https://oilprice.com/rss/main All the latest in Oil, Gas, Commodity news and analysis Thu, 18 Jun 2026 06:23:33 -0500 https://oilprice.com/Latest-Energy-News/World-News/More-Than-60-Million-Barrels-of-Oil-Ready-to-Head-to-Asia-as-Hormuz-Reopens.html oilprice-news-44684 Crude cargo arrivals in Asia from the Middle East could accelerate in the coming weeks as more than 60 million barrels of oil stuck in the Persian Gulf prepare to exit the Strait of Hormuz and head to Asian markets once the chokepoint reopens to traffic.   About 62 million barrels of crude oil on nearly three dozen supertankers are expected to make their way to Asia within weeks after the Strait reopens, according to Signal Group data carried by Bloomberg. Asia, which felt the supply shock first and the most as early as in March, could now… Thu, 18 Jun 2026 05:30:00 -0500 Thu, 18 Jun 2026 06:23:33 -0500 Tsvetana Paraskova https://oilprice.com/Latest-Energy-News/World-News/Goldman-Sachs-Warns-Strait-of-Hormuz-Traffic-May-Never-Fully-Recover.html oilprice-news-44683 Tanker traffic via the Strait of Hormuz may never fully recover to pre-war levels thanks to alternative routes that oil producers in the Middle East have tapped amid the crisis, Goldman Sachs analysts have warned. According to them, oil flows from the chokepoint could only recover to 70% of pre-war levels, or 13 million barrels daily. The recovery could take a little over a month, with that 70% of traffic achieved by the end of July, Bloomberg reported, citing the investment bank’s analysts. They also said full production recovery would take… Thu, 18 Jun 2026 04:30:00 -0500 Thu, 18 Jun 2026 06:23:33 -0500 Irina Slav https://oilprice.com/Latest-Energy-News/World-News/High-Oil-Prices-Are-Driving-an-EV-Boom-in-Europe.html oilprice-news-44682 High oil and fuel prices led to yet another monthly rise in electric car sales in Europe, at a solid 34% on the year, thanks in no small part to the wider availability of cheaper vehicles from China, Reuters reported today, citing data from E-Mobility and New Automotive. Yet, European carmakers are also seeing higher demand for their electric models, with Renault reporting a 50% increase in its EV order book, per Reuters. However, the chief executive of the French major cautioned that this could change quite quickly when oil prices come down, casting… Thu, 18 Jun 2026 03:30:00 -0500 Thu, 18 Jun 2026 06:23:33 -0500 Irina Slav https://oilprice.com/Latest-Energy-News/World-News/Saudi-Aramco-Eyes-7-Billion-Sulfur-Asset-Sale-as-Demand-Soars.html oilprice-news-44681 Saudi Arabia’s energy major Aramco is considering selling a stake in its sulfur business, eyeing proceeds of up to $7 billion, Reuters has reported, citing unnamed sources. The value of Aramco’s infrastructure assets could be as high as $50 billion, one of the Reuters sources told the publication. This gives Aramco a pretty comfortable asset sale base—and sulfur right now is very hot, after the Middle East war disrupted a solid chunk of global supply for a vital commodity with multiple applications across industries. The company… Thu, 18 Jun 2026 02:30:00 -0500 Thu, 18 Jun 2026 06:23:33 -0500 Irina Slav https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Slide-After-US-and-Iran-Sign-Ceasefire-Agreement.html oilprice-news-44680 Oil prices were under pressure in early Asian trading on Thursday after the U.S. and Iran formally signed an agreement to reopen the Strait of Hormuz. The speed at which oil markets have changed their tune in recent weeks has been remarkable, with the IEA now warning of an oil glut despite major tightness in today’s market. At the time of writing, Brent crude was trading at $77.64 per barrel, down 2.40% on the day, while West Texas Intermediate had fallen 2.88% to $74.58 per barrel. The agreement, signed by the U.S. and