Congestion on the U.S. electricity grid is becoming an increasingly costly bottleneck, driving up power prices, delaying new generation projects and undermining reliability. Yet the electricity industry's attention remains focused largely on generation, with politicians debating solar panels, natural gas turbines and nuclear reactors while utilities tout billions of dollars of planned investments. PJM Interconnection, the largest U.S. power market that spans 13 states, offers a stark [Read more]

A vessel was struck by an unknown projectile 8 nautical miles (14.8 km) northwest of Oman's Kumzar, overlooking the Strait of Hormuz, the United Kingdom Maritime Trade Operations agency said, adding that the vessel is currently adrift. The crew safely abandoned the vessel and have been recovered by a tug boat, UKMTO said after reporting earlier that the vessel was on fire. The fire has not been extinguished, but no environmental impact was reported, UKMTO said. On Monday morning, Iran's [Read more]

If there is a surprise to China's response to the Iran conflict, it's not that the world's biggest crude importer cut back on oil imports and refinery processing, it's the extent to which it did. China has a strong track record of lowering crude imports in response to higher prices and boosting arrivals when they decline. But the collapse in imports to the lowest in nearly 10 years in June was dramatic, especially given that even though crude prices did surge in the weeks after the U.S. [Read more]

The Islamic Revolutionary Guard Corps said on Monday that two oil tankers had exploded and been immobilised after attempting to transit what it described as an unsafe southern route through the Strait of Hormuz, alleging they had been encouraged by the U.S. military to use the passage. Reuters could not immediately verify the incident. The statement gave no details on the vessels' names, flags, crews or any casualties. The Guards said the waterway would remain unsafe as long as what it [Read more]

Oil prices jumped 3% on Monday, with Brent surpassing $90 a barrel, as the United States and Iran expanded attacks in the Middle East that have curbed energy shipments in the Strait of Hormuz. Brent crude futures climbed $2.69, or 3.05%, to $90.79 by 2343 GMT, touching the highest since June 11, extending gains after rising 15.9% last week, its biggest weekly gain since April. U.S. West Texas Intermediate crude was at $84.68 a barrel, up $2.19, or 2.65%, the loftiest since June 12. [Read more]

The Kuwaiti Foreign Ministry condemned on Sunday what it described as an Iranian attack on a power generation and water desalination facility, calling it a direct strike on vital civilian infrastructure. The repeated targeting of civilian facilities amounted to a dangerous escalation and violated international law, the U.N. Charter and U.N. Security Council Resolution 2817, the ministry said in a statement. It said Iran bore full legal and moral responsibility for the attack and its [Read more]

Two oil tankers were attacked at the Caspian Pipeline Consortium (CPC) terminal off Russia's Black Sea coast, CPC said on Sunday, adding that oil loadings are suspended. The ASIA and NISSOS IOS tankers were attacked during loading operations, CPC said. The ASIA tanker caught fire, which was extinguished, it added. "There were no injuries or fatalities amongst CPC staff or contractors. There was no oil spill," CPC said, adding that the tankers remained afloat. CPC did not identify any party [Read more]

Iran's Supreme Leader Mojtaba Khamenei said in a written statement on Saturday that repeated U.S. breaches of a memorandum of understanding signed by the presidents of Iran and the United States had shown that President Donald Trump's signature was "utterly worthless and devoid of credibility." Washington and Tehran have exchanged strikes after a ceasefire agreement fell apart last week, raising fears of a return to all-out war. Khamenei said the United States should know that the Iranian [Read more]

Kuwait Petroleum Corporation said one of its oil facilities was hit on Saturday by "repeated Iranian attacks", resulting in significant material damage and some injuries, according to Kuwait’s state news agency. (Reporting by Jana Choukeir and Yasmine Ghania; Editing by Alison Williams) [Read more]