Topic
energy
Commodities US Crude Bound for Israel for First Time Since 2023, Times of India Reports
A Times of India report headlined 'US crude bound for Israel for first time since 2023' was published on 1 August 2026. The source text supplied no additional details about the cargo, pricing, or routing.
Commodities Commercial LPG prices drop: 19-kg cylinder rate cut by ₹202 in Delhi, ₹209 in Kolkata
A 19-kg commercial LPG cylinder price was cut by ₹202 in Delhi and ₹209 in Kolkata effective Saturday, according to The Hindu Business Line. Kolkata's price is now ₹2,872.50, while domestic cylinder prices remain unchanged. The reduction follows a July cut of ₹183.50 that brought Delhi's 19-kg price to ₹2,930.
Commodities Commercial LPG Prices Cut by Over Rs 200; Delhi, Kolkata 19-kg Cylinder Rates Published
Commercial LPG prices in India were cut by over Rs 200 per 19-kg cylinder, according to a Business Today report dated August 1, 2026. Authored by Trisha Mahajan, the report published revised rates for Delhi and Kolkata. The extracted source text did not include the exact per-cylinder figures.
Commodities Cabinet Approves Rs 84,084 Crore 'Samudra Manthan' Scheme for Oil & Gas Exploration
India's Union Cabinet approved the Rs 84,084 crore 'Samudra Manthan' National Offshore Exploration Scheme to boost domestic oil and gas production. The scheme aims to add over 600 MMTOE of hydrocarbon reserves, with incremental annual output of 10–15 MTOE, as India seeks to cut its ~90% oil import dependence amid Middle East tensions.
Commodities BP Puts North Sea Oil and Gas Business Up for Sale, Ending 60-Year Era
BP has announced the sale of its North Sea business, marking the end of 60 years of production in the region. The portfolio includes five production hubs and around 1,100 employees. CEO Meg O'Neill said the business would be better positioned as part of another company.
Commodities Crude oil futures fall 3% to ₹7,811 per barrel as West Asia shipping improves
MCX crude oil futures fell 2.81% to ₹7,811 per barrel for August delivery on Friday, tracking weak global benchmarks as improved tanker movements through the Strait of Hormuz and Bab el-Mandeb eased geopolitical supply concerns. Prices remain pressured by lingering risks, including halted loadings at Kazakhstan's Black Sea terminal and the Houthi blockade threat.
Commodities Técnicas Reunidas wins $5.75bn EPC contract haul from ADNOC for Upper Zakum
Técnicas Reunidas has secured two contracts worth more than €5bn ($5.75bn) from ADNOC for the Upper Zakum megaproject, marking its largest-ever award as sole contractor. The EPCI packages will support expansion of the world's second-largest offshore oil field to 1.5m barrels per day.
Commodities Philippines reschedules inaugural offshore wind auction GEA-5 to December 1
The Philippines Department of Energy has rescheduled its first offshore wind auction, GEA-5, to December 1, 2026, after pausing the process on July 4. The auction targets up to 3.3GW of offshore wind capacity, with post-award steps scheduled through June 30, 2027. The DOE estimates the country's offshore wind technical potential exceeds 178GW.
Logistics NYK invests in MidOcean Energy to expand LNG footprint via Mitsubishi joint venture
Nippon Yusen Kaisha (NYK) will invest in UK-based LNG company MidOcean Energy through Mitsubishi-created Diamond Gas MidOcean Limited, expected to become a jointly owned company. The deal includes a strategic partnership in LNG marine transportation, completing between August and September 2026.
Commodities Burnham Confirms Pragmatic North Sea Oil Stance in Trump Call, Fueling Drilling Debate
Prime Minister Andy Burnham said he told US President Donald Trump he would take a 'pragmatic approach' to North Sea oil and gas. Trump claimed Burnham pledged to 'open up the North Sea,' drawing praise from the president and criticism from environmental groups. The debate centres on the Rosebank and Jackdaw fields, with legal challenges ongoing.
Commodities India's Russian crude imports may hit 3 mbd record on Red Sea disruptions, Kpler says
India's crude oil imports from Russia could reach a new record of 3 million barrels per day (mbd) if disruptions through the Strait of Hormuz and Red Sea persist, according to Kpler. Current imports stand at about 2.6 mbd, accounting for roughly 55% of total crude imports, as Russian crude remains India's strongest supply hedge.
