Geopolitics
If diplomacy fails, energy markets face another reckoning
Following months of conflict, supply disruptions, and volatile oil prices, the prospect of an uneasy ceasefire between the United States and Iran has offered financial markets a measure of relief. Crude prices have eased from wartime highs, tanker traffic through the Strait of Hormuz has begun to normalize, and investors have shifted their attention back toward inventories, production growth, and global demand.
Oil and Gas Tankers Turn Back From Strait of Hormuz After Fresh Vessel Attacks
The Strait of Hormuz remains the world's most critical oil shipping route, carrying roughly one fifth of global oil and a significant share of liquefied natural gas exports.
Markets & Prices
Venezuela's Rodriguez signs oil and gas reform framework
Venezuela's acting president, Delcy Rodriguez, on Wednesday signed regulations implementing a reform of Venezuela's main oil law, which is geared at streamlining operations, updating rules and attracting investment in the oil and gas sector.
Colombia's Oil and Gas Reserves Keep Shrinking
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.
Innovation
Amid 2026 Energy Chaos, Oil And Gas Giants Prosper
What a frustrating time to be a giant oil and gas company. Somehow, despite President Donald Trump’s war against Iran bringing about the greatest oil supply shock of all time, trapping 10% of global supply behind the Strait of Hormuz, oil prices topped out at only $111 per barrel in early April.
Sure this was double the price of oil at the beginning of 2026, just before Trump deposed Venezuela’s petro-tyrant Nicolas Maduro. But it didn’t even come close to reaching 2008’s nominal record of $147 a barrel ($230 in today’s money). With Hormuz set to reopen fully, spot oil has fallen back below $80, barely high enough to incentivize America’s frackers to accelerate drilling. The number of rigs currently drilling in North America is up just 7% in a year to 740.
Europe
EU plans electrification target to cut oil and gas dependence
The European Commission wants to set an EU-wide electrification target by 2040 as part of a new push to cut the bloc’s dependence on imported oil and gas following the current Middle East crisis.
According to a leaked draft of the commission’s Electrification Action Plan, due to be unveiled on 17 July, Brussels will propose a binding electrification target later this year as part of a wider post-2030 energy package.
‘Can you help us?’: US oil execs turn to Trump to topple Europe's climate rules
The U.S. oil and gas industry has succeeded in exporting massive amounts of natural gas to Europe. Now, with the help of White House officials, it looks like it might also succeed in exporting the Trump administration’s deregulatory agenda.
Now the sector is attempting to strong-arm the European Commission, the EU’s executive arm, into delaying the rollout of what the bloc intended to be a major rule to curb a potent climate pollution. It has prevailed in winning the backing of over half the bloc’s 27 member countries, who have joined U.S. Energy Secretary Chris Wright in calling for swift changes to the rules.