The mechanized sailing vessel was attacked while en route from Somalia to Sharjah, Mukesh Mangal, an additional secretary in the country’s shipping ministry, told reporters in New Delhi. “All 14 crew members were rescued by the Omani Coast Guard.”

The incident comes amid heightened tensions between the US, Israel and Iran that have disrupted shipping through the Persian Gulf and the Strait of Hormuz — a critical maritime choke point for about a fifth of global oil and liquefied natural gas flows — contributing to higher fuel prices. 

The attacks on commercial vessels, civilian crews and restrictions on navigation must be avoided, Randhir Jasiwal, spokesperson for India’s Ministry of External Affairs said. The country’s authorities did not say who was responsible for the attack or where it originated from. 

©2026 Bloomberg L.P.

Shortly after President Donald Trump announced sweeping tariffs in February last year, Beijing retaliated with levies on US energy — 15% on liquefied natural gas and 10% on crude oil. The result was an almost immediate halt in imports of both fuels.

In theory, the US and China should be natural energy partners. The US is the world’s largest LNG exporter and top oil producer, while China is the biggest buyer.

Now, the Middle East crisis may be shifting the calculus. The closure of the Strait of Hormuz has disrupted roughly a fifth of global oil and seaborne gas exports, driving prices higher. For LNG, China has been forced to sharply reduce imports following disruptions to Qatari supply, which accounted for about 30% of its deliveries last year. That could create an opening for US fuel to fill part of the gap.

A thaw would also benefit the US, where LNG developers are racing to secure long-term buyers. Chinese demand, with its scale and relative consistency, is viewed as critical to underpinning multi-decade export projects.

“China offers the world’s most predictable demand growth, providing the scale needed to anchor these US infrastructure investments,” Liu Jia, chief expert at the Economics & Technology Research Institute, a think tank at China National Petroleum Corp., told China Daily. 

LNG could be one area where China meaningfully increases purchases as a result of the presidential summit.

US export capacity is set to double by 2030, and Chinese companies such as CNPC already hold long-term contracts with existing projects. If Beijing drops its tariffs, buyers could opt to absorb those cargoes domestically instead of diverting them to Europe and other Asian buyers, which is the resale strategy they adopted after the levies were imposed.

Existing Contracts

China has already contracted around 28 million tons per year from current and future American LNG projects, with deliveries scheduled to ramp up by the end of the decade. But Chinese companies have stopped signing new deals with US facilities since the trade war kicked off last year.

Boosting American shipments could make sense. China’s record additions of renewable power require reliable backup to manage intermittency, a role that still depends in part on natural gas. Still, China’s willingness to lift tariffs will depend on what it gets in return, and it remains unclear what concessions the US is willing to offer.

That leaves the chances of a deal uncertain. No major US energy executives were slated to accompany Trump on the trip, and Chinese buyers have spent years diversifying supply after the lessons learned from Trump’s first presidency and his habit of using trade as a political lever. 

Energy featured prominently in Trump’s previous visit to China almost a decade ago, accounting for more than half of the $250 billion in announced agreements. Most, however, were non-binding and ultimately fell apart, including an $84 billion pledge by China’s largest coal company to invest in shale gas in West Virginia and a $43 billion venture tied to an Alaskan LNG export project.

On the Wire

Renewable energy manufacturer Jinko Solar Co.’s recent decision to sell control of its Florida facility extends a multi-billion dollar retreat from the US by China’s clean technology firms.

Nouveau Monde Graphite Inc. expects to formally green-light plans this week to build one of North America’s few graphite projects, as countries seek to weaken China’s dominance over the critical mineral.

Solar-plus-storage is gaining on gas in markets including China, according to BloombergNEF. Costs for energy storage systems have fallen so rapidly that they can now help solar plants provide power at parity with gas in some markets.

A Chinese oil supertanker appears to have exited the Strait of Hormuz as it sails toward an area where the US has enforced a blockade, ahead of talks between US President Donald Trump and counterpart Xi Jinping.

