04 Jun As reported energy price, news updates & commentary 04/06/26; Iran, US retaliatory strikes continues to disrupt oil markets
(Oilandgaspress) Iran targeted U.S. military facilities in Bahrain and Kuwait, while U.S. forces responded with strikes on Iranian assets near the Strait of Hormuz. Washington also said American forces intercepted Iranian drones targeting commercial vessels in the region. Maritime traffic through the Strait of Hormuz has remained significantly reduced since the conflict began in late February. Although some vessels have resumed transits in recent weeks, often with coordination from U.S. military forces, shipping volumes remain far below normal levels. .. Related News
| Oil and Gas Blends | Units | Oil Price | |
| Crude Oil (WTI) Oilprice | US$/bbl | $94.50 | Down |
| Crude Oil (Brent) | US$/bbl | $96.07 | Down |
| Bonny Light 29/05/26 CBN | US$/bbl | $98.44 | — |
| Dubai | US$/bbl | $95.55 | Down |
| Natural Gas | US$/MMBtu | $3.23 | Down |
| Murban | US$/bbl | $94.57 | Down |
| OPEC basket 02/06/26 OPEC | US$/bbl | $101.58 | — |
| At press time June 04, 2026 |
The European Commission plans to give EU countries more budgetary leeway for investments in green energy infrastructure in a bid to ease the economic pressure from rising fuel costs.
Under the plans presented on Wednesday, capitals are to be allowed to take on additional debt to finance green energy projects without risking disciplinary measures for exceeding EU debt and deficit limits. EU countries which use the euro as a common currency are obliged to keep their annual deficits below 3% of gross domestic product (GDP) and debt below 60% of GDP.
The proposal aims to reduce the European Union’s dependence on imported fossil fuels and to make the bloc more resilient in the long term…. Related News
One person has been killed and 63 injured in an Iranian attack on Kuwait International Airport on Wednesday. Kuwait’s defence ministry said that it had engaged 13 missiles and 17 drones from Iran in the strikes. Bahrain also reported intercepting missiles in the onslaught…Related News
European Energy advanced hybrid energy projects across multiple core markets in the first quarter of 2026, while continuing the commercial ramp-up of its Power-to-X activities.
Although financial results were lower than in the same period last year mainly due to the timing of project sales, the company made substantial operational and strategic progress across its renewable energy and e-methanol portfolio.
Revenue for the quarter was EUR 80.3m, while EBITDA amounted to EUR 5.3 million. Profit before tax was EUR -21.5m. The lower earnings primarily reflected the absence of major project sales completed during the quarter.
“Earnings in the quarter reflected the timing of project sales, as well as seasonal fluctuations and continued geopolitical uncertainty,” says Jens-Peter Zink, Deputy CEO of European Energy. “At the same time, growing focus on energy independence and electrification continues to support long-term demand for renewable energy and hybrid solutions. We are seeing increasing interest in assets that combine generation, storage and grid integration.”
European Energy continued the rollout of Battery Energy Storage Systems (BESS) across its portfolio during the quarter, with projects under construction or development in Denmark, Lithuania, the United Kingdom, Australia and Poland. A total of ~400 MW of BESS projects, equivalent to 1.100 MWh, have passed FID by the end of Q1. . Related News
European Energy has started construction of the 68MW Indian Queens solar and battery project in Cornwall, England. The company said construction began in May 2026 and is expected to continue for approximately one year, with grid connection scheduled in the first half of 2027.
European Energy added that the project includes a 95MWh co-located battery energy storage system and is expected to generate around 60GWh annually.
Offtake for the solar project has been secured, providing long-term revenue visibility and enhancing the asset’s bankability.
The project combines solar generation with battery storage on a single grid connection to support asset performance and grid integration…. Related News
European Energy has been awarded support under the German government’s hydrogen auction framework linked to the European Hydrogen Bank (EHB), as one of three selected projects. European Energy has been awarded support under the German government’s hydrogen auction framework linked to the European Hydrogen Bank (EHB), as one of three selected projects.
Funding of up to EUR 228m will support European Energy’s plans to establish an additional 150MW of hydrogen production capacity in Denmark.
The award forms part of Germany’s broader hydrogen strategy, which aims to accelerate the development and import of renewable hydrogen and hydrogen derivatives to support the decarbonisation of industry and transport across Europe. Related News
Judges in Amsterdam handed Greenpeace a preliminary victory on Wednesday in an anti-intimidation court case, rejecting a request from fossil fuel pipeline company Energy Transfer to toss the complaint out. The Dutch-based environmental organization filed a lawsuit last year to block a $345 million award stemming from protests against the Dakota Access oil pipeline. A jury in North Dakota found Greenpeace liable for millions in damages to Texas-based Energy Transfer. In response, Greenpeace brought a case in the Amsterdam District Court, arguing the North Dakota lawsuit was abusive and damaged the organization’s reputation. Related News
Daybreak Oil and Gas, Inc., an independent crude oil and natural gas company engaged in the exploration, development and production of onshore crude oil and natural gas primarily in California. is currently developing its shallow crude oil reserves in Kern County, California, where it currently has a working interest in 20 producing crude oil wells with a number of development locations yet to be drilled. In May of 2022, Daybreak acquired Reabold California, LLC, (“Reabold”) an independent crude oil and natural gas company, with operations in Central California. Reabold has a working interest in eight producing or temporarily shut-in crude oil and natural gas wells with additional development locations in Contra Costa and Monterey Counties.
The Company corporate office is located at 602 Cedar Street, Suite 223 in Wallace, Idaho.
Daybreak Oil and Gas, Inc. is a public company, and our Common Stock is quoted on the OTCMarkets on the Expert Market under the symbol DBRM. . . Related News
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