US President Donald Trump has urged Americans to accept higher gasoline prices as the cost of confronting Iran, as tensions over the Strait of Hormuz continue to disrupt global oil flows and threaten to prolong pressure on energy markets. Speaking at a political rally in Garden City, New York, on August 14, Trump said Americans would have to pay “a little bit more” for gasoline to prevent Iran from obtaining a nuclear weapon.
The UAE said Iran attacked an ADNOC vessel while transiting the Strait of Hormuz, marking the third reported incident involving an ADNOC ship in less than a week. No injuries were reported, while Abu Dhabi called for an end to the attacks and the full reopening of the strategic waterway.
Saudi Arabia’s crude oil exports from the Red Sea are increasingly being conducted without visible vessel-tracking signals as tankers seek to avoid attacks by Yemen’s Iran-aligned Houthis, creating significant uncertainty over the scale of disruptions to the Kingdom’s oil flows.
All recent crude loadings from Saudi Arabia’s Red Sea port of Yanbu have been conducted without continuous Automatic Identification System (AIS) signals.
OPEC expects global oil demand to grow by 0.6 million b/d in 2026 and accelerate to 2.2 million b/d in 2027, while non-DoC liquids production is forecast to increase by 0.6 million b/d in both years.
Iraq’s Ministry of Oil has confirmed promising hydrocarbon indications in the Al-Qarnain exploration block in Najaf province, marking a potential addition to the country’s light crude resources as appraisal activities continue.
Nigeria has introduced a new regulatory and fiscal framework aimed at attracting up to $50 billion in offshore oil and gas investments and accelerating delayed projects, including Shell’s $10 billion Bonga South West development.
Baker Hughes has secured a multi-year contract from Kuwait Oil Company (KOC) to accelerate technology innovation in Kuwait’s upstream oil and gas sector through the Ahmadi Innovation Valley (AIV).
Under the agreement, Baker Hughes will serve as a key technology collaborator for AIV, focusing on the development and deployment of scalable, fit-for-purpose technologies aimed at optimizing oil production and flow assurance while addressing KOC’s broader technology priorities.
The EIA expects around 600,000 b/d of Middle East oil production to remain shut in through the end of 2027, despite a gradual recovery in regional output and Hormuz flows from September.
The assessment comes as disruptions to shipping through the Strait of Hormuz and attacks on energy infrastructure have significantly reduced oil production across the region, tightening global supply and pushing crude prices to multi-year highs.
According to the EIA’s August Short-Term Energy Outlook (STEO), around 5.5 million barrels per day (mmbbl/d) of Middle East oil production was shut in during July, equivalent to more than 5% of global oil consumption.
OPEC’s oil output rose by 1.17 million barrels per day (mmbbl/d) in July to 19.85 million bpd, as Gulf producers restored supplies disrupted by the Iran conflict and Strait of Hormuz disruptions.
Libya’s National Oil Corporation (NOC) has warned that it could declare force majeure and halt operations at the Zawiya refinery if drone attacks on oil facilities in the city continue, according to Reuters.
