11 Aug Energy Price, news and commentary 11/08/26: WTI Crude @ $84.25
(Oilandgaspress) 11/08/26, Oi prices rose slightly this morning as hopes of a deal between the US and Iran to end the war and reopen the strait of Hormuz collapsed, after Donald Trump demanded compensation for damage incurred by the US.
| Oil and Gas Blends | Units | Oil Price | Notes |
| Crude Oil (WTI) Oilprice | US$/bbl | $84.25 | Up |
| Crude Oil (Brent) | US$/bbl | $89.84 | Up |
| Bonny Light 10/08/26 CBN | US$/bbl | $90.21 | Up |
| Dubai | US$/bbl | $79.10 | — |
| Natural Gas | US$/MMBtu | $2.77 | Up |
| Murban | US$/bbl | $84.90 | Down |
| OPEC basket 10/08/26 OPEC | US$/bbl | $80.62 | Up |
| At press time August 11, 2026 |
Iran will not reopen the Strait of Hormuz until the United States meets its conditions as Iranians have shown “they are professional chess players,” Tehran said on Monday.
“It is up to the US side to stop and make amends for its illegal and destructive actions,” Iranian Foreign Ministry spokesperson Esmail Baghaei said Monday, in reference to the US blockade of Iranian ports.
Trump signalled he was prepared to let economic pressure mount against Iran, backing down from more military strikes after Tehran issued a list of demands for opening the Strait of Hormuz. Related News
Rimac Automobili and Europa-Park are marking three years since the introduction of the Voltron Nevera, Powered by Rimac rollercoaster.
The partnership was first launched in 2023, when Rimac Automobili and Europa-Park, Germany’s largest theme park and ten-time winner of the Golden Ticket Award for Best Amusement Park, joined forces on a new area paying homage to Croatia. The centerpiece of that collaboration, Voltron Nevera Powered by Rimac, opened in 2024 as the park’s first major new rollercoaster in over a decade.
The Voltron Nevera features the steepest launch angle of any coaster, at 105 degrees, as well as four periods of catapult-like acceleration up to 90kph, including one backwards launch, taking riders through seven inversions with 2.2 seconds of continued weightlessness. Rimac Technology provides the electric power for these rapid accelerations.
Spanning 1,385 meters, ‘Voltron Nevera’ integrates into a meticulously crafted Croatian landscape, complete with natural elements such as limestone and an 800-year-old olive tree. The beautiful historic Adriatic town of Hvar, provided inspiration for the design, while the story integrates the inventions of Nikola Tesla – one of Mate Rimac’s role models. Related News
Iran intends to charge commercial vessels fees for passage through the Strait of Hormuz, the Foreign Ministry in Tehran said on Monday.
Spokesman Esmaeil Baghaei was quoted by Iranian media as saying that Iran was working with Oman on “mechanisms for monitoring security, protecting the environment and combating crime at sea.”
Fees and charges would be levied for maritime services provided to ships, he explained. Since Iran and Oman each claim the maximum 12 nautical miles (22.2 kilometres) allowed under the United Nations Convention on the Law of the Sea (UNCLOS) as their territorial waters, there are no international waters in the strait.
UNCLOS guarantees a right of transit passage and prohibits a blockade of commercial vessels. Iran does not accept this legal position. Related News
An oil slick is covering an area of around 390 square kilometres (150 square miles) off the coast of Oman,
Oman’s government said on Monday, after a vessel under sanctions and carrying Russian crude sustained damage.
The Caroline Bezengi’s crew first reported difficulties on June 8 off the southern Yemeni port of Mukalla, two maritime security sources said, adding that initial assessments indicated that a blast occurred onboard.
In its first public disclosure of details of the environmental impact, Oman said on Monday it was seeking to tackle the oil leak in its waters near the Hallaniyat Islands off the southern governorate of Dhofar. Related News
CNPC E-Light (Energy Light) Cultural Exchange Group visited the No.5 Oil Production Plant of PetroChina Changqing Oilfield Company
For an on-site look at how the oilfield balances stable oil and gas production with green and low-carbon transition. The group consisted of CNPC employees, think tank experts, media practitioners and international students studying in China, all from the five Central Asian countries.
On July 19, the group toured the Jiyuan Oilfield Cultural Plaza, the Guyu Cultural Plaza, and a sunshine ecological greenhouse. At the Guyu Cultural Plaza, a 220-plus-year-old elm tree, listed as a national second-class protected wild plant, caught everyone’s eyes.
