange have declined about 20% since early August. The shutdown of the 120,000-barrel-per-day Orsk refinery following an August 11 attack could last up to six months, while Russian seaborne petroleum-product exports fell sharply in July. Further Ukrainian strikes reportedly caused casualties in Belgorod and prompted Russia’s Defense Ministry to report the interception of 205 drones.

Libya’s electricity grid suffered another major collapse, taking the Zawiya, Khoms and Ubari power plants offline and causing the Great Man-Made River system’s pumping stations to stop. The blackout was the third major outage in western Libya within two days, intensifying demonstrations, road blockades and attacks on Prime Minister Abdul Hamid Dbeibah’s Government of National Unity. The crisis is adding pressure to Libya’s fragile division between western and eastern power centers, while recent protests and drone strikes have also disrupted oil and gas infrastructure. Despite producing about 1.4 million barrels per day and targeting output of 2 million barrels per day in the early 2030s, Libya has failed to translate oil revenues into dependable electricity and water services; the National Oil Corporation has warned that continued attacks could threaten exports from Zawiya.

India’s Oil and Natural Gas Corporation has obtained a U.S. Office of Foreign Assets Control license to resume activity in Venezuela, where it holds stakes in the San Cristobal and Carabobo oil projects. The move could give ONGC access to more than $500 million in unpaid dividends and may lead to agreements transferring operatorship from Venezuela’s PDVSA. India is increasing purchases from Venezuela and other non-Middle Eastern suppliers as Strait of Hormuz disruptions affect crude imports, on which the country depends for about 90% of consumption.

Russia’s diesel and gasoil exports fell to about 80,000 barrels per day during the first week of August, their lowest level in years, as Moscow extended export restrictions amid domestic fuel shortages. Ukrainian drone strikes have forced Russian refineries and supply routes offline, while reduced fuel flows from Russia and the Middle East have tightened global middle-distillate markets. The IEA estimates that global refinery throughput remained nearly 5 million barrels per day below year-earlier levels in July and that seaborne petroleum-product trade declined by 3.8 million barrels per day, pushing Atlantic Basin distillate cracks and refining margins to record highs.

Oil supply disruptions, elevated fuel prices and advances in battery technology could accelerate electric-vehicle adoption, according to Wood Mackenzie. The firm projects global oil consumption could decline to 99 million barrels per day by 2040, while EV market share could rise to 20% in the United States and 35% in Europe. China’s progress in rapid charging and sodium-ion and lithium iron phosphate batteries may pressure Western governments to support domestic innovation or license Chinese technology. Meeting projected EV growth would require an estimated $45 billion in additional metals investment, with copper potentially becoming the largest constraint, while utilities would need expanded managed-charging systems to limit pressure on power grids.

Porsche is reportedly preparing to end production of its Taycan electric sports car by 2030 after deliveries fell from 40,629 in 2023 to 16,339 in 2025. The company has not confirmed the report and previously said there were no immediate plans to discontinue the model. Weak demand in China, slower EV adoption, U.S. tariffs and broader financial pressures are contributing to Porsche’s strategic retrenchment, including a reduced ambition for fully electric sales and plans to eliminate about 9,000 jobs by 2035. The Macan EV has performed better, but the potential Taycan phase-out highlights the challenges facing luxury automakers’ electrification plans.

The Trump administration is backing the Southern Interconnection pipeline to bring U.S. LNG from Croatia into Bosnia, but the project has become entangled in concerns over conflicts of interest and a lack of competitive tendering. AAFS Infrastructure and Energy LLC, created shortly after sanctions were lifted from Milorad Dodik and his associates, was placed at the center of the pipeline despite having undisclosed shareholders, financing and technical partners; its owners include Trump lawyer Jesse Binnall and Michael Flynn’s brother, Joe Flynn. The strategy also expanded to proposed gas-fired power plants and long-term concessions for Sarajevo and Mostar airports. Washington’s efforts to remove High Representative Christian Schmidt and install Antonio Zanardi Landi have stalled because European governments support an alternative candidate. Meanwhile, Dodik has resumed secessionist rhetoric, challenged Bosnia’s institutions and deepened energy ties with Russia, raising doubts about whether the U.S. can control the political forces it has empowered.

E.ON reported modest first-half 2026 growth, with adjusted EBITDA rising 1% to €5.4 billion and adjusted net income increasing 5% to €1.9 billion. The German utility maintained its full-year guidance of €9.4–€9.6 billion in adjusted EBITDA and €2.7–€2.9 billion in adjusted net income, along with an approximately €8.7 billion investment target. Stronger electricity-network and infrastructure-services performance offset weaker retail earnings, while E.ON continued expanding and modernizing European grids, adding more than 130,000 German connections and linking over 5 gigawatts of renewable capacity. Demand from renewable generation, battery storage, data centers and electrified industry is expected to drive further grid investment.

A drone struck a power station near Libya’s Zawiya oil export terminal, the fourth attack in the area in several days. The facility is close to Libya’s largest refinery, and a shutdown could disrupt refinery operations and worsen local fuel shortages after an earlier attack destroyed or damaged a gasoline storage tank containing 4.5 million liters. No group has claimed responsibility. The National Oil Corporation warned that continued attacks could force it to declare force majeure on Zawiya oil exports, whose terminal handles up to 120,000 barrels per day supplied by the frequently targeted Sharara field. Despite the attacks, the corporation expects Libya’s production to rise from about 1.4 million barrels per day to 2 million barrels per day in the coming years.

Egypt and Libya are reportedly close to an agreement on a more-than-$1 billion, 800-kilometer oil pipeline linking Tobruk with Alexandria. The project would help Egypt replace crude supplies disrupted by Strait of Hormuz tensions and provide Libya with an additional outlet for increasing production. The countries are still assessing financing, implementation and capacity, while Egypt seeks at least 1 million barrels of Libyan crude per month and Libya targets production of up to 1.5 million barrels per day.

ConocoPhillips appointed Andy O’Brien, its chief financial officer and executive vice president of Strategy and Commercial, as president and CEO effective September 1, 2026. Ryan Lance will retire from those positions after 14 years as CEO but remain executive chairman during the transition. O’Brien, a longtime company executive with experience spanning finance, strategy, LNG, operations and mergers and acquisitions, is expected to maintain the company’s existing upstream-focused strategy. Konnie Haynes-Welsh will succeed him as chief financial officer. The changes represent an internal succession following years of portfolio expansion in U.S. shale and other core producing regions.

