Headlines

Iran and the U.S. have both announced rival blockades of the Strait of Hormuz once again, crippling an already fragile ceasefire deal. This should alarm oil traders who had been pricing in a rapid return to normal. But markets appear sanguine – and that may be a miscalculation. The global oil and gas market proved remarkably resilient during the 108-day conflict, thanks in large part to the ample global reserves present before the war began on February 28. But the energy market is no longer [Read more]

The U.N.'s shipping agency said on Monday that it opposes fees on ships passing through maritime waterways but would await more details after U.S. President Donald Trump said he would reinstate a naval blockade on Iran and charge 20% on all cargo shipped through the Strait of Hormuz. Trump said in a Truth Social post the process would begin immediately, but did not elaborate. "We are aware of the post and awaiting more details," a spokesperson with the U.N.'s International Maritime [Read more]

Stocks of crude oil in the U.S. Strategic Petroleum Reserve fell by about 3 million barrels last week to 316.5 million barrels, the lowest level since April 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. Since the U.S.-Israeli war on Iran began at the end of February, SPR inventories have fallen by 98.9 million barrels as of July 10. Overall U.S. inventories, including commercial and SPR [Read more]

Transaction led by Blackstone, in partnership with Apollo and KKR TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) announced today that it has signed an agreement led by funds managed by Blackstone Credit & Insurance (“Blackstone”), in partnership with Apollo and insurance vehicles and accounts managed by KKR, to support the development of its five announced behind-the-meter Power Innovation projects: Socrates, Apollo, Aquila, Socrates the Younger, and Neo. The advancement of Williams’ [Read more]

More details are awaited after U.S. President Donald Trump said in a post that Washington was reinstating a naval blockade on Iran and would be reimbursed 20% on all cargo shipped through the Strait of Hormuz, the U.N.'s shipping agency said on Monday. "We are aware of the post and awaiting more details," a spokesperson with the U.N.'s International Maritime Organization said. "We have always been consistent on our stance on fees – IMO stands firmly against charging fees for passage through [Read more]