The latest in commodities.

Oil prices increased by over 2% following a Ukrainian drone attack on a Russian oil depot, with Brent crude futures and U.S. West Texas Intermediate crude both seeing significant rises. – A Ukrainian drone attack on an oil depot in the Russian Black Sea port of Novorossiysk led to a rise in oil prices, with

Myanmar’s power crisis, exacerbated by Western sanctions and a military coup, has led to a surge in solar panel use, with Chinese firms supplying cheap panels to fill the gap. – The power supply in Myanmar has been severely affected since the 2021 military coup and subsequent civil war, leading to chronic blackouts. Western sanctions

The US is facing criticism from allies over its aggressive approach towards Venezuela, including a large naval presence and lethal attacks on boats accused of drug trafficking. The EU and G7 foreign ministers have questioned the legality of these actions, while US Defense Secretary Pete Hegseth has defended them as part of an operation to

Rio Tinto’s Kennecott operation in Utah has signed a 15-year virtual power purchase agreement with TerraGen to source renewable energy from a new wind farm in Texas. The deal involves Rio Tinto buying 78.5 megawatts of power from TerraGen’s 238.5 MW Monte Cristo I Windpower project. This agreement comes after the Trump administration added copper

The American Petroleum Institute (API) is lobbying for a complete overhaul of the US biofuel blending exemption program. – API has withdrawn its support for a bill that would authorize 15pc ethanol gasoline (E15) year-round, due to changes in biofuel policy that it believes favor farmers and small refining competitors. – The proposed changes would

The International Energy Association (IEA) predicts that growing electric vehicle (EV) sales will displace 10 million barrels per day of oil by 2035, with the global sales share of EVs expected to rise from 25% in 2025 to over 50% in 2035. The IEA’s STEPS scenario, based on announced but not yet implemented policies, anticipates

Countries including Germany, the UK, Denmark, and Kenya are advocating for a plan to phase out fossil fuels to be a priority at the UN climate summit, despite opposition from oil and gas-producing nations. – A coalition at the COP30 summit in Belém, Brazil, is supporting the call for a “road map” for countries to

Dana Gas, the Middle East’s largest private sector natural gas company, has signed a Memorandum of Understanding (MoU) with the Syrian Petroleum Company to explore the redevelopment and expansion of several natural gas fields in central Syria. Dana Gas will conduct a technical assessment of the identified fields and propose a development plan to increase

Oil prices increased by over 2% following a Ukrainian drone attack on a Russian oil depot, with Brent crude futures and U.S. West Texas Intermediate crude both seeing significant rises. – A Ukrainian drone attack on an oil depot in the Russian Black Sea port of Novorossiysk led to a rise in oil prices, with

The International Energy Association (IEA) predicts that growing electric vehicle (EV) sales will displace 10 million barrels per day of oil by 2035, with the global sales share of EVs expected to rise from 25% in 2025 to over 50% in 2035. The IEA’s STEPS scenario, based on announced but not yet implemented policies, anticipates

Japan’s leading oil refiner, Eneos Holdings, warns of escalating costs in developing its offshore wind project, making returns challenging to achieve. Eneos, along with Spain’s Iberdrola and Tohoku Electric Power Co, won a government auction to develop the Happo-Noshiro 375-megawatt offshore wind project in Akita prefecture, with construction set to begin next year and operations

Shell has abandoned two major wind projects off the coast of Scotland, marking a shift away from renewables and back to fossil fuels under new CEO Wael Sawan. Shell sold its 50% stake in the 3GW MarramWind project to ScottishPower Renewables and returned the 2GW CampionWind lease to Crown Estate Scotland. The decision is a