APA Corporation reported second-quarter net income of $747 million and production above guidance, including U.S. oil output of 123,500 barrels per day. The company raised its full-year U.S. oil forecast to 123,000 barrels per day, maintained its $1.3 billion domestic capital budget, lowered its lease operating expense forecast, and increased its expected annualized cost savings to $500 million. APA also reduced debt by $673 million during the quarter, returned $189 million to shareholders, and continued developing Egyptian gas assets. The company is pursuing further exploration through the proposed acquisition of Savant Alaska and a partnership with Eni on Uruguay's offshore Block 6.

Iranian and Omani negotiators have reportedly completed a temporary draft agreement that could reopen the Strait of Hormuz, but the plan still requires approval from Iran’s supreme leader. Under the proposal, inbound vessels would transit waters controlled by Iran while outbound ships would use an Omani-administered route. Disagreement over transit fees—Tehran reportedly seeking 5% to 7% of cargo value versus Oman’s proposed 3%—and U.S. opposition to payments to Iran remain major obstacles. Hormuz traffic has fallen to eight ships per day from roughly 130 to 140 before the conflict, while renewed attacks by the Houthis and other incidents near Yemen and Oman continue to support elevated oil prices and threaten Gulf energy exports.

Yemen’s Iran-aligned Houthi movement claimed it struck the Saudi-flagged products tanker NCC WAFA with ballistic missiles in the northern Red Sea near Yanbu. Maritime-intelligence analysts said the tanker had gone dark and likely turned north after the Houthis announced a blockade, but was still targeted hundreds of kilometers from the declared blockade zone. The Houthis said they had targeted eight Saudi tankers and intercepted or impeded as many as 29, while Saudi Arabia has rerouted some oil exports through Egypt and the Suez Canal and other vessels have attempted to transit the Bab el-Mandeb covertly.

EOG Resources reported second-quarter 2026 net income of $2.72 billion, more than double the prior-year figure, as revenue rose 57% to $8.62 billion. Higher oil prices and increased production lifted operating cash flow to $4.7 billion and free cash flow to $2.8 billion. Total production climbed 24% to 1.41 million barrels of oil equivalent per day, while the company returned about $1.8 billion to shareholders through dividends and share repurchases. EOG also began initial oil production in the United Arab Emirates and expects oil output to grow 5% and total production 14% in 2026.

Marathon Petroleum reported second-quarter 2026 net income of $5.1 billion, up from $1.2 billion a year earlier, as stronger crack spreads more than doubled its refining margin to $36.33 per barrel. Refining and Marketing adjusted EBITDA rose to $6.7 billion, while renewable diesel and midstream operations also improved. The company completed refinery investments in Texas and Illinois, maintained its $1.5 billion capital-spending outlook, and returned more than $2.8 billion to shareholders. MPLX raised its 2026 growth-capital forecast by $500 million to $2.9 billion for planned natural gas liquids fractionators, while Marathon expects third-quarter refinery throughput of about 3 million barrels per day.

Diamondback Energy raised its 2026 production forecast to at least 1 million barrels of oil equivalent per day after quarterly output exceeded that threshold for the first time. Second-quarter production averaged 1.018 million boe per day, supported by accelerated well completions and the use of drilled but uncompleted wells, while the capital spending budget remained unchanged at about $3.9 billion. The company reported $1.88 billion in attributable net income, approximately $2.33 billion in free cash flow, and substantial debt reductions. Diamondback also doubled its share-repurchase authorization to $16 billion and maintained its quarterly base dividend at $1.10 per share. Weak West Texas gas prices and takeaway constraints remain challenges, although expanded pipeline capacity and potential power projects could improve future gas-market access and demand.

Russian refineries processed an estimated 3.6 million barrels per day in July, about one-third below the seasonal average and the lowest monthly level since May 2002. Ukraine attacked 18 refineries, five tankers, five port facilities and two pipelines, with strikes extending to major facilities such as the Omsk refinery. The resulting outages prompted Russia to restrict most diesel and gasoline exports and forced producers to ship more crude. Export capacity through Novorossiysk fell sharply, while analysts said Baltic routes could absorb only part of the displaced Black Sea volumes because pipeline, storage and tanker capacity remain limited.

China's installed solar power capacity reached 1,274 gigawatts by the end of June 2026, nearly matching its 1,275 GW of coal-fired capacity and potentially overtaking it during the third quarter. Non-fossil generation rose 8.5% year over year and accounted for 70.7% of new power generation, while coal's share of electricity output fell below 50% for the first time. Despite the shift toward renewables, coal remains important for industrial demand and grid reliability.

REalloys has signed an agreement with JS Link to develop an integrated North American rare earth magnet platform covering feedstock, separation, metallization, and finished magnet manufacturing. The initiative builds on REalloys' planned processing facilities in Utah and Saskatchewan, its heavy rare earth metallization project, and prospective supplies from Greenland, Montana, and Wyoming. The effort is framed as a response to China's dominance of rare earth magnets and Beijing's export controls, as well as the U.S. Department of Defense's planned ban on Chinese-origin rare earth magnets from January 2027. Domestic defense contractors and other advanced-manufacturing industries could benefit from a more secure supply chain, although the article is strongly promotional and discloses that OilPrice.com's owner holds REalloys shares and options.

WEC Energy Group reported second-quarter net income attributable to common shareholders of $299.2 million, or $0.91 per diluted share, up from $245.4 million a year earlier. First-half net income reached $1.10 billion and revenue rose to $5.50 billion. Despite broadly flat electricity demand, weather-normalized retail deliveries increased 1.2%, supported by higher usage from large commercial and industrial customers. The utility reaffirmed its 2026 earnings guidance of $5.51 to $5.61 per share, citing operating efficiency, financial discipline, and continued investment in grid, renewable-generation, and data-center-related infrastructure.

Beetaloo Energy has signed a non-binding memorandum of understanding with Halliburton to provide technical expertise for the proposed Beetaloo Digital project in Australia's Northern Territory. The development would combine Beetaloo Basin gas production, pipeline infrastructure, gas-fired power generation and hyperscale data centers at a 185-hectare site near Darwin. Halliburton may support subsurface analysis, drilling, production optimization and modular power generation. The project remains dependent on further studies, partner and joint-venture formation, financing, regulatory approvals and government approvals.

