Oil prices surged on Monday after US President Donald Trump threatened renewed military action against Iran and warned that Washington could "take over" the Strait of Hormuz if ongoing negotiations with Tehran fail, reigniting concerns over global energy supplies.
Leading Spanish group Técnicas Reunidas has announced that it has secured two major contracts from a national oil company in the Middle East region to provide engineering, procurement, and construction (EPC) services for upstream oil and gas production facilities.
Iraq is preparing to expand crude oil and naphtha exports through Syrian ports as it moves to diversify trade routes after the Iran war disrupted its main Gulf shipping channels and effectively closed the Strait of Hormuz.
Opec’s World Oil Outlook 2026 projects global energy demand to rise 23 per cent by 2050, with oil reaching 124 mb/d. It highlights the need for diverse energy sources, expanded access, and sustained investment to balance growth, sustainability and affordability.
Oil prices rose on Friday, but Brent crude remained on track for a weekly loss of nearly 8% amid continued market volatility. Brent crude futures soared to $80.38 a barrel, while US West Texas Intermediate (WTI) crude rose 1.2% to $77.54 a barrel.
Nearly one billion people living in the world's most vulnerable economies could face higher living costs, inflation and slower growth as disruptions in the Strait of Hormuz drive up global oil prices, the United Nations Conference on Trade and Development (UNCTAD) has warned.
Oil prices declined further on Thursday, following the release of the text of the interim agreement signed by the US and Iran.
John Crane has developed a validated drivetrain analysis method improving prediction accuracy for rotating equipment, reducing failure risk, downtime and vibration issues through dynamic modelling, testing and real-world data across oil, gas, LNG and power sectors.
Oil prices further declined on Wednesday, extending the previous session's losses following the US-Iran interim peace deal which is expected to allow free passage for vessels through Strait of Hormuz.
The GDP of GCC states is forecast to grow by 8.1% in 2027 as energy trade routes normalise, travel demand returns, and business confidence rebuilds, says a report.
