Energy
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The Strait of Hormuz is more open than previously thought as the U.S. shoots down Iranian drones threatening ships and provides ‘naval overwatch’
Talks to extend the ceasefire between the U.S. and Iran are dead in the water, but traffic through the Strait of Hormuz is anything but. The number of ships transiting the contested waterway remains just a fraction of pre-war levels, but fresh reports indicate activity is busier than previously thought. In the last two months—roughly…
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Oil drilling rises in longest U.S. streak since 2022 on price bump
US oil drilling has expanded for six straight weeks, the longest uptrend in almost four years, after the Iran war pushed crude prices higher. The number of rigs drilling across US oil fields rose by two this week to 431, according to data released by Baker Hughes Co. on Friday. The last such streak for…
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Why oil’s not at $200 after the biggest supply shock in history
For decades, oil traders, executives and analysts warned that closing the Strait of Hormuz would be a global economic catastrophe. It’s now been more than three months since the waterway was effectively blocked, creating the worst supply shock in modern history. But a slew of workarounds is keeping crude oil below $100 a barrel, defying…
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Putin is running out of money to wage war on Ukraine, and this Russian-occupied territory is running out of fuel as Kyiv smashes supply lines
The Kremlin’s war machine is short on money and fuel as Ukrainian drones wreak havoc on Russian supply lines. More than four years after Vladimir Putin failed to seize all of Ukraine in a full-scale invasion, analysts say Kyiv’s forces have turned the tide with improved drones and tactics. At the same time, Russia is…
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The Iran conflict has disrupted oil supply. Gulf states are now looking to multi-billion-dollar investments in renewables
With Iran’s blockade of the Strait of Hormuz forcing Gulf oil producers to dramatically curb output, governments across the region are intensifying investment in overseas renewable energy projects, underscoring their growing strategic importance amid the escalating energy crisis. Now in its third month, the U.S.-Israeli war with Iran has triggered the largest supply disruption in…
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The Strait of Hormuz is splitting into U.S. and Iranian lanes as ship traffic picks up even while fighting intensifies
Traffic through the Strait of Hormuz remains just a fraction of pre-war levels, but more ships are transiting lately, especially via a lane carved out by the U.S. military, even as fighting heats up. That alternate channel has become even more important after Iran vowed Monday to completely close the strait in response to ongoing…
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Wall Street may have solved a nagging mystery in global oil markets as doomsday scenarios have yet to arrive
China has quietly emerged as the global oil market’s stealthy swing consumer, potentially holding off doomsday a while longer. For months, investors wondered why crude oil prices failed to reach worst-case scenarios, even as a fifth of the world’s supply remained bottled up in Persian Gulf. To be sure, Saudi Arabia diverted exports to bypass…
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Oil bosses warn prices will soar in a matter of weeks as inventories near unprecedented lows — ‘I mean really, really low levels’
The two biggest U.S. oil companies joined the growing chorus of voices sounding the alarm on the imminent doom global markets could soon face. With the Strait of Hormuz still effectively closed, top oil-consuming countries have been rapidly draining their reserves, helping keep crude prices in check. But Exxon Senior Vice President Neil Chapman warned…
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Damn the torpedoes — More ships are quietly slipping through the Strait of Hormuz as helicopters scare off Iran’s fast-attack boats
The U.S. and Iran remain deadlocked on a deal to extend their ceasefire and reopen the Strait of Hormuz, but reports indicate that some ships aren’t waiting any longer and are instead crossing the contested waterway with guidance from the U.S. military. The strait has been effectively shut for three months, keeping one-fifth of the…
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The ‘imminent’ oil crisis isn’t at the pump—it’s under your hood
Prices at the pump have surged and global fertilizer shortages are spreading because of the war in Iran, but the most immediate supply chain crisis hitting consumers may be one that arrives every 5,000 miles: the routine engine oil change. Despite the United States’ world-leading oil production and refining capacity, the country is increasingly dependent…