01 Jun Energy news, commentary and analysis | Oil Up Over 7%
(Oilandgaspress) Three months after the U.S.-Israeli strikes on Iran began on February 28, the world has already lost 1 billion barrels of crude oil supply, oil and gas prices have found a new, much higher floor, and whipsaw with violent volatility nearly every day, trade routes have shifted, and tanker rates have spiked. Actual supply shortages are emerging in Asia, while global crude and fuel inventories are crashing, suggesting the oil market could soon exhaust the buffers that kept prices from soaring to $150 and beyond during the worst supply crisis the world has ever seen.
As the Strait of Hormuz was de facto closed and traffic through the chokepoint, which handles 20% of global oil and LNG supply, collapsed by about 90%, Middle Eastern oil producers were quickly forced to curtail upstream output as storage spaces filled up. More than 10 million barrels per day (bpd) of crude were wiped off global daily production volumes, a figure no increase in supply from other parts of the world could offset.
LNG volumes from Qatar and the United Arab Emirates (UAE) were also trapped in addition to Qatar halting LNG production as early as March 2. Qatar later in March advised that its LNG export capacity may not return to pre-war levels for up to five years due to damage from Iranian missile strikes on the Ras Laffan complex, the world’s single largest liquefaction site. Related News
The heads of the International Energy Agency, International Monetary Fund, World Bank and World Trade Organization warned on Friday that the war in the Middle East was straining global energy supplies and hitting vulnerable economies hardest.
The U.S.-Israel war on Iran has disrupted trade, rattled financial markets and raised concerns over global energy supplies, particularly through the Strait of Hormuz, a key route for oil and gas shipments.
The global institutions said that the world economy remained resilient, but the conflict was disproportionately affecting poorer countries through higher fuel and fertilizer prices, increased uncertainty, and risks to jobs. SoftBank Group shares are booming as the AI rally accelerates across global stock markets, pushing the tech conglomerate’s market capitalization past Toyota Motor’s for the first time in more than two decades. On Monday, shares in SoftBank jumped over 8% to reach a new record intraday high. Its market cap hit 46 trillion yen ($289 billion), becoming the most valuable company on the Tokyo bourse.Related News
Fugro has been awarded a contract by Oriel Windfarm Ltd to deliver a detailed geotechnical site investigation that will inform the design and installation of foundations for 25 offshore wind turbines, supporting safe and efficient construction at the Oriel offshore wind farm. Located off the coast of County Louth, the 375 MW project is planned to be among Ireland’s first commercial-scale offshore wind farms and is being jointly developed by JERA Nex bp and the Irish semi-state utility ESB.
Fugro’s winter geotechnical campaign is already underway following the mobilisation of the Fugro Voyager. Located in a technically demanding area of the Irish Sea, the Oriel site requires careful planning, experienced offshore delivery and proven seabed investigation technology to ensure safe and reliable data acquisition.
This contract award reflects a strong collaborative relationship between Fugro and the Oriel wind farm team, as Fugro works closely with the project team to deliver innovative solutions that meet the project’s unique challenges. Related News
Gold inched lower on Monday, pressured by a stronger dollar and rising crude oil prices, as investors awaited U.S. President Donald Trump’s decision on a proposed deal to extend the ceasefire with Iran. Spot gold was down 0.3% at $4,521.25 per ounce, as of 0520 GMT, after hitting a two-week high in the previous session. U.S. gold futures for August delivery fell 0.9% to $4,551.60.
Dollar Up . Related News
| Oil and Gas Blends | Units | Oil Price | Notes |
| Crude Oil (WTI) Oilprice | US$/bbl | $93.75 | Up |
| Crude Oil (Brent) | US$/bbl | $96.81 | Up |
| Bonny Light 29/05/26 CBN | US$/bbl | $98.44 | Down |
| Dubai | US$/bbl | $103.15 | Up |
| Natural Gas | US$/MMBtu | $3.18 | Down |
| Murban | US$/bbl | $96.37 | Up |
| OPEC basket 29/05/26 OPEC | US$/bbl | $102.79 | Down |
| At press time June 01, 2026 |
Kuwait’s foreign ministry has condemned Iranian missile and drone attacks, as sirens sounded across the country earlier this morning. Air defences in Kuwait, where a major US base is located, were intercepting missile and drone attacks on Monday as sirens sounded across the country, according to state news agency KUNA.Related News
The Federal Competitiveness and Statistics Centre (FCSC) announced that the UAE’s real gross domestic product (GDP) grew by 6.2 percent in 2025 compared to 2024, reaching AED1.9 trillion. Non-oil GDP increased by 6.8 percent during 2025 compared to 2024, reaching AED1.5 trillion.. Related News
Drax announced that commissioning of Hirwaun Power Station is now complete and Drax has assumed commercial control from the developer Metlen Energy & Metals. Hirwaun, which is located in South Wales, is the first of three 299MW Open Cycle Gas Turbine (OCGT) plants which Drax is developing in England and Wales. The three OCGTs combined will provide capacity of c.900MW when fully commissioned and be remunerated via a combination of peak power generation, system support services, and long-term index-linked Capacity Market agreements. These Capacity Market agreements extend to 2039 and are worth over £260 million in revenue.
