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The Latest Breaking News from IEA

Strategic oil reserve buying set to support crude demand through 2028

To enhance energy security and stabilize market prices, various governments plan to acquire millions of oil barrels up to 2028. This approach seeks to mitigate the global supply surplus anticipated from OPEC+ production hikes.

The Economic Times

Oil Prices Slide as Markets Bet on Hormuz Normalization

Brent and WTI oil prices are on track for their worst quarterly losses since 2020, with Brent trading at around $73.30 per barrel and WTI at $71.11 per barrel during the June 30 session, down 38% and 30% respectively.

inkl

Global oil market weathers Iran war shock, but reserve depletion raises future price risks

The global oil market absorbed record supply disruptions during the Iran conflict without triggering a prolonged price shock. But analysts warn that depleted strategic reserves, damaged energy infrastructure and unresolved tensions around the Strait of Hormuz have left the market more vulnerable to future oil price spikes.

The Economic Times

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Europe May Never Be Cool, but It Can Be Air Conditioned

The continent’s political class needs to get over its aversion to life-saving technology.

Reason

EU Cracks Down On Chinese Imports And Joins Pax Silica In Bid To Cut Strategic Dependence

The European Union has taken new measures to protect its steel industry and curb the flood of low-value e-commerce parcels. The moves escalate its push to rebalance a trade relationship with China that officials now call strategically unsustainable.

Benzinga

ChatGPT's Daily Prompts Use Enough Electricity to Power a Small City

OpenAI's 2.5 billion daily ChatGPT prompts are driving rising electricity demand, highlighting AI's growing energy, water and infrastructure footprint.

International Business Times UK

Putin has admitted Russia is facing problems in Ukraine war – are there signs he may be cracking?

IN DEPTH: Russia’s president has made a rare acknowledgement his country is suffering from fuel shortages because of Ukrainian drone strikes. Experts tell Alex Croft and Maira Butt that Putin can no longer hide his air defence failures from the public

The Independent UK

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Keeping cool has become Europe's latest climate class war

As Europe accelerates its green transition, the debate over air conditioning has become emblematic of a broader challenge. Climate policy is no longer judged solely by its environmental ambitions, but also by whether it can reduce emissions without deepening social inequalities.

Euronews

Stray Ukrainian drones crashing onto Nato soil are price worth paying to defeat Putin, says Estonian foreign minister

‘We are not saying to Ukraine to stop it,’ said Margus Tsahkna

The Independent UK

Rooftop solar can provide five hours of 'free' air conditioning a day. But is it green?

Energy analysts say solar power and air conditioning are ‘complementary technologies’ – but is the race to cool Europe down backfiring?

Euronews

Hormuz oil shock echoes 1973 embargo lessons

The recent Strait of Hormuz closure, though brief, signals a potential turning point for global energy. Echoing the 1973 oil embargo, this crisis highlights the vulnerability of interconnected markets. Nations are now prioritising energy security over cost, accelerating investments in domestic renewables, nuclear and even coal, alongside efficiency measures.

The Economic Times

UAE oil exports rebound to 85% of pre-war levels as Gulf supply routes adapt: IEA

United Arab Emirates oil exports have rebounded significantly, reaching nearly 85% of pre-conflict levels by early June. Leveraging alternative routes, extensive storage, and strategic shipping, the UAE successfully navigated Gulf tensions. Exports surged from 1.9 million barrels daily in March to 4.3 million in early June, demonstrating resilience amidst global…

The Economic Times

‘Compound shock effect’: why the Middle East crisis and El Niño could spell disaster in south-east Asia

Millions of tonnes of the world’s food could be lost amid the uncertainties surrounding the strait of Hormuz and the dangers of a ‘Godzilla-strength’ El Niño

The Guardian - AU

Crude Oil Prices Retreat as Global Supply Fears Recede

July WTI crude oil (CLN26 ) on Monday closed down -1.78 (-2.32%), and July RBOB gasoline (RBN26 ) closed down -0.0079 (-0.26%). Crude oil and gasoline prices gave up overnight gains on Monday and settled lower. Crude prices retreated on Monday amid signs of progress in US-Iran peace talks, including...

Barchart

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The Economic Times

Iran war triggers global race to build oil reserves

Vulnerable nations, stung by the Iran war's economic fallout, are boosting oil and gas storage to weather future crises. This global push for reserves could add half a billion barrels of demand. Countries like India and Pakistan are prioritizing stockpiles, learning from China's successful strategy of reducing imports during supply…

The Independent UK

High oil prices drive a surge in Chinese electric vehicle sales, but charging networks lag behind

The war in Iran has helped reshape the global electric vehicle market, giving Chinese automakers an opening across the developing world as fuel prices surge

Barchart

Crude Oil Prices Fall on US-Iran Peace Deal

July WTI crude oil (CLN26 ) on Thursday closed down -0.19 (-0.25%), and July RBOB gasoline (RBN26 ) closed up +0.0853 (+2.93%). Crude oil and gasoline prices settled mixed on Thursday, with crude falling to a 3.5-month low. Thursday's rally in the dollar index ($DXY ) to a 13-month high...

International Business Times

OPEC Chief Rejects IEA's Oil Glut Warning as Strait of Hormuz Reopens

OPEC Secretary General Haitham Al Ghais has pushed back against forecasts from the International Energy Agency (IEA) that the global oil market is headed toward a major supply glut.

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Barchart

Crude Oil Prices Tumble as Strait of Hormuz Reopens

July WTI crude oil (CLN26 ) today is down -2.90 (-3.78%), and July RBOB gasoline (RBN26 ) is down -0.0349 (-1.20%). Crude oil and gasoline prices are retreating today, with crude falling to a 3.5-month low. Today's rally in the dollar index ($DXY ) to a 13-month high is bearish...

International Business Times

Oil Prices Keep Falling After U.S. And Iran Sign Deal To End The War And Reopen The Hormuz Strait

Oil prices kept falling on Thursday after the U.S. and Iran signed the memorandum of understanding to end the war and reopen the Strait of Hormuz.

International Business Times

U.S. Gas Prices Drop Below $4 a Gallon After Deal To Reopen Strait Of Hormuz

U.S. gas prices have dropped below $4 a gallon as oil prices continue to drop following the agreement between the U.S. and Iran to end the war.

International Business Times

U.S., Iran Sign Memorandum Of Understanding To End War Ahead Of Schedule

Trump signed on Wednesday the memorandum of understanding with Iran to cease hostilities and begin nuclear negotiations.

International Business Times

Trump Says Global Oil Reserves Would Have Ran Out In 4 Weeks Without Iran Deal

President Donald Trump said on Wednesday that global oil reserves would have ran out in four weeks without a deal with Iran.

Barchart

Tightness in US Crude Supplies Supports Crude Oil Prices

July WTI crude oil (CLN26 ) on Wednesday closed up +0.74 (+0.97%), and July RBOB gasoline (RBN26 ) closed up +0.0291 (+1.01%). Crude oil and gasoline prices settled higher on Wednesday, with crude recovering from a 3.5-month low. Crude oil prices rose on Wednesday on some technical buying after sharp...

International Business Times

IEA Slashes 2026 Oil Demand Outlook Despite U.S.-Iran Agreement To Reopen Hormuz Strait

In its latest Oil Market Report, the IEA agency said global oil demand growth has weakened substantially compared to the optimistic forecasts it published at the start of the year.

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