American multinational oil and gas giant
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.
Oil and petrol prices have fallen after the U.S. and Iran reached a tentative deal to reopen the Strait of Hormuz, but global inventories and U.S. strategic reserves have dropped to decades-low levels and will take months to rebuild. Consumers are seeing smaller pump prices now; wholesale and crude markets remain fragile while production, shipping and refinery capacity restart is underway.
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.
Global markets are mixed as investors digest news of a framework for a long-term Iran peace deal. Oil prices have fallen sharply, and major indices climbed in US trading after the deal signals potential sanctions relief and production shifts across the Middle East.
A blast at Qatar’s Barzan gas facility in Ras Laffan has injured 54 and left 18 missing as QatarEnergy works to restart LNG operations after earlier Iranian attacks. Officials say the explosion was a technical accident during start-up, with no environmental impact expected. QatarEnergy says the Barzan plant is part of Ras Laffan’s LNG complex, a key export hub.
The White House has requested $87.6 billion in supplemental spending, primarily to replenish Pentagon munitions and operational costs tied to the Iran war, and to fund farm aid, Ebola response and domestic projects. OMB Director Russell Vought has urged Congress to act quickly; lawmakers in both parties are questioning whether to approve tens of billions more for the conflict.
The Supreme Court has ruled that Helms-Burton does not shield Cuban state agencies from certain lawsuits, allowing Americans to sue entities profiting from confiscated Cuban assets. ExxonMobil is seeking compensation for properties confiscated after the Cuban revolution. The decision could impact U.S.-Cuba relations as the Trump administration applies pressure on Havana.
The Supreme Court has ruled that the Religious Land Use and Institutionalized Persons Act does not permit lawsuits for monetary damages against prison staff, even when a prisoner’s religious rights are violated. The decision maintains that liability cannot attach to individual employees who did not consent to be sued.
Cuban foreign minister Bruno Rodríguez has stated the newly unveiled reforms are a matter of sovereignty and were not discussed in prior talks with the United States. He condemns a new package of unilateral U.S. measures and highlights Cuba’s ongoing economic changes, including expanded private enterprise and foreign investment, while urging international attention to the energy embargo.
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.
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.
A Santa Barbara judge has dismissed parts of a lawsuit challenging Santa Barbara County's permit process for Sable Offshore and ExxonMobil, ruling some claims can be amended. The decision preserves ongoing county protections while leaving room for refiled charges as both sides weigh next moves over the Santa Ynez Unit oil project and related pipeline.
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.
Kazakhstan’s leader has urged a freeze on the Ukraine conflict and a return to Istanbul-style talks, while Ukraine and Russia signal potential diplomacy. The move comes as oil disruptions hit Kazakhstan’s CPC export routes and Moscow-Kazakhstan ties loom large.
Energy majors have reported bumper profits as Middle East conflict drives oil and gas prices higher. ExxonMobil, Chevron, and Shell show sharp year‑over‑year gains amid volatile supply routes, while traders warn against overreliance on geopolitics for long‑term gains.
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.
A wave of heat and wildfires across Europe and beyond has accelerated, prompting evacuations and sparking political debate on climate policy. Readers are updated on the latest developments, including shifting opinions, policy responses, and the urgent need for adaptation alongside emission cuts.
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.
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.
The BP windfall is driving renewed calls for a windfall tax as profits soar amid Middle East conflict. Campaigners say households face higher bills while governments weigh potential measures to curb corporate gains and accelerate the transition to cleaner energy.
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.
Citizen-enforced actions under the Clean Air and Clean Water Acts are reshaping how pollution is addressed in the United States, with recent cases spotlighting vehicle idling, refinery emissions, and alleged misdemeanors by car manufacturers. The Trump administration argues enforcement should rest with the executive, while plaintiffs and environmental groups say citizen suits remain essential tools for accountability. The developing legal landscape follows several high-profile filings and ongoing litigation.
Diageo has announced a multi-pronged turnaround plan led by Dave Lewis, including capital investment to boost Guinness production, expansion of RTD brands, and aggressive cost cuts. The group expects significant restructuring costs and thousands of job losses as it shifts to a more agile operating model and aims to return to profit growth in the coming years.
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.
SpaceX has pledged $100 billion to build a 125,000‑acre Starbase in Vermilion Parish, Louisiana, that it says will support thousands of Starship launches a year, add about 3,000 direct jobs and include propellant production, power generation and deep‑water shipping. Construction is scheduled to start in 2027; SpaceX targets initial launches by 2029 while state officials give a 2030 timeline.
OpenAI has added an Apple Messages plugin to ChatGPT for Mac that can read, search, summarise, draft and send iMessages. The feature is optional, runs on the desktop app and requires user permission; OpenAI says processing happens locally on the Mac but privacy experts, Apple’s on-device privacy stance and some users have raised concerns about message access and authenticity.
Iran reports a new gas discovery in the south of Fars province, with more than 160 billion cubic metres of sweet natural gas. Officials say production could last around 15 years, but Bloomberg suggests full-scale output may take years given sanctions and repairs. Other outlets note the field is not yet in operation.
SpaceX has announced a $100 billion plan to develop a 125,000-acre Starbase Louisiana on Pecan Island, expanding beyond Texas and Florida. The site will host methane production, power generation, deep-water shipping, vehicle processing, and potentially an on-site airport. Construction starts next year, with the first launch expected in 2029, creating more than 3,000 jobs.
The US has reached an agreement with Venezuela’s interim government to secure majority control of rights to about 65 billion barrels of Venezuelan oil. The deal creates a private joint venture with Venezuelan billionaire Alejandro Betancourt’s firm, gives the US effective majority output and promises nearly $100bn in private investment, though no contract text or financing details have been released.
Apple has updated Apple Maps to display “Lake America” to U.S. users after President Trump ordered the U.S. geographic names database to rename Lake Ontario. Google had already rolled out the change for U.S. viewers; Canada and many services continue to display Lake Ontario. MapQuest has refused to change and has seen a surge in downloads.
The United States has secured major control over Venezuela’s oil reserves through a NABEP deal, placing a Pentagon-backed stake and rights to buy output at cost. Officials say the move secures energy dominance and replenishes reserves, heightening geopolitical stakes.
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.
Oil prices have risen above $108 a barrel as Middle East tensions escalate, with markets watching U.S. inflation data and the Federal Reserve meeting. Global stock indices are mixed, and Treasuries remain volatile as energy costs weigh on households and corporate margins.