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Oil & Energy
Weekly Crude Prices Plunge to 3-Month Low as US-Iran Deal Reopens Strait of Hormuz
Crude prices declined below $80 per barrel to a three-month low this week after an interim US-Iran peace deal dismantled the Persian Gulf blockade, clearing the way for million barrels of stranded oil to return to a market already facing weak demand forecasts.West Texas Intermediate settled at $77.54/bbl from $84.29/bbl the previous week, while Brent closed at $80.38/bbl from $86.85/bbl a week earlier.Brent crude futures fell for their second straight week following the peace deal, losing about 8% so far this week, while West Texas Intermediate futures shed about 10%.Both contracts fell to their lowest levels since early March.The selloff was triggered by a 60-day memorandum of understanding signed by the US and Iran.On Thursday, the US Central Command officially lifted its maritime blockade, allowing commercial tankers to safely resume transit through the vital Strait of Hormuz.Several media outlets confirmed that idling Saudi Arabian supertankers and previously dark vessels had begun moving, citing shipping data.Kpler estimated that the reopening will unlock a massive backlog of oil, including 90 million barrels of stranded non-Iranian crude and roughly 70 million barrels of Iranian oil.While analysts caution that production ramp-ups and lingering mine-clearing security assessments could take up to six months to fully normalize, the immediate release of floating storage represents an enormous near-term increase in available supply.On the supply side, the US Energy Information Administration showed commercial crude inventories drew down sharply by 8.3 million barrels.Adding long-term pressure, the International Energy Agency slashed its 2026 demand outlook by 1.1 million barrels per day, citing severe economic slowdowns in China and OECD nations.The IEA warned of a massive supply overhang by 2027, projecting global supply to surge by 8 million b/d, while demand increases by a modest 2 million b/d.This stands in stark opposition to OPEC's bullish forecast, which expects oil demand to steadily expand to 113.3 million b/d by 2030.However, analysts expect a decline in prices. "Oil prices are unlikely to fall much further in the near term, even as they 'grind lower' over time," Goldman Sachs analysts noted.Meanwhile, the US oil rig count remained unchanged at 433 in the week ending June 18, according to data from Baker Hughes (BKR) released Thursday. That compares with 438 oil rigs in operation a year earlier.The consolidated North American oil and gas rig count, a key early indicator of future production levels, rose by seven to 749 from 742 the previous week.
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Oil & Energy
Carbon Capture Market Seen Reaching $6.7 Billion by 2033, Grand View Research Says
The global carbon capture and storage market could grow to $6.7 billion by 2033 as industries accelerate efforts to cut emissions, Grand View Research said in a Friday report.Grand View Research valued the market at $3.9 billion in 2025 and expects it to reach $4.2 billion in 2026. The firm forecasts a 7.0% compound annual growth rate from 2026 through 2033.As governments tighten emissions rules and companies pursue net-zero goals, carbon capture systems are seeing broader adoption across cement, steel, power generation and oil and gas operations, according to the report.The market includes technologies that capture, transport, utilize and store carbon dioxide from major industrial sources. Supportive policies, tax incentives and public funding programs continue to encourage deployment globally.For industries that struggle to eliminate emissions, CCS remains one of the few practical tools for decarbonization. Growing use in hydrogen production, bioenergy facilities and carbon utilization projects is expanding its role, Grand View Research said.Improved membrane, solvent and adsorption technologies are helping lower operating costs while increasing capture efficiency. Those advances are making carbon capture projects more attractive across multiple sectors.Pre-combustion systems generated 71.80% of market revenue in 2025, maintaining their position as the leading capture technology. Their ability to remove carbon dioxide before combustion continues to support adoption in large industrial facilities.Grand View Research said demand for pre-combustion technologies is also benefiting from growth in integrated gasification combined cycle projects and low-carbon hydrogen production. Higher efficiency and lower energy penalties remain key advantages.Power generation accounted for 70.11% of global revenue in 2025, making it the largest application segment. Utilities continue to invest in carbon capture solutions to reduce emissions from coal- and natural gas-fired plants.To meet stricter environmental requirements while maintaining a reliable electricity supply, operators are upgrading existing assets and developing lower-emission thermal generation infrastructure, Grand View Research said.Companies are increasingly converting captured carbon dioxide into products such as synthetic fuels, chemicals and construction materials. Meanwhile, investments in carbon hubs, transportation networks, direct air capture technologies and carbon credit programs are expected to support long-term market growth, Grand View Research said.North America represented 36.89% of global market revenue in 2025, retaining its position as the largest regional market. Established industrial infrastructure and supportive policy frameworks continue to underpin growth.The US is expected to remain a major driver of future expansion as government initiatives and corporate sustainability programs encourage wider CCS deployment. Asia Pacific is projected to record the fastest growth due to rising industrial activity and stronger climate commitments.
Oil & Energy
Trump Sets Iran Deadline, Praises China's Restraint; Signals More Diplomacy Ahead
US President Donald Trump said Friday that Iran has 60 days to reach an agreement, warning that a failure to do so could disrupt oil flows through the Strait of Hormuz.Trump made the remarks at Joint Base Andrews in Maryland as he unveiled a Boeing 747 gifted by Qatar that will join the Air Force One fleet."... we have an agreement that was signed last night, and it's 60 days, we have to make a deal otherwise we will do things that won't make them happy," Trump said.However, Trump said he expects negotiations with Iran to succeed, adding, "...I don't think it's going to get to that. I think it's going to be very good.""You're not going to have the oil flowing out of the Strait of Hormuz too quickly because people that own billion dollar ships don't love missiles flying over them, don't love mines all over the water," Trump added.The US president noted that shipping flow had resumed through the strait. "Those ships are flowing out of the Hormuz Strait like nobody's ever seen before. Actually, there were a lot of them, about 700 of them, and they're pouring out."He added that oil prices will also plunge. "The oil is all over the place. You're going to see oil drop so low."Trump said he also urged China to avoid involvement in the conflict despite its reliance on oil shipments moving through the strategic waterway."They get 50 percent of their oil from the Strait, but I asked him not to get involved, and he said he wouldn't, and he didn't," Trump said.Trump also outlined upcoming foreign travel plans, saying, "We'll be going to Turkey. We'll be going, at some point during the year, back to China," and added that Xi is expected to visit the US in September before a separate conference in China later this year.The president also pointed to recent US military actions against Iran while discussing the administration's position in the region."We have the greatest military in the world. You saw that in Iran, in one week, virtually, we knocked out their entire navy, their entire air force, their radar. We wiped out everything," Trump said.