Iran rejected Oman’s proposal to divide control of shipping lanes in the Strait of Hormuz evenly, insisting that it should control all inbound traffic to the Persian Gulf and part of the outbound lanes. Oman’s plan included voluntary fees from ships to fund navigation safety, environmental protection, and rescue operations, modeled on arrangements in the Strait of Malacca. The dispute intensified after renewed regional strikes, with Iran’s Revolutionary Guard Corps claiming it had halted three tankers for using an unsafe route and warning against U.S. intervention. The developments dashed hopes for a swift diplomatic resolution and contributed to a renewed rise in oil prices.

Indian Oil Corp. is seeking 50% stakes in very large gas carriers capable of transporting 80,000 to 93,500 cubic meters, with bids due in September 2026. The move is intended to reduce exposure to volatile charter rates as India plans to source up to one-quarter of its LPG imports from the United States beginning in 2027. Longer voyages from the U.S. Gulf Coast make freight a major cost disadvantage, while India’s heavy reliance on Middle Eastern supplies leaves it vulnerable to disruptions around the Strait of Hormuz. Indian Oil, Bharat Petroleum and Hindustan Petroleum are preparing tenders for U.S. LPG purchases as India also seeks to expand bilateral trade and American energy imports.

FirstEnergy reported higher second-quarter GAAP earnings and revenue, reaffirmed its 2026 core earnings guidance of $2.62–$2.82 per share, and maintained its long-term 6%–8% annual earnings-growth target. The utility plans $6 billion in capital investment in 2026 and is advancing its $36 billion Energize365 grid-modernization program. Contracted data-center electricity demand rose 30% quarter over quarter to 6.4 GW, including a 137% increase in West Virginia demand to 4.3 GW, supporting potential investments in generation, transmission, and distribution infrastructure.

Petrobras reported record second-quarter 2026 equity production of 3.34 million barrels of oil equivalent per day, up 14.1% year over year and 3.4% from the previous quarter. Growth was driven by improved efficiency, production ramp-ups at several FPSOs, and the early startup of the P-79 platform at the Búzios field, partly offset by declines at mature assets. Refinery utilization reached a record 101.2%, while refined-product output rose to 1.918 million barrels per day and imports fell to record lows. Pre-salt crude accounted for 73% of refinery feedstock, and record operated and pre-salt production underscored the increasing importance of Brazil’s offshore developments.

Eni raised its 2026 underlying hydrocarbon production growth forecast to about 5%, from 3%–4%, after second-quarter production increased 11% year over year to 1.79 million barrels of oil equivalent per day. Adjusted EBIT more than doubled to €5.38 billion and adjusted net profit reached €2.3 billion. The company increased its planned 2026 share buyback to €3.4 billion, reaffirmed its €1.10-per-share dividend and left open the possibility of an extraordinary dividend. Eni also advanced upstream projects, formed a Southeast Asian joint venture with Petronas, expanded into graphite and lithium, pursued a commodities-trading partnership with Mercuria and continued developing renewable energy, biofuels and carbon-capture activities. Gross capital expenditure guidance remained €7 billion, while expected net capital spending was reduced to below €5 billion as portfolio optimization and asset monetizations supported gearing of approximately 10%.

The Trump administration says sales of oil from Venezuelan assets under U.S. control have generated more than $13 billion since Nicolás Maduro was captured on January 3. The revenue is reportedly held in U.S. Treasury-managed accounts, but lawmakers are demanding a full accounting after claims that only $386 million reached earthquake relief and roughly $3 billion was used for salaries and oil infrastructure. Venezuela’s production increased from about 820,000 barrels per day in January to 1.23 million barrels per day in June, while exports reached 1.25 million barrels per day. Expanded private investment, direct supply deals with refiners and the 2026 Hydrocarbons Law are supporting the recovery, although aging infrastructure and limited oilfield services remain constraints. Rystad Energy estimates that restoring historical production capacity of 3 million barrels per day would require approximately $183 billion in investment through 2040.

Oil prices declined in early Asian trading as a fourth consecutive night passed without attacks between Iran and the United States. WTI fell 1.97% to $80.98 per barrel and Brent dropped 1.77% to $86.80. Donald Trump and Iranian officials signaled that diplomatic talks were making progress, although both sides warned that hostilities could resume. Persistent Red Sea shipping disruptions, including a Houthi attack on Saudi oil installations, continue to support prices, while falling geopolitical risk, high prices and broad inventory builds reported by the EIA point to weakening demand. Further escalation could push prices higher, whereas a diplomatic breakthrough would likely accelerate the decline.

Saipem reported first-half 2026 revenue of €7.35 billion, up 1.9% year over year, and adjusted EBITDA of €836 million, up 9.4%. The company lowered its full-year adjusted EBITDA forecast to approximately €1.75 billion after incurring about €70 million in additional Middle East conflict-related costs, while maintaining revenue guidance of €15.5 billion, operating cash flow of €1.0 billion and free cash flow of €600 million. Contract awards rose 33% to €5.74 billion, with a backlog of nearly €30 billion, and net cash improved despite dividend payments.

TotalEnergies is appealing a June 25 ruling by the Paris Judicial Court in a climate-related case brought by environmental groups under France’s duty of vigilance law. The company argues that the ruling improperly expands the law to cover global climate impacts and customer use of its products, matters it says should be addressed by governments and international cooperation. TotalEnergies also contends that the law and the EU Corporate Sustainability Due Diligence Directive focus on a company’s own operations and supply chain, not consumers’ activities. The case will proceed to the Paris Court of Appeal.

Origin Energy said personal information belonging to approximately 900,000 current and former customers was accessed in a cybersecurity incident. The Australian energy retailer is contacting affected customers, extending support services, securing its systems, and working with cybersecurity specialists and Australian authorities, including the Australian Cyber Security Centre, Australian Federal Police, National Office of Cyber Security, and privacy regulator. Origin said it had investigated a potential threat earlier in July but initially considered it not credible; new information received on July 22 led it to confirm a possible incident and notify customers and the market. The breach remains under criminal investigation, and Origin has warned all customers to watch for phishing and other scams.

The U.S. Army has conditionally selected REalloys to build a dysprosium and terbium processing facility at Utah’s Tooele Army Depot, marking the first planned commercial mineral-processing operation on a U.S. military installation. The project is intended to reduce dependence on China, which controlled roughly 91% of magnet rare-earth separation and refining in 2024 and imposed export controls on several heavy rare earths in 2025. REalloys would finance and operate the facility, using materials supplied through an expanded Saskatchewan Research Council operation and converting the oxides into metals for alloy production in Ohio. The company has also secured $100 million in financing, although it still needs to finalize the Army lease. The initiative is driven by a January 2027 defense-sourcing rule restricting Chinese-linked rare-earth materials, while Tooele operations are expected to begin by or before 2028.