Commodities Shell Profits Double as Oil Prices Rise Due to Iran War
Shell reported a doubling of second-quarter profits to $9.84bn, driven by soaring oil prices following the outbreak of the US-Israel war with Iran. The conflict caused major disruption to global oil and LNG supplies through the Strait of Hormuz. Shell's first-half earnings surged 70% to $16.76bn.
Logistics GTT Projects 550 New LNG Carriers Needed by 2035, Signaling Fleet Expansion
GTT expects around 550 LNG carriers to be ordered between 2026 and 2035, adding to the current record orderbook of 338 ships. The forecast is driven by 37m tonnes per annum of new liquefaction capacity reaching FID this year and a projected 5% annual LNG demand growth, primarily from Asia. Shipyard capacity is expanding to meet demand, with Korean and Chinese yards expected to exceed 100 annual slots by 2028.
Logistics Drone strike hits FSRU and LNG carrier at Egypt's Damietta terminal, extending maritime conflict into Mediterranean
A drone strike at Egypt's Damietta terminal hit the floating storage and regasification unit Energos Winter and the LNG carrier GasLog Salem, causing fires that were extinguished. The incident, which occurred far from previous conflict zones near the Strait of Hormuz and southern Red Sea, represents a significant escalation in maritime attacks and may force logistics operators to reassess risk in the Mediterranean.
Commodities Crude Oil Futures Fall Despite Intensified US-Iran Strikes in West Asia
Crude oil futures fell on Thursday despite ongoing US-Iran military strikes. October Brent dropped to $87.27, while WTI slipped to $83.72. The EIA reported a 7.2 million barrel decline in US crude inventories.
Commodities From Hurricane Wasteland to World's Largest LNG Hub: Louisiana Parish Booms
Cameron Parish, Louisiana, transformed from a community destroyed by Hurricane Rita in 2005 into a global LNG powerhouse. The world's largest LNG terminal, Sabine Pass, operates there, processing 29.5 million tonnes annually. Two more terminals exist, and a $13bn fourth is under construction. The county projects over $4bn in tax revenues from LNG over the next decade, as US exports surge to supply European demand following Russia's invasion of Ukraine.
Commodities Oil Prices Jump Over 7% as Middle East Chaos Flares Up, Brent Crude Back at $90
Brent crude jumped 7.47% to $90.37/bbl and WTI rose 7.15% to $84.93/bbl after fresh US-Saudi strikes on Iran-backed groups in Iraq and Iranian attacks in the Strait of Hormuz. Industry data showed a 3.3 million barrel draw in US crude inventories, adding to bullish sentiment. Analysts expect volatile trade with Brent in the $80-$100 range.
Commodities Allseas Wins Canadian LNG Pipeline Installation Deal for Ksi Lisims Project
Swiss marine contractor Allseas has been awarded a contract by Western LNG to install the subsea section of the Prince Rupert Gas Transmission pipeline in British Columbia. The ~50 km pipeline will connect Canadian natural gas to the planned Ksi Lisims LNG export facility on Pearse Island, with offshore installation set for 2029 using vessels Solitaire and Sandpiper.
Data centres could pay hundreds of millions in deposits for power demands under Ofgem proposals
Ofgem has proposed that data centre developers pay a refundable deposit of up to £712,500 per megawatt to connect to the electricity grid, potentially costing hundreds of millions for large projects. The measure aims to tackle speculative projects clogging the grid connection queue, which has more than tripled in a year to 125 GW. A consultation runs until 16 September.
Commodities Zanskar Revives Failing Geothermal Well, Sets US Productivity Record
Geothermal company Zanskar has turned around the failing Lightning Dock power plant in New Mexico by drilling a new 8,000-foot well, making it the most productive pumped geothermal well in the US. The achievement, reported exclusively to WIRED, was enabled by AI modeling and oil-and-gas drilling technology, and it challenges assumptions about declining geothermal fields.
Logistics Indian Oil to Acquire 50% Stake in VLGCs as US LPG Imports Surge
Indian Oil Corporation plans to acquire a 50% stake in very large gas carriers (VLGCs) as it prepares to increase LPG imports from the United States. The move responds to a sharp rise in US LPG purchases—volumes in June were 145% higher than February—while Middle Eastern supplies decline. The tender targets vessels of 80,000-93,500 cubic metres, with bids due September 7.
