28 Feb Energy Price, news updates 28/02/26
(Oilandgaspress) Oil prices under threat as U.S. and Israel launch strikes across Iran, including Tehran on Saturday (28 February), in a “preventative attack”.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) Oilprice | USD/bbl | $67.02 | Down |
| Crude Oil (Brent) | USD/bbl | $72.87 | Up |
| Bonny Light 27/02/26 CBN | USD/bbl | $72.94 | — |
| Dubai | USD/bbl | $68.34 | — |
| Natural Gas | USD/MMBtu | $2.85 | Up |
| Murban | USD/bbl | $74.24 | Up |
| OPEC basket 26/02/26 OPEC | USD/bbl | $69.64 | — |
| At press time February 28, 2026 . |
In the UK, VAT on public electric vehicle (EV) charging could fall to 5pc after HMRC lost a landmark legal battle. EV campaigners have criticised the Treasury for imposing a 20pc VAT rate on chargers located at service stations, supermarkets and residential streets.
But a tribunal has ruled in favour of lowering the rate to 5pc, which would bring it in line with the levy faced by drivers who charge their cars at home.HMRC told The Telegraph that it was “considering the decision” and its next steps. It has 56 days to appeal the decision. Related News
Hyundai Motor Group (the Group) announced today it has signed a Memorandum of Understanding (MOU) with the South Korean government and Jeonbuk State to establish an innovation hub in the Saemangeum area of Gunsan city. This strategic move positions the Group as a leader in robotics, AI and energy solutions, with plans to invest approximately KRW 9 trillion beginning in 2026 to construct a cutting-edge industrial complex. Through this initiative, the Group aims to pioneer the seamless integration of advanced AI and hydrogen energy transformation to advance human progress.
The Group will establish a major innovation hub dedicated to advancing robotics, AI, hydrogen energy, solar power and AI-driven smart city solutions. A significant portion of the investment will focus on new businesses based on these technologies, contributing to the development of Korea’s future industrial competitiveness.
Through expanded investment across various regions, the Group aims to stimulate local economic growth and lay the foundation for the sustainable growth of Korea and its mobility industry. .Related News
Hyundai Motor Group Metaplant America (HMGMA) held a traditional wet down ceremony on Friday to celebrate the arrival of its new fire truck for the on site Emergency Response Team. The event marked an important step in enhancing the facility’s emergency response capabilities and strengthening overall safety readiness.
The wet down tradition dates back to the era of horse drawn fire wagons, when crews washed down their equipment after returning from a call. When a new engine arrived, firefighters sprayed it with water to mark its introduction into service. HMGMA honored this history as Meta Pros, HMGMA CEO Tony Heo, and members of the Emergency Response Team took part in the ceremonial washing of the new apparatus.
“Our investment in this fire engine reflects our focus on safety and our responsibility to everyone who works here, and it represents the kind of strong safety culture we are committed to growing as HMGMA continues to expand,” Heo said.
The new truck is equipped with modern firefighting and rescue technology that supports rapid response, fire suppression, medical emergencies, and hazard control. Having dedicated equipment on site allows the Emergency Response Team to act quickly while maintaining close coordination with Bryan County emergency services. Adding this dedicated apparatus will give the team the ability to respond more efficiently and operate more safely during the critical first minutes of an emergency. Related News
Baker Hughes Rig Count: International +14 to 1,079, U.S. -1 to 550 Canada -10 to 214
U.S. Rig Count is down 1 from last week to 550 with oil rigs down 2 to 407, gas rigs up 1 to 134 and miscellaneous rigs unchanged at 9.
Canada Rig Count is down 10 from last week to 214 with oil rigs down 8 to 145, gas rigs down 2 to 69 and miscellaneous unchanged at 0
International Rig Count is up 14 from last month to 1,079 with land rigs up 3 to 839, offshore up 11 to 231.
International Rig Count is down 20 rigs from last year’s count of 1,099, with land rigs down 7, offshore rigs down 13.
| Region | Period | Rig Count | Change |
| U.S.A | 27 February 2026 | 550 | -1 |
| Canada | 27 February 2026 | 214 | -10 |
| International | January 2026 | 1,079 | +14 |
| Baker Hughes |
United Downs power plant, located in Truro, Cornwall, is the first of its kind in the UK, using the Earth’s heat to create electricity. The developing company, Geothermal Engineering Ltd, has worked for 15 years to drill the hole and create the infrastructure for the plant to operate. Water hits super-heated rocks, creating high-pressure steam that drives the turbines, creating electricity.
The mining operation has also provided the UK’s first own supply of lithium.
The hole driving this plant is three miles below the surface, where temperatures reach nearly 200C, heating the water to 190C before being pumped back up to the surface. Related News
More Energy, Oil & Gas Stories !!! �The squeaky wheel gets the oil�
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Submit your Releases or contact us now!, victor@oilandgaspress.com
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