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Treasury Secretary Scott Bessent stated the Strait of Hormuz will become economically irrelevant within two years, as the U.S. reduces reliance on Persian Gulf oil through domestic production and Canadian imports.
Drone strikes have forced Saudi Arabia to shut its East-West Pipeline, a critical backup route for oil exports, while Iran-aligned Houthi forces threaten another vital shipping corridor in the Red Sea.
Kazakhstan plans to significantly increase natural gas imports from Russia, tripling purchases to meet surging domestic demand, though potential new US sanctions could complicate the deal.
UK inflation rose to 2.9% in July as conflict in the Middle East pushed energy prices higher, marking the first increase since March and complicating efforts to ease cost-of-living pressures.
UK’s spending watchdog warns that without accelerating electricity grid upgrades, consumer energy bills could rise by up to £7.8bn annually by 2030.
The Department of Energy announced $16 million in funding to advance critical minerals workforce education, addressing a significant domestic shortage of trained mining engineers compared to China.
