Brent peaked near $118 before a US-Iran framework began unwinding the premium
Energy
Oil, gas, LNG, power and the price of moving the world.
state of play
Energy is dominated by the largest oil supply disruption on record — the IEA's largest recorded disruption, Brent near $118 before falling below $80 on the ceasefire. The premium is unwinding, not gone: roughly 500 vessels are queued to exit the Gulf and full normalisation is months off. The 60-day sanctions waiver is the mechanism actually clearing the shock — and is reversible. Watch Hormuz transit counts and whether the waiver is renewed in August.
tracking
Oil
Gas & LNG
Power & electricity
Nuclear & uranium
Renewables & storage
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latest
The large-investment regime tops 18 approved projects and >US$22.5bn; critics cost the fiscal giveaway at ~US$1.8bn a year
US, Greece, Cyprus and Israel launch an energy centre at Rice University; Ankara invokes 'guarantor state' powers and warns Israeli strikes now threaten Turkey
Tamar/Leviathan maintenance cuts ~250 mcf/d on top of the war cutoff; Cairo fast-tracks LNG to hold a gas-dependent grid through summer
At the G7 Trump says the dam is causing Egypt 'tremendous problems' and offers to restart US Nile mediation, six months after Ethiopia inaugurated Africa's largest hydro project
The US-Iran MoU sends Brent toward $77 and Aramco cuts its July price to Asia — even as the war banked Riyadh a routing windfall through the East-West pipeline
Rolling blackouts and reservoirs near 5% collide with a sixth drought year, as Pezeshkian warns the capital could run dry and even floats evacuation
Seven members add 188,000 bpd for July — but Saudi Arabia's quota sits far above what the closed Strait let it actually export