Oil prices fell sharply after the US paused military strikes on Iran, with Brent crude dropping from over $100 to below $88 per barrel as traders bet on reduced escalation risks.

Finland commissioned the world’s largest sand battery in a small town, reducing heating emissions by 70% without rare earth materials, offering an alternative to lithium-ion storage.

Indonesian billionaire Prajogo Pangestu made an unsolicited bid exceeding $5 billion for the Philippines’ largest geothermal company, raising questions about regional energy integration and control of strategic assets.

Zambia has deployed 500 MW of utility-scale solar capacity over the past three years and targets 1,000 MW by year-end, advancing its plan to increase total generation capacity from 4.5 GW to 10 GW.

The Bank of England will stop accepting bonds linked to thermal coal as collateral for commercial bank loans starting in October, citing climate and financial risks.

Norway’s state-owned oil company Equinor reported nearly doubled profits of $11.5 billion in the second quarter, benefiting from higher crude prices amid geopolitical tensions.

Brent crude is positioned to close July near $90 per barrel as Middle East shipping disruptions support prices despite an 8% weekly loss, while Saudi Arabia organizes an international maritime coalition.

BP has launched a formal sale process for its North Sea oil and gas operations, ending six decades of production in the basin as new leadership seeks to simplify the company and reduce debt.

US oil rig counts rose to 588 this week, with crude production averaging 13.796 million barrels per day, as oil prices held near $85 per barrel amid cautious market conditions.