In a timely July 20, 2026, article for City Journal, energy analyst Mark P. Mills dismantles the persistent narrative of an “energy transition” — the idea that wind, solar, and batteries will soon replace oil, natural gas, and coal. Mills, executive director of the National Center for Energy Analytics and author of The Cloud Revolution, […]
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Global oil markets are navigating heightened volatility as geopolitical tensions, ongoing conflicts, militant attacks, environmental constraints, and regulatory hurdles converge on several of the world’s most critical maritime and pipeline chokepoints. Brent crude prices have shown sharp swings, with peaks well above $90 during periods of acute disruption (including levels around or exceeding $94 in […]
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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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In a dramatic adaptation to regional turmoil, Iraq has mobilized thousands of tanker trucks to haul fuel oil—and soon crude—across the border into Syria, rerouting exports to Mediterranean ports like Baniyas. This overland operation stands as a stark paradigm shift from the traditional reliance on massive sea tankers through the Strait of Hormuz. While sea […]
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A recent Wall Street Journal report has confirmed that China has effectively put negotiations for the Power of Siberia 2 (PoS2) natural gas pipeline on indefinite hold. This development, highlighted in a July 19 X post by commodities analyst Jack Prandelli, underscores Beijing’s hardball tactics and Russia’s increasingly desperate position in pivoting its energy exports […]
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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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A pivotal shift occurred overnight on July 14–15, 2026. Ukraine struck the Gazprom Neftekhim Salavat refinery in Bashkortostan — previously Russia’s last major untouched gasoline production facility — along with the Afipsky refinery in Krasnodar Krai. Drones traveled over 1,500 km to hit primary processing units at Salavat, igniting fires and knocking out its full […]
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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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