Iranian presidents,… Thu, 18 Jun 2026 00:51:39 -0500 Thu, 18 Jun 2026 06:23:33 -0500 Josh Owens https://oilprice.com/Energy/Energy-General/The-Invisible-Energy-Crisis-Threatening-to-Derail-the-AI-Boom.html oilprice-article-44684 Every AI boom forecast being published right now — every bull case, Big Tech earnings call, and valuation model — seems to be making the same assumption. The electricity will be there to power it when they need it. It won’t. Bitzero (NASDAQ: AIBZ) spent the last four years betting against that assumption. The company locked in more than a gigawatt of low-cost power across Norway, Finland, and North Dakota, well before the rest of the industry started fighting over every available megawatt. The company is already cash flow positive,… Wed, 17 Jun 2026 19:00:00 -0500 Thu, 18 Jun 2026 06:23:33 -0500 Michael Scott https://oilprice.com/Energy/Crude-Oil/State-of-Global-Oil-Inventories-Ruins-Iran-Peace-Optimism.html oilprice-article-44683 As oil benchmarks crash and Brent slips below $80 per barrel, a growing number of analysts are sounding an alarm: Hormuz may reopen, but oil production in the region would not rebound immediately—and the world’s oil inventories are depleting. Back in May, Carlyle Group’s Jeff Currie warned that by July, parts of the world would face what he dubbed “minimum operational levels” of crude oil supply due to depletion resulting from storage withdrawals to avoid shortages amid the Hormuz crisis. Energy Aspects analysts also… Wed, 17 Jun 2026 18:00:00 -0500 Thu, 18 Jun 2026 06:23:33 -0500 Irina Slav https://oilprice.com/Energy/Energy-General/The-Diesel-Demand-Shock-Nobody-Is-Pricing-In.html oilprice-article-44682 The Truck Exception Isn't as Big as You Think When I recently argued that the internal combustion engine may already have passed its peak, many readers responded with a familiar objection. Cars are one thing, they argued, but trucks are different. Passenger vehicles can be electrified because they drive predictable distances, return home every evening, and increasingly benefit from lower operating costs. Long-haul trucking, by contrast, depends on heavy payloads, long distances, and energy densities that batteries supposedly cannot provide. While… Wed, 17 Jun 2026 17:00:00 -0500 Thu, 18 Jun 2026 06:23:33 -0500 Leon Stille https://oilprice.com/Energy/Energy-General/Clean-Energy-Investment-Hits-22-Trillion-Nearly-Double-Fossil-Fuels.html oilprice-article-44679 Despite historic political headwinds against the global decarbonization effort, clean energy spending continues to see a meteoric rise around the world. The International Energy Agency’s World Energy Investment 2026, published in May of this year, projects that of the $3.4 trillion dollars that the world will spend on energy investments this year, $2.2 trillion will go to clean energy, and just $1.2 trillion will go to fossil fuels. This marks a historic shift in energy spending and in energy security priorities on a global level. Worldwide,… Wed, 17 Jun 2026 16:00:00 -0500 Thu, 18 Jun 2026 06:23:33 -0500 Haley Zaremba https://oilprice.com/Energy/Energy-General/Whatever-Happened-to-the-Promise-of-Cheaper-Electricity.html oilprice-article-44680 As readers of Adam Smith know, the market functions to provide consumers with goods and services at the lowest price (within limits set by law). Yet, several years ago, we submitted a piece claiming that restructuring the electricity industry had not produced noticeable consumer benefits, and the irate peer reviewer (we suspect a big shot restructuring maven ) retorted that you can’t prove a negative but added, “Who said that restructuring was supposed to benefit consumers?” On the first point, we simply opined that consumer benefits… Wed, 17 Jun 2026 15:00:00 -0500 Thu, 18 Jun 2026 06:23:33 -0500 OilPrice.com