The sites benefit from a low fixed cost base with operation and dispatch managed centrally by Drax and day-to-day management of the sites by Siemens Energy. Related News
Russia is banning exports of jet fuel through November 30, 2026, as it looks to ensure domestic supply amid intensifying Ukrainian drone attacks on the Russian refining infrastructure.
Russia on Monday announced it is temporarily banning jet fuel exports until the end of November to keep sufficient domestic aviation fuel supplies. Supplies under intergovernmental agreements are exempted from the ban, the Russian government said today.
The ban is not expected to be felt on the tight international jet fuel market as Russia is a small exporter of aviation fuels.
But the ban on kerosene exports follows a ban on gasoline exports, in force since April 1, as Russia has seen its refining capacity and capability crippled in recent weeks by intensifying drone attacks from Ukraine.
Kyiv has targeted several major refiners and oil export terminals since the war in Iran began, aiming to cripple Russia’s ability to take advantage of the soaring international oil and fuel prices. Related News
Ming Yang Smart Energy Group and Oceanic Wind Energy announced the signing of a Memorandum of Understanding (“MOU”), a strategic investment partnership for the development of a major offshore wind energy project in the Hecate Strait off the northwest coast of British Columbia.
The project is being advanced by Coast Tsimshian Enterprises (CTE) and Oceanic Wind Energy Inc., CTE is a 50/50 partnership with the Metlakatla and Lax Kw’alaams First Nations. The initiative represents one of Canada’s largest Indigenous renewable energy opportunities and has the potential to generate between 1.5 GW and 2 GW of clean electricity for British Columbia. The Hecate Strait wind resource is recognized as one of the world’s strongest, most consistent with winds exceeding 10 m/s, annual Capacity Factors over 50% and winter Capacity Factors of 65%; when BC Hydro needs the power.
Under the terms of the MOU, Ming Yang intends to evaluate opportunities to provide equity investment, debt financing, and strategic partnership support for the development, construction, and long-term operation of the offshore wind project. During the 90 day due diligence period the size and scope of the investment will be determined by the parties. Related News
Zelestra confirms the completion of the sale of its Latin America platform to Promigas, a leading multi-energy holding company based in Colombia. The transaction, valued at c. USD 1.1 billion (including project finance debt), was originally announced in December 2025.
Promigas has acquired Zelestra’s operations in Chile, Peru and Colombia. The portfolio includes approximately 3,500 MW of renewable energy projects in operation, under construction and in development.
Leo Moreno, Zelestra’s CEO, said: “With the sale complete, we have taken a major step in our strategic transformation into a customer-centric, multi-technology leader focused on Europe and the US, where we see the greatest opportunity to help our clients achieve their energy goals, especially in the data center segment where we see exponential growth in the coming years and where we continue to have a leadership position. Our Latin American teams have built a remarkable legacy, and we are confident they will continue to build on it under their new owners.”
With decades of execution experience in Latin America, Zelestra’s EPC division will continue to offer services in Peru and Chile, including the delivery of the Babilonia solar project, currently under construction in Arequipa (Peru). .Related News
Baker Hughes Rig Count: International -22 to 1,036, U.S. +4 to 562 Canada +24 to 162
U.S. Rig Count is up 4 from last week to 562 with oil rigs up 4 to 429, gas rigs unchanged at 125 and miscellaneous rigs unchanged at 8.
Canada Rig Count is up 24 from last week to 162 with oil rigs up 22 to 109, gas rigs up 5 to 53 and miscellaneous rigs down 3 to 0.
International Rig Count is down 22 from last month to 1,036 with land rigs down 22 to 807, offshore unchanged at 229.
| Region | Period | Rig Count | Change |
| U.S.A | 29 May 2026 | 562 | +4 |
| Canada | 29 May 2026 | 162 | +24 |
| International | April 2026 | 1,036 | – 22 |
| Baker Hughes |
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