Commodities & Energy news from the last 24 hours, AI-curated by PiQ Markets

Iran is fortifying its Kharg Island oil terminal, which handles 90% of its oil exports, amid threats from U.S. President Donald Trump. Concurrently, Iran employs a 'shadow fleet' of aging tankers to circumvent U.S. sanctions, often exporting oil to China through ship-to-ship transfers and disabled tracking signals, posing environmental and geopolitical risks. In response to geopolitical tensions and supply disruptions, Japan is investing in overseas oil pipelines to reduce its dependence on the Strait of Hormuz.

Oil prices rose over $3 per barrel, with Brent crude reaching $87.95 and WTI at $82.89, driven by Middle East tensions and a significant draw in U.S. crude inventories. While crude prices increased, the refined fuels market remains tight due to geopolitical issues, export bans, and low global inventories, impacting diesel and gasoline prices. China's demand has provided some stability to global oil markets, preventing a buying panic despite ongoing hostilities.

Marine gasoil (MGO) prices in Europe are surging past fuel oil, driven by tight supply and a significant increase in Rotterdam sales. This surge coincides with India's suspension of sulphur exports, further constricting global availability and impacting major players like Reliance Industries. Meanwhile, Turkish refiner Tupras awarded its August domestic sulphur tender at significantly higher prices, reflecting the broader upward trend in the market.

Wildfires are impacting France's Gironde department, forcing evacuations and disrupting key defence and aerospace sites. The blazes, exacerbated by severe drought and heatwaves, are also causing significant economic shock across the region, affecting tourism, forestry, and wine production. While the fires do not pose an immediate threat to Bordeaux vineyards, the extreme weather conditions are stressing vines, leading to an early harvest and raising concerns about future water resources and grape quality.

The Democratic Republic of Congo has authorized its first lithium exports from the Manono mine, controlled by Zijin Mining Group, marking the nation's entry into the global lithium supply chain. This development strengthens China's position in critical minerals. Concurrently, the U.S. is backing the Ampasindava rare earths project in Madagascar. This initiative aims to establish alternative sources for rare earth minerals, countering China's dominant supply chain control.

Australia is co-funding a A$4 million study for a new oil refinery near Karratha, Western Australia, aiming to bolster energy resilience amid volatile diesel prices. The federal and Western Australia governments are splitting the cost of the pre-feasibility study. However, experts criticize the plan, labeling the proposed refinery as 'dinosaur technology' that would require subsidies and fail to improve fuel security, especially as Australia's domestic crude oil production declines. They advocate for investment in green technology instead.

Australian companies Woodside Energy and Rio Tinto have reported substantial revenue growth, fueled by rising prices for liquefied natural gas (LNG) and metals. The ongoing conflict in Iran has contributed to disruptions in global energy supplies, leading to higher LNG costs. Simultaneously, the escalating demand for artificial intelligence (AI) is driving the construction of data centers, which in turn is boosting the prices of essential metals.

Beavers are proving to be an unexpected asset in combating Europe's wildfires and restoring burned areas. Their natural dam-building creates wetlands that function as firebreaks, protecting vegetation and offering refuge for wildlife. These beaver-made wetlands also play a crucial role in the recovery of landscapes after fires have passed.

Oil prices rose more than 5% to over $82 per barrel after joint US-Saudi strikes targeted Iran-aligned militants in Iraq. This escalation followed Iran's missile attack on US forces in Jordan. The increased Middle East tensions led to US stock futures reversing earlier gains and a decline in Bitcoin's value. The situation signals a potential for further volatility in global markets.

Spain is battling a record wildfire near Madrid that has burned 500 square kilometers and forced 25,000 people to evacuate. Firefighters are describing the blaze as unprecedented in its ferocity and speed. The extreme conditions have led to a change in strategy, with a focus now on prioritizing evacuations over direct firefighting efforts. The wildfire's rapid spread is taxing resources and highlighting the challenges of combating increasingly intense blazes.

A record influx of sargassum seaweed is overwhelming Mexico's Caribbean coast, severely impacting tourism and the environment. Officials are developing an emergency plan to address the crisis, which is expected to exceed last year's record amounts. The seaweed's arrival threatens coastal ecosystems and the region's vital tourism industry.

Tata Power is targeting a 2032 launch for India's first privately-funded nuclear power plant, with construction slated to begin in early 2028. This move comes after India's recent decision to allow private companies to invest in its civil nuclear sector. The project aims to contribute to India's clean energy goals and reduce reliance on fossil fuels.

The largest U.S. grid operator, PJM Interconnection, has issued a warning that data centers lacking independent power sources may experience temporary outages. This measure is intended to prevent broader blackouts and shield residential customers from potential rate increases driven by surging electricity demand. The grid operator is taking steps to manage the increasing strain on the power supply.

Finland has activated the world's largest commercial sand battery, a 100 MWh thermal energy storage system designed to hold excess renewable energy. The innovative technology utilizes 2,000 tons of soapstone, heating it to temperatures as high as 600°C to store energy for extended periods with minimal loss. This stored heat can then be used to supply district heating networks, offering a novel solution for renewable energy management.

Protests in Libya over power cuts and high electricity bills have escalated, with demonstrators occupying the Mellitah Oil and Gas complex. The protesters are demanding the resignation of the Government of National Unity and are threatening to disrupt oil and gas supplies to Italy. This action directly impacts Italy, which relies heavily on Libyan gas.

Cyprus has approved its first-ever hydrocarbon project, the Cronos gas field, operated by Eni and TotalEnergies. This development is expected to yield over 3 trillion cubic feet (Tcf) of natural gas. The extracted gas will be processed in Egypt before being exported to Europe, a move anticipated to enhance regional energy security. This marks a significant step for Cyprus in leveraging its offshore resources.

OPEC+ is poised to maintain its current production targets through the end of 2026, with a final output increase anticipated for September. The group is currently assessing sustainable production capacities that will serve as baselines for 2027. This decision signals a commitment to stable oil markets as the alliance looks ahead to future production strategies.

Researchers have engineered a novel perovskite-organic tandem solar cell that overcomes a decades-old problem in solar panel technology. The new design maintains 97% efficiency even when partially shaded, a significant improvement over traditional panels that suffer substantial output reduction and potential damage from shading. This breakthrough is expected to enhance the profitability and sustainability of the solar industry.

Ukraine's Southern Mining and Processing Plant, a significant iron ore producer, is temporarily halting operations. The decision stems from Russia's ongoing attacks on Black Sea maritime logistics, which have prevented the company from exporting its accumulated iron ore. This halt impacts a key Ukrainian industrial asset amidst the conflict.

Turkey aims to finalize a comprehensive energy cooperation agreement with Iraq, announced Turkish President Tayyip Erdogan. Iraq has offered to supply 1 million barrels of oil as part of this initiative. The move comes amid global energy shortage concerns and follows recent talks between the two nations. This potential deal could significantly impact regional energy dynamics.