This Week’s Diary

(All times Beijing)

Thursday, May 14

• China to release April aggregate finance & money supply data by May 15
• US President Donald Trump visits Beijing for summit with China’s Xi Jinping
• China petroleum IT conference in Beijing, day 2

Friday, May 15

• US President Donald Trump visits Beijing for summit with China’s Xi Jinping
• China petroleum IT conference in Beijing, day 3
• China’s weekly iron ore port stockpiles
• SHFE’s weekly commodities inventory, ~15:30

©2026 Bloomberg L.P.

Rystad Energy says it is more than double last year's levels and would account for about 2.3% of total national electricity usage by the end of the decade.

New analysis from the independent energy research and business intelligence company confirms 28GW worth of new projects are due online by 2030. This brings the total to 32GW at the close of 2025, while installed capacity is projected to reach 40GW by later this year.

Statista recently reported that the US leads globally with 4,184 data centres, followed by the UK with 515, and China fourth with 369. As of November 2025, an estimated 12,000 data centres operated worldwide.

Resource organisation Global Electricity says these facilities currently consume 1-2% of global electricity — about 300-400 TWh annually — a number projected to double by 2030.

The World Economic Forum estimates the global data centre industry will be worth more than $584 billion by 2032 — more than twice the April 2025 estimate.

AI growth driving data centre energy consumption

The figures reflect the speed of buildout across the sector. Data centres are expected to be China’s fastest-growing source of power demand, with Rystad forecasting that consumption would rise at an annual rate of 19% between 2025 and 2030, driven by rapid growth in AI and high-performance computing (HPC).

These facilities are significantly more energy-intensive than data centres built for general-purpose computing; data suggests they will account for 39% of installed capacity this year, rising to an expected 48% by 2030.

Goldman Sachs Research analysts anticipated power demand from China’s data centres would increase 25% in 2025. They forecast that China's cloud service providers would raise capex by about 65% and top internet firms would invest more than $70 billion this year to support AI.

“One top cloud computing company and a major AI player plans to increase its data centre capacity 10 times by 2032,” said Timothy Zhao, Executive Director, Goldman Sachs Research.

Shift in China's power demand mix

The changing pattern of energy consumption is illustrated by figures from Rystad Energy: industrial demand is projected to slow from a compound annual growth rate (CAGR) of 5.4% between 2021 and 2025 to 3% between 2026 and 2030.

Data centres, by comparison, accounted for 1.2% of total power demand last year. They posted a 38% CAGR over the past five years and are forecast to maintain a 19% CAGR through 2030.

Rystad expects China’s overall power demand to grow at a CAGR of 3.9% through 2030 amid efficiency improvements and shifts in the demand mix, down from 6.5% during the 14th Five-Year Plan. Consumption exceeded 10,000 TWh last year.

“China’s data centre sector is no longer a peripheral part of the country’s power system; it is becoming a structural driver of demand in its own right,” commented Rystad’s Simeng Deng, Senior Analyst, Renewables & Power Research.

“What sets this buildout apart is the speed of the AI-driven shift, which is compressing timelines for both infrastructure deployment and energy procurement.”

Renewables and efficiency targets

China operates a reliable power system with sufficient baseload from coal and resilient grid networks to supply surging data centre demand. However, the scale of sector expansion also offers an opportunity to boost the nation’s renewable energy use.

Data centre development is a strategic priority in China’s 2026-2030 15th Five-Year Plan. It places a dual focus on efficiency and renewable integration and, under the country’s 2025 action plan for green data centres, new projects within China’s eight national computing hubs are required to source at least 80% of energy from renewable sources.

Operators are responding with diversified procurement strategies.

Power sourcing strategies and integration

The most widely used method is green electricity certificate procurement, which offers flexibility without requiring physical access to renewable infrastructure.

Green power trading, direct connection to off-site wind or solar farms, and onsite generation are also strategies, with many operators layering multiple approaches to meet renewable targets and reliability requirements.

Wind, solar, and battery energy storage integration is emerging as key for the sector’s next phase, alongside grid connection, while power usage effectiveness (PUE) is a key metric of data centre efficiency.

Targets introduced in 2024 called for at least 60% utilisation of data centre capacity nationwide and an average PUE below 1.5 by 2025 end. A PUE of 1.25 or lower must be reached by new large and mega data centres, with a stricter 1.2 threshold for national computing hub projects.

“Operators are not waiting for policy incentives or mandates to integrate renewables,” added Deng.