Kazakhstan resumed crude exports through the Caspian Pipeline Consortium on July 27 after a week-long suspension caused by drone attacks near the Black Sea terminal at Novorossiysk. Two tankers began loading crude from the Chevron-led Tengizchevroil project, while producers restarted deliveries into the pipeline. Production had fallen to about 1 million barrels per day from a June average of 2.16 million bpd after Kazakhstan ordered output cuts to prevent storage overflows. The 1,500-kilometer CPC route carries more than 80% of Kazakhstan's crude exports, but operations remain subject to security assessments, and the timeline for returning production to normal is unclear.

Chinese buyers are reportedly preparing to re-export the first U.S. LNG cargo delivered to China in more than a year rather than pay a 25% tariff on importing it. The cargo was placed in bonded storage at Yangpu port, and vessel-tracking data suggests an empty tanker may collect it for shipment to a higher-priced market. The transaction indicates that China is not willing to resume U.S. LNG imports at the tariffed price, despite disruptions to Qatari and UAE exports caused by the Middle East war. China’s LNG imports nevertheless rose 8.3% year over year to 5.68 million tons in June, while state importers are seeking longer-term supplies from exporters less dependent on the Strait of Hormuz.

TotalEnergies will appeal a Paris Judicial Court ruling that held it responsible for climate change and ordered it to align its business with climate goals under France’s duty of vigilance law. The company argues that global climate change and emissions resulting from customers’ use of its products fall outside the law’s scope and that the order conflicts with legal certainty and business freedom. The case will proceed before the Paris Court of Appeal. The report also notes that Shell continues to face climate litigation in the Netherlands, although a Dutch appeals court overturned an earlier emissions-reduction order in 2024.

U.S. rare-earth producers and Pentagon suppliers warn that domestic processing and permanent-magnet capacity will not be sufficient by the January 1, 2027 deadline for ending reliance on Chinese rare-earth materials. China continues to dominate global refining and magnet production, creating risks for defense procurement as well as electric vehicles, wind power, robotics and data centers. Companies including MP Materials, USA Rare Earth, Lynas Rare Earths, Energy Fuels and REalloys are expanding with federal contracts and financing, but executives say their projects cannot fully replace Chinese supply on schedule. The Trump administration is therefore considering extending access to some Chinese materials beyond 2027.

India’s Mangalore Refinery and Petrochemicals Ltd. has instructed suppliers in a tender for up to 1 million barrels of crude to avoid loading or transit through the Strait of Hormuz and the Red Sea. The restriction reflects persistent disruption from Houthi attacks and reduced tanker traffic through both corridors, despite a pause in U.S.-Iranian strikes and a decline in Brent crude prices. MRPL may retain the routing requirement in future tenders if regional conditions do not improve.

Russia’s fuel crisis is reportedly easing as several oil refineries resume operations, improving supplies to filling stations and agricultural producers. Deputy Prime Minister Alexander Novak said conditions remain tense in parts of Siberia but characterized the disruption as temporary. The shortages, which have lasted more than two months during peak demand, were intensified by Ukrainian drone attacks on Russian refineries, vessels and export infrastructure. Shutdowns at the Sheskharis terminal and the Caspian Pipeline Consortium terminal have also disrupted crude flows, forcing Kazakhstan to cut production and reportedly reducing output at Chevron’s Tengiz field.

Houthi threats and recent attacks on Saudi-linked tankers in the Red Sea have prompted the supertanker Olympic Luck to abandon the shorter Bab el-Mandeb route to Asia and travel through the Suez Canal, Mediterranean, and around Africa. The rerouting adds roughly a month to the voyage, while traffic through Bab el-Mandeb has fallen to its lowest level in months. Saudi crude exports continue through alternative routes, including Egypt’s SUMED pipeline and the Cape of Good Hope, while some Chinese-linked vessels continue using Bab el-Mandeb under a Houthi carve-out.

Australia’s nationwide gasoline price reached US$1.27, or A$1.82, per liter in the week ending July 26, the highest level since late March, while diesel prices also climbed. The increases followed Middle East hostilities and elevated international crude prices, compounded by a fire at one of Australia’s two refineries and the country’s reliance on imported transportation fuels. The federal government temporarily halved fuel excise and arranged additional diesel and jet-fuel shipments from regional suppliers to strengthen supply and ease pressure on consumers. A recent de-escalation pushed oil prices lower, but the outlook remains uncertain while the conflict continues.

DCC Energy has accepted a takeover offer from a consortium led by KKR and Energy Capital Partners that values the Irish energy distributor at approximately $7.7 billion, about $1 billion above KKR’s initial June proposal. Shareholders will receive $87.17 per share in cash, a $1.97 final dividend, and a potential additional $1.67 per share if DCC sells its Nexora technology division for at least $800 million. The transaction would rank among Europe’s largest energy-sector deals of the year, amid heightened investor interest in energy infrastructure and concerns over Europe’s exposure to oil and gas supply shocks.

Tanker traffic through the Bab el-Mandeb Strait fell to a multi-month low, with only 11 commodity-carrying tankers transiting on Sunday, including seven oil tankers. The decline followed Houthi threats to blockade Saudi shipments and attacks on two Saudi oil tankers, prompting operators to reroute through the Suez Canal, turn back, or conceal vessel locations by switching off transponders. Kpler data showed that some vessels were still carrying Saudi, UAE, and Russian crude to Asian buyers, while Windward reported that tanker operations at Saudi Arabia’s Yanbu port had become entirely AIS-dark. Early signs of de-escalation had not yet restored traffic through either Bab el-Mandeb or the Strait of Hormuz.

European benchmark natural gas prices fell as much as 8.6% after the United States paused strikes on Iran and Tehran signaled an end to retaliatory attacks, raising hopes of de-escalation and a possible reopening of the Strait of Hormuz. The decline followed a sharp rise driven by Middle East hostilities, Houthi disruption of the Bab el-Mandeb Strait and suspended Qatari LNG flows. Europe nevertheless faces substantial winter supply risks because gas storage is near a 15-year low for this point in the year, below the five-year average, while competing with Asia to secure LNG.

