Oil prices remained under pressure on Tuesday after suffering steep losses over the previous two sessions, as growing optimism over a potential breakthrough in US-Iran diplomacy raised hopes that the Strait of Hormuz could soon be reopened to normal shipping, easing fears of disruptions to global crude supplies.
The International Trade Centre (ITC) said disruptions to shipping through the Strait of Hormuz are weighing on global trade, exposing the vulnerability of supplies of energy and fertilisers to one of the world's busiest maritime chokepoints. LNG exports plunged 95%, while urea was down 83%.
Saudi energy services company Tarshid has completed the second phase of an energy efficiency retrofit project at the Islamic University of Madinah, covering 43 buildings and facilities. It involved upgrades to cooling, AC and lighting systems aimed at improving energy efficiency.
Oil prices recovered on Tuesday after suffering their steepest one-day decline in weeks, as persistent concerns over potential supply disruptions in the Middle East outweighed optimism that diplomatic efforts could quickly end the five-month-old conflict between the United States and Iran.
BP reported a sharp rebound in second-quarter earnings, helped by stronger oil and gas prices, improved refining margins and robust cash generation, as new Chief Executive Officer Meg O'Neill outlined an ambitious strategy to improve performance and restore shareholder confidence.
Saudi-listed Acwa has signed an MoU with Veolia in Paris to optimise seawater desalination, combining technical expertise to improve SWRO plant design, operations and equipment selection while reducing energy consumption.
Venezuelan interim President Delcy Rodriguez said that a new energy agreement with the US will remain in force for 25 years, targeting crude oil production of more than 1.5 million barrels per day (bpd) while preserving Venezuela’s sovereignty over its natural resources.
Global energy leaders will gather in Bangkok from September 14-17, for Gastech 2026, as Asia takes centre stage in efforts to meet rising energy demand while maintaining security, affordability and sustainability.
MWG Enterprises, a US-based energy development company, said it has - in partnership with Patel Family Office and PWS, a company of Saudi Arabia’s AHQ Group - entered the final stage of site selection for its planned $5 billion integrated refinery and energy export corridor.
Senegal is strengthening energy planning to expand electricity access, attract investment and meet rising demand. A government-led programme, supported by international partners, is building institutional capacity and modelling expertise to accelerate power sector development.
