The world’s biggest banks raised their combined financing for fossil fuels by more than one-fifth last year, bucking a falling trend since 2021 amid a backlash against net-zero policies, especially in the United States.  The world’s top 65 banks increased fossil fuel funding to $869 billion in 2024, up by $162 billion from 2023, according to the 16th annual Banking on Climate Chaos (BOCC) report released by climate campaign organizations on Tuesday.   Last year, loans were the top form of financing, rising to $467 billion…

Mitsubishi Corp. is about to acquire the shale and pipeline assets of Aethon Energy Management and is ready to pay up to $8 billion for them, Reuters has reported, citing unnamed sources. The deal would give Mitsubishi a solid presence in shale gas, the publication said, adding the assets were conveniently located close to the Gulf Coast and all the LNG plants already operating and getting built there. The negotiations on the deal are still ongoing and the acquisition may yet fall through, the Reuters sources said. Aethon Energy Management has…

Three tankers are reportedly on fire in the Gulf of Oman, according to social media posts, as cited by the Hindustan Times. Kpler energy analyst Amena Bakr said on X that a British maritime security provider had reported it was aware of an unspecified incident in the area. An outlet for shipping news published a YouTube video saying two tankers had collided in the Gulf of Oman. An X account named OSINTDefender reported that “It appears that the fires seen off the coast of Iran in the Gulf of Oman may have been caused by the collision of two…

Global tanker operators and shipping authorities have taken decisive action, even without an official closure of the Strait of Hormuz, amid escalating tension between Israel and Iran. Their public statements, route shifts, and risk assessments are reshaping freight scheduling, insurance premiums, and–most significantly–energy market sentiment in real time. Oil shippers may have walked back some of their panic expressed during the weekend, which led oil to jump 7%, but this isn’t over, and the volatility will be high.  …

Canada’s new Prime Minister Mark Carney faces his first real challenge to Canadian unity amid a soured relationship with the long-time trade partner and ally, the United States. A movement to secede from Canada is growing in the oil-rich province of Alberta, which contributes a large part to Canadian economy and budget and has the highest gross domestic product (GDP) per capita among Canadian provinces.  Alberta could hold a referendum to leave Canada next year if a citizen-led petition gathers the requisite number of signatures requesting…

In the last 25 years, China has gone from providing less than 2 percent of Latin America’s exports to being the second largest trade partner for the region and the single biggest trade partner of South America. This skyrocketing trade relation comes on the back of China’s ambitious Belt and Road global infrastructure initiative, and gives Beijing enormous influence in critical emerging markets.  In addition to trading goods, China is also a key lender in Latin America, particularly in the context of providing funding for energy…

Iraq’s crude oil exports to the United States surged past 5 million barrels in May, marking Baghdad’s highest monthly volume to U.S. refiners so far this year, according to Iraqi News. The surge reflects sustained U.S. appetite for heavier Middle Eastern grades, with Iraqi crude averaging between 160,000 and 190,000 barrels per day last month.  As OPEC+ maintains voluntary output curbs and U.S. shale growth moderates, Iraq has solidified its position among Washington’s top five crude suppliers. According to the latest monthly…

Nuclear power in the U.S. has been relatively flat for the past 25 years. It is technologically viable, environmentally friendly, yet politically unpopular and economically uncompetitive.  But there is new cause for optimism. A new federal push to modernize and expand nuclear energy is breathing fresh life into the long-dormant uranium sector. And that could have important implications for investors looking to position ahead of what might become a structural shift in American energy policy. The Nuclear Paradox Nuclear energy has long held…

With rising geopolitical tensions and soaring demand for rare earth elements, the UK must invest in midstream critical mineral processing to reduce reliance on China and secure its defence, energy, and technology sectors, says Nitesh Shah I have over 30 years’ experience across commodities, mining and advanced materials –watching as the UK and the West first externalised their critical mineral supply chains to China – and then over the past few years rush to regain control of these essential assets. China dominates between 80…

President Donald Trump said the United States is not involved in the conflict between Iran and Israel, but as the archenemies launched a fresh barrage of air strikes at each other, he admitted it's "possible" that will change. Speaking to reporters before departing for the Group of Seven (G7) summit in Canada, Trump said the US would continue to support Israel, but stopped short of detailing further actions. Earlier on June 15, in an interview with ABC News, Trump was asked whether the United States would become more engaged in the conflict that…