Japan may seek foreign-bank financing for roughly $33 billion of U.S. natural-gas investments pledged under its trade agreement with the Trump administration. The Japanese finance ministry said loans from overseas lenders could be guaranteed by NEXI, while Japan Bank for International Cooperation would provide part of the funding. JPMorgan and other U.S. banks are reportedly nearing agreements to participate. The broader deal involves a $550 billion Japanese investment commitment to the U.S., including a 9.2-GW natural-gas power plant and a deepwater Gulf oil port designed to support up to 1 million barrels per day of crude exports.

DCC Energy has agreed to a recommended all-cash takeover by a consortium led by Energy Capital Partners and KKR, valuing the company at approximately £5.75 billion ($7.7 billion). Shareholders will receive 6,525 pence per share plus a previously declared dividend, with a potential additional payment linked to the sale of DCC’s Nexora technology business. The board unanimously supports the deal, which remains subject to shareholder, court and regulatory approval and is expected to close in the first quarter of 2027. DCC Energy distributes fuels and multi-energy solutions across Europe and the United States and reported £15.4 billion in revenue and £634 million in adjusted operating profit for the year ended March 31, 2026.

China’s crude oil imports are estimated to have risen to an average of 7.8 million barrels per day in July, up sharply from 6.2 million barrels per day in June, as refiners increased purchases of Russian crude and received more Middle Eastern shipments. The increase could support the recent oil-price rally. Meanwhile, a pause in U.S.-Iran attacks has reduced immediate escalation, but Iranian officials and regional developments suggest skepticism that the halt represents a lasting peace, with continued risks around the Strait of Hormuz and the Red Sea.

Oil prices fell more than 5% in early Asian trading after the United States and Iran indicated they would temporarily halt attacks following two weeks of escalation. WTI dropped to $84.47 and Brent to $91.80 as traders took profits and reduced the immediate geopolitical risk premium. U.S. officials said the pause was intended to create space for diplomacy, while Iran described its position as conditional on reciprocal restraint. Despite the price decline, tanker traffic through the Strait of Hormuz and Red Sea remains disrupted, and sustained market relief will depend on a durable agreement and restoration of shipping confidence. Further headlines from Washington and Tehran are expected to keep markets volatile.

The prospect of an oil glut has been overtaken by a tightening physical market as conflict disrupts two major chokepoints, the Strait of Hormuz and Bab el-Mandeb. Houthi attacks have prompted tankers to avoid the Red Sea, Ukrainian drone strikes have curtailed Kazakh exports through Novorossiysk, and attacks on Russian refineries and diesel export restrictions are tightening refined-product supplies. Although global oil demand fell nearly 5% in the second quarter and consumption declined in Europe and China, refining margins have reached record highs and commercial inventories are being depleted. The combination of constrained supply, limited refining capacity and weaker economic activity is raising the risk of a global recession, despite remaining emergency stocks held by IEA countries.

Carbon capture and storage has attracted billions in government and industry investment as a proposed solution for emissions-intensive sectors, but its prospects are increasingly questioned. Reviews show many operating projects capturing below their expected rates or failing outright, while global capacity remains negligible relative to total emissions. Costs have also risen sharply, with CCS potentially doubling U.S. gas-power costs and European capture, transport and storage estimates reaching $170–$340 per tonne. Critics argue that the technology risks greenwashing, prolonging natural-gas and oil use, and diverting funding from permanent low-carbon alternatives. CCS may have a limited role, but the evidence suggests it is unlikely to deliver the broad decarbonization promised by its supporters.

Russia’s Sheskharis oil terminal at Novorossiysk has not loaded a crude tanker since July 21 after drone attacks disrupted the nearby Caspian Pipeline Consortium terminal. The two export hubs together handle a major share of regional crude flows, with Sheskharis averaging about 650,000 barrels per day and CPC carrying most of Kazakhstan’s exports. The disruption has forced Kazakhstan to cut production, including at Chevron’s Tengiz field, while Russia warns that Black Sea navigation is unsafe. With Middle Eastern and Red Sea risks already tightening supplies and inventories providing less of a buffer, prolonged Black Sea outages could add further upward pressure to global oil prices.

JPMorgan estimates an 81% chance that the current El Niño strengthens into a very strong or “super” event by year-end and a 97% chance that it persists into 2027. Such conditions could raise global food inflation by about 0.7 percentage points, while the combination with $100 oil, constrained diesel supplies, costlier fertilizer, transportation and packaging could lift food inflation by 1.3% to 1.5% and headline inflation by roughly 0.3 percentage points. Disruptions linked to fighting around the Strait of Hormuz, Houthi attacks in the Red Sea, Kazakhstan’s production cuts and constrained Russian fuel exports are already tightening energy markets. Emerging markets including India, Indonesia, Brazil and Colombia are considered most exposed, though Europe and the United States would also face higher imported food and commodity costs.

Saudi Arabia’s crude exports from Yanbu on the Red Sea fell 41% from a March peak of 4.07 million barrels per day to approximately 2.39 million bpd in June, according to Wood Mackenzie vessel-tracking data. The decline followed Saudi Arabia’s effort to redirect exports away from the Strait of Hormuz during the Iran war. Analysts warn that the shift substituted one strategic chokepoint for another, as the Bab el-Mandeb Strait and Red Sea remain vulnerable to disruption by Iran-aligned Houthi forces. The Houthis said they had attacked two Saudi tankers after declaring a naval blockade, threatening a major alternative route for Saudi crude shipments to Asia.

Indian refiners are seeking crude from Angola and Venezuela after Middle Eastern term supplies became trapped west of the Strait of Hormuz amid escalating regional conflict. Bharat Petroleum is testing new grades, while Hindustan Petroleum says it received little contracted Middle Eastern supply and had to prioritize availability over optimization. India’s Russian crude imports remain near record levels, but Indian Oil and Mangalore Refinery and Petrochemicals have suspended Iraqi loadings, with Indian Oil canceling a planned two-million-barrel tanker voyage through Hormuz because of security risks.

ADNOC has issued its seventh UAE crude tender since early June, offering millions of barrels for August–October loading from ports inside and outside the Persian Gulf, including Fujairah, ship-to-ship transfers offshore Fujairah, and Malaysia. The tender comes amid renewed Strait of Hormuz supply risks and Houthi threats to Red Sea shipping. ADNOC has reportedly sold more than 74 million barrels through earlier tenders using alternative shipping arrangements and will reject discounted bids in the latest sale. UAE crude production rose to an estimated record 4.1 million barrels per day in June after the country left OPEC and increased output, while exports continued despite disruptions around Hormuz.

