American multinational energy company; second-largest descendant of Standard Oil
Oil markets have shifted as the U.S. and Iran outline a framework to reopen the Strait of Hormuz. Brent and WTI hover around the mid- to high-80s/low-90s as sanctions waivers enable resumed Iranian exports. Global stocks move with muted optimism while gas prices remain elevated compared to prewar levels.
SoftBank has announced a €75bn plan to build AI data centres in northern France and to develop up to 5GW of capacity by 2031. Governments and companies are tightening domestic energy plans in response, prompting talks on interconnectors, local refineries and nuclear or modular-reactor options to meet the data centres’ huge electricity demand.
Trump has accused Keir Starmer of failing on immigration and energy, urging his resignation and calling for expansion of North Sea drilling. The remark underscores tensions in UK‑US relations as UK political tempers flare after recent by‑election results.
Major tech firms have announced widespread workforce reductions while reporting record AI spending and rising head counts at heavy AI adopters. Oracle, Microsoft, Meta and others have cut roles and cited AI-driven change even as studies from Ramp/Revelio, SignalFire and Draup show engineering hires and entry-level roles growing at AI‑intensive firms and job listings shifting toward judgment and AI-tool fluency.
OPEC+ has agreed to increase oil output by 188,000 barrels per day from August, marking the fifth straight monthly rise. While the move signals a cautious unwind of earlier cuts, oil supplies remain constrained by the Strait of Hormuz and ongoing regional tensions. Prices have edged back toward pre-war levels as shipping resumes.
The US and Iran have exchanged fresh strikes this weekend and on Monday, reversing a recent interim ceasefire and re‑opening doubt over control of the Strait of Hormuz. President Donald Trump has declared the ceasefire "over," ordered further strikes and revoked a temporary oil waiver. Oil has jumped into the high $70s–$80s and global markets have fallen.
The United States has has backed plans to rehabilitate the Iraq–Syria crude oil pipeline as a priority infrastructure project linking Iraqi production with Mediterranean export markets. Deals with US firms aim to create alternative routes to the Strait of Hormuz, with initial capacity of about 2 million barrels per day once completed.
US-backed deals have Iraq seeking long-term investment, with Chevron-backed pipelines and parallel routes to reduce Hormuz dependence. Analysts say regional pipelines could carry a large share of oil by 2028; the question remains when they’ll be viable.
Iraq has signed 48 agreements with American firms, spanning energy, healthcare and technology, as Prime Minister Ali al-Zaidi travels to the United States. The deals include oil and electricity cooperation with ExxonMobil, KBR, GE Vernova, Shell and Halliburton, plus a pipeline project with Syria to bypass the Strait of Hormuz. Starlink will bring satellite services.
Oil prices have risen this week after U.S. officials narrowed a waiver to the Jones Act for energy shipments and data showed U.S. crude stocks have fallen to multi-decade lows. Traders are parsing mixed statements from Washington and Tehran about talks to reopen the Strait of Hormuz while reparations demands have emerged, keeping markets volatile on 11 Aug 2026.
Renewed US–Iran strikes and a US naval blockade have pushed oil above $90 a barrel and cut tanker traffic through the Strait of Hormuz. Shipping, insurance and refining costs have surged faster than crude, lifting diesel and jet-fuel premiums and pushing US pump prices toward $4 a gallon; analysts warn sustained disruption will force further price rises.
BP has announced it is marketing its North Sea business for sale as part of a portfolio simplification. The unit comprises five hubs and about 1,100 staff. The move follows political and policy debates on North Sea drilling and energy funding, with potential proceeds around £2 billion. BP is seeking an owner to back the next chapter of a Slimmed-down BP while focusing on higher-value opportunities.
President Trump’s Cabinet meeting at Camp David has become a focal point as he faces Republican pushback on a tax-audit immunity deal and the fate of acting Attorney General Todd Blanche. Comments on an Anti-Weaponization Fund are circulating, while lawmakers seek written assurances from the White House. The briefing follows related talks about immunity provisions tied to the Trump family.
Six of Europe’s biggest oil groups report profits surging year-on-year as turmoil around the Strait of Hormuz tightens supply and pushes prices higher. U.S. and European majors show windfall gains amid disruptions, even as lawmakers debate windfall taxes and consumer costs rise.
A coordinated U.S.-Japan intervention in late July has only temporarily strengthened the yen. The currency has given back roughly half the gains from the operation and is trading near ¥159–¥160 to the dollar as of mid-August. Analysts say the yield gap between U.S. and Japanese debt and Japan's domestic policy mix are keeping downward pressure on the yen.
Amazon and Apple diverge in earnings, with AWS leading cloud growth for Amazon and Apple forecasting slower growth due to memory chip shortages and supply constraints, signaling a split in Big Tech momentum.
Oil majors have reported bumper profits for Q2 as volatility from Iran-related tensions sustains high crude prices. Executives say they are boosting reliability and refining where needed while returning cash to shareholders. Trump has criticized profits and urged lower prices at the pump.
Oil majors have posted strong quarterly profits amid continued volatility from the Iran-U.S. conflict and the Hormuz Strait. Aramco and European peers report multi-billion results, while policymakers and markets watch for potential windfall taxes and supply routes.
BP has reported a quarterly profit of $5.73bn, more than doubling year-on-year, driven by higher oil prices amid Middle East conflict. The group plans to sell its US renewable natural gas unit Archaea and is considering further asset disposals, including a potential North Sea exit. CEO Meg O’Neill says the company is focusing on assets with the strongest potential to deliver returns.
Oil prices rise as talks over reopening the Strait of Hormuz remain unsettled. Brent nears $90, and U.S. inventories stay tight amid ongoing tensions and political maneuvering.
Oil prices have risen amid renewed tensions as talks over reopening the Strait of Hormuz face a stalemate. Iran demands compensation and sanctions relief, while US pressures persist. Brent near $90 and US crude around $82, with market participants watching for any breakthrough.
Flock Safety has announced mandatory changes to its national license-plate camera network after reporting dozens of US officers misused the system. The company has shortened default data retention from 30 days to seven, will require case codes for searches and will force all customers to enable an audit tool that can lock out flagged users.
Abdul El-Sayed has won the Michigan Democratic Senate nomination in a closely watched primary, defeating Haley Stevens in a race that highlights anti-establishment sentiment and deep fundraising divides. The result may reshape the party’s strategy ahead of the 2026 midterms and 2028 presidential contest.
The United States has moved to secure ownership stakes or long-term access to Venezuela’s vast oil fields, aiming to expand American influence over the world’s largest proven crude reserves. Officials describe the plan as a legacy-defining move for President Trump, though it faces constitutional and political scrutiny in Venezuela. The push follows Maduro’s removal and a conditional restart of diplomatic ties.
President Trump has announced a deal giving the United States majority control of rights to roughly 65 billion barrels of Venezuelan oil reserves through a US–Venezuela agreement and private partners. Venezuela’s interim president Delcy Rodríguez has welcomed the pact, but officials have not released the agreement text and experts warn production and near-term price relief will take years.
Venezuela and the United States have secured a 25-year energy agreement to develop 17 oilfields and eight greenfield blocks, targeting more than 1.5 million barrels per day and promising billions in state revenue while preserving Venezuela’s sovereignty over its resources.
Chevron has been assigned additional acreage in Venezuela’s Orinoco Belt and plans a multibillion-dollar investment to boost output, as U.S. deals with Caracas and sector players signal a renewed push into the country’s oil sector. The moves come as oil output in Venezuela remains far below its historic highs.