In a dramatic escalation with sweeping implications for the U.S. nuclear industry, President Donald Trump has removed Nuclear Regulatory Commission (NRC) Chairman Christopher Hanson, opening up a big vacancy at the top for a candidate with softer regulatory inclinations.  The NRC, which oversees the operation of America’s 94 commercial nuclear reactors and regulates new designs such as small modular reactors (SMRs), plays a pivotal role in U.S. energy security and the clean energy transition.  Trump’s move allows his administration…

Via Metal Miner The Construction MMI (Monthly Metals Index) moved sideways, dropping by 2.0% month-over-month. In early June 2025, new Trump tariffs doubled pre-existing steel and aluminum duties from 25% to 50%. As buyers scrambled, U.S. aluminum premiums immediately hit a record 60¢/lb. Meanwhile, the tariff surge is already squeezing the U.S. construction industry. Construction Input Inflation Construction material costs continue to rise alongside mounting pressures from Trump tariffs. According to the Associated Builders and Contractors,…

As the confrontation between Israel and Iran intensifies, global oil and gas markets are on high alert—but not yet in crisis mode. While crude prices have edged higher, they remain well below panic thresholds, reflecting market confidence that core supply infrastructure remains intact. OPEC+ output increases and the absence of direct strikes on Iran’s major export terminals have helped temper volatility. However, this fragile stability may not hold. Should Iran escalate with broader missile campaigns, asymmetric proxy warfare, or external…

Unsurprisingly following Israel’s largest-ever military strikes against Iran over the weekend, none of the scheduled talks for Sunday between the Islamic Republic and the U.S. over a new Joint Comprehensive Plan of Action (JCPOA, or colloquially ‘the nuclear deal’) took place. Iranian Ministry of Foreign Affairs spokesperson Esmaeil Baghaei said that: “The other side [the U.S.] acted in a way that makes dialogue meaningless [...] You cannot claim to negotiate and at the same time divide work by allowing the Zionist regime…

Oil prices dropped nearly 4% on Monday, erasing much of last week's conflict-driven gains, as traders reacted to signs of easing tensions between Israel and Iran. The reversal came sharply after a Wall Street Journal report indicated that Iran is urgently signaling its desire to halt hostilities and resume negotiations over its nuclear program. Brent crude fell approximately 3.65% to trade near $75.50 per barrel, while U.S. West Texas Intermediate (WTI) slipped about 3.71% to around $70.27 during intraday trading.  The sharp retreat comes…

Oil prices dropped nearly 4% on Monday, erasing much of last week's conflict-driven gains, as traders reacted to signs of easing tensions between Israel and Iran. The reversal came sharply after a Wall Street Journal report indicated that Iran is urgently signaling its desire to halt hostilities and resume negotiations over its nuclear program. Brent crude fell approximately 3.65% to trade near $75.50 per barrel, while U.S. West Texas Intermediate (WTI) slipped about 3.71% to around $70.27 during intraday trading.  The sharp retreat comes…

Oil prices are likely to remain capped below $80 per barrel despite the escalating Israel-Iran conflict, research firm Rystad Energy said on Monday, as Iran and Israel continue to trade strikes with the escalation now in its fourth day.   “Based on our earlier disruption simulations, we see oil prices capped below $80 per barrel,” Mukesh Sahdev, Rystad Energy’s Global Head of Commodities Markets – Oil, said in a market update, carried by Africa Oil+Gas Report.  The conflict appears likely to be contained and…

OPEC’s crude oil production rose by 180,000 barrels per day (bpd) to 27 million bpd in May, with producers part of the OPEC+ agreement raising output by much less than the 411,000 bpd headline hike planned for last month as some members compensated for past overproduction.  The five OPEC members that have pledged cuts in the OPEC+ agreement – Saudi Arabia, Iraq, UAE, Kuwait, and Algeria – and are now gradually unwinding these cuts had to raise their combined output by 310,000 bpd in May.   But OPEC’s Monthly…

Uranium enrichment is a pivotal process within the global energy landscape and holds significant geopolitical implications. It is a critical step in preparing uranium for use, whether as fuel for nuclear power plants that generate electricity or, in highly concentrated forms, for nuclear weapons. Understanding uranium enrichment is essential for anyone following developments in alternative energy production, international security, and the complex balance of global power. This comprehensive guide will explore the fundamentals of uranium enrichment,…

Managers and owners of oil tankers are wary of offering their vessels for routes around the Middle East as the intensifying conflict between Israel and Iran increases fears of disruption to oil flows.  Since Friday, when Israel launched a coordinated attack on Iranian nuclear sites, there have been few offers for producers and traders that want to book tankers to ship crude from the Gulf, anonymous shipbrokers and charterers told Bloomberg on Monday.  The start of the conflict caused freight rates to jump and vessel owners to be hesitant…