Commodities Oil prices surge nearly 4% on West Asia tensions and lower US crude inventories
Oil prices surged nearly 4% on Wednesday after joint US-Saudi strikes in Iraq and interception of Iranian missiles, while US crude inventories fell by 3.3 million barrels. Brent rose to $87.39 and WTI to $82.31, with OPEC+ reportedly set to halt output increases. The geopolitical escalation dampens expectations for de-escalation in the Persian Gulf.
Commodities Crude Oil Futures Jump After US-Saudi Strikes on Iran-Backed Targets in Iraq
Crude oil futures rallied on Wednesday following joint US-Saudi military strikes against Iran-aligned targets in Iraq. Brent and WTI prices jumped over 3.5% as supply risks escalated, with the Jazan refinery shutdown and Strait of Hormuz traffic halted.
Commodities Crude Prices Climb Over 4% as Renewed Middle East Tensions and Inventory Draw Fuel Supply Fears
Oil prices rebounded sharply on Wednesday, with Brent crude climbing 4.41% to $87.80 per barrel and WTI gaining 4.23% to $82.61. Renewed Middle East tensions, particularly around the Strait of Hormuz, and a 3.3 million barrel draw in US crude inventories reversed the previous session's steep decline.
Commodities Benchmark Diesel Price Rises Third Week as Futures Plunge; Spread Hits Record
The DOE/EIA average weekly retail diesel price rose for a third consecutive week, gaining 17.9 cents to $5.313/gallon. Meanwhile, crude futures plummeted, with Brent settling at $88.36/b on Monday. The spread between ULSD and Brent reached a historic high above $2/gallon, driven by supply disruptions including Ukrainian drone attacks on Russian refineries and low Rhine River water levels.
Commodities Eni and TotalEnergies Fast-Track Cronos Gas Project Offshore Cyprus for First Gas in 2028
Eni and TotalEnergies have taken the final investment decision to develop the Cronos gas field offshore Cyprus, with first gas expected in 2028. The project will transport gas to Egypt for liquefaction and export to Europe, supporting energy security and Eni's LNG portfolio expansion.
Commodities India Plans to Source Up to Quarter of 2027 LPG Imports From United States, Sources Say
India plans to buy up to a quarter of its liquefied petroleum gas (LPG) imports from the United States in 2027, according to three sources. The move would reduce dependence on the Middle East and help secure a trade deal with Washington. State refiners Indian Oil Corp, Bharat Petroleum Corp and Hindustan Petroleum are expected to issue tenders within one to two months for US LPG supplies.
Commodities L&T and Hitachi Energy consortium secures North Sea offshore wind transmission programme
Larsen & Toubro (L&T), in consortium with Hitachi Energy, has secured a framework cooperation agreement with TenneT for a 2GW offshore wind transmission programme. The deal covers six projects, including two ongoing and two new ones in the Netherlands and Germany, with cumulative capacity of 8GW at 525 kV. L&T will handle offshore converter platforms, while Hitachi Energy provides HVDC Light technology.
Commodities Saudi Aramco Considers New Asia Crude Pricing as Red Sea Disruption Raises Shipping Costs
Saudi Aramco is evaluating a new pricing mechanism for crude loaded from Egypt's Sidi Kerir port for Asian buyers to account for higher shipping costs after Houthi-imposed disruptions in the Red Sea. The diversion via the Suez-Mediterranean Pipeline and around the Cape of Good Hope could add about $5 per barrel to costs. Three sources with knowledge of the matter confirmed the consideration.
Commodities Crude oil futures fall on Trump’s ‘good talks’ comment on Iran
Crude oil futures declined on Tuesday after US President Donald Trump said the US was engaged in 'good talks' with Iran. October Brent fell 1.08% to $84.94, and September WTI dropped 1.14% to $81.67. Meanwhile, the Caspian Pipeline Consortium resumed oil lifting at its Marine Terminal.
Commodities Global crude oil prices plunge around 7% after US and Iran pause military strikes over weekend
Global crude oil prices plunged around 7% on July 27, 2026, after the United States and Iran paused military strikes over the weekend. Brent crude traded 7.2% lower at $89.74 per barrel, while West Texas Intermediate fell 6.6% to $83.36 per barrel, according to News on AIR.