Pakistan’s alliance of goods transporters has warned that it may call a nationwide strike at any time in protest against soaring diesel and gasoline prices. The group says the government’s decision to revise fuel prices daily is an anti-transport policy that threatens road freight businesses with closure. Pakistan introduced the daily pricing mechanism on July 21, arguing that it would make domestic prices more transparent and responsive to international crude markets. The transport industry is seeking talks with authorities, while Pakistani refiners are exploring crude supplies from the United States, Nigeria, Singapore and Central Asia as Middle East disruptions threaten shipments through the Strait of Hormuz and Red Sea.

Only one oil tanker crossed the Strait of Hormuz on Thursday, the lowest daily total since May 7, and no tanker entered the Persian Gulf. The decline followed heightened war risks, Houthi attacks and threats in the Red Sea, and fresh threats by President Donald Trump against Iran. The supertanker New Giant, carrying about 2 million barrels of Iraqi Basrah crude, was the sole outbound crossing and is expected to reach China in August. Some vessels are rerouting through the Suez Canal and around Africa, a journey that can take three times longer, while Saudi Aramco has begun offering crude loadings through Egypt’s Sidi Kerir port. Analysts warned that further escalation could place a significant share of Middle Eastern oil supply at risk and push crude prices above $100 per barrel.

The Saudi crude tanker Merbabu reportedly crossed the Bab el-Mandeb Strait with its AIS transponder switched off after the Iran-aligned Houthis announced a blockade targeting Saudi oil shipments. The Greek-owned vessel later reappeared in the Arabian Sea, while other vessels rerouted toward the Suez Canal. Maritime intelligence firm Windward said Houthi enforcement appears to depend on crew and vessel ownership rather than cargo, allowing some China-bound tankers carrying Saudi crude to continue through the chokepoint.

Chinese refiners have bought all August cargoes of Russia’s ESPO crude from the Far Eastern port of Kozmino earlier than usual, seeking to secure supply as disruptions threaten Middle Eastern oil shipments. The buying surge narrowed ESPO’s discount to ICE Brent to about $1 per barrel from $3–$4 two weeks earlier. Renewed fighting involving Iran, the United States and Iran-aligned Houthis has severely disrupted tanker traffic through the Strait of Hormuz and the Red Sea, prompting China to stock up on Russian crude that can reach its eastern ports in roughly a week.

The United States is making small modular nuclear reactors a central priority in its engagement with Southeast Asia as electricity demand rises. Ambassador to ASEAN Kevin Kim said Washington is in discussions with several regional governments, following a July 7 memorandum with Japan and South Korea to accelerate SMR deployment across the Indo-Pacific. The broader strategy also includes expanding LNG exports, grid technologies, and critical-mineral supply chains, supported by a $1.5 billion investment platform and new funding for energy initiatives in the Philippines and Mekong region.

Major LNG exporters from the United States, Australia, Canada and Southeast Asia are seeking to supply Cambodia’s planned 900-MW LNG-fueled power station. Cambodia is pursuing LNG as an energy-diversification tool despite already generating a large share of its electricity from renewables and biofuels. High Asian LNG prices, Persian Gulf conflict and QatarEnergy’s extended force majeure at Ras Laffan are increasing near-term costs, while expanding U.S. LNG capacity is intensifying competition for new customers.

President Donald Trump threatened to hold Iran responsible and impose major military punishment if Yemen’s Houthis launch further attacks on tankers, describing the group as an Iranian proxy. His warning followed attacks on two Saudi tankers in the Bab el-Mandeb Strait, which led other vessels to divert around the region, although two Chinese tankers reportedly transited safely. The Houthis have declared a naval blockade against tankers linked to Saudi Arabia, while Saudi Arabia is relying on its Yanbu port to export 4–5 million barrels of oil daily. Iranian parliament speaker Mohammad Bagher Ghalibaf warned that if Iran’s security is not guaranteed, regional infrastructure and the Strait of Hormuz will remain insecure, escalating concerns over Middle Eastern shipping and oil supplies.

Brent crude rose above $100 per barrel and West Texas Intermediate climbed above $90 as disruptions intensified around the Strait of Hormuz and the Bab el-Mandeb Strait. Houthi attacks on tankers, threats by U.S. President Donald Trump against Iran, and Kazakhstan’s suspension of oil flows through the Caspian Pipeline Consortium have put additional supply at risk. Analysts cited low Middle Eastern production, near-record-low onshore inventories, depleted U.S. strategic reserves and reduced OECD stocks as factors likely to sustain upward price pressure. U.S. gasoline prices have again exceeded $4 per gallon, potentially increasing political pressure on the Trump administration ahead of the November midterm elections.

India plans to build five domestically developed small modular reactors by 2033 as part of a broader effort to expand nuclear power. The Bhabha Atomic Research Centre is developing a 220-MW Bharat Small Modular Reactor, a 55-MW reactor and a high-temperature gas-cooled design for hydrogen production. India aims to increase nuclear capacity from about 8.78 GW to 22 GW by fiscal 2031–32 and ultimately to 100 GW by 2047, requiring an estimated 19.28 trillion rupees in investment. The SHANTI Act, approved in late 2025, opens the sector to private investment, while state-owned NTPC is expected to provide about 30% of the new capacity and is seeking overseas uranium assets to secure fuel supplies.

India is expected to export up to 1.55 million barrels per day of refined petroleum products in July, nearly double May’s volume and the second-highest level in Kpler’s data series since 2017. The surge is being driven by sharply higher refining margins as renewed Middle East hostilities tighten Asian fuel markets. Increased Indian exports could relieve some regional fuel-market pressure, but crude supply disruptions and delayed July-August deliveries may limit processing gains among Asian refiners.

The Middle East war has weakened Qatar and the United Arab Emirates' longstanding bargaining power in LNG markets after disruptions to cargo movements through the Strait of Hormuz and damage to regional infrastructure. European and Asian importers are seeking lower Brent-linked prices, greater contract flexibility and suppliers that do not depend on the Persian Gulf. Qatar and UAE contracts previously priced at roughly 12.6%–12.7% of Brent have reportedly fallen to about 12.3% in deals signed after February, while higher insurance and freight costs add to the pressure on Gulf exporters.

