West Texas Intermediate crude hovered near $90 per barrel on July 23, 2026, with Brent trading higher in the mid-to-high $90s amid escalating disruptions across multiple global oil transit routes. Markets are reacting to simultaneous pressures on four critical choke points: the Bab el-Mandeb Strait, the Strait of Hormuz, the Suez Canal corridor, and the […]
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Oil markets are back on edge. Brent crude has surged above $90 per barrel for the first time in weeks, driven by a fresh attack on a Kuwaiti tanker in the Strait of Hormuz and renewed fighting between the United States and Iran. Early Tuesday (July 21, 2026), the UK Maritime Trade Operations (UKMTO) reported […]
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Energy News Beat Stand Up – Buckle Up – 10 Huge Stories Welcome to the Energy News Beat Standup, where host Stu Turley breaks down the 10 biggest energy stories reshaping global markets. In this episode, we dive into a world in flux: Russia’s refining capacity is crumbling under Ukrainian drone strikes, Iraq is suspending […]
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In a development that echoes broader regional efforts to reduce vulnerability to the Strait of Hormuz chokepoint, ExxonMobil is emerging as a key partner in Iraq’s drive for energy self-sufficiency—particularly by ending its costly and geopolitically sensitive dependence on Iranian natural gas. Iraqi Prime Minister Ali al-Zaidi met directly with ExxonMobil CEO Darren Woods in […]
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Chevron Corp. is set to sign non-binding memorandums of understanding (MOUs) with the Iraqi government on Friday, advancing negotiations for major investments in two of Iraq’s key oil fields while joining efforts to develop pipelines that would allow Iraqi crude exports to bypass the vulnerable Strait of Hormuz. The move signals deepening U.S.-Iraq energy ties […]
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Iraq has suspended crude oil loading operations at all its southern export terminals following a drone incident at the Basra (Basrah) terminal complex in the Persian Gulf. The move affects a significant portion of the country’s exports, which normally average around 3.3–3.6 million barrels per day (bpd) via these facilities (with some market commentary citing […]
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NB Pub Note: By RFE/RL staff – Jul 15, 2026 – I am old enough to remember a few years ago when a single tanker was hit by Iran, and oil jumped $30 per barrel. Russia has lost over 60% of its downstream capabilities, and in the last 3 weeks, over 90 vessels, including 20 tankers. The […]
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ENB Pub Note: This article originally ran on RHG Phoenix’s site by Randy Green. We will be visiting with them on the podcast soon. The global oil market is navigating a complex rebalancing act amid geopolitical disruptions, sanctions evasion, and shifting supply dynamics. As of mid-July 2026, Brent crude trades in the low-to-mid $80s per […]
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The Strait of Hormuz, the world’s most critical oil chokepoint carrying roughly 20% of global oil trade (around 20–21 million barrels per day pre-disruptions), is rapidly losing its stranglehold. According to Goldman Sachs analyst Alexandra Paulus, pipeline projects across the Gulf are on track to divert up to 45% of pre-war Persian Gulf oil exports […]
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In a significant development for U.S.-Iraq energy relations, President Donald Trump hosted Iraqi Prime Minister Ali al-Zaidi at the White House on July 14, 2026. The meeting focused on deepening strategic ties, advancing major oil and gas investments, and discussing infrastructure projects—including a revived pipeline that could bypass the volatile Strait of Hormuz. Trump also […]
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