Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by 5.5 million barrels to 325.7 million barrels, the lowest level since May 1983, according to data from the Department of Energy. The drawdowns are a part of a U.S. agreement to release 172 million barrels from the facility. (Reporting by Arathy Somasekhar in Houston; Editing by Mark Porter) [Read more]
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De-mining of the Strait of Hormuz to be carried out only by Iran, deputy foreign minister says
The removal of mines from the Strait of Hormuz is to be carried out solely by Iran according to the Islamabad MoU between Tehran and Washington, Iran's Deputy Foreign Minister Kazem Gharibabadi said in a post on X on Monday, in response to French President Macron's comments on the subject. Emmanuel Macron said on Monday that France and Oman are working together to de-escalate tensions in the Middle East and will cooperate with their partners on clearing mines from the Strait of Hormuz. The [Read more]
Iraq’s push for bigger OPEC quota driven by revenue pressures, new oil investment
An economic crisis caused by the Iran war and a fresh surge of investment by oil majors are driving Iraq's aggressive push for a higher OPEC production quota, potentially placing it on a collision course with the producer bloc. The pressure from Baghdad adds to the challenges confronting the Organization of the Petroleum Exporting Countries, still reeling from the conflict's fallout and the shock departure of the United Arab Emirates after nearly 60 years as a member. The war, which forced [Read more]
Prospera Announces $12.0 Million Non-Brokered Equity Financing to Scale Its Heavy-Oil Strategy
Calgary, Alberta--(Newsfile Corp. - June 29, 2026) - Prospera Energy Inc. (TSXV: PEI) (OTC Pink: GXRFF) ("Prospera", "PEI", the "Corporation", or the "Company") Prospera Energy is pleased to announce a non-brokered private placement of units of the Company at $0.04 per unit for aggregate gross proceeds of up to $12,000,000, the largest financing in the Company's history and a defining inflection point for Prospera. Over the past twenty months, the Company executed a deliberate and highly [Read more]
Data centers aren’t the real US power problem. Outdated policy is: Douglas J. Arent
Data centers are being blamed for America's rising electric bills. But the real issue is not that AI — and consumers in general — are boosting energy usage. The real problem is structural, and it began long before the latest infrastructure boom. Average residential electricity rates rose 6% last year — more than twice the inflation rate. Roughly one-third of American households now spend more than 5% of their income on electricity. In 2025, rate increase requests filed by investor-owned [Read more]
Mediators set up de-escalation channels ahead of US-Iran talks, source says
Iranian and U.S. technical teams working on the implementation of an interim peace deal are expected to meet in Doha in the coming days, a source told Reuters on Monday, after tit-for-tat weekend strikes threatened to derail the fragile accord. Mediators have established communications channels to de-escalate any incidents, and technical talks are set to continue, the source, with knowledge of the discussions, added. A senior Iranian source told Reuters on Monday that there would be a [Read more]
Middle East producers push on with oil, LNG loadings despite ship attacks
Middle East producers are pushing ahead with loading oil and liquefied natural gas despite fresh ship attacks in the Strait of Hormuz and renewed strikes between the U.S. and Iran in recent days, shipping data showed. Energy shipping in the strait slowed after attacks on a container ship on Thursday and an oil tanker on Saturday sparked fresh tit-for-tat strikes, straining Washington and Iran's interim peace deal. But on Sunday, a U.S. official said the two countries had agreed to halt recent [Read more]
Hormuz oil exodus sets stage for chaotic rebalancing act: Bousso
Crude prices may be back near levels seen before the Iran war, but the surge in oil exports from the Middle East following the reopening of the Strait of Hormuz is creating a chaotic market that could take months to settle. The steep slide in Brent crude back to pre-war levels of around $73 a barrel following the U.S.-Iran interim deal might, at first glance, suggest business as usual has returned to the world’s most important oil and gas hub. The narrow waterway, which once carried about a [Read more]
Power outage forces Venezuela’s largest refinery to shut down, sources say
A power outage on Sunday forced the shutdown of Venezuela's largest refinery, the 645,000-barrel-per-day Amuay, workers from that facility said, the second refinery without electricity following two deadly earthquakes in the country. The South American nation has been struggling to provide power to industrial plants, refineries, businesses and citizens following the quakes, which have left at least 1,450 people dead. Amuay, key for fuel output for domestic distribution, was processing some [Read more]
Oil climbs following renewed US, Iran strikes in Middle East
Oil prices rose on Monday following days of tit-for-tat strikes by the United States and Iran in the Middle East that underscored the fragility of their interim peace deal and again slowed energy shipping in the Strait of Hormuz. Brent crude futures climbed 52 cents, or 0.672%, to $72.51 a barrel by 2313 GMT while U.S. West Texas Intermediate crude was at $69.94 a barrel, up 71 cents, or 1.03%. Brent crude fell 10.6% last week, its third weekly decline, after crude shipments through the [Read more]
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