#peak-oil

#peak-oil

The IEA sees global oil demand falling by 80,000 barrels per day this year, compared with a projected year-on-year rise of 640,000 bpd in its previous monthly report.

The thinktank warned on Monday that surging gas, electricity and petrol prices had fundamentally altered the outlook for living standards in 2026. Before the Iran war erupted in late February, working-age households were tracking towards modest income growth of 0.9 per cent. That figure has now swung to a projected decline of 0.6 per cent, a turnaround worth £480 per household.

"We just have not kept up with water supply and water infrastructure like we should have. And it's decades in the making," said Peter Zanoni, the city manager since 2019.

A 'workable system' of transit and shipowner confidence in the security of the transiting vessels is essential. This includes availability of insurance for transiting vessels, facilitating commercial trade financing, and sustained outbound vessel transits through the Strait of Hormuz.

Shipping costs have increased by more than 10 percent in the past month due to the US-Israel war on Iran. The 60-day waiver for the Jones Act aimed to lower energy costs but has had little impact on oil prices, which continue to rise amid the ongoing conflict.

We are going through what we might call the mother of all crises. The world has witnessed many oil crises in the past 50 years, such as the post-COVID-19 crisis and following geopolitical tensions.

The Panama-flagged Peace Gulf, a medium-range tanker, is heading to Hamriyah port in the United Arab Emirates, typically moving Iranian naphtha to non-Iranian ports for export to Asia.

China's exports have decelerated as the Iran war starts to affect global demand and supply chains, according to Gary Ng, a senior economist for Asia Pacific at French bank Natixis.

In the first two weeks of the war, there has been a surge in the number of Americans looking to save money on energy-by asking for quotes on home solar systems and looking up electric vehicles online. We can expect similar trends in other countries. In India, where many kitchens depend on increasingly scarce and costly liquefied petroleum gas cylinders, consumers are racing to buy induction stoves.

Major indices, including the Nasdaq Composite, S&P 500, and Dow Jones Industrial Average, all recorded gains, with the Nasdaq delivering its strongest weekly performance since November.

Brent crude, the international benchmark, rose more than 8 percent on Sunday to top $103 a barrel, marking the first time it exceeded the $100 threshold since Tuesday.

This quick recovery reflects the high operational resilience and crisis management efficiency of Saudi Aramco and the kingdom's energy ecosystem as a whole, thereby enhancing the reliability and continuity of supplies to local and global markets.

Three supertankers laden with oil have passed through the Strait of Hormuz amid the fragile truce between the United States and Iran, according to shipping data. Iran's blockade of the strait has disrupted global energy supplies and sent oil prices soaring since the start of the US and Israel's war on Iran.

After 40 days of fighting, the United States and Iran agreed to a two-week ceasefire, with negotiations expected to begin in Islamabad. One key point in Iran's proposal is allowing shipping to resume through the Strait of Hormuz, which has been closed since the war began, causing global oil prices to soar.

The war in the Middle East is exposing how dependent the world is on a handful of strategic chokepoints. The Strait of Hormuz a narrow waterway in the Gulf is closed. The longer this goes on, the faster the global energy map could be reshaped.