26 May As Reported Energy Price, news updates and expert commentary 26/05/26
(Oilandgaspress) A report from Nikkei, citing a Middle East diplomatic source, said Iran could agree to clear mines from the Strait of Hormuz within 30 days under the proposed framework, allowing commercial shipping to resume freely while ending transit fee collections imposed during the conflict.
As well as promises of a deal, there has been a slight uptick in vessels passing through the Strait. Ship-tracking data showed several LNG carriers recently passed through the strait en route to Pakistan, China, and India. A supertanker carrying Iraqi crude to China also reportedly completed transit after remaining stranded for nearly three months. Related News
| Oil and Gas Blends | Units | Oil Price | Notes |
| Crude Oil (WTI) Oilprice | US$/bbl | $92.29 | Down |
| Crude Oil (Brent) | US$/bbl | $98.64 | Down |
| Bonny Light 22/05/26 CBN | US$/bbl | $111.54 | — |
| Dubai | US$/bbl | $103.36 | Up |
| Natural Gas | US$/MMBtu | $2.96 | Up |
| Murban | US$/bbl | $92.82 | Down |
| OPEC basket 25/05/26 OPEC | US$/bbl | $107.37 | Down |
| At press time May 26, 2026 |
UK petrol prices are now at the highest since the Iran war began.
The average price of a litre of petrol is 159.43p – which is 26.6p more expensive than it was on 28 February.
According to motoring group the RAC a 55-litre tank of petrol for an average family size car now costs £87.69 which is £14.63 more expensive than it was on 28 February.
The diesel equivalent is £101.73 – £23.42 more than it was at the start of the war.
The AA points out that the wholesale price of petrol, what the trade pays, has lately fallen. Related News
Europe races to reduce its dependence on the United States amid Trump’s escalating tariff threats.
U.S. European allies are gradually beginning to distance themselves from Washington following Donald Trump’s return to the White House. In EU countries, there is an increasing discussion about the need for strategic autonomy and reducing dependence on American policy, as stated in a piece by Foreign Policy.
As reported by Politico, EU countries are increasingly preparing for potential problems within NATO due to the unpredictable policies of U.S. President Donald Trump. According to the publication, concerns have grown in Europe that the U.S. could simultaneously remain the main guarantor of the Alliance’s security and a factor of instability for it. According to The Washington Post, NATO allies are preparing for a reduction of the American contingent on the European continent. Related News
QatarEnergy said it would extend the force majeure on its exports of liquefied natural gas until the middle of August, Reuters has reported, citing Italy’s Edison, which has a long-term supply deal with the Qatari company. Originally, the force majeure was set to run until early July. The declaration followed Iranian strikes on Qatar’s LNG hub that caused extensive damage. In a notice to buyers, the state energy giant said in early March that the declaration follows its decision to halt LNG and associated production after Iranian strikes targeted facilities linked to Ras Laffan and Mesaieed Industrial City. The shutdown affects LNG output as well as downstream products including urea, polymers, methanol and aluminum. Related News
Japan’s crude oil imports from the Middle East plunged over 67% in volume in April from a year earlier, the lowest single-month level on record, government data showed Thursday, underscoring severe supply disruptions caused by the effective closure of the Strait of Hormuz.
The country, which has relied on the region for more than 90% of its oil purchases, imported 3.84 million kiloliters of oil in April, the lowest volume since comparable data became available in 1979, according to preliminary trade statistics data by the Finance Ministry. Related News
In Asia, where coal already accounts for a high share of energy use, relying on it even more as an emergency measure is a natural choice.
Electricity demand in Southeast Asia has tripled over two decades, according to the International Energy Agency. The rapid increase was met with the construction of more coal-fired power plants.
Coal-fired power accounts for around half of Asia’s electricity generation. Unlike oil and LNG, which are highly dependent on imports, such countries as China, India and Indonesia produce coal domestically. India produces roughly 70% of the coal it consumes… Related News
A new survey conducted across England, Scotland and Wales reveals strong public support for the development of new energy infrastructure in the UK , particularly projects aimed at strengthening energy security, boosting the economy and reducing electricity bills.
The polling, commissioned by several energy trade associations — including Solar Energy UK — and carried out by consultancy Early Studies, challenges one of the main assumptions in energy planning debates: that the visual impact of projects is the public’s primary concern. According to the findings, only 11% of respondents considered visual impact to be one of the main priorities when addressing the country’s future energy needs . This perception remains almost identical across political affiliations, including Labour, Conservative, Liberal Democrat, Green and Reform UK voters. Related News
Gold prices in Dubai dropped slightly on Tuesday morning, losing Dh4.5 per gram during early trading. This came as tensions between the US and Iran pushed oil prices higher, stirring inflation concerns in the US economy. Spot gold stood at $4,529 per ounce, down by 0.9 percent. Silver also fell, dropping two percent to Dh281.35 per ounce.
Meanwhile, crude oil prices surged following US military strikes in southern Iran targeting boats laying mines and missile launch sites. Related News
BP chair removed over ‘unacceptable’ governance oversight and conduct issues
BP has removed its chair, Albert Manifold, with the oil company’s board saying it had “serious concerns about “important governance standards, oversight and conduct”.
The company announced Manifold’s departure with immediate effect on Tuesday, without giving further details. He lasted only eight months in the role.
BP’s share price has been hit by the shock removal of chairman Albert Manifold.
BP says a succession process for a permanent chair to replace Albert Manifold will now start.
In the meantime, it has appointed senior independent director Ian Tyler as interim chair with immediate effect. Related News
PipeSense, a leading midstream technology provider, is now expanding its support to emerging CO₂ applications and networks. Successfully designing, implementing, and testing a new dynamic pressure analysis-based leak detection system, PipeSense proved the capability of the technology on a South Texas pipeline transporting dense phase and supercritical carbon dioxide (sCO₂) at approximately 2,000 psi. Deploying its team on-site for testing, PipeSense was responsible for a 12-mile stretch from a compressor station to a client’s handoff point within the state.
Applying a Dynamic Pressure Analysis method (DPA), the leak detection system utilized two Field Processing Units (FPU) equipped with high-sensitivity pressure sensors and positioned at each end of the pipeline segment.
Installation commenced in Q3 2025, while tests continued throughout Q4 2025.
Upon completion of the project, the system capability detects leak events within 2-3 minutes and with location precision down to <20 ft. One false positive and zero downtime was observed over a 5-month period, with the system achieving sensitive, accurate detection and addressing key pipeline network challenges like such as speed of sound variability, unplanned compressor station shutdowns and changes between dense and supercritical phases. Related News
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OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Submit your Releases or contact us now!, victor@oilandgaspress.com
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