World's largest offshore converter station departs China port for deep-sea wind farm - The 25,000-tonne 'Heart of the Sea Wind' will enable ultra-high-voltage DC transmission for 163 turbines off Yangjiang.

Oil prices surge after Iran and US trade air strikes

Oil prices surged after Iran and the US traded air strikes.

IEA Chief Fatih Birol: US-Israel war on Iran has led countries to open new fuel supply routes and boost domestic resources. Oil investments expected to fall below $500bn in 2026.

IEA Chief Fatih Birol stated that the US-Israel war on Iran has prompted countries to seek alternative fuel supply routes and increase domestic resources. He also estimated that oil investments will fall below $500 billion in 2026.

Three oil and LNG tankers exit Strait of Hormuz with transponders switched off, according to Reuters.

Three oil and LNG tankers have exited the Strait of Hormuz with their transponders switched off.

Oil prices surge over 3.5% on new Middle East escalation, Brent crude tops $97.70 per barrel

Oil prices rose more than 3.5% on a new escalation of the Middle East conflict. July Brent futures on ICE Futures London were up $3.41 (3.62%) to $97.70 per barrel at 8:15 Moscow time. July WTI futures on NYMEX rose $3.37 (3.8%) to $92.05 per barrel. Both benchmarks closed at their lowest in over a month.