Iran threatens to halt all Middle East energy exports amid renewed US blockade

Tehran shuts strait of Hormuz and carries out retaliatory strikes as Trump threatens to attack site linked to Iran’s nuclear programme

Iran threatened to halt all energy exports from the Middle East after the US reimposed a blockade of its ports and ships, as the two countries traded strikes for a fifth day and Donald Trump threatened to attack a site linked to Iran’s nuclear programme while he weighed further expanding US strikes next week.

The US blockade came into force early on Wednesday, and was followed by a 90-minute wave of strikes against Iran’s coastal defence systems and missile sites, according to the US military. Iranian authorities said the previous day of US strikes had killed at least seven troops, and wounded more than 300 people – the highest casualty count of any recent round of violence between the two countries.

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New pipeline in Canada to proceed after C$150bn pledged to ease BC and First Nations concerns

Port expansion and protections for whales part of BC and Alberta plan to expand country’s presence overseas

The governments of Canada and the province of Alberta will move forward on a major new oil pipeline after the pair announced a plan to ease concerns of British Columbia and First Nations on the Pacific coast.

Canada’s prime minister, Mark Carney, shuttled between British Columbia and Alberta on Thursday to announce more than C$150bn in new investments in both provinces, part of a broader project of reducing trade with the United States and expanding his country’s presence in overseas markets.

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China is a clear winner from Trump’s war in Middle East, report concludes

Beijing, whose stockpiles and renewables industry allowed it to withstand energy shock, is now gaining from global solar and EV push

China has emerged as the sole winner in Asia from the strait of Hormuz crisis, according to a report published on Tuesday.

The report by the Asia Group thinktank concluded that China had weathered the storm of the global commodities crisis resulting from the closure of the Middle Eastern waterway, and also stood to gain from the economic and geopolitical trends sparked by the wider conflict.

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Gas prices fall below $4 on average after Trump’s signing of Iran deal to end war

Drivers feel some relief but prices still a dollar more per gallon overall since before US-Israel attack on Iran

The average price of US gasoline fell to just under $4 a gallon on Thursday for the first time since March, following the announcement of a preliminary agreement between the US and Iran to end the war and reopen the strait of Hormuz.

The development has provided some relief to drivers who have seen soaring costs amid Washington’s war with Iran. But filling up still remains more expensive than it was before the conflict began.

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Oil and gas unlikely to return to prewar prices for months even if Hormuz reopens

Markets welcome US-Iran peace deal but prices may stay high as buyers race to refill depleted emergency crude stockpiles

After more than 100 days of the greatest recorded disruption to the world’s energy supplies, the global oil and gas markets have breathed a sigh of relief.

Hours after Donald Trump confirmed that a US-Iran peace deal would lead to the reopening of the strait of Hormuz for tankers carrying millions of barrels of oil and gas, the price of Brent crude tumbled to lows of $82 a barrel. Wholesale gas prices fell about 6%.

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Wes Streeting plans to increase high-skilled immigration if he becomes PM

Leadership hopeful to also say tax revenues from new North Sea oil and gasfields should be used to cut energy bills

Wes Streeting’s pitch to be the next Labour leader will include a plan to increase high-skilled immigration to the UK, arguing that Donald Trump is telling scientists and AI experts they are not welcome in the US.

In a speech this coming week, the former health secretary will also say that tax revenues from new North Sea oil and gasfields should be used to cut energy bills.

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Documents reveal concerns over US company’s proposed gas fracking in WA’s Kimberley region

Federal environment department says Black Mountain Energy has provided insufficient data as it seeks to drill 20 gas wells in part of world’s largest tropical savanna

The federal government has repeatedly raised concerns about an American company’s bid to frack for gas in Western Australia’s Kimberley region, part of the world’s largest and most intact tropical savanna.

Texas-based Black Mountain Energy, through its subsidiary Bennett Resources, is seeking federal approval to drill 20 gas wells for its Valhalla project west of Fitzroy Crossing.

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With oil markets nearing the danger zone, a US-Iran deal can’t come soon enough | Heather Stewart

Global prices are approaching a tipping point that could trigger inflation, shortages and, over time, recession

If a US-Iran deal is about to be reached, three months on from the launch of Donald Trump’s Operation Epic Fury, it will not be a day too soon for oil markets, which are approaching a dangerous tipping point.

The cost of a barrel of crude on the spot market – for immediate purchase, effectively – has bounced about $100 since Iran predictably responded to the onslaught from the US and Israel by closing the strait of Hormuz.