On July 20, the group inspected several low-carbon demonstration projects, including the Huang-3 Block CCUS National Demonstration Project and the Sha 19-19 Wind Farm, where the group learned about the real-world operation of technologies such as CCUS (carbon capture, utilization and storage) for enhanced oil recovery, mountain wind power development, geothermal resource development of abandoned oil wells, and PV power generation.
The E-Light program has been held in ten countries across Asia, Africa, and the Americas. This Changqing visit not only showcased CNPC’s practical achievements in terms of safe production and green development, but also established a brand-new communication platform for energy cooperation between CNPC and Central Asian countries. Related News
The Tarim Phase Ⅱ ethylene project and its supporting green and low-carbon facilities,
Developed by Dushanzi Petrochemical Company, a subsidiary of China National Petroleum Corporation (CNPC), were put into operation on July 16.
This is China’s first full-chain green and low-carbon project to enter operation and it has an annual ethylene production capacity of 1.2 million metric tons. The project is located at Korla, a county-level city in Xinjiang Uygur Autonomous Region. Related News
In China, the AI sector is expanding at a breakneck pace.
Projected to surpass a valuation of 10 trillion yuan ($1.48 trillion) by the end of the decade, the industry’s explosive boom in computing power is driving a precipitous spike in power consumption.
The government is confronting this colossal appetite head-on. Yet, rather than merely throwing more coal into the furnace, Chinese planners are orchestrating an intricate, nationwide symbiosis between the machines that think and the grid that feeds them.
To prevent the AI boom from short-circuiting the nation’s climate goals, Beijing is effectively redrawing its infrastructural map, which Wang Hongzhi, head of the National Energy Administration,. describes as “powering computing with electricity and promoting electricity with computing”.
In the sun-drenched, wind-swept expanses of the western provinces, national computing hubs are being deliberately tethered to colossal new renewable energy bases, while in the densely populated east, planners are nesting distributed computing facilities alongside local microgrids and virtual power plants so that data centers can scavenge power close to the source.
The government is also actively encouraging data centers to plug directly into green power and participate in green electricity trading, said Wang.
Conversely, delay-tolerant tasks — the massive, slow-cooking data-training runs — are nudged to operate during off-peak hours. This essentially uses the data centers as massive, flexible shock absorbers to balance the grid, he said.
But this relationship, Wang said, is far from a one-way street. While the power grid fuels the rise of algorithms, the algorithms are, in turn, rewiring how the nation’s energy is managed.
The two industries have entered a fast lane of mutual empowerment, said Lin Boqiang, head of the China Institute for Studies in Energy Policy at Xiamen University.
While AI operations do consume a substantial amount of power, the technology has been acting as the nervous system for an increasingly complex energy landscape — optimizing grid operations, smoothing out renewable energy volatility and ultimately driving broader energy efficiency, Lin said. Related News
Siemens continued its profitable growth trajectory and delivered another successful quarter in Q3 of fiscal 2026 (ended June 30, 2026).
The company’s strong operating performance and strategic orientation were underscored by record results in both order intake and Profit Industrial Business. Following the strong first nine months of the current fiscal year, Siemens is raising its outlook for basic earnings per share (for net income) before purchase price allocation accounting (EPS pre PPA) from a range of between €10.70 and €11.10 to a range of between €11.20 and €11.50 for fiscal 2026. The company also confirms its further expectations at Group level for fiscal 2026.
In Q3 2026, Siemens increased orders 14 percent on a comparable basis – that is, excluding currency translation and portfolio effects – to reach a record high of €27.9 billion (Q3 2025: €24.7 billion), led by a sharp increase at Smart Infrastructure and significant growth at Digital Industries. Revenue rose 8 percent on a comparable basis to €20.8 billion (Q3 2025: €19.4 billion). All industrial businesses delivered revenue growth, driven by significant increases at Smart Infrastructure and Digital Industries. The book-to-bill ratio was a very strong 1.34. The order backlog reached a new record high of €132 billion at the end of Q3 2026.
Profit Industrial Business also reached a record high, with growth driven by Digital Industries, where profit surged 25 percent to €3.5 billion (Q3 2025: €2.8 billion). As a result, the profit margin of the Industrial Business was 17.3 percent (Q3 2025: 14.9 percent). Net income climbed 15 percent to €2.6 billion (Q3 2025: €2.2 billion). Consequently, basic earnings per share before purchase price allocation accounting (EPS pre PPA) totaled €3.14 (Q3 2025: €2.78). Related News
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