Omar Tariq
Energy & Commodities Reporter

Oil, gas, metals, and the energy transition. Covered commodities for Bloomberg in London before relocating to cover Asia-Pacific resource flows.

Latest

WTI crude rallied above $80 a barrel as U.S.-Iran tensions escalated, lifting demand for drilling and offshore services from Patterson-UTI and TechnipFMC.

WTI crude above $80 lifts Patterson-UTI and TechnipFMC

**Key Takeaways:** - WTI crude traded above $80 a barrel as U.S.-Iran tensions escalated - Patterson-UTI and TechnipFMC are positioned to benefit from rising upstream spending - The EIA projects WTI to average $76.26 a barrel this year, above most breakeven costs

Yemen's Houthi rebels declared a maritime embargo on Saudi Arabia, threatening to cut off 2.5 million barrels per day of crude exports through the Bab el-Mandeb Strait.

Houthi blockade puts 2.5 million barrels of Saudi oil at risk

**Yemen's Houthi rebels declared a maritime embargo on Saudi Arabia Monday, threatening to close the Bab el-Mandeb Strait to Saudi shipping and cut off one of the last remaining routes for Middle Eastern crude to reach global markets.**

Gold holds above $4,000 as ceasefire hopes in the Middle East offset the safe-haven bid from the Iran conflict and rising crude oil prices.

Gold holds near $4,010 as ceasefire hopes counter Iran war premium

**Key Takeaways:** - COMEX gold trades at $4,011.53 as ceasefire hopes offset the Iran war premium - US airstrikes on Iran and Strait of Hormuz closure threat keep crude elevated near $83 - Gold is caught between safe-haven demand and headwinds from rising Treasury yields and a stronger dollar

Egypt is in talks with Shell, TotalEnergies and BP to secure 15-18 LNG cargoes per month for at least three years as domestic production declines.

Egypt seeks $11B annual LNG deal with Shell, TotalEnergies, BP

**Key Takeaways:** - Egypt is negotiating with Shell, TotalEnergies and BP for 15-18 LNG cargoes monthly - The multi-year contracts could cost $8 billion to $11 billion annually - Domestic gas production is declining, falling to 4.2 billion cubic feet per day

Goldman Sachs said central bank buying provides a structural floor for gold prices near $4,300 an ounce, with purchases running at more than double the five-year average.

Gold holds above $4,300 as Goldman flags central bank buying floor

**Key Takeaways:** - Goldman Sachs said central bank buying provides a structural floor for gold near $4,300 - Central bank purchases are running at more than double the five-year average - The bank maintained its year-end gold price target of $4,500 an ounce

Gold rose approximately 1.5% on Tuesday as diplomatic signals to de-escalate the US-Iran conflict cooled inflation expectations and reduced pressure on the Federal Reserve.

Gold rises 1.5% on fresh diplomatic push to ease Middle East conflict

**Key Takeaways:** - Gold gained approximately 1.5% on Tuesday as de-escalation hopes rose - US-Iran diplomatic efforts cool inflation expectations across markets - Reduced geopolitical risk premium shifts focus to Fed policy path

U.S. Treasury Secretary Scott Bessent said China has decreased Iranian oil purchases by about 40 percent after sanctions on Chinese teapot refineries.

China slashes Iranian oil purchases 40% as US sanctions bite

**U.S. sanctions on Chinese teapot refineries have cut Iran's crude lifeline by 40 percent, threatening to deepen the regime's fiscal crisis.**

The U.S. Strategic Petroleum Reserve has fallen to its lowest level since 1983 as the Strait of Hormuz and Bab el-Mandeb closures create a simultaneous two-front oil supply crisis.

U.S. oil reserves hit 43-year low as twin chokepoint crisis deepens

**The world's emergency oil buffers are nearly depleted, and two Middle East chokepoints are now closed simultaneously for the first time.**

Statkraft CEO Birgitte Ringstad Vartdal warned that European electricity prices could stay elevated for longer due to the Middle East war, low gas storage and low Nordic hydropower.

Statkraft CEO warns power prices may stay elevated as 3 supply risks converge

**Key Takeaways:** - European power prices face prolonged elevation as 3 supply risks converge - Nordic hydropower reservoirs at 42% capacity, well below the 58% seasonal norm - Middle East conflict threatens both the Strait of Hormuz and Red Sea shipping lanes

Loud explosions were heard in northern Kuwait on July 21 as the US-Iran conflict escalates into its ninth consecutive night of strikes, threatening oil supply from the region.