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Renewable energy will boost national security and protect UK from sabotage, minister says

Widely dispersed wind farms and solar panels are harder to target than fossil fuel power stations, Michael Shanks says

Renewable energy will boost the UK’s national security and make the country more resilient against potential aggression or sabotage, the government’s energy minister has said.

Michael Shanks said widely dispersed wind farms and solar panels were much harder to target than large-scale fossil fuel power stations. They are also not vulnerable to supply shocks, such as the current oil crisis caused by the US-Israel war on Iran and the soaring gas prices that followed Russia’s invasion of Ukraine in 2022.

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Trump energy secretary says gas prices might not drop back under $3 a gallon until 2027

Chris Wright says ‘I don’t know’ when asked about lower cost of gas as average price soars to $4 a gallon in US

Chris Wright, the Trump administration’s energy secretary, acknowledged Sunday that it might not be until 2027 before US gas prices come back under $3 a gallon.

Asked by Jake Tapper, the CNN State of the Union host, when he thought “it’s realistic for Americans to expect the gas will go back to under $3 a gallon”, Wright replied: “I don’t know. That could happen later this year. That might not happen until next year.”

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Record number of homes in Great Britain turn to green energy as fuel prices soar

Iran war drives demand for solar panels, heat pumps and EVs, with energy bills expected to rise 18% from July

British households are turning to green home energy upgrades in record numbers to try to keep bills down as the Iran crisis sends global oil and gas prices soaring, data from leading energy suppliers suggests.

Figures show demand for solar panels, electric vehicles and heat pumps in Great Britain has leapt since the war began on 28 February, as households brace for a sharp increase in monthly payments when the next energy price cap takes effect in the summer.

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Starmer implies he didn’t tell Trump he was ‘fed up’ about his impact on rising UK energy bills – as it happened

Prime minister says conversation with US president on Thursday night focused on need for ‘practical plan’ to open strait of Hormuz

Tony Blair, the former Labour prime minister, has joined those saying the government should allow drilling for oil and gas in the Rosebank and Jackdaw fields in the North Sea.

Both applications were approved by the last Conservative government, but then overturned by a court ruling. Ed Miliband, the energy secretary, has to make a decision about the revised applications operating in a quasi-judicial capacity, which means he has to follow due process and can’t take the decision purely on political ground.

The current debate [on energy policy] is deadlocked between two incomplete responses. The government argues the answer is to accelerate Clean Power 2030, focusing on decarbonising the electricity system as quickly as possible. The opposition argues that the answer is to expand domestic oil and gas production. Both positions contain elements of truth, but neither addresses the core strategic problem: outside the power sector the UK economy remains overwhelmingly dependent on fossil fuels, and electricity is still too expensive to support mass electrification.

The UK is caught in a self-reinforcing high-cost, low-electrification trap. High electricity costs suppress demand, slowing the uptake of electric vehicles, heat pumps and industrial electrification. Weak demand growth, in turn, means that the fixed costs of the system – from networks to long-term contracts – are spread across a smaller base, keeping prices high. The result is a system that is too expensive to electrify and therefore remains dependent on fossil fuels and exposed to global shocks …

The first of these vital measures will ban anyone from possessing or publishing harmful pornography that shows incest between family members, and sex between step or foster relations where one person is pretending to be under 18.

A further amendment will criminalise the publication and possession of pornography where an adult is roleplaying as a child.

This government is uncompromising in our mission to protect women and girls online, and we have taken action to stop tech firms from publishing this abusive content.

In February, we told platforms that they must remove reported non-consensual intimate images within 48 hours.

I greatly welcome the government’s plans to fully address harmful pornographic content such as incest, step-incest and the mimicking of child sexual abuse. This content that is freely and widely available online is deeply harmful, normalising child sexual abuse and abusive relationships within families …

Today the government has answered our calls for change, and I am delighted that once again the UK is leading the way on regulating this high harm industry.

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Cutting fuel to Australia ‘won’t happen’, says Singapore PM, as Albanese secures pledge from our largest petrol source

Australia and Singapore will ‘make maximum efforts to meet each other’s energy security needs’ in refined fuels and LNG, according to new agreement

Australia’s largest petrol source has pledged not to cut supplies, with Singapore’s prime minister telling Anthony Albanese that fuel will keep flowing despite the international crisis.