U.S. refinery utilization reached 96.2% for the week ending July 17, with Midwest and Rocky Mountain facilities operating at 100%. Despite a recent inventory build, U.S. commercial oil stocks remain 6% below the five-year average, while Cushing inventories and the Strategic Petroleum Reserve are at multi-year lows. Record fuel exports and near-capacity refinery operations have increased exposure to hurricanes and unexpected outages. Tight global inventories, Russia’s diesel export ban, and renewed Middle East conflict—including disruption around the Strait of Hormuz—have pushed diesel and gasoline refining margins higher and may prevent Asian refiners from increasing throughput as planned.

Two China-owned and COSCO Shipping-operated tankers, the Xin Long Yang and Cosnew Lake, continued carrying Saudi crude through the Red Sea toward the Bab el-Mandeb Strait despite Houthi attacks on Saudi vessels and threats to impose a naval blockade. The Houthis claimed responsibility for attacks on the Saudi-flagged tankers Encelia and Layla and said they had forced at least nine ships to turn back. The escalation follows intensified U.S. strikes on Iranian military targets and broader disruption around the Red Sea and Strait of Hormuz, increasing risks for Saudi oil exports and international tanker traffic.

TotalEnergies reported second-quarter 2026 adjusted net income of $6 billion, up 68% year over year and 12% from the previous quarter, as higher oil prices and stronger refining and petrochemical margins boosted earnings. Exploration and Production adjusted net operating income reached $3.2 billion, while cash flow rose more than 25% quarter over quarter despite lower lifting volumes caused by difficulties accessing the Strait of Hormuz. The company increased its second interim dividend to €0.90 per share and authorized up to $1.5 billion in third-quarter share buybacks.

The European Union is expected to exempt Greek gas carrier Dynagas from parts of its latest Russia sanctions package after pressure from the Greek government. The exemption would allow Dynagas to transport Russian LNG to third countries for 12 months, potentially renewable, although volumes would be capped at its 2025 levels. The concession comes as EU purchases of Yamal LNG reached a record 9.97 million tons in the first half of the year, representing 97% of the plant’s output. QatarEnergy’s extension of force majeure at the Ras Laffan LNG facility is also tightening global supply and raising prices, making it more difficult and costly for the EU to replace Russian LNG while refilling storage ahead of winter.

India’s requirement that solar-module manufacturers use domestically produced cells has triggered shortages because local cell capacity is far below demand. Since the rule took effect on June 1, nearly one-third of small and medium module makers have reportedly shut down, while one manufacturer expects output to fall from 3.2 GW to 1 GW. The disruption puts roughly $4 billion in investment at risk and threatens India’s plan to expand non-hydrocarbon generation capacity to 500 GW by 2030, despite substantial domestic module-manufacturing capacity.

Houthi forces claimed they attacked two Saudi oil tankers, Encelia and Layla, for violating a newly declared naval blockade at the Bab el-Mandeb Strait. At least two tankers subsequently turned away, while Saudi Arabia confirmed that one tanker had been struck and caught fire. Shipping traffic through the Red Sea chokepoint fell from 38 tanker crossings to 27, including five crude oil tankers and one LNG carrier. Hormuz traffic also remained sharply below pre-war levels, with 253 energy carriers reportedly stuck in the Persian Gulf. The escalating disruptions contributed to a rise in oil prices, with Brent crude briefly exceeding $96 per barrel.

Brent crude rose above $96 per barrel and WTI climbed as the United States carried out its 12th consecutive night of strikes against Iranian military targets. Iran threatened tighter control over the Strait of Hormuz after reporting a tanker fire, while the Iran-backed Houthis expanded attacks on Saudi-linked shipping in the Red Sea and Bab el-Mandeb. These threats to key oil chokepoints increased fears of supply disruptions despite U.S. inventory data showing a 2-million-barrel crude build. With diplomacy stalled, the market faces continued volatility and potential further price increases.

Equinor CEO Anders Opedal warned that Europe may fail to reach its 80% natural-gas storage target before winter. European storage is around 54% full, well below the seasonal average, while stronger Asian LNG demand is intensifying competition for flexible cargoes. Norway remains Europe's largest external pipeline-gas supplier, but cannot fully offset a tightening global LNG market. Low inventories could leave Europe vulnerable to cold weather, supply disruptions and price volatility, potentially making natural gas a larger energy-market risk than crude oil this winter.

Aliko Dangote plans to develop a $17 billion, 700,000-barrel-per-day refinery on Kenya’s Lamu Island, potentially supplying Kenya and neighboring East African markets while exporting surplus fuels. The project would exceed current regional demand, benefit from Lamu’s deep-water port and the LAPSSET Corridor, create more than 60,000 jobs, and support intra-African trade. However, environmental groups and local communities fear damage to Lamu’s UNESCO-listed marine ecosystem, while lawyers are demanding comprehensive environmental reviews and public participation. Economists also warn that proposed tax incentives and anti-dumping protections could enable market dominance and leave Kenya exposed to stranded-asset and carbon risks.

Metals markets are being pulled between structural supply deficits and AI-driven demand on one side, and high energy prices, inflation fears, tighter interest rates and tariff uncertainty on the other. Copper has the strongest outlook because of constrained supply, resilient Chinese buying and rising demand from power grids, renewable energy and AI data centers. Aluminum prices have fallen sharply, although the delayed restart of idled Middle Eastern smelters could prolong supply constraints. Platinum may remain relatively resilient, while palladium faces worsening auto demand, rising inventories and lower price forecasts; rhodium is expected to remain modestly undersupplied this year before moving close to balance in 2027.

GE Vernova raised its 2026 revenue guidance to $45.5 billion-$46.5 billion after second-quarter revenue rose 22% to $11.1 billion and orders surged 88% to a record $24.2 billion. Utilities and hyperscale data centers are driving strong demand for gas turbines, grid equipment and other power infrastructure, while data-center orders have already exceeded $5 billion this year. Wind remains a major weakness: segment revenue fell 10%, adjusted EBITDA losses widened to about $275 million, and the business is expected to lose roughly $400 million in 2026 amid high costs, weak project economics, tariffs and regulatory uncertainty. Upcoming results from Siemens Energy, Vestas and Ørsted will provide further insight into the condition of the wind industry.

Europe’s natural-gas storage facilities are only about 54% full and are unlikely to reach 80% before winter, potentially leaving the continent with its weakest supply buffer in 15 years. Storage was heavily depleted by a colder winter, while reduced LNG availability is intensifying competition with Asia. Rising demand in China, Japan, Pakistan and India is drawing cargoes away from Europe, and higher Asian prices are redirecting U.S. LNG shipments that would normally help replenish European inventories.

