The reputation of the Strait of Hormuz as a reliable artery for global energy trade may be permanently damaged by its prolonged closure, International Energy Agency Executive Director Fatih Birol said.+
Brent crude oil fell 4.3% to $96.96 per barrel on May 7, 2026, during volatile trading, as renewed hopes of a U.S.-Iran peace deal emerged, according to market analysts. The benchmark slipped $4.31 from its May 6 close, with intraday fluctuations of up to 4.6%, exchange data showed. Shipping giant Maersk warned that even if a peace agreement were reached soon, high energy costs would persist due to structural supply constraints.
WTI Crude Oil May 2026 market: Current pricing suggests a 50% chance of reaching $110, a 23% chance of reaching $120, and a 14% chance of hitting $130. Recent trends indicate increasing probabilities for higher price thresholds.
The global oil market narrative has changed dramatically since the start of 2026. In January, the dominant concern was a potential supply glut. Global inventories looked comfortable, and Brent crude prices were expected to stay subdued for much of the year.
Tema Oil Refinery (TOR) is increasingly turning to crude oil from West Africa as part of efforts to restore stable operations and support a long-term recovery plan, its managing director has said.
Three supertankers laden with crude oil successfully exited the Strait of Hormuz last week, carrying Iraqi and Emirati oil, Reuters has reported, citing data from Kpler and LSEG. The vessels switched off their transponders to avoid detection.
Equinor ASA has put onstream the Eirin field in the North Sea, growing Norway’s capacity to export natural gas to Europe.
Neoenergia, the Brazilian unit of Spanish power utility Iberdrola, has secured early renewals for three power distribution concessions and announced a USD 10.2-billion investment cycle through 2030, Neoenergia announced on Friday.
Finance Minister Dr. Cassiel Ato Forson has described the planned Second Gas Processing Plant (GPP II) as a game-changing project that will transform the country’s energy landscape, create jobs, and save the economy hundreds of millions of dollars.
Saudi Aramco and Abu Dhabi National Oil Company are among the companies continuing to move limited crude cargoes through the Strait of Hormuz despite ongoing threats and shipping disruptions tied to the Iran conflict.