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The biggest oil supply squeeze is currently in diesel markets amid the lowest global refining activity for this time of year since the 2020 pandemic, Goldman Sachs says. War-induced refinery outages in the Middle East and Russia have collapsed global fuel supply, especially of diesel, while increased output in the Americas and Africa has managed […]

Two oil tankers that had attempted to transit the Strait of Hormuz with U.S. support via the southern lane close to Oman have turned back after one of them caught fire, Iran’s Islamic Revolutionary Guard Corps (IRGC) said on Thursday, as the war in the Middle East shows no signs of abating. “Last night, two

Coal demand and prices in China have jumped in recent days as scorching heat waves across most of the country boost electricity demand. The benchmark spot coal prices at the port of Qinhuangdao have erased a slump from earlier this month and are on track for further increases in the coming weeks amid intense heat,

Shell (SHEL:NYSE) more than doubled its second-quarter earnings from a year earlier, as higher oil and gas prices, record refinery utilization, and strong trading boosted profits to above analyst expectations. Shell on Thursday reported adjusted earnings of $9.84 billion for the second quarter, more than double the $4.26 billion for the same period last year,

QatarEnergy has successfully sent an LNG cargo via the Strait of Hormuz, three weeks after one of its LNG carriers was struck in the waterway, Bloomberg has reported, noting that the vessel had idled in the strait since early July but crossed it with its geolocation devices turned on. According to ship-tracking data cited by

Japan’s biggest refiner, Eneos, has bought a rare cargo of Canadian crude as the country seeks to diversify away from Middle Eastern crude. This is the first Canadian oil shipment bought by a Japanese company since 2025, Reuters noted in a report, citing ship-tracking data from Kpler and LSEG. According to that data, the cargo

Crude oil prices ticked lower today on reports that oil tankers were still passing through the Bab el-Mandeb Strait, despite information about renewed strikes between the U.S. and Iran, and a drone attack on a tanker in an Egyptian port. At the time of writing, Brent crude was trading at $89.46 per barrel, with West

The Pentagon’s investment in MP Materials marked the biggest U.S. intervention in the rare earth industry in decades. The deal established a domestic champion for one of the world’s most strategically important supply chains and demonstrated that Washington is prepared to commit federal financial resources to critical mineral production. Mountain Pass is the only large-scale

The Trump administration has opened another front in the global rare earths race, backing a new project in Madagascar as Washington accelerates efforts to break China’s grip on the critical minerals that power everything from advanced weapons and AI infrastructure to oil refining and electric vehicles. The U.S. International Development Finance Corporation (DFC) has committed

Tightening global supply of oil and gas is putting Europe on course for a difficult winter this year due to the continent’s significant dependence on energy imports, despite energy transition ambitions. Gas in storage is much lower than it should be, and a diesel crunch is threatening fuel oil supply security for the heating season.