21 Jul Energy price, news, commentary and analysis | Iran says ceasefire with US effectively collapsed
(Oilandgaspress) 21/07/26, Oil prices still heavily dependent on whether the US-Iran conflict de-escalates or further disrupts Middle East energy flows. Oil prices have jumped approximately 30% from July lows.
Iran’s Revolutionary Guards said on Tuesday they hit US military targets including air defence systems and a radar installation in Bahrain and Kuwait, state news agency IRNA reported. The US earlier said it had struck Iranian military command centres overnight. Related News
| Oil and Gas Blends | Units | Oil Price | Notes |
| Crude Oil (WTI) Oilprice | US$/bbl | $82.76 | Up |
| Crude Oil (Brent) | US$/bbl | $89.17 | Up |
| Bonny Light 17/07/26 CBN | US$/bbl | $84.50 | Up |
| Dubai | US$/bbl | $75.19 | Up |
| Natural Gas | US$/MMBtu | $2.86 | Down |
| Murban | US$/bbl | $81.83 | Up |
| OPEC basket 20/07/26 OPEC | US$/bbl | $86.10 | Up |
| At press time July 21, 2026 |
ADNOC is accelerating its integrated global gas growth strategy with a $6.2 billion (AED22.6 billion) final investment decision (FID) to develop the Umm Shaif Gas Cap in Abu Dhabi alongside its international partners TotalEnergies, Eni and China National Petroleum Corporation (CNPC).
The UAE holds the seventh-largest gas reserves in the world. As global demand for reliable, lower-carbon energy continues to grow, ADNOC is unlocking more of the nation’s gas resources and expanding its liquefied natural gas (LNG) portfolio to meet the needs of its domestic and international customers and power industrial and artificial intelligence (AI) infrastructure growth.
The FID for Umm Shaif Gas Cap is the latest milestone in the company’s gas growth strategy and will unlock more than 600 million standard cubic feet per day (scfd) of natural gas and associated gas liquids, equivalent to almost 10% of the UAE’s current daily gas consumption. The investment will reinforce the UAE’s energy security and its role as a reliable global energy supplier. Production from the development is expected by 2030.. Related News
Ukrainian drones struck seven Russian shadow fleet vessels, seven energy facilities in occupied Crimea, among other military targets, overnight on July 20, Unmanned Systems Forces Commander Robert “Madyar” Brovdi said. Three tankers and four dry cargo ships were hit in the Black and Azov seas as part of Operation “MoLoCHKa,” according to Brovdi. He did not identify the vessels or specify the extent of the damage.
The operation, whose acronym translates from Ukrainian as “Moscow will fall because of Crimea,” began on July 6 and aims to disrupt Russia’s shadow fleet and logistics.
Brovdi claimed that Ukrainian forces had struck 183 vessels between July 1 and 20, including 119 in the Azov Sea and 64 in the Black Sea.. Related News
UK energy industry leaders are calling on newly appointed UK Prime Minister Andy Burnham to overhaul North Sea oil and gas policy, arguing his new government has an opportunity to improve investment conditions while maintaining the country’s energy transition. Responding to the leadership change, Aberdeen & Grampian Chamber of Commerce (AGCC) urged the new government to prioritize policies that support continued North Sea investment.The business group also called for faster approvals for renewable energy projects, expanded electricity transmission infrastructure and greater support for emerging energy technologies, arguing the UK must balance its energy transition with continued investment in domestic oil and gas production. Related News
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