https://oilprice.com/Energy/Crude-Oil/How-the-Oil-Sands-Became-the-Lowest-Cost-North-American-Producer.html oilprice-article-44681 After the oil price crash of 2014-15, global energy majors like BP (NYSE:BP), Chevron (NYSE:CVX), and TotalEnergies (NYSE:TTE) sold their interests in the Canadian oil sands, at the time classifying their Canadian operations as among the most expensive and least profitable. Thus, the majors redirected capital to cheaper oil production, favoring US shale for its quicker drilling time and returns. They may end up regretting that decision. According to a recent report, via the Canadian Energy Centre, the oil sands have become one of North America’s… Wed, 17 Jun 2026 14:00:00 -0500 Thu, 18 Jun 2026 06:23:33 -0500 Andrew Topf https://oilprice.com/Energy/Energy-General/Kazakhstan-Bets-10-Billion-on-AI-With-Nvidia-Backed-Data-Center-Valley.html oilprice-article-44675 The Kazakh government has inked a $10 billion deal with US chip-making giant Nvidia and an Armenian-American cloud company to develop a 'Data Center Valley' in the country’s northern Pavlodar region. The deal is seen as anchoring a broader effort to turn Kazakhstan into a global digital hub. Kazakhstan recently adopted a development strategy called “Digital Qazaqstan“ to guide the country’s transformation into a cognitive economy through 2029.  “Digital Qazaqstan represents a fundamental transition of Kazakhstan… Wed, 17 Jun 2026 13:00:00 -0500 Thu, 18 Jun 2026 06:23:33 -0500 OilPrice.com https://oilprice.com/Latest-Energy-News/World-News/IEA-Sees-Massive-Oil-Surplus-In-2027-As-Middle-East-Supply-Returns.html oilprice-news-44679 The global oil market could swing from one of the largest supply disruptions in history to a surplus of more than 5 million barrels per day next year if Middle East production and exports recover following the U.S.-Iran peace agreement, the International Energy Agency (IEA) said on Wednesday, as reported by Reuters. In its first outlook for 2027, the Paris-based agency forecast global oil supply growth of 8 million barrels per day, far outpacing projected demand growth of just 2 million bpd. The result would be a supply surplus of roughly 5 million… Wed, 17 Jun 2026 12:30:00 -0500 Thu, 18 Jun 2026 06:23:33 -0500 Charles Kennedy https://oilprice.com/Alternative-Energy/Geothermal-Energy/Artificial-Intelligence-Is-Driving-a-Geothermal-Energy-Boom.html oilprice-article-44676 The artificial intelligence boom is fueling an energy revolution. The extreme electricity demands of the fast-growing sector are kicking the research and development of a huge number of next-gen energy alternatives into overdrive, with particular attention to clean energy sources that can provide power 24/7. As a result, the private and public sectors alike funnel billions into nuclear fusion and enhanced geothermal, among other future-facing baseload energy sources. In recent years, geothermal has emerged as a majorly promising solution for round-the-clock… Wed, 17 Jun 2026 12:00:00 -0500 Thu, 18 Jun 2026 06:23:33 -0500 Haley Zaremba https://oilprice.com/Latest-Energy-News/World-News/Exxon-Set-to-Supply-LNG-to-South-Africas-First-Import-Terminal.html oilprice-news-44678 ExxonMobil and the company developing South Africa’s first LNG import terminal have signed a preliminary agreement for the U.S. supermajor to supply LNG to the proposed import terminal at the Port of Richards Bay, Zululand Energy Terminal (ZET) said on Wednesday. The Zululand Energy Terminal is being developed as a joint venture between Vopak Terminal Durban and Transnet Pipelines, and is expected to be South Africa’s first LNG import facility, enabling the import, storage, regasification, and distribution of LNG to both power generation… Wed, 17 Jun 2026 11:30:00 -0500 Thu, 18 Jun 2026 06:23:33 -0500 Charles Kennedy