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Oil Prices Surge as Middle East Attacks Continue and Diplomacy Stumbles

Oil prices initially jumped by over 3% in early Asian trade on Monday as fears of a major and extended supply disruption were stoked by continued attacks in the Middle East and the postponement of a crunch meeting between Gulf states and Iran. At the time of writing, both benchmarks had fallen back slightly, with WTI futures trading at $102.2 per barrel, 2.16% higher on the day, and Brent futures up 2.14% at $106.8 per barrel. Over the weekend, the Houthis claimed to have launched a large-scale missile and drone attack against Saudi…

OilPrice.com•Josh Owens14 Sept

StanChart Warns Oil Is Now Built for Sharper, More Frequent Spikes

Oil prices hit nearly $110 per barrel on Thursday for the first time since July, with no end in sight for the Middle East conflict. The IRGC announced on Wednesday that it had attacked and heavily damaged eight oil tankers and two U.S. Navy destroyers in the Strait of Hormuz, in retaliation after the U.S. military destroyed five IRGC-linked oil tankers in the Gulf of Oman on Tuesday night. CENTCOM has, however, denied the IRGC claims. Hopes for a quick resolution to the war have also faded after U.S. President Donald Trump said that the war is…

OilPrice.com•Alex Kimani13 Sept

Further Oil Price Spikes Could Rekindle Recession Fears

This week’s oil price surge sharply raised the odds of a Fed interest rate hike next week and re-launched the recession conversation, for the first time since the early weeks of the Iran war. The price spike this week saw Brent Crude prices topping $100 per barrel for the first time since July and the U.S. benchmark, WTI Crude, exceeding $100 a barrel as well, after the U.S.-Iran tensions escalated again with no talks of a deal in sight. For six months during the Iran war, the global and U.S. economies have remained resilient in the face…

OilPrice.com•Irina Slav13 Sept

U.S. Dams Could Unlock 15.2 Terawatt-Hours of Untapped Hydropower

The United States’ existing dams could produce an additional 15.2 terawatt-hours of electricity per year, enough to power more than 1.4 million homes across the country. A new study from Oak Ridge National Laboratory and Idaho National Laboratory found that by retrofitting select dams that are not already outfitted for hydropower production could prove to be a critical and efficient source of clean energy at a much lower cost than traditional hydropower projects. These findings are based on modelling through a new software called HydroGenerate,…

OilPrice.com•Haley Zaremba13 Sept

Trump’s Caucasus Trade Corridor Delayed Until 2027

Construction on a trade corridor seen as the lynchpin of the Armenian-Azerbaijani peace deal is facing a delay, according to a top Azerbaijani official. The provisional peace agreement was signed in Washington in August 2025. At that time, the Trump Route for International Peace and Prosperity (TRIPP) had been expected to begin construction by the end of 2026. But in comments published by the Russian news agency Interfax, Azerbaijani Foreign Minister Jeyhun Bayramov acknowledged what was becoming increasingly obvious: work will not start on TRIPP…

OilPrice.com•OilPrice.com13 Sept

UK Wind Power Hits Record High as Energy Security Risks Mount

The United Kingdom has dramatically increased its wind energy capacity over the last decade, producing record levels of wind power in 2025. With several more projects in the pipeline, wind power is expected to contribute a significant share of the U.K. energy mix by the end of the decade, supporting diversification aims and boosting energy security. In the U.K., in 2025, wind was the largest single renewable electricity source, according to data from the National Energy System Operator (Neso). Together, wind, solar, hydro, and biomass generated…

OilPrice.com•Felicity Bradstock13 Sept

Oil Industry Braces for Years-Long Iran War

Oil producers, traders, and refiners are bracing for a prolonged war between the United States and Iran in the Persian Gulf with little to no hope of a quick resolution. By extension, they are also preparing for higher prices for longer, a theme present at this year’s edition of the Asia Pacific Petroleum Conference. Reuters’ Clyde Russell reported this week that the mood at APPEC was not particularly cheerful as hostilities in the Middle East escalate once again, suggesting achieving peace would be quite a challenge. The Reuters columnist…

OilPrice.com•Irina Slav12 Sept

Stolen Electricity is Powering Illegal Crypto Farms Across the Globe

Electricity theft is a global problem, and it’s getting more dire all the time. While the problem is most common in developing countries, where grid infrastructure is limited and utilities and state authorities have lower oversight capacities, developed countries are not immune either. This theft can occur in many forms and at many scales, from individuals tapping into power lines to power their individual residences to large-scale and sophisticated theft schemes to power entire cryptocurrency mining farms. Just this week, Mexican authorities…

OilPrice.com•Haley Zaremba12 Sept

The Race to Solve Nuclear Energy’s Biggest Problem

Nuclear power is growing in popularity once again as governments worldwide look to diversify their energy mix and reduce reliance on fossil fuels. Several countries are now looking to develop or expand their nuclear energy capacity over the coming decades. However, one challenge remains – nuclear waste. Disposing of waste materials from nuclear energy operations remains a complex task with no perfect solution. As countries worldwide have grown their nuclear power capacity, many governments are still struggling to decide on the best solution…

OilPrice.com•Felicity Bradstock12 Sept

Iran’s Security Crackdown Runs Into Resistance From Within

Iran's parliament is trying to turn fears of foreign infiltration into law. But as lawmakers work through the legislation, the debate is exposing an increasingly awkward question for the Islamic Republic: How far should the state go in policing Iranians' contact with the outside world? At the center of that debate is Parliament Speaker Mohammad Baqer Qalibaf, who, at least publicly, is doing a balancing act. He has defended the need for tougher measures against foreign infiltration while warning that the current draft of the legislation goes too…

