After U.S. airstrikes on Iran, some oil tankers did U-turns, paused, or avoided spending even a minute longer than necessary when crossing the Strait of Hormuz—the world’s most vital oil flow chokepoint. Iran has hinted that it may block the Strait in retaliation. At least two supertankers made U-turns at the Strait of Hormuz since the U.S. strikes, vessel-tracking data monitored by Reuters showed on Monday. Other tankers are waiting outside the Strait before it is absolutely necessary to enter the lane to load oil or LNG. Greece, which…

Global oil markets are bracing for another wild week after the United States launched direct strikes on Iranian territory over the weekend, raising fears of a retaliatory escalation that could threaten vital energy infrastructure and shipping lanes in the Middle East. Prices spiked to their highest levels in five months in early trading on Monday before falling back as markets await the next developments. Brent crude surged beyond $80 per barrel in early Asian trading on Monday before retreating to $77. Meanwhile, WTI climbed as much as 4.6% to…

LNG Canada, the country’s first export facility for the fuel, has produced its first batch and plans on shipping it by mid-year, the company said, with unnamed sources telling Reuters the plant was only operating partially due to a problem with its first, and only operational, train. The publication added that an LNG carrier was en route to Kitimat—the export terminal for LNG Canada—per information from LSEG. The tanker should start loading on June 29. Backed by Shell, Petronas, PetroChina, Mitsubishi, and Kogas, LNG Canada will…

Brent crude could rise all the way to $100 and more, peaking at $110 per barrel in case Iran closes the Strait of Hormuz, Goldman Sachs said in a new note. The investment bank said this price could materialize if oil flows via the vital chokepoint were cut by half for a month and remained 10% lower than normal over the next 11 months. This is a rather specific forecast that may not be the most likely scenario for developments of the Middle East but some disruption in oil flows seems all but certain at this point. After the initial price shock under…

The United States is the largest oil and gas producer in the world. It is also experiencing a slowdown in its oil production for a number of reasons, including natural depletion. The U.S. Geological Survey, however, has just published a study stating that there are almost 30 billion new barrels of untapped oil—under federal lands, no less. Oil and gas drilling was a contentious topic during the Biden administration. The administration decidedly did not like it and put a serious effort into curbing this drilling as much as the law allowed.…

While many were expecting the oil market to open for electronic trading at 6 p.m. ET with a bang, 30 minutes into trading, oil was up by barely 3%, despite the U.S. military’s overnight strikes on Iranian nuclear facilities, a geopolitical incident that might normally have sent oil soaring. At 6:27 p.m. ET, Brent crude was trading up 3.17% at $79.45 per barrel, while the U.S. crude benchmark, West Texas Intermediate (WTI) was trading up $3.18 at $76.19 per barrel in early New York trading.  The muted reaction underscores how firmly markets…

With strong government backing and billions of dollars at their disposal, Middle Eastern oil giants are aggressively expanding into the global liquefied natural gas (LNG) market, aiming to nearly double their LNG capacity within the next decade. Companies like Saudi Aramco, Abu Dhabi National Oil Co. (ADNOC) and QatarEnergy are investing heavily in LNG production and trading, driven by the growing demand for natural gas as a transition fuel and a desire to diversify their portfolios beyond crude. “LNG seems to be still the best bet across…

Over the past two weeks, multiple people have sent me a story about a supposed water-powered car and asked for comment. The story varies, but one widely shared version on Facebook claimed: “In a move that will shake up the global auto industry, Toyota has just unveiled a water-powered engine powered by hydrogen created through electrolysis — emitting only water vapor! No lithium. No charging stations. Just pure disruption.” This is pure nonsense, but I have been hearing similar stories for decades. I believe the first version…

The sun is setting on residential solar in the United States as the Trump administration leans toward pulling the plug on clean energy incentives. In a shift in policy, the latest draft of the  “One Big Beautiful Bill Act” omits residential solar lease providers from the Investment Tax Credit. Already, solar stocks are falling and bankruptcies are ticking up as tension and worries rise.  Until now, home solar and batteries have benefitted from a 30 percent tax credit. That would drop to zero percent 180 days after Trump signs,…

South Africa has long been dependent on coal, finding it difficult to leave fossil fuels in the past for a future in green energy. The African country has produced and exported coal to bolster its economy as well as to provide energy for its population of over 60 million. However, now it has a $2.2 billion coal-exit plan thanks to funding from the World Bank.  Coal contributes around 82 percent of South Africa’s energy mix. In addition, roughly 28 percent of the country’s coal production is exported, primarily through the Richards…

