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Asia spot LNG prices rose to $24.614 per MMBtu, the highest in five months, as the Strait of Hormuz blockage limited cargo flow and buyers scrambled for available spot cargoes.

Escalating U.S.-Iran tensions have reignited concerns over Middle East oil supply disruptions, pushing regional oil benchmarks above $100 per barrel.

The U.S.

The Shanghai Cooperation Organization (SCO) summit in Bishkek, Kyrgyzstan, brought together China, Russia, and Iran to discuss trade, digital connections, and cultural exchanges, with an agenda framed as countering US global influence.

Bloomberg analysis indicates Russia has doubled its 'dark fleet' of opaque-owned LNG carriers to at least 20 vessels in nine months, specifically to ship from the sanctioned Arctic LNG 2 project.

Federal Reserve Governor Barr indicated he would support a rate hike if inflation does not ease, citing concerns about broader price pressures persisting above the Fed's 2% target.

China's National Energy Administration reported that solar power capacity reached 1,286 GW by July 31, surpassing coal as the largest electricity capacity source in the country.

Two oil supertankers, including a VLCC operated by Saudi Arabia's state shipping giant Bahri, were struck by unknown projectiles in the Strait of Hormuz, a critical chokepoint for global oil transit.

Ukrainian drones attacked the Ust-Luga oil export terminal in Russia's Leningrad region, causing a fire that was subsequently extinguished with no reported casualties.

India's state-owned ONGC reports that spot crude oil imports are primarily driven by price competitiveness rather than geopolitical or policy factors, with term crude volumes declining.

Europe added 8.8 GW of new wind power capacity in H1 2024, a 30% year-over-year increase, driven by Germany and offshore wind growth.

A U.S.-backed oil company, North American Blue Energy Partners (NABEP), has secured 14 oil deals in Venezuela, replacing Chinese and Russian operators in several fields.