Iran’s parliament has endorsed closing the Strait of Hormuz, a vital oil transit point off its coast, but analysts are skeptical about the threat from a body without authority to close the strait. Why it matters: Impeding the strait would likely bring a massive spike in oil prices that would flow through to U.S. consumers. Read more in Axios here.
Crude oil prices, maybe surprisingly, dipped modestly on Monday after spiking at the end of last week, even as Iran and Israel continue firing missiles at each other with no easy end in sight. The U.S. oil benchmark hovered around $71 per barrel on June 16—about where it started the year—but up roughly 9% from...
The British government said on Tuesday that it would spend as much as 14.2 billion pounds, or about $19 billion, on constructing a nuclear power station, a project that is expected to create 10,000 jobs and help light up six million homes. The decision likely means that the giant plant called Sizewell C, whose site...
The point is that we will need a significant number of data centers and considerable energy to power them, not just in the United States. Just as we need military partnerships with our global allies, in this modern era of data, we need data partnerships with our allies.
British aerospace group Rolls-Royce on Tuesday received backing from the U.K. government to build the country’s first small modular nuclear reactors. The announcement follows a two-year selection process and reaffirms Britain’s embrace of nuclear power, particularly as it also pledged on Tuesday to invest £14.2 billion ($19.2 billion) to build the large Sizewell C power station in eastern England. U.K. Energy...
Millions of people in the Global South still lack access to electricity or clean water, yet the world is demanding a rapid global shift away from fossil fuels.
Equinor signed a contract valued currently at around 20 billion pounds ($27.11 billion) to supply the U.K. with natural gas over the next decade. The agreement with U.K. energy company Centrica which owns British Gas, starts on Oct. 1 this year and its valuation is based on current prices, Equinor said. It would cover around 10% of...
If international trade is a game of chess, China has the U.S. in check — with few good options for the next move. Why it matters: The trade war has exposed just how deeply the U.S. economy is at the mercy of an accident of geology — China’s supply of the rare earth minerals that power our modern...
Regional officials, diplomats and analysts warned of China’s growing influence in Latin America and urged Paraguay to safeguard its democratic sovereignty as it considers potential economic agreements with Beijing. Since 2020, China has become South America’s top trading partner, actively promoting investment and cooperation agreements that expand its influence in the region. This comes as...
The European Union is set to offer greater flexibility in July over achieving its emissions-reduction target for the next decade, as the bloc seeks to bolster flagging support for its ambitious climate plans. The European Commission, the EU’s executive arm, told member states it’s considering publishing a measure to set an interim climate goal for...
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