In a dramatic escalation of Middle East tensions, the United States launched targeted strikes on three Iranian nuclear facilities—Natanz, Isfahan, and Fordo—late Saturday, prompting fears of soaring oil prices, market volatility, and a deepening U.S. role in the region’s conflict.  President Donald Trump, announcing the attack on Truth Social and in a televised address, hailed it as a “spectacular military success,” claiming Iran’s “key nuclear enrichment facilities have been completely and totally…

Forget betrayal. Forget backsliding. What global banks are doing right now isn’t a reversal of climate commitments—it’s a long-overdue reality check. In 2024, they dumped nearly $900 billion into fossil fuel financing, according to the latest “Banking on Climate Chaos” report. And while advocacy groups are clutching their pearls, investors are quietly nodding. Banks funding fossil fuels haven’t lost their way—they’ve just stopped pretending. JPMorgan Chase, Bank of America, Citigroup, and Barclays…

A team of researchers in China is using artificial intelligence to help breathe new life into old electric vehicle batteries. Extending the lifespan of lithium-ion batteries used in electric vehicles would be a major boon for making electric vehicles more endurable and cost-effective, help mitigate skyrocketing lithium demand, and slow the flow of critical – not to mention toxic – minerals into landfills. The China-based scientists wanted to discover a molecule that could re-infuse a dead cell with lithium ions, replenishing its capacity.…

Brazil will hold the COP30 climate summit in November, where it is expected to lead the world in supporting a green transition. In recent years, Brazil has made greater efforts to increase its renewable energy capacity and protect the Amazon rainforest from deforestation activities. However, in the lead-up to the summit, Brazil’s government has announced plans to auction new areas for oil and gas exploration and expand fossil fuel production over the coming years, decisions that are at odds with its COP30 presidency.  When Luiz Inácio…

Year after year, the leaders of developing countries across the globe plead with high-income countries to invest in a global green transition. Many low-income countries are open to exploiting their natural resources to develop their renewable energy capacity, through wind and solar, and other energy projects. However, establishing new energy sectors and transitioning away from a reliance on fossil fuels will require significant financing, and many countries simply do not have the funds to invest in green energy. Now, the Inter-American Development…

The U.K. is once again backing nuclear power, with plans to develop new large-scale nuclear plants as well as alternative small modular reactors (SMRs) in the coming decades. This is part of a Labour government plan to accelerate the country’s green transition by expanding its clean energy capacity and shifting away from a reliance on fossil fuels. For decades, the U.K. stopped developing its nuclear energy capacity, due to poor public perception of the energy source, the high costs involved with developing new projects, and a focus on other…

Ontario has always been a clean-energy giant, deriving half of its electricity from nuclear power and 25 percent from hydroelectricity. Now, the central Canadian province is preparing to expand its nuclear energy capacity to meet rising electricity demand. Under a strategy released June 12 called ‘Energy for Generations’, "nuclear power will continue to serve as the backbone of the province's electricity system providing the 24/7 baseload power the province's economy requires.” Electricity demand is expected to rise by 75 percent…

As artificial intelligence transforms our computing systems, economies, and energy footprints, the question of who should regulate artificial intelligence and how is a pressing – and incredibly complex – issue. There’s a political battle currently unfolding in Washington about governance over the sector, and large questions about what limitations should be placed on the fast-evolving sector. Answering these questions will be extremely difficult thanks to high levels of secrecy and opacity within and around the sector.  One…

The UK government is mulling over a change to the law to oil and gas projects in the North Sea in a drive to lower energy bills. Michael Shanks, a minister working under energy secretary Ed Miliband, will be visiting Scotland on Thursday with a decision set to be made on the government’s intervention on legal cases won by environmentalists last year over an oil project by Equinor at Rosebank and a gas field by Shell in Jackdaw. The government has given extra funds for the Department for Energy Security and Net Zero to invest between 2026…

For decades, China has driven the lion’s share of oil demand growth thanks to its remarkable economic boom and large population. However, China is now losing its prominence in global oil markets due to a dramatic slowdown in its economy coupled with the country’s ongoing electric vehicle revolution. Last year, nearly half of all new cars sold in China were electric vehicles, including both battery-electric and plug-in hybrid electric vehicles. Indeed, China's rapid adoption of EVs, as well as rapid growth of high-speed rail and natural…