Albanese’s whistle-stop visit with his Singaporean counterpart, Lawrence Wong, culminated in a new agreement that the two countries would keep sending one another fuel and liquefied natural gas, amid the “acute energy crisis” caused by the war in the Middle East. Australia and Singapore will also add a legally binding addendum to their free trade agreement on essential supplies like energy.

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Strait of Hormuz not open, Abu Dhabi’s oil chief says as crude prices rise

Uncertainty over US-Iran ceasefire pushes price of Brent crude towards $100 a barrel

The boss of Abu Dhabi’s state-owned oil company has said the strait of Hormuz is “not open” despite the US-Iran ceasefire agreed earlier this week, as uncertainty over the truce pushed the price of Brent crude towards $100 a barrel on Thursday.

Sultan Al Jaber, the chief executive officer of the Abu Dhabi National Oil Company (Adnoc), said passage through the crucial waterway was subject to “permission, conditions and political leverage” by Iran. He said energy security and global economic stability depended on the strait being opened “fully, unconditionally and without restriction”.

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New North Sea drilling would barely reduce UK gas imports at all, data shows

Exclusive: research finds Jackdaw field would provide only about 2% of current demand, and Rosebank only 1%

Opening major new fields in the North Sea would make almost no difference to the UK’s reliance on gas imports, research has shown.

The Jackdaw field, one of the largest unexploited gasfields in the North Sea, would displace only 2% of the UK’s current imports of gas, which would leave the UK still almost entirely dependent on supplies from Norway and a few other sources.

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Hundreds of North Sea licences granted by Conservatives have ‘so far produced only 36 days worth of gas’

Exclusive: Findings cast doubt on claims new drilling would help cut bills and boost energy security, researchers say

Hundreds of licences granted for new oil and gas projects in the North Sea under the Conservatives have so far produced only 36 days’ worth of gas, according to analysis.

Research by the energy consultancy Voar and the campaign group Uplift found that between 2010 and 2024, the government handed out hundreds of new North Sea oil and gas licences in seven licensing rounds.

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‘The stakes are enormous’: how a prolonged Iran war could shock the global economy

Donald Trump’s ‘little excursion’ is likely to have long-term effects, from oil prices to inflation to growth, say experts

In the days after the US and Israel first bombed Iran, financial markets bet the economic fallout from Donald Trump’s “little excursion” in the Middle East would be short-lived.

“There are risks from higher oil prices longer term. But this is a tail risk,” one US-based fund manger said after the airstrike killing Iran’s supreme leader, Ayatollah Ali Khamenei. “History has shown time and time again that geopolitical flare-ups like this tend to be short-lived. This one should prove to be no exception.’’

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Gas giants warn against windfall gains tax as Pocock says ‘wartime profits’ should go to struggling Australians

Government faces political fight as industry says mooted 25% levy on exports would hurt Australia’s economy and energy security

Gas giants will lobby against any federal government moves to introduce a 25% export levy on windfall profits, as crossbenchers pressure the prime minister to redirect billions of dollars in “wartime profits” to Australians struggling amid the global energy crisis.

It comes after the prime minister’s department asked Treasury to model the effects of placing a flat 25% tax on gas exports, the ABC reported on Friday, along with any further changes to the petroleum resource rent tax (PRRT) and corporate income tax.

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Great Britain has only two days of gas stored, while Iran war threatens to disrupt supplies

National Gas insists storage broadly in line with levels for time of year despite disruption for tankers carrying LNG

Great Britain has only two days of fossil gas stored after a decline in energy reserves, as more tankers carrying liquefied natural gas (LNG) are diverted from their course to Europe towards Asia because of the Iran war.

Great Britain had 6,999 gigawatt hours (GWh) of fossil gas stored on Saturday, according to figures from National Gas, which owns and operates the gas national transmission system. This compares with 9,105 GWh a year earlier.

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White House worries as gas prices jump amid ongoing US-Israel war on Iran

US drivers are largely insulated from higher oil prices caused by Middle East turmoil – but only to a point

Across the US, the average cost of a gallon of regular gasoline has jumped nearly 27 cents in a week, to $3.25, and American consumers are bracing for higher prices at the gas pump as the US-Israel conflict with Iran threatens to disrupt the global oil supply.

That fear has entered the White House too, where Donald Trump’s chief of staff, Susie Wiles, is reportedly hunting for ideas to lower gasoline prices and officials are getting “screamed at” to bring good news, according to Politico.

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