Kuwait explosions rattle oil markets as US-Iran strikes enter 9th night

**Key Takeaways:** - Loud explosions heard in northern Kuwait on July 21 with no official statement yet - Kuwait previously hit by Iranian strikes on power, water and oil facilities - US-Iran conflict enters 9th consecutive night, threatening Strait of Hormuz oil flows

Gold edges higher to $4,022 an ounce as physical demand from China and central bank buying support prices, while Capital Economics notes gold's volatility now tracks the S&P 500.

Gold rises 0.3% to $4,022 as physical demand underpins prices

**Gold's recent price volatility has tracked the S&P 500 more closely than its traditional safe-haven role would suggest, Capital Economics says.**

Gold ETF holdings saw net outflows of 74 tons in June 2026 as Fed rate hike expectations weighed on precious metals, while central bank buying accelerated.

Gold ETF outflows hit 74 tons in June as Fed rate bets stall rally

**Key Takeaways:** - Global gold ETFs saw net outflows of 74 tons in June, led by North America - Central bank buying accelerated with China, Poland and Uzbekistan adding 111 tons YTD - Morgan Stanley targets $4,450/oz gold and $65.40/oz silver by Q4 2026 | Metric | Value | |--------|-------| | COMEX gold net long (July 15) | 194,000 contracts | | Gold-silver ratio | 70x (from 46x low) | | Silver-copper correlation | Near 0% (from 95%) |

ADNOC and partners TotalEnergies, Eni, and CNPC proceed with a $6.2 billion final investment decision for the Umm Shaif Gas Cap project in Abu Dhabi.

ADNOC invests $6.2 billion in Umm Shaif gas project with partners

**Key Takeaways:** - ADNOC approved a $6.2 billion final investment decision for the Umm Shaif Gas Cap project - The project will produce 600 million standard cubic feet per day of natural gas - Partners include TotalEnergies, Eni, and CNPC with Dh18.8 billion in EPC contracts awarded

Gold breaks above its descending trendline to trade at $4,048 per ounce, supported by central bank buying, as silver tests resistance near $58.

Gold breaks above $4,048 as central bank buying fuels $4,100 target

**Gold has broken above its descending trendline and reclaimed key moving averages, with central bank buying and technical momentum pointing toward a test of $4,100.**

Trump Media & Technology Group is pivoting into nuclear energy, backed by New Jersey-based alternative financier Yorkville Advisors.

Trump Media taps Yorkville Advisors for nuclear energy pivot

**Key Takeaways:** - Trump Media is pivoting into nuclear energy with Yorkville Advisors as financier - The move links Trump-linked entities to the growing small modular reactor sector - Yorkville is known for alternative financing structures in high-yield investments

Oil edged lower in early Asian trade as the US and Iran signaled openness to renewed ceasefire negotiations, easing supply disruption fears in the Strait of Hormuz.

Oil dips below $85 as US-Iran ceasefire hopes ease supply fears

**Key Takeaways:** - Brent crude fell toward $84 a barrel on renewed US-Iran ceasefire hopes - Both Washington and Tehran signaled openness to negotiations over the weekend - A deal could remove up to $10 a barrel in geopolitical risk premium from crude prices

Sprott managing partner Paul Wong says gold is massively oversold and expects a cyclical bottom before September, with currency debasement driving the next all-time high.

Gold at $4,012 as Sprott's Wong calls metal oversold before rebound

**Gold has fallen 28 percent from its January record and is now "massively oversold" by every meaningful metric, according to Sprott Inc.**

Gold prices edged lower on July 20 as the US Dollar strengthened due to escalating conflict in the Middle East.

Gold edges lower on July 20 as dollar rally pressures metals

**Key Takeaways:** - COMEX gold edged lower as the dollar strengthened on Middle East tensions - The dollar index gained as investors sought safe-haven currency exposure - Prolonged conflict could eventually boost gold's safe-haven demand

Chevron shut-in production at its Petronius facility in the U.S. Gulf of Mexico and evacuated personnel as Tropical Depression Two threatens to disrupt up to 2 million barrels of crude output.

Chevron shuts Petronius platform as Gulf storm threatens 2 million barrels

**Key Takeaways:** - Chevron shut-in Petronius and evacuated personnel as Tropical Depression Two approaches - Up to 2 million barrels of Gulf crude output could be lost through the storm - The system may strengthen into Tropical Storm Bertha later Monday

Silver rose 1.5% to $56.85 as buyers defended the $55 support level after the metal touched its lowest since December 2025.

Silver stabilizes above $55 as buyers defend key support level

**Key Takeaways:** - Silver rose 1.5% to $56.85 after buyers defended the $55 support level - TD Securities said money managers have reduced long silver exposure, pressuring prices - Resistance at $60 and $65; a break below $55 would expose the $50 zone

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