08 Jul Energy price, news, commentary and analysis | Oil prices up as the U.S. and Iran exchange military strikes again
(Oilandgaspress) 08/07/26, The renewed hostilities and attacks on vessels in the Strait of Hormuz again put an abrupt end to the steady flow of oil and gas tankers moving in and out of the Persian Gulf.
At least four oil and LNG tankers have made U-turns from attempts to transit the Strait of Hormuz in the past 12 hours, vessel-tracking data compiled by Reuters showed early on Wednesday. The Iranian attacks on three commercial ships on Tuesday, including an oil tanker and an LNG carrier, have prompted some shipowners and operators to pause attempts to transit the Strait of Hormuz as the security situation has sharply deteriorated. Related News
| Oil and Gas Blends | Units | Oil Price | Notes |
| Crude Oil (WTI) Oilprice | US$/bbl | $74.15 | Up |
| Crude Oil (Brent) | US$/bbl | $77.95 | Up |
| Bonny Light 01/07/26 CBN | US$/bbl | $71.63 | — |
| Dubai | US$/bbl | $79.45 | — |
| Natural Gas | US$/MMBtu | $3.34 | Up |
| Murban | US$/bbl | $73.23 | Up |
| OPEC basket 07/07/26 OPEC | US$/bbl | $72.36 | Up |
| At press time July 08, 2026 |
Renaissance Africa Energy Company has announced an offshore oil discovery at the JK-004 exploration well in OML 74, with the well encountering approximately 1,000 ft of hydrocarbon-bearing intervals across seven reservoirs containing light oil.
The discovery was announced during the NOG Energy Week Conference & Exhibition 2026 by Nigeria’s Minister of State for Petroleum Resources (Oil), Sen. Heineken Lokpobiri, who described the result as an important milestone for the country’s upstream sector.
According to Renaissance, the discovery confirmed high-quality reservoirs and supports the company’s strategy to expand Nigeria’s hydrocarbon resource base. The company said the result reinforces its commitment to increasing reserves, strengthening energy security and advancing future upstream development in partnership with its joint venture partners and regulators. Related News
Ember has been experimenting with using artificial intelligence (AI) to expand the scale, depth and usability of our analytical work. The Ember Futures team has been using AI to develop a prototype data tool that shows how round-the-clock solar is a reality for much of the world, building on our analysis from last year. Last year, Ember modelled 12 locations to show that solar and batteries can already provide reliable, high-uptime power in very different parts of the world. For this prototype, we extended that modelling to 5,000 locations globally, giving us much more granular coverage of where the opportunity is strongest. Related News
Pakistan’s energy economy is now as electrified as the global average, following a rapid solarisation that has transformed the country’s energy system in just two years, according to a new report, “The Solarisation of Pakistan’s energy economy”, from Ember and Renewables First.
Official statistics largely ignore distributed solar. This is the first time Pakistan’s energy statistics have been rebased to reflect Pakistan’s transformative distributed solar boom. The report makes the case that distributed solar actually helped to grow electricity demand.
Pakistan’s total electricity demand rose by 21% in two years. The rise in electricity demand of 33 TWh from FY23 to FY25 was led entirely by distributed solar generation, which rose by 36 TWh.
This surge in distributed solar, pushing up electricity demand, raised Pakistan’s electrification rate (the proportion of final energy demand coming from electricity) to 21.7% in FY25, a whisker away from the global average of 22.0%. Whilst electricity demand surged by 21%, non-electricity energy use rose just 2% – therefore distributed solar met not only electricity demand growth, it met almost all the energy demand growth. Related News
The 2026 edition of the International Gas Union’s (IGU) World LNG Report shows record trade, near-record investment and a strong long-term growth outlook despite unprecedented market disruption.
The global liquefied natural gas (LNG) trade reached a record of 437 million tonnes in 2025, with a 6.3% increase – the strongest growth since 2022, while investment in new LNG supply surged to its highest level in six years. Trade growth was driven by expanding supplies from the United States, Qatar and other producers, while Canada and Mauritania/Senegal joined the ranks of LNG-exporting nations for the first time.
The Report reveals an industry entering a new phase of maturity and resilience, having successfully responded to one of the most challenging periods in its history while continuing to expand its role in supporting global energy security, economic development and emissions reduction.. Related News
The International Gas Union (IGU) welcomes the European Commission’s (EC) proposals to address energy security of supply risks through a targeted and time-limited recommendation to ease certain penalty provisions included the Methane Regulation (Regulation (EU) 2024/1787).
However, these measures are insufficient to provide the legal certainty required for contracting new natural gas supplies into Europe and will not remedy the issue of non-compliance. The EU Methane Regulation will come into force on 1st January 2027 and is likely to force EU’s natural gas and oil importers into a situation of non-compliance, with a potential detrimental impact on EU’s security of affordable energy supply.[1]
IGU therefore is asking the EC, as a matter of urgency, to adopt policies that are fully aligned with industry realities and do not create further uncertainty and energy insecurity by deterring investments in Gas supply and infrastructure, as investment equals resilience.. Related News
Ukrainian drones struck Russia’s Saratov Oil Refinery and a petrochemical plant in Tatarstan overnight on July 8, monitoring channels reported. The Saratov Oil Refinery was set ablaze as a result of Ukrainian drone strikes, Telegram news channel Exilenova Plus reported.
Russia’s Defense Ministry issued a warning about the threat of a drone attack in the region, Saratov Oblast Governor Roman Busargin said earlier in the night. Saratov is located approximately 460 kilometers (285 miles) east of the Ukrainian border with Russia near Luhansk Oblast in eastern Ukraine.
Meanwhile, in Nizhnekamsk, Tatarstan, a petrochemical plant was struck by Ukrainian forces, Exilenova Plus reported. Related News
The United States canceled a temporary sanctions waiver for Iranian oil on Tuesday following targeted strikes on three tankers in the Strait of Hormuz. The sudden policy reversal significantly intensifies economic pressure on Tehran amid delicate, ongoing negotiations with Washington aimed at concluding the regional conflict.
A liquefied natural gas tanker, an oil supertanker and an unspecified third tanker came under attack in or near Hormuz on Tuesday, according to the Joint Maritime Information Center, a naval group led by the U.S. that provides security updates to merchant vessels in the Middle East.
The US Treasury Department formally terminated a special operating license introduced in June, which had permitted Iran to extract, market, and transport crude oil and associated petroleum products through August 21. Related News
The U.S. Energy Information Administration (EIA) has raised its global oil production forecast in its July Short-Term Energy Outlook (STEO), citing the recovery of shipping through the Strait of Hormuz following the June 18 agreement between the United States and Iran to reopen the strategic waterway.
EIA now expects global crude oil production and trade flows to return to near pre-conflict levels by the end of 2026, with most previously shut-in production restored during the first quarter of 2027. The agency said rising global supply is expected to put downward pressure on crude oil and gasoline prices.
EIA forecasts Brent crude to average $74/bbl in the third quarter of 2026, down sharply from last month’s outlook, before declining to an average of $65/bbl in 2027 as global inventories build. Related News
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