“They are increasingly combining different power sources such as wind, solar and battery storage because reliable electricity and lower-carbon supply have become business priorities.”

The deal, confirmed on Wednesday, covers blocks in the Central Asian country’s North Ustyurt region and further drives bp’s refocus on traditional energy. 

Significant resource potential

bp pulled out of exploration in the region in 2021 as it pursued a greener energy agenda under then-CEO Bernard Looney. He had pledged to cut oil and gas output by 40% by 2030, but bp announced a strategic pivot back to fossil fuels in February 2025.

The PSA was signed in Tashkent on the sidelines of the 28th International Oil and Gas Uzbekistan Exhibition and Conference – OGU 2026 by Jurabek Mirzamahmudov, Uzbekistan’s Minister of Energy, Abdugani Sanginov, Chairman of the Management Board of Uzbekneftegaz JSC, Rovshan Najaf, President of SOCAR, and Gio Cristofoli, bp’s regional president for Azerbaijan, Georgia and Türkiye. 

Cristofoli said bp was pleased to be entering its first project in the country.

“We believe Uzbekistan has significant resource potential and see this as an opportunity to support the ‌exploration and development of the country’s oil and gas resources, delivering long‑term benefits to the region,” he commented.

“Our entry into this PSA is also a demonstration of bp further growing its exploration portfolio in support of long-term organic growth.” 

Revived partnership

bp purchased a 40% interest in total from existing partners SOCAR and Uzbekneftegaz, which now hold 30% each.

SOCAR remains the operator of the blocks, including Boyterak, Terengquduq, Birqori, Kharoy, Qoraqalpoq, and Qulboy. bp first signed exploration deals with SOCAR and Uzbekneftegaz in 2018.

“The involvement of bp, which has maintained close and efficient partnership relations with SOCAR for many years, will create broad opportunities to ensure effective joint operations within the project,” commented Najaf.

“We believe the extensive experience of SOCAR and bp in the energy sector, along with the capabilities and efforts of Uzbekneftegaz, will make an important contribution to the successful implementation of the project, as well as to the development of the region’s energy potential.” 

The project is currently in its first phase, with SOCAR undertaking seismic activities. 

In 2025, under then-CEO Murray Auchincloss, bp initiated a “fundamental reset” to grow oil production to 2.3–2.5 mbpd by 2030.

Meg O’Neill subsequently took over as CEO last month.

The uptake for clean hydrogen is expected to be strongest in emerging demand sectors by 2060, led by steelmaking (18% of total clean hydrogen use), aviation (18%) and maritime (15%). The established demand sectors, fertiliser and methanol, are also decarbonising large parts of their supply chains and are each expected to account for around 13% of clean hydrogen use, DNV said.

The report also captures the several challenges faced by the hydrogen industry in recent years. DNV has revised down its 2050 hydrogen outlook by 35% since its previous hydrogen forecast in 2022, primarily due to what it said was a lack of policy support which has led to early ambition failing to convert to large-scale projects. The forecast also reflects continued progress in electrification technologies, which has reduced hydrogen’s role in some sectors previously expected to adopt it.

Energy security becoming a decisive driver

“The hydrogen industry is poised for growth, but it is a fragile stance. Hydrogen completes the most difficult aspects of the decarbonisation drive that so many nations have committed to. In driving fossil dependency out of critical sectors, hydrogen also contributes meaningfully to energy security. It is time for policymakers to study carefully the practical progress that has been made and to act decisively,” said Ditlev Engel, CEO, Energy Systems at DNV.

DNV forecasts that half of new renewable electrolysis-based capacity added by 2030 will be installed in Europe and China. China holds 60% of global electrolyser manufacturing capacity and it will couple this with its solar and wind capacity to become the dominant global renewable hydrogen producer.

Energy security will likely emerge as a decisive driver of hydrogen investment and policy, as governments in energy importing countries seek to reduce exposure to volatile fossil fuel markets and protect critical industries. The current geopolitical situation is accelerating final investment decisions, with 10 Mt/yr of renewable electrolysis-based capacity added by 2030 on top of 1.5 Mt/yr installed in 2025, DNV said. Additionally, instability in the Middle East will likely boost coal-based hydrogen used for ammonia and fertiliser production in the medium-term to maintain food security.  

