Energy

• Energy Secretary Chris Wright stated on 'Face the Nation' that the U.S. military paused its ship escort operation in the Strait of Hormuz after Iran requested a halt to pursue peace talks. • President Trump announced the operation last week amid Iran's blockade, but suspended it two days later following Tehran's signal to 'make a deal.' • The pause supports a fragile ceasefire, with the U.S. now clearing the strait without active escorts, aiming to de-escalate tensions.

• Excelerate Energy (NYSE: EE) reported Q1 2026 adjusted EBITDA of $122 million, up 9% sequentially, and net income of $50 million. • Gains driven by vessel optimization, higher LNG gas and power margins, boosted by the Jamaica acquisition versus prior year. • Results highlight strengthening LNG sector dynamics, relevant for US energy markets amid global demand shifts.

• China's ban on oil-product exports following U.S. and Israeli attacks on Iran and the Strait of Hormuz closure has squeezed fuel supplies to Asian neighbors, enhancing Beijing's leverage as of May 9, 2026. • Fuel-starved countries in Asia are turning to China for jet fuel, gasoline, and diesel relief, while Beijing promotes its renewable energy technologies. • The ongoing Iran war has positioned China to deal from strength, deepening its influence in the region amid prolonged energy shortages.

• China imported about 1.1 million barrels per day of Russian crude in January, with Moscow's share of total oil imports declining to 21%. • This reduction aligns with broader trends where China has quietly slashed overall oil imports by roughly a quarter from pre-war levels to around 8.2 million barrels per day, according to Vortexa data. • The cuts have rebalanced the global oil market by freeing up supply, keeping benchmarks near US$100 per barrel despite over 60 days of Persian Gulf conflict.

Norway’s energy minister says country has a ‘responsibility’ to address shortfalls caused by wars in Ukraine and Middle EastIn case of any doubt about Norway’s commitment to maintain – and expand – its production of gas and oil offshore, the energy minister, Terje Aasland, has a pithy response: “We will develop, not dismantle, activity on our continental shelf.”This week, to the alarm of environmental campaigners, he announced that three gasfields off the country’s southern coast would reopen by the end of 2028 – nearly three decades after they closed – to meet a shortfall caused by the impact of the war in Ukraine and disruption to supplies from the Middle East. Continue reading...

BEV sales jumped nearly 60% in April, taking total electric car registrations to more than 2m, says SMMTBusiness live – latest updatesA recent jump in electric car sales in the UK is likely to be “tempered” by worries over rising inflation and energy prices caused by the Iran war, a leading industry body has warned.New car sales in the UK rose by 24% year on year to 149,247 in April, according to the Society of Motor Manufacturers and Traders (SMMT). Continue reading...

‘Russia could cease fire at any moment, and this would stop the war,’ Volodymyr Zelenskyy said in sharp criticism of PutinUkraine’s president Volodymyr Zelenskyy has criticised Russia’s “utter cynicism” of launching more attacks on Ukraine while also calling for a short ceasefire enabling it to stage its 9 May Victory Parade in Moscow.In a post on X condemning the latest series of attacks, he said:“It is time for Russian leaders to take real steps to end their war, especially since Russia’s defence ministry believes it cannot hold a parade in Moscow without Ukraine’s goodwill.” Continue reading...