US crude settled at $88.20 a barrel on June 9 after Energy Secretary Chris Wright said Hormuz ship traffic is rising meaningfully, as Iran and Israel agreed to halt their latest exchange of strikes.
Tag: energy
Posted inEconomy
OECD cuts global growth forecast to 2.8% as Iran war energy shock deepens
The OECD’s June 2026 Economic Outlook cut its world GDP growth forecast to 2.8% and warned that a prolonged Strait of Hormuz blockage could reduce output to 2.1% while pushing global inflation above 4%.
Posted inMarkets
Fervo Energy raises $1.89 billion in the biggest clean energy IPO on record
The Houston geothermal startup priced at $27, opened 35% higher at $36.54, and debuted with a market cap above $10 billion, powered by demand for round-the-clock carbon-free power from AI data centers.
Posted inEconomy
US consumer prices hit 3.8% in April, highest since May 2023
April CPI rose 3.8% year-on-year — driven by a 28% surge in gasoline costs tied to the Iran conflict — pushing the 10-year Treasury yield to the cusp of 4.5% and repricing Fed rate-cut expectations.
Posted inMarkets
Oil below $65 as OPEC fracture and demand weakness trump Iran risk premium
Brent crude has traded between $60 and $70 per barrel through May despite the Iran war’s ongoing Hormuz disruption, with the UAE’s exit from OPEC and weak global demand growth suppressing the price that Saudi Arabia’s $80 budget breakeven requires.
Posted inEconomy
Two shocks are reshaping the global energy economy at once
The UAE’s departure from OPEC on May 1 and the Iran war’s disruption of Hormuz shipping have arrived simultaneously, creating a price environment where geopolitical supply threats are pushing one direction and Gulf overproduction capacity is pushing another.
Posted inGeopolitics
The Strait of Hormuz becomes the war’s most dangerous front
Three months into US-Israel military operations against Iran, the narrow passage through which roughly 20 percent of the world’s traded oil travels has become a pressure point that neither side can afford to close — but neither has shown it can keep fully open.
Posted inWorld
The UAE quits OPEC after 59 years and sets course for five million barrels
Abu Dhabi’s exit from the oil cartel on May 1 removes OPEC’s third-largest producer and a member since 1967, freeing the UAE to exploit a capacity gap that has cost it roughly 1.35 million barrels of daily production under quota constraints.