Logistics Asyad Brings Omani Investors Into LNG Carrier Pair, Retains Majority Control
Asyad Shipping has sold 20% stakes in the companies owning two new LNG carriers – Muscat LNG and Musandam LNG – to Omani investors. Oman LNG Development Foundation Investment Fund and Mars Development and Investment each acquired 10%, while Asyad retains 80% and operational control. The 174,000 cbm vessels were built by HD Hyundai Samho and are on long-term charter to Oman LNG.
Commodities India's average crude oil basket price plunges to $77.6/bbl in July from $114.5 in April
India's average crude oil basket price declined to $77.6 per barrel in July (up to July 22) from $114.5 per barrel in April 2026, according to the government. The drop, driven by easing geopolitical tensions in West Asia, is expected to support India's external sector and mitigate current account deficit pressures. The RBI has projected GDP growth of 6.6% and CPI inflation of 5.1% for 2026-27.
Commodities Oil price dives over 9% as US and Iran pause attacks, Brent drops below $88
The price of oil sank more than 9% on Monday, with Brent crude dipping below $88 a barrel, after the US and Iran paused attacks to give talks space. The fall follows last week's spike above $100 amid fears over the Strait of Hormuz and Houthi attacks in the Red Sea.
Commodities India's Power Demand Rises on Heatwaves; IEA Sees 7% Electricity Growth in 2026
India's electricity demand rose about 6% in H1 2026 led by heatwaves and strong industrial activity, according to the IEA. The agency forecasts 7% annual growth for 2026. Peak load hit a record 270.8 GW in May, but shortages more than doubled in Jan-May 2026 due to evening supply gaps.
Commodities Saipem secures €800m in Ivory Coast offshore and Italy biorefinery contracts from Eni
Italian energy services contractor Saipem has been awarded two new contracts valued at approximately €800m ($913m): one for Eni's Baleine Phase 3 project offshore Ivory Coast and another for a deoxygenation unit at Enilive's biorefinery in Venice, Italy. These awards follow a $260m offshore drilling contract for Saipem's Santorini drillship, also from Eni Côte d'Ivoire.
Commodities Crude Oil Falls as US and Iran Halt Weekend Strikes, Easing Geopolitical Risk Premium
Crude oil futures fell sharply on Monday morning after the US and Iran halted strikes against each other over the weekend, with Brent dropping 4.23% and WTI falling 4.90%. The de-escalation marked the first tangible signal of reduced hostilities after 13 days of strikes, though analysts caution that recovery hinges on lasting peace and safe navigation through the Strait of Hormuz. Meanwhile, Houthi attacks on Saudi Arabia's energy facilities continued, adding another layer of supply risk.
Commodities Oil Prices Tumble 5% on US-Iran Pause, Fueling Hopes of Diplomatic Breakthrough
Oil prices fell sharply on Monday after the US and Iran paused hostilities over the weekend, sparking hopes of a diplomatic solution. Brent crude dropped 4.52% to $92.41 a barrel, while WTI fell 4.81% to $85.01. The retreat follows three weeks of gains, though shipping through the Strait of Hormuz remains subdued.
Commodities Oil prices fall as US-Iran pause eases supply fears; Brent crude slips below $93
Oil prices fell in early trading Sunday, with Brent crude dropping 4.9% to $92.02, after the United States and Iran refrained from launching military strikes for a second straight day. The decline follows a 3.9% drop on Friday. US benchmark oil also fell 5.6% to $84.34. The brief easing of Middle East tensions comes after prices surged to a two-month high of $102 per barrel last week amid concerns over shipping through the Strait of Hormuz and attacks on Saudi tankers in the Red Sea.
Home Heating Oil Prices in Northern Ireland Jump £100 in Three Weeks on US-Iran Tensions
The average cost of 500 litres of home heating oil in Northern Ireland has risen by £98.78 (29%) in three weeks, reaching £445.37, according to the Consumer Council for Northern Ireland. The surge is attributed to escalating fighting between the US and Iran. About two-thirds of Northern Ireland households rely on heating oil, the highest proportion of any UK region.