The renewed Iran conflict has disrupted tanker traffic through the Strait of Hormuz and threatens to delay the increase in Middle Eastern crude deliveries expected by Asian refiners in August. Additional Houthi threats to block the Bab el-Mandeb Strait could further restrict Saudi oil exports. While U.S. and European refiners are operating near capacity, Asian refiners—particularly in China—face disrupted loading schedules, reduced crude processing and weakening fuel demand, putting the expected third-quarter recovery in fuel production at risk.

Pakistan’s oil refiners are urgently seeking crude cargoes from the United States, Nigeria, Singapore and Central Asia as renewed Strait of Hormuz closures and Houthi threats to the Bab el-Mandeb Strait put Middle Eastern supply routes at risk. Refineries including Pakistan Refinery Limited, Pakistan Arab Refinery Company and National Refinery Limited are examining alternatives and contacting traders about cargoes already at sea. The disruption has also strained Pakistan’s LNG supply, with stranded Qatari cargoes forcing the country into an expensive spot-market procurement effort.

Brent and WTI crude prices rose nearly 4% as threats by the Iran-aligned Houthis to close the Bab el-Mandeb Strait heightened fears of a wider Middle East supply disruption. Saudi Arabia has redirected much of its oil exports to the Red Sea port of Yanbu to avoid the Strait of Hormuz, but tanker U-turns and delays now threaten that alternative route. A maritime security advisory said the Houthis had positioned missiles and drones near Bab el-Mandeb. Ongoing attacks affecting Kazakhstan’s shipments through Russia’s CPC terminal also added support to oil prices, while Donald Trump indicated that U.S. military operations could intensify and that Washington was not currently interested in renewed negotiations.

China’s crude imports fell 41.3% year over year in June to 7.12 million barrels per day, helping limit oil-price increases during the Middle East supply crisis. The country is also estimated to have drawn about 41 million barrels from strategic and commercial reserves in June, but it still holds substantial inventories. Lower Gulf official selling prices and oil prices near $70 may prompt Chinese refiners to increase purchases in July and August, while renewed prices near $90 could reduce demand for later cargoes. Beijing’s easing of refined-fuel export restrictions may further boost crude demand, although export growth is constrained by requirements to maintain minimum product inventories. China’s next import and fuel-export decisions are therefore expected to be a major factor in oil prices through the end of the year.

India was the most active end-user market for long-term LNG purchases in 2025, contracting 8.4 million tonnes per year across six entities, according to GIIGNL. The activity supports India's plan to nearly double natural gas's share of its energy mix to about 15% within a decade, following the addition of its eighth LNG import terminal. Globally, 83 long-term LNG sales and purchase agreements were signed in 2025, with 71.6 million tonnes per year of newly contracted volumes disclosed. GIIGNL attributed the surge to rising demand and liquefaction projects seeking offtake commitments. It also warned that disruptions to Qatar's LNG exports linked to the Iranian missile strike and dependence on the Strait of Hormuz are tightening the market, while alternative supplies can only partly replace the missing cargoes.

U.S. strikes on Iranian command centers, missile sites and air defenses entered a 10th consecutive night as President Donald Trump warned Iran it would pay heavily for the deaths of American service members. The conflict has killed 17 U.S. troops and injured nearly 100 since July 7, while Iran claims attacks on U.S. and allied facilities remain unconfirmed. Yemen’s Houthis have declared a naval blockade of Saudi Arabia, threatening the Red Sea export route, and two Dynacom-managed tankers were struck near Oman while using a southern route around the Strait of Hormuz. Tanker traffic through Hormuz has sharply declined, raising fears that a closure could remove about 7% of global oil supply. Brent crude is near $89 per barrel, U.S. gasoline has risen above $4 per gallon and diesel has reached $5.10. Mediators are proposing a possible 10-day ceasefire, leaving markets to weigh either renewed access through Hormuz or a wider regional escalation.

U.S. commercial crude inventories fell by 3.8 million barrels in the week ending June 26 to 408.4 million barrels, 7% below the five-year seasonal average. The draw followed the American Petroleum Institute’s larger 6.072-million-barrel estimate, while Brent and WTI prices were lower in mid-morning trading. Gasoline inventories rose by 2.3 million barrels and middle-distillate inventories increased by 2.5 million barrels, although distillates remained 8% below their five-year average. Total petroleum products supplied averaged 20.6 million barrels per day over four weeks, up 1.7% year over year, while gasoline demand rose and distillate demand declined. Analyst Mamdouh Salameh attributed the figures to rising domestic demand and declining U.S. production.

AI data-center expansion is creating rapidly growing demand for electricity, transmission capacity, substations, permits and cooling infrastructure, with industry estimates pointing to trillions of dollars in investment and roughly 100 gigawatts of new capacity by 2030. The article argues that power availability, rather than chips or software, is becoming the key constraint and highlights Bitzero's holdings in Norway, Finland and North Dakota as a potential advantage. Bitzero claims low-cost hydroelectric power and more than one gigawatt of prospective capacity; it has also announced a proposed 15-year, $2.6 billion lease with OneQode Networks for 110 megawatts at its Namsskogan campus. The piece is highly favorable toward Bitzero and functions partly as an investment promotion, while its disclaimer acknowledges that Oilprice.com's owner holds shares or options in the company and may trade them.

Gail Tverberg argues that an Iran-related oil supply crunch could drive prices below $40 per barrel rather than trigger a sustained price surge. Drawing on low U.S. reserves, damaged infrastructure, shipping delays, reduced demand, weak global economic conditions, and potential government restrictions, she contends that shrinking oil availability would contract economic activity, deepen recession, and produce shortages of goods and services. The article also links the conflict to depleted U.S. military capacity, disruptions to Russian oil infrastructure and Qatari LNG exports, and broader geopolitical competition. Tverberg expects governments to ration fuel use and restrict mobility, echoing the demand destruction and low oil prices seen during the 2020 COVID-19 restrictions, while advocating shorter regional supply chains and less U.S. involvement in Eastern Hemisphere conflicts.

University of Michigan researchers are testing prototype wave-energy devices on Beaver Island in Lake Michigan, where early units powered a light bulb and charged a phone. The technology could eventually provide backup power for the island’s roughly 600 permanent residents, reducing reliance on a vulnerable 30-mile underwater cable from mainland Michigan. The project is part of broader interest in Great Lakes wind and hydrokinetic energy, although rising water demand from AI data centers could create new stress and conflicts in the region.