Oil prices rose more than 5% after renewed U.S.-Iran conflict and tighter sanctions on Iranian crude exports increased concerns over global supply disruptions. The Strait of Hormuz remains a critical risk point for world energy markets, reinforcing the importance of alternative export infrastructure and closely watched geopolitical developments.

ORNI 43, LLC, a subsidiary of Ormat Technologies, is developing and operating the 75-megawatt Tungsten Mountain Geothermal Project in Churchill County, Nevada, one of the state’s largest geothermal power facilities. The project includes up to 43 geothermal production and injection wells, two power plants, and supporting infrastructure, with additional drilling and permitting activity continuing through 2026 to expand the geothermal field.

China’s ability to adjust crude oil imports by utilizing strategic inventories may reduce the severity of future oil price spikes and contribute to a more stable long-term pricing environment. If sustained, this trend could influence capital investment decisions for offshore developments while reinforcing a more disciplined spending outlook across the global oil and gas industry.

Alberta and Ontario have proposed the Northern Shield Energy Corridor, a 3,300-kilometre crude oil pipeline capable of transporting 500,000 barrels per day, with future expansion to 800,000 barrels per day, between Hardisty, Alberta, and Sarnia, Ontario. The project aims to strengthen Canada’s domestic energy infrastructure, improve refinery supply, and create new opportunities for producers, contractors, and service companies across the Canadian energy sector.

Wood Mackenzie forecasts that Henry Hub natural gas prices could approach US$5/MMBtu by 2035, driven by accelerating LNG exports, AI-driven power demand, and tightening U.S. gas supply fundamentals. The outlook signals stronger long-term opportunities for natural gas producers and infrastructure developers while reshaping investment across the North American energy sector.

OPEC+ approved a 188,000-bpd production increase for August, contributing to a decline of more than 1% in both Brent and WTI crude prices as markets anticipated higher global supply. Rising Gulf exports, strong Russian shipments, and additional spot crude availability indicate that supply growth will remain a key factor influencing oil market fundamentals in the months ahead.