https://oilprice.com/rss/main All the latest in Oil, Gas, Commodity news and analysis Sun, 05 Jul 2026 10:37:05 -0500 https://oilprice.com/The-Environment/Global-Warming/Europes-Hottest-June-on-Record-Traced-to-Climate-Change.html oilprice-article-44829 Many countries across Europe have experienced the hottest June on record, as heatwaves sweep the region. Countries in Northern Europe that are not used to weeks of 30°C-plus heat are suffering due to a lack of air conditioning and buildings ill-prepared for such heat. Over 1,300 people died during the June heatwaves, according to the World Health Organisation (WHO), demonstrating the severity of the issue. Now, a recent study shows that climate change, as suspected, is to blame for the high temperatures. Recent studies show that human-caused… Sun, 05 Jul 2026 10:00:00 -0500 Sun, 05 Jul 2026 10:37:05 -0500 Felicity Bradstock https://oilprice.com/Energy/Energy-General/Dip-in-US-LNG-Imports-to-EU-Spells-Trouble-for-Trade-Deal.html oilprice-article-44833 For two years, the European Union has been the biggest regional buyer of U.S. liquefied natural gas. Sanctions on Russia, including a ban on LNG purchased from 2027, have prompted the pivot, actively encouraged by the second Trump administration. But last month, Europe shunned American liquefied gas because it was too expensive. This will be a problem for the trade deal that just went into effect. Last July, President Donald Trump and European Commission President Ursula von der Leyen signed a trade deal framework that would ensure preferential… Sat, 04 Jul 2026 18:00:00 -0500 Sun, 05 Jul 2026 10:37:05 -0500 Irina Slav https://oilprice.com/Energy/Energy-General/Largest-Data-Center-Project-Ever-Proposed-Is-Officially-Dead.html oilprice-article-44831 The largest data center project ever proposed in the U.S. is officially dead. Blackstone-owned QTS Realty Trust withdrew its appeal to the Virginia Supreme Court on July 2, closing out a three-year legal fight over the Prince William Digital Gateway, a planned 2,100-acre campus in Prince William County, Virginia that would have packed 37 buildings and 22 million square feet of data centers next to Manassas National Battlefield Park. At full build-out, the project carried an estimated $100 billion price tag and would have been the largest data center… Sat, 04 Jul 2026 14:00:00 -0500 Sun, 05 Jul 2026 10:37:05 -0500 Charles Kennedy https://oilprice.com/Alternative-Energy/Biofuels/Asia-Bets-on-Biofuels-to-Dodge-Middle-East-Oil-Shortages.html oilprice-article-44828 Interest in developing biofuels has fluctuated and has been strongly driven by global energy trends. In 2024, following the COVID-19 pandemic, the international call for a green transition, and the increased focus on developing cleaner fuels to decarbonise hard-to-abate industries, interest in biofuels grew. Biofuels were expected to play a major role in the global green transition by helping to decarbonise industries that could not simply shift to renewable electricity, such as aviation. However, this interest waned in 2025, as several companies… Sat, 04 Jul 2026 12:00:00 -0500 Sun, 05 Jul 2026 10:37:05 -0500 Felicity Bradstock https://oilprice.com/Alternative-Energy/Wind-Power/Courts-and-Congress-Are-Undoing-Trumps-War-on-Wind-Power.html oilprice-article-44827 There has been significant back-and-forth on offshore wind power in the United States. As part of ambitious plans for a green transition, the former Biden administration strongly supported offshore wind with both policy and federal funding. However, the Trump administration has since backtracked on U.S. wind energy goals, with President Trump openly opposing offshore wind. However, with greater political pushback from Congress and federal judges, it appears that progress on wind energy is hard to halt.  Since taking office last year, President… Sat, 04 Jul 2026 10:00:00 -0500 Sun, 05 Jul 2026 10:37:05 -0500 Felicity Bradstock https://oilprice.com/Energy/Energy-General/Colombias-Oil-and-Gas-Reserves-Keep-Shrinking.html oilprice-article-44826 For a decade, Colombia's economically vital oil industry has been caught in a death spiral. A combination of sharply weaker oil prices, rising geopolitical risk and anti-petroleum industry reforms implemented by Colombia's first leftist president Gustavo Petro deterred investment, causing the operational tempo to decline. The main issue weighing heavily on the oil patch's outlook is a dire lack of proven petroleum reserves. These are the result of a lack of spending on wildcat drilling and a poor exploration success rate. After a lengthy delay,… Fri, 03 Jul 2026 18:00:00 -0500 Sun, 05 Jul 2026 10:37:05 -0500 Matthew Smith https://oilprice.com/Latest-Energy-News/World-News/OPEC-Oil-Production-Jumps-But-Gulf-Supply-Is-Still-Far-From-Normal.html oilprice-news-44836 OPEC's oil production rebounded sharply in June as Gulf producers finally began bringing shut-in barrels back online after months of war-induced disruptions. But despite the impressive headline number, the cartel is still pumping nowhere near where it was before the Strait of Hormuz crisis turned Middle East oil flows upside down. According to Reuters' monthly survey, the 11 OPEC members produced 19.43 million barrels per day in June, up 3.3 million bpd from May, when output plunged to the lowest level recorded by the survey since at least 2000.… Fri, 03 Jul 2026 14:30:00 -0500 Sun, 05 Jul 2026 10:37:05 -0500 Julianne Geiger https://oilprice.com/Metals/Commodities/Coppers-Next-Move-Depends-On-Washington-Not-The-Strait-Of-Hormuz.html oilprice-article-44825 Six months after Operation Epic Fury upended the metals complex, the Strait of Hormuz still can't decide if it's open. Days after the two countries signed a memorandum of understanding on June 17, Iran's military declared the strait closed again, only for Iran's own foreign ministry to tell state media shipping was “operating normally.”  