OilPrice.com•RFE/RL staff12 Sept

Why More Homes Are Switching From Gas to Heat Pumps

Heat pumps are becoming an increasingly popular alternative to gas-powered central heating systems and are increasingly being used in new construction, often driven by government incentives. A heat pump uses technology similar to that found in a refrigerator or an air conditioner, extracting heat from a source, such as the surrounding air, and amplifying and transferring the heat to where it is needed. As most of the heat is transferred rather than generated, heat pumps are far more efficient than conventional heating technologies such as boilers…

OilPrice.com•Felicity Bradstock12 Sept

Europe's "Less" Is Doing More Than Anyone Gives It Credit For

Brent is sitting a touch above $104 this morning, down slightly from yesterday's surge. The Strait of Hormuz, which used to move something like a fifth of the world's oil and LNG before the war, has been effectively shut since March. Saudi output dropped around 1.9 million barrels a day in August, tanker rates are breaking records, and the EIA doesn't see Middle East production back near pre-conflict levels until the second quarter of 2027. Meanwhile, the European Union imports 57 percent of the energy it consumes and spent €340 billion on…

OilPrice.com•Michael Kern11 Sept

White House Weighs Defense Production Act as U.S. Refineries Maxed Out

The White House is considering using the Defense Production Act to add U.S. refining capacity, with American refineries already running at 98% capacity and diesel prices above $6 per gallon for the first time. The proposal was discussed during President Donald Trump’s recent meeting with nearly a dozen U.S. refiners, according to Reuters. No decision has been made, and discussions are expected to continue. Refining executives told administration officials that federal money would produce more barrels faster if it were used to expand existing…

OilPrice.com•Julianne Geiger11 Sept

Trump's Grid Battery Ban Leaves Developers Guessing

The United States is trying to build up its energy storage capacities at a rapid scale. At the same time, it is trying to wean itself off of Chinese battery tech. In many ways, these two goals are in direct opposition to each other. China dominates global supply chains for clean energy tech in general, but especially when it comes to lithium-ion batteries, which power everything from your phone to your car. Approximately 80 percent of all battery cells in the world are made in China according to figures from the International Energy Agency. What…

OilPrice.com•Haley Zaremba11 Sept

UK Interest Rates Could Rise Four Times Over the Next Year

The Bank of England is expected to hike interest rates as many as four times within the next year, City figures have said, after the economy delivered surprise growth in July. The central bank is expected to be buoyed by this morning’s GDP figures, which saw the UK economy grow by 0.4 per cent in July despite forecasts that growth would grind to a halt. Andrew Bailey is widely tipped to oversee an interest rate hike in November, economists have said, though his Monetary Policy Committee (MPC) is expected to leave rates unchanged when…

OilPrice.com•OilPrice.com11 Sept

U.S. Oil Rig Count Rises as Oil Tops $100

The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Friday, with the total rig count in the US rising to 591, up 52 from this same time last year. The number of active oil rigs rose by 1, reaching 450 during the latest reporting period, according to the data. This is 34 above this same time last year. The number of gas rigs rose by 2 to 132, which is 14 more than this time last year. Miscellaneous rigs stayed the same at 9. The latest EIA data showed…

OilPrice.com•Julianne Geiger11 Sept

Drone Strikes Hit Saudi Arabia’s Vital East-West Oil Pipeline

Saudi Arabia’s critical East-West oil pipeline system was struck on Thursday, with multiple pumping stations hit in an attack that could threaten one of the kingdom’s most important crude export routes, according to CNN, citing two U.S. officials familiar with the matter. The confirmation comes after satellite data on Thursday pointed to unusual activity along the pipeline corridor. OilPrice.com reported that NASA FIRMS had detected multiple large fires near the East-West pipeline, while Sentinel-3 imagery appeared to show a massive…

OilPrice.com•Tom Kool11 Sept

Saudi Arabia’s Critical Oil Bypass Comes Under Threat

Houthi strikes threaten Saudi oil exports as Brent hits $105 and Middle Eastern crude soars to $120. Friday, September 11, 2026 Houthi strikes on Saudi Arabia’s oil infrastructure have alerted the oil markets to the possibility of seeing even less Middle Eastern supply than before, with potential damage to the East-West pipeline jeopardizing 3-4 million b/d of Saudi crude exports. Whilst the meeting of Gulf foreign ministers over the weekend has poured some cold water on runaway crude prices, ICE Brent at $105 per barrel (and available Middle…

OilPrice.com•Tom Kool11 Sept

Supertanker Rates Hit $800,000 a Day as Gulf Tensions Escalate

Supertanker rates on the Baltic Exchange's benchmark Middle East-to-China shipping route have surged to a staggering $800,000 a day. With US forces having destroyed five Iranian-linked tankers and Tehran threatening further escalation in recent days, prospects for near-term stabilization remain limited. The freight surge signals that crude oil and refined products continue to flow but are becoming increasingly costly to transport out of the Gulf region to global markets. According to Bloomberg, US Gulf-to-Asia shipments on very large crude carriers…

OilPrice.com•OilPrice.com11 Sept

IEA Sees 5.7 Million Bpd Oil Supply Plunge as Gulf Recovery Slips to 2027

The IEA just took another 1.4 million barrels per day out of its 2026 global oil supply outlook, and it no longer expects normal Gulf flows to return this year, according to a new agency report released on Friday. Global oil supply is now expected to fall by 5.7 million bpd in 2026, or roughly 6%, compared with the 4.3-million-bpd decline the agency forecast just one month ago. The delayed recovery of Middle Eastern production has pushed the return of normal Gulf supplies into 2027. Global oil stocks fell at a rate of 3.1 million bpd in August,…

OilPrice.com•Julianne Geiger11 Sept