Iran's IRGC declared the Strait of Hormuz closed, accusing the US and Israel of violating a new peace deal. This follows Israeli strikes in Lebanon and Gaza, and US-led talks on Iran's nuclear capacity. The US denies the waterway is closed, stating traffic continues.
Climate activists, including athletes, are calling on FIFA and other sports organizations to end partnerships with the oil and gas industry, targeting Saudi Aramco as the exclusive energy sponsor for the World Cup. Protests are planned at multiple World Cup stadiums and sports arenas.
The Scottish National Party (SNP) has lost the Aberdeen South seat to the Scottish Conservatives in a by-election, with Douglas Lumsden winning by 6,050 votes. The result is seen as a referendum on the North Sea oil and gas industry.
The Conservatives secured a significant victory in the Aberdeen South by-election, ousting the Scottish National Party. The Tories' campaign focused heavily on loosening restrictions for oil and gas drilling, a key issue for local jobs.
UN climate chief Simon Stiell highlighted the "fossil fuel cost crisis" at Bonn climate talks, urging a faster transition from fossil fuels due to economic instability. While a "coalition of the willing" pushes for a phaseout, some nations, particularly oil producers, remain resistant, complicating UN negotiations.
OPEC's World Oil Outlook forecasts oil and gas to comprise over 50% of the global energy mix from 2025-2050. Despite growth in renewables, oil's share will remain significant, with demand for oil and gas projected to rise substantially by 2050.
The Aberdeen South by-election is a tight contest between the SNP and Conservatives, largely focused on North Sea oil and gas policy. Job losses and energy security claims are central, with the Tories advocating for extraction and the SNP navigating between jobs and renewables.
US intelligence agencies assess Iran can now close the Strait of Hormuz at will, a powerful tool to disrupt the global economy. This comes despite a peace agreement expected soon, raising concerns about future leverage and potential disruptions to other key trade routes.
A report highlights Southeast Asia's vulnerability due to oil and gas reliance via the Strait of Hormuz, exacerbated by the Iran war. Rising energy import bills and inflation are noted, with calls for diversification and reforms to avoid a tripling of costs by 2035.
Global oil prices have fallen to a three-month low and stock markets have reached record highs amid optimism that a US-Iran peace deal could resolve the energy supply crisis. Brent crude dropped 4% to $83 as hopes rise for the reopening of the Strait of Hormuz.
Global oil and gas markets have seen prices fall after a US-Iran peace deal was confirmed, potentially reopening the Strait of Hormuz. Brent crude dropped to $83 a barrel and gas prices fell 6%, easing fears of severe economic consequences.
Energy experts predict it will take months for companies to resume operations and meet global demand due to slow shipping, refining, and uncertainty over safe passage through the Strait of Hormuz. Oil prices slipped following the deal announcement, but remain elevated.
Two remote Western Australian islands, Koolan and Cockatoo, have been sold for multi-million dollars to be transformed into transport logistics hubs. Koolan Island, previously an iron ore mine, will become a sea and air hub for offshore industries, while Cockatoo Island will also be developed into a multi-user hub.
Wes Streeting is preparing a Labour leadership bid focused on attracting global talent through a "global talent programme" and using North Sea oil and gas tax revenues to cut energy bills. He criticizes the US for deterring scientists and AI experts, vowing to welcome them to Britain.
Egypt has fully settled its outstanding debts to foreign public companies in the oil and natural gas sector, totaling approximately $6.1 billion as of June 30, 2024. Prime Minister Mostafa Madbouly announced the final payment was made on June 10, marking a significant achievement for the Egyptian economy and investor confidence.
The US has imposed sanctions on Cuba's state-owned oil and gas company, Union Cuba-Petroleo, targeting its assets and barring US entities from doing business with it, escalating pressure on Cuba's communist government amid an ongoing oil blockade.
The U.S. sanctions Cuba's Cupet, escalating tensions, citing unlawful expropriation of American assets and energy exploitation by the Cuban government.
The US has imposed sanctions on Cuba's state-owned oil and gas company, Union Cuba-Petroleo (CUPET), under Executive Order 14404. This action follows positive bilateral talks between senior Chinese and Cuban officials on cooperation and party-to-party ties.
The U.S. government has imposed sanctions on Cuba's state-owned oil and gas company, Cupet, accusing it of unlawfully expropriating assets and weaponizing energy. Secretary of State Marco Rubio stated that Cupet's assets in the U.S. are blocked, escalating tensions.
Russia's budget revenues reached over 37 trillion rubles in 2025, with non-oil and gas revenues comprising more than three-quarters of the total, according to Prime Minister Mikhail Mishustin.
Donald Trump threatened to seize Iran's oil and gas infrastructure, including Kharg Island, and launch further strikes. The US and Iran exchanged fire for a second day, despite a nominal ceasefire, with both sides accusing the other of violations. Talks on a preliminary deal are ongoing.
President Trump threatened to seize Iran's oil infrastructure, including Kharg Island, citing the US strategy in Venezuela. He also mentioned potential airstrikes and control over oil markets, though expressed uncertainty about US willingness to occupy Kharg.
Donald Trump threatened severe military strikes against Iran, vowing to seize oil facilities like Kharg Island. The US conducted strikes on Iranian surveillance and air defense systems, with Trump warning of intensified bombing if Iran doesn't accept US terms.
US President Trump threatened a "powerful" strike on Iran, vowing to seize control of its oil and gas infrastructure and markets, similar to actions taken against Venezuela. He stated Iran's military capabilities would be eliminated and key facilities like Kharg Island would be captured.