Commodities Gold and Silver Await Fed Decision Amid Geopolitical Tensions and Crude Oil Volatility
Gold and silver ended last week on a stronger note, with Comex gold rising 1.3% and silver nearly 5%. This week, the Federal Reserve's interest rate decision, US-Iran tensions, and crude oil price movements will drive bullion. Analysts note range-bound trading amid geopolitical uncertainty and continued official-sector buying.
Commodities Russian Supply Disruption and Red Sea Threats Pose Fresh Risk to India's August Crude Imports
India's August crude oil imports face risk from Russian supply disruption after Ukrainian attacks on Novorossiysk port, as well as continued Houthi threats to Red Sea shipping. Russia, which supplies 50% of India's imports, saw July exports drop ~400,000 bpd MoM. Higher freight costs and shrinking discounts on Urals crude threaten to inflate India's import bill. Brent crude futures rose above $100/bbl on July 23.
Supply Chain India and Australia Must Move Decisively to Build Resilient Energy Supply Chains, Experts Urge
A policy dialogue on the India-Australia Energy Security Corridor stressed that critical minerals must be at the heart of the partnership, moving beyond traditional buyer-seller relationships. Experts cautioned against over-reliance on concentrated supply chains and highlighted complementary strengths in mining, manufacturing, and renewable energy.
Commodities Grain-based ethanol gains momentum: What it means for India's blending programme
India's ethanol blending programme has crossed 717 crore litres cumulative supplies by June 2026, with grain-based ethanol contributing nearly 480 crore litres. The shift to maize and surplus grains provides resilience against crop failures, supports rural industry, and advances energy security.
Commodities India’s open market rice sale norms will likely help meet 20% ethanol blending target
The Indian government revised its standard operating procedure for sale of rice to ethanol distilleries for the 2026-27 supply year, allocating 7.2 million tonnes from FCI stocks and fixing prices at ₹2,320 per quintal till October 31 and ₹2,390 after. Trade experts say the move will help meet the 20% ethanol blending target while utilizing aged stocks, though large diversion may affect non-basmati rice exports.
Commodities Worley Selected by Petrogas for Pre-FEED of Abeona CCS Project in Dutch North Sea
Australian engineering firm Worley has been selected by Petrogas to deliver pre-FEED for the Abeona carbon capture and storage (CCS) project in the Dutch North Sea. The project aims to provide CO2 transport and storage for hard-to-abate industrial emitters in the North Sea Canal Area and other Dutch regions, utilizing repurposed offshore infrastructure and new facilities.
Trade EU Grants Dynagas 12-Month Reprieve in Latest Russia Sanctions Package
The European Union has added 41 vessels to its shadow fleet blacklist while granting Greek shipowner Dynagas a temporary 12-month reprieve from restrictions on carrying Russian LNG to non-EU countries. The exemption limits volumes to 2025 levels and is part of the EU's 21st sanctions package.
Commodities Brent crude hovers above $100 a barrel as tensions escalate in West Asia
Brent crude futures held above $100 a barrel as the US continued airstrikes against Iran and Houthi attacks raised risks to Saudi oil flows. The September ICE Brent contract was at $100.66, while WTI traded at $91.95. Supply disruptions through the Strait of Hormuz and the CPC terminal in Russia add to geopolitical premium.
Commodities Oil Holds Above $100 as Red Sea Attacks and Kazakhstan Outage Tighten Supplies
Oil prices have staged a sharp comeback, with Brent crude holding above $100 a barrel after Iran-aligned Houthi rebels attacked Saudi oil tankers in the Red Sea and a suspected Ukrainian drone strike forced the closure of Kazakhstan's main Black Sea export terminal. The twin disruptions have renewed fears over global energy supplies, reversing earlier hopes of easing Middle East tensions.
Commodities Iran War Pushes Brent to $100, Oil Companies Fear Hit to Their Finances
Global benchmark Brent crude topped $100 per barrel for the first time in nine weeks amid renewed US-Iran conflict in West Asia. The disruption through the Strait of Hormuz and continued Houthi attacks on Bab el-Mandeb Strait have pushed prices up nearly 7% in a day. Indian oil marketing companies, already reeling from losses in the June quarter, face further financial strain as crude prices surge.
