Oil prices remained under pressure on Tuesday after suffering steep losses over the previous two sessions, as growing optimism over a potential breakthrough in US-Iran diplomacy raised hopes that the Strait of Hormuz could soon be reopened to normal shipping, easing fears of disruptions to global crude supplies.
The International Trade Centre (ITC) said disruptions to shipping through the Strait of Hormuz are weighing on global trade, exposing the vulnerability of supplies of energy and fertilisers to one of the world's busiest maritime chokepoints. LNG exports plunged 95%, while urea was down 83%.
Saudi energy services company Tarshid has completed the second phase of an energy efficiency retrofit project at the Islamic University of Madinah, covering 43 buildings and facilities. It involved upgrades to cooling, AC and lighting systems aimed at improving energy efficiency.
Oil prices recovered on Tuesday after suffering their steepest one-day decline in weeks, as persistent concerns over potential supply disruptions in the Middle East outweighed optimism that diplomatic efforts could quickly end the five-month-old conflict between the United States and Iran.
BP reported a sharp rebound in second-quarter earnings, helped by stronger oil and gas prices, improved refining margins and robust cash generation, as new Chief Executive Officer Meg O'Neill outlined an ambitious strategy to improve performance and restore shareholder confidence.
MWG Enterprises, a US-based energy development company, said it has - in partnership with Patel Family Office and PWS, a company of Saudi Arabia’s AHQ Group - entered the final stage of site selection for its planned $5 billion integrated refinery and energy export corridor.
The global energy sector is becoming increasingly vulnerable to cyberattacks as the convergence of operational and information technology, coupled with geopolitical uncertainty and reliance on third-party vendors expose critical infrastructure to greater risk, according to an industry expert.
Vedanta Oil and Gas Limited (VOGL) has been recognised among India’s Best Workplaces 2026 in the Energy, Oil & Gas industry by Great Place to Work India, marking the company’s seventh consecutive year receiving the certification.
Dubai Holding Community Management has announced that it has signed an agreement with Al Etihad Energy Services (Etihad Esco) to strengthen energy efficiency and strategic sustainability initiatives across communities that it is managing.
Action Energy Company (AEC) and Kellton have launched a GCC joint venture to deliver AI-powered digital oilfield and IT solutions. The partnership will roll out Kellton’s OPTIMA platform, beginning in Kuwait before expanding to Qatar, Saudi Arabia, the UAE and Oman.
