Despite continued hostilities in the Middle East and an expansion of the war to the Red Sea, oil traders have remained largely bearish on the commodity, betting on a quick peace deal—and they might get a nasty shock. Earlier this week, Brent crude sank below $80 per barrel, and WTI dropped below $75, after President Trump said peace talks between the United States and Iran had resumed, even though Iranian officials denied there were any talks in progress. However, Iran is negotiating a deal about control over the Strait of Hormuz with Oman,…

Global energy grids are under unprecedented stress as energy flows become more complex with the addition of intermittent energy sources and the artificial intelligence boom drives demand to new heights. Managing variable inflows and outflows of electricity while also keeping up with data center hyperscalers will require expanding and enhancing the grid at an unprecedented scale. “Modernizing the grid to make it ‘smarter’ and more resilient through the use of cutting-edge technologies, equipment, and controls that communicate and…

Elevated US gasoline and electricity prices are seeping into the upcoming midterm elections in November. Candidates are prioritizing consumer affordability over the environment, with Democrats linking gas price increases to President Trump’s foreign policy decisions. Meanwhile, a debate over data center expansion and consumer rate impacts are forcing candidates to address infrastructure investment trade-offs. According to S&P Global Market Intelligence, US residential electricity prices rose 7% in 2025 versus 2024. Ratepayers in 46 states…

The bad economic news keeps coming for the Russian economy. An analysis of Russian government data by the business daily Vedomosti shows that the influx of Central Asian labor migrants to Russia fell by roughly 15 percent during the first half of 2026,  deepening an already critical labor shortage in the country. Official entries for work purposes by Central Asian citizens fell to 1.9 million during the first six months of this year, down from 2.3 million the previous year, according to the Vedomosti report. A large majority of Central Asian…

Citi has raised its third-quarter Brent crude forecast to $80 per barrel from $75 as the U.S.-Iran war drags on and repeated attempts at a deal fail to restore normal oil flows through the Strait of Hormuz. The bank still expects the conflict to be resolved, but the five-month war has lasted longer than Citi anticipated and kept more geopolitical risk in crude prices. Citi left its fourth-quarter Brent forecast unchanged at $70 per barrel and still sees the benchmark averaging $65 in 2027. Brent futures were trading at $83.11 per barrel on Friday…

The world’s biggest sovereign wealth fund, Norway’s $2.3-trillion Government Pension Fund Global, does not support the U.S. Securities and Exchange Commission’s (SEC) proposal to scrap requirements for climate-related risks and disclosures. The SEC in May requested input from investors about a proposal to rescind the Final Rules requiring registrants to provide certain climate-related information in their registration statements and annual reports. Norway’s Government Pension Fund Global (GPFG), which is commonly referred…

The total number of active drilling rigs for oil and gas in the United States stayed the same overall this week, according to new data that Baker Hughes published on Friday, with the total rig count in the US staying at 588, up 49 from this same time last year. The number of active oil rigs rose by 3, reaching 454 during the latest reporting period, according to the data. This is 43 above this same time last year. The number of gas rigs fell by 3 to 124, which is 1 more than this time last year. Miscellaneous rigs stayed at 10. The latest EIA data…

Conflicting signals from Washington and Tehran keep oil markets on edge as Iran weighs a permanent Hormuz shipping ban while Trump insists a deal is within reach. Friday, August 07, 2026 The oil market’s very own schizophrenia – trying to read into the contradicting claims of US President Trump and Iranian officials seeking to escalate the blockade of Hormuz even further – continues to puzzle industry analysts and traders. Iran’s Parliament is reviewing a bill to permanently ban US, Israeli and other hostile vessels from…

Abu Dhabi National Oil Company said attacks on its vessels and employees are having a significant impact on operations as the company tries to keep crude, gas and refined products moving through the Strait of Hormuz. Fifteen ADNOC vessels have been hit by missiles or drones since the war began, including three this week, the company said Friday. One crew member has been killed and 20 others injured. The Strait of Hormuz carried roughly one-fifth of global oil consumption before the U.S.-Israeli war against Iran expanded into a broader regional…