Commodities Brent crude tops $100 on Red Sea attacks, Houthis claim strikes on Saudi tankers
Brent crude climbed above $100 per barrel for the first time since May after Yemen's Houthi group claimed responsibility for attacking two Saudi oil tankers in the Red Sea. The geopolitical risk premium drove prices sharply higher, with Brent trading at $100.79 per barrel, up 7%, and WTI at $91.83 per barrel. Analysts warn of further upside if Strait of Hormuz exports are disrupted.
Commodities Brent crude tops $100 a barrel as West Asia conflict fuels oil supply fears
Brent crude oil briefly topped $100 per barrel for the first time since May, surging 6.2% to $99.94 after attacks on two Saudi oil tankers in the Red Sea heightened supply fears. The price had fallen below $72 just weeks ago, roughly back to pre-Iran war levels.
Commodities BPCL: No discounts on Russian crude for September cargoes amid Houthi threats
Bharat Petroleum Corporation (BPCL) reported that traders have stopped offering discounts on Russian crude for September 2026 delivery, as Houthi threats in the Bab al-Mandab Strait push Brent crude past $100 per barrel. The company has secured July/August supplies and booked some September cargoes, but faces uncertainty on future discounts. BPCL also posted a consolidated net loss of Rs 1,873 crore in Q1 FY27, citing stable retail fuel prices and LPG under-recoveries.
Commodities Oil Prices Hit $100 for First Time Since May as Middle East Conflict Escalates
Oil prices hit $100 a barrel for the first time since May as the escalating conflict in the Middle East reignited fears over global energy supplies, according to BBC. Brent crude rose more than 5% on Thursday after several days of increases, with the US stepping up military strikes against Iran. Houthi militia attacks on oil tankers in the Red Sea and a failed ceasefire between the US and Iran have further tightened supply concerns.
Commodities Alderney electricity bills to be subsidised as barrel of crude oil nears $100
The States of Guernsey has approved a £200,000 temporary subsidy for Alderney Electricity (AEL) to offset electricity bills if the price of crude oil exceeds $100 per barrel. With the current price at $99.76 according to the Financial Times, the subsidy aims to protect the island's 2,167 residents from exceptional fuel price increases, as Alderney relies on diesel generation unlike its sister islands.
Commodities Brent crude nears $100 as analysts warn of inflation and current account deficit risks for India
Brent crude oil approached $97 per barrel on July 23, 2026, with analysts warning of risks for India including higher inflation and a widening current account deficit. Geopolitical tensions in West Asia and OPEC+ supply discipline are key drivers, while some forecasters see prices remaining above $100.
Logistics Ports and Pipelines Reshape Middle East Trade Beyond the Strait of Hormuz
DP World has confirmed plans for two new terminals on the UAE's east coast, outside the Strait of Hormuz, adding a combined 2.5 million TEU of container capacity and 5.3 million tonnes of general cargo. Rival Gulftainer is expanding Khorfakkan terminal. Meanwhile, pipeline projects accelerate to bypass Hormuz for crude oil, though refined products remain exposed.
Logistics ABL Wins Papua New Guinea FSO Support Contract for Santos Subsidiary
ABL, a marine and energy consultancy, has won a contract from Santos subsidiary Oil Search Limited to provide marine warranty survey services for a new FSO facility in Papua New Guinea. The FSO, the country's first offshore floating facility, will be deployed at the Kumul Marine Terminal as part of the Kutubu Pipeline System. ABL's scope covers equipment supply and installation across India, Indonesia, the UK, and Papua New Guinea, with work expected to run through 2028.
Commodities India's Surging Refined Product Exports Ease Asia Fuel Crisis, Says Russell
India's exports of light and middle distillates are expected to reach 1.55 million barrels per day in July, the second-highest level in Kpler records since 2017, easing Asia's fuel crisis. The surge is driven by soaring product premiums after the breakdown of the US-Iran ceasefire, with Brent crude rising 34% from its post-deal low. Other exporters like Oman and Taiwan are also boosting output, but Asia's imports remain 18% below pre-conflict levels, indicating continued tightness.
Commodities Crude oil tops $96 as Houthis target Saudi tankers in Red Sea
Brent crude futures surged above $96 per barrel on Thursday following reports that Iran-backed Houthis attacked two Saudi oil tankers in the Red Sea. US military strikes on Iranian assets and an EIA report showing a build in US crude inventories added to market dynamics.