Under that same agreement, Washington has until July 19 to fully lift its naval blockade, while Tehran is only committed to its “best efforts” to restore pre-war traffic. Base metals… Fri, 03 Jul 2026 14:00:00 -0500 Sun, 05 Jul 2026 10:37:05 -0500 Michael Kern https://oilprice.com/Energy/Energy-General/Hormuz-Turns-Oil-Outlooks-Into-a-Guessing-Game.html oilprice-article-44836 Numbers Report – July 03, 2026 In the latest edition of the Numbers Report, we will take a look at some of the most interesting figures put out this week in the energy and metals sectors. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers. Let’s take a look. 1. Hormuz Turns Oil Outlooks Into a Guessing Game - Energy market research organizations have started to recalibrate their global supply outlooks for 2026 and 2027, with the US Energy Information Administration seeing a much slower… Fri, 03 Jul 2026 13:51:36 -0500 Sun, 05 Jul 2026 10:37:05 -0500 Editorial Dept https://oilprice.com/Latest-Energy-News/World-News/Russia-Scrambles-for-Asian-Jet-Fuel-as-Crisis-Deepens.html oilprice-news-44835 Russia's fuel crisis has reached the point where one of the world's biggest oil producers is preparing to import jet fuel. According to Reuters, Russia is set to receive at least 200,000 barrels of jet fuel originating in Japan through a complex chain of traders and ship-to-ship transfers via South Korea, underscoring just how badly Ukrainian drone strikes have disrupted the country's refining system. The cargo is expected to load from Chiba, Japan, in the first half of July before heading to South Korea's Yeosu port for a ship-to-ship transfer.… Fri, 03 Jul 2026 12:30:00 -0500 Sun, 05 Jul 2026 10:37:05 -0500 Julianne Geiger https://oilprice.com/Latest-Energy-News/World-News/DOJ-Urges-States-to-Enforce-Fuel-Price-Gouging-Laws.html oilprice-news-44833 The Trump administration is taking its campaign against high gasoline prices to the states, and it’s doing it formally. A little more than a week after President Donald Trump ordered the Justice Department to investigate possible price gouging at the pump, federal antitrust regulators have formally asked state attorneys general to join the effort, warning that oil market volatility is no excuse for anticompetitive behavior. In a letter sent Friday seen by CBS News, the Justice Department and the Federal Trade Commission said they are actively… Fri, 03 Jul 2026 11:30:00 -0500 Sun, 05 Jul 2026 10:37:05 -0500 Julianne Geiger https://oilprice.com/Energy/Crude-Oil/Oil-Markets-Grow-Numb-to-US-Iran-Ceasefire-Drama.html oilprice-article-44835 Oil prices remain stuck in a tight range as traders look past geopolitical headlines and wait for clarity on the fragile U.S.-Iran ceasefire. Friday, July 03, 2026 Following weeks of extremely volatile and geopolitics-driven trading, oil prices have been exceptionally calm this week, with ICE Brent trending within a narrow range of $71-73 per barrel. This partly stems from pre-holiday liquidity dips; however, it could also be seen as the oil markets’ general fatigue with gauging the current status of the US-Iran ceasefire. Iraq Mends Its… Fri, 03 Jul 2026 11:01:00 -0500 Sun, 05 Jul 2026 10:37:05 -0500 Tom Kool https://oilprice.com/Geopolitics/International/Russia-Escalates-Kyiv-Strikes-Days-Before-NATO-Summit-Showdown.html oilprice-article-44824 Russia carried out one of its largest attacks on Ukraine's capital this year, reigniting demands in the United States and Europe for tougher military and economic measures against Moscow.Ukrainian officials said at least 27 people were killed and scores of others wounded in the large-scale attack on Kyiv on July 2, which caused fires and extensive damage to civilian infrastructure and residential buildings across several districts.The scale of the assault drew swift condemnation from lawmakers in Washington, where debate over future aid to Ukraine… Fri, 03 Jul 2026 11:00:00 -0500 Sun, 05 Jul 2026 10:37:05 -0500 RFE/RL staff https://oilprice.com/Latest-Energy-News/World-News/TotalEnergies-Offers-Millions-of-Barrels-of-Iraqi-Crude-to-Asian-Buyers.html oilprice-news-44831 TotalEnergies is offering millions of barrels of Iraq’s Basrah Medium and Basrah Heavy crudes for prompt delivery to Asia this month and next, traders who had received some of these offers told Bloomberg on Friday. Iraq, one of the Persian Gulf producers most hit by the closure of the Strait of Hormuz, has been offering crude on the spot market with deep discounts and only on a loading basis, which means buyers need to secure empty tankers to move inbound into the Gulf via the Strait of Hormuz. But TotalEnergies, one of the top commodity… Fri, 03 Jul 2026 10:30:00 -0500 Sun, 05 Jul 2026 10:37:05 -0500 Michael Kern https://oilprice.com/Latest-Energy-News/World-News/Japans-Top-Oil-Refiner-Eyes-a-Post-Hormuz-Future.html oilprice-news-44829 Japan’s biggest oil refiner, Eneos Holdings, will likely move to diversify its crude supply from a heavy dependence on the Middle East in the wake of the shock disruption of flows through the Strait of Hormuz, the company’s chief financial officer, Soichiro Tanaka, told Reuters in an interview published on Friday. Before the Iran war, Japan and its refiners relied on the Middle East for a massive 95% of all crude imports. But the shock loss of supply forced refiners to seek alternatives and the government to release oil from strategic… Fri, 03 Jul 2026 09:30:00 -0500 Sun, 05 Jul 2026 10:37:05 -0500 Charles Kennedy