European natural gas prices surged to four-month highs as escalating Middle East tensions threaten winter supply, with reduced Qatari liquefied natural gas exports straining the continent’s storage capacity.

Saudi Arabia’s East-West Pipeline, traditionally a strategic hedge against Hormuz disruptions, faces critical vulnerabilities as a Houthi blockade at Bab El Mandab constrains Red Sea exports and strains alternative routes through the Suez Canal and SUMED pipeline.

The European Commission has advised EU governments to waive penalties for oil and gas companies breaching methane emissions rules for three years, citing energy security concerns amid Middle East tensions.

Carbon capture and storage technology, once heralded as essential for industrial decarbonization, is facing mounting skepticism as projects underperform and costs soar beyond initial forecasts.

Norway’s Equinor nearly doubled profits to $11.5bn in the second quarter, driven by elevated oil and gas prices resulting from geopolitical tensions affecting global energy supplies.

The United States supplied approximately 93% of global liquefied natural gas growth in 2025, exporting 5.2 trillion cubic feet and cementing its position as the world’s largest LNG exporter with a 25.4% market share.

U.S. oil drilling activity declined this week as crude prices fell below $100 per barrel, with active oil rigs dropping to 450 amid broader energy market adjustments.

Crop prices have reached three-year highs due to the Strait of Hormuz closure and regional conflicts, threatening to drive up supermarket prices globally and potentially trigger a food crisis.

Britain’s energy operator warns of tight power supplies as a third heatwave hits the UK, requesting extra generation capacity for Thursday evening’s peak demand period.