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The Latest Breaking News from Energy

Heightened Middle East Tensions Boost Crude Oil Prices

September WTI crude oil (CLU26) closed up +0.89 (+1.05%) on Wednesday, and September RBOB gasoline (RBU26) closed down -0.0466 (-1.41%). Crude oil and gasoline prices settled mixed on Wednesday, with crude oil posting a 4-week high. Wednesday’s sharp decline in the dollar index ($DXY ) to a 2.5-month low was...

Barchart

Crude Prices Supported by Dollar Weakness and Middle East Tensions

September WTI crude oil (CLU26) is up +1.42 (+1.67%) on Tuesday, and September RBOB gasoline (RBU26) is down -0.0122 (-0.37%). Crude oil and gasoline prices are mixed today, with crude oil posting a 3-week high. Today’s sharp decline in the dollar index ($DXY ) to a 2.5-month low is bullish...

Barchart

Kenya triples its power target, aiming to expand use of nuclear and geothermal energy

Kenya has tripled its long-term target for expanding its renewable power capacity to meet surging demand and support its industrialization, but that might not result in more affordable power for consumers

The Independent UK

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EU-backed electricity link to Cyprus stalls amid regional tensions

The nearly €2 billion Great Sea Interconnector subsea cable would connect Cyprus to the EU's electricity system and end Nicosia's energy isolation. However, Turkey's maritime ambitions and financing issues have been stalling the project, which was meant to become operational in 2024.

Euronews

Ministers should prioritise cheap power not net zero, Tories to say in speech

The shadow energy secretary will insist the UK ‘should focus all our attention on making electricity cheap’.

Evening Standard

Tories accused of ‘living in fantasy land’ as party lays out plans to ditch net zero

Green campaigners branded the Conservative’s plan to ditch net zero as a proposal that ‘flies in the face of all the real-world evidence’

The Independent UK

Crude Prices Gain on Reduced Middle Eastern Oil Supplies

September WTI crude oil (CLU26) closed up +0.44 (+0.52%) on Tuesday, and September RBOB gasoline (RBU26) closed up +0.0316 (+0.97%). Crude oil and gasoline prices extended Monday’s sharp rally on Tuesday and posted 3-week highs as the US and Iran remain deadlocked over control of the Strait of Hormuz, limiting...

Barchart

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Crude Prices Supported as Strait of Hormuz Remains Closed

September WTI crude oil (CLU26) is up +0.80 (+0.95%) today, and September RBOB gasoline (RBU26) is up +0.0232 (+0.71%). Crude oil and gasoline prices extended Monday’s sharp rally today and posted 3-week highs as the US and Iran remain deadlocked over control of the Strait of Hormuz, limiting crude supplies...

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Trump Energy Secretary Chris Wright Says Clean Energy Policies Are ‘At Least as Responsible’ for High Prices as Iran War—Touts Texas Oil Boom

President Donald Trump‘s Energy Secretary, Chris Wright, says former President Joe Biden-era Clean Energy policies also share some blame for the high fuel prices at the pump amid ongoing tensions with Iran.

Benzinga

Crude Prices Jump as US-Iran War at a Standstill

September WTI crude oil (CLU26) closed up +2.10 (+2.55%) on Monday, and September RBOB gasoline (RBU26) closed up +0.0860 (+2.70%). Crude oil and gasoline prices rallied to 3-week highs on Monday and settled sharply higher. Concerns that the US-Iran war will remain unresolved and keep Middle East oil supplies limited...

Barchart

PM urged to stick to spirit of Labour manifesto and reject Jackdaw and Rosebank

The plea to Andy Burnham comes from campaigners at Stop Climate Chaos Scotland.

The Independent UK

Half a million and counting: Aussies power battery boom

Australians have installed more than 500,000 household batteries in a move experts say will keep putting downward pressure on power bills.

AAP

Analyst Says US Gas Prices Hit ‘Highest Ever Level’ This Late in Year: ‘Never Been Above…’

U.S. gasoline prices have crossed a threshold never seen this late in the year, according to GasBuddy analyst Patrick De Haan, as tensions with Iran continue to roil energy markets.

Benzinga

US says more oil is leaving Middle East. Is it really?

US Energy Secretary Chris Wright claims nearly nine million barrels daily leave the Strait of Hormuz. Vessel tracking services, however, report volumes closer to half this amount. Total Middle East crude exports remain below pre-conflict levels, according to tracking data.

The Economic Times

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Reason

The Trump Administration's Hormuz Oil Numbers Don't Add Up

Energy Secretary Chris Wright claims that more oil left the Middle East in a day than before the war. But the industry isn’t buying it—and gas prices are still high.

Benzinga

Energy Secretary Chris Wright Says Hormuz Oil Flows Surpass Prewar Levels as US, Gulf Allies Step Up Coordination—Trump Claims ‘100% Control’ of the Strait

Energy Secretary Chris Wright highlighted a significant increase in the average daily oil flow through the Strait of Hormuz over the past week.

The Independent UK

New pylon plan could cut energy bills for thousands of households

IN FULL

The Independent UK

Thousands of households could save up to £250 a year on energy bills as government pylon plans unveiled

Most eligible households will receive the discount automatically on their electricity bill every six months via their energy supplier, officials said

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The Independent UK

Revealed: The areas set to get £2,500 off their energy bills as government unveils new projects

Up to 160,000 households are expected to eventually benefit from the scheme

AAP

Big polluters make small cuts under climate scheme

Australia's biggest polluters have reduced emissions by less than one per cent in two years and an environmental group is calling for reforms.

Evening Standard

Government should ease energy policy costs for ‘concerned’ businesses, says E.On

Research from the company indicated that many UK businesses are keen to invest in low-carbon technology but are put off by the costs.

TechRadar

The US government wants to make it easier to build and launch floating nuclear reactors, 'unleashing American energy dominance'

The United States is backing international laws for floating nuclear reactors, while companies prepare for a potential maritime energy market.

The National (Scotland)

Net zero targets could be watered down under UK Government plans

Andy Burnham’s Government could water down some of Labour’s net zero targets, the Energy Secretary has signalled

AAP

Labor backs 'strong' fuel supply as petrol prices bite

Drivers continue to feel the pinch at the bowser despite strong national fuel supplies, as the ongoing volatile war in Iran drags on.

The Independent UK

Households warned of August deadline to claim £150 off winter bills

Eligible bill payers have less than a month to secure their energy discount

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