DNV also warned in the report that growth depends on closing a safety confidence gap and documenting emissions reductions credibly. Stronger standardisation and whole-system approaches to safety, verification, and certification are needed to build trust and enable substantial investment capital.

“Going forward, it is about fine-tuning the regulations, implementing these in legislation, and verifying safety concepts, documenting technical performance, and certifying emission reductions. That is how renewable and low carbon hydrogen can make a difference for hard-to-electrify sectors,” said Magnus Killingland, Global Segment Lead Hydrogen.

Shares of the Houston-based firm closed at $36.54 each on Wednesday, versus an IPO price of $27. The listing priced above the marketed $25 to $26 range, which had been raised.

The trading gives Fervo a market value of $10.4 billion based on the outstanding shares listed in its filings. The IPO drew orders for about 15 times the number of shares available, people familiar with the matter have said.

With backing from Bill Gates’ investment firm Breakthrough Energy Ventures and shale oil producer Devon Energy Corp., Fervo is among a number of energy producers seeking to capitalize on the growing power demand for data centers. The company has about a $7.2 billion potential backlog of contracted revenue from power purchase agreements across its full portfolio, according to the filings.

Fervo uses horizontal drilling and multi-stage hydraulic fracturing to produce geothermal energy at its pilot project in Nevada, and it expects to deliver power at its Cape Station project in Beaver County, Utah by the end of 2026, marking its first commercial station. 

The project would be one of the world’s largest geothermal projects with 500 megawatts of power capacity, and the upsized IPO will help the company complete phase two of the station targeted for 2028, according to Fervo Chief Executive Officer Tim Latimer.

“There’s just a laser focus of investors right now on what are we going to do to solve the power demand imbalance we’re seeing in the country right now,” Latimer said in an interview. “There’s room for a lot of folks and I think that’s where you’re seeing investors place their bets.”

Fervo also has power agreements with Southern California Edison Co., Alphabet Inc.’s Google and Shell Plc. Alphabet was part of a $462 million investment round in December. 

The geothermal company is pledging that its future projects could supply more power to the US’ growing fleet of data centers.

That’s why geothermal is one of the only renewable energy sectors that has escaped the wrath of the Trump administration, a tailwind that has helped boost Fervo and its peers. Fervo is the first startup to commercialize an enhanced geothermal system, but questions remain around the technology’s long-term cost improvements, productivity of the wells and other barriers to success.

“Whether you’re a power sector lifer or you’re a tech investor that’s trying to wrap their heads around how do you actually power these data centers, we find we spend a lot of time kind of teaching people what our role in the sector is,” Latimer said.

Geothermal energy has been unpopular for many years because it is expensive and hard to access, but Fervo and other companies are working to lower the cost by applying oil and gas fracking techniques to make geothermal more accessible. Still, geothermal power represents less than one percent of global electricity generation.

Latimer was expected to have 48% of the voting power in the company after the offering, down from 54%, the filings show. Chief Technology Officer Jack Norbeck was set to have 14% of the votes, versus 16% before the IPO.

Fervo had a net loss of $70.5 million on revenue of $138,000 in the year ended Dec. 31, 2025, compared with a net loss of $41.1 million on revenue of $199,000 a year earlier, according to its filings.

The offering was led by JPMorgan Chase & Co., Bank of America Corp., Royal Bank of Canada and Barclays Plc. Fervo shares trade on the Nasdaq under the symbol FRVO.

(Updates with closing price in first three paragraphs, adds CEO comment in sixth paragraph.)

©2026 Bloomberg L.P.

The world not only needs more nuclear fuel, but different kinds of it. The industry is developing new reactor models that require new versions of the uranium that have powered reactors for decades. On this episode of , we introduce you to the scientists and companies working to expand nuclear capacity in the US and around the world, and the big challenges they face.

The nuclear supply chain is in the midst of a dramatic expansion. It’s being reshaped by geopolitics and geology, by the artificial intelligence wave and radical shifts in design. This is a remarkable reversal for a technology reviled in some quarters for the long-term risk posed by radioactive waste and the worst-case scenarios that made the names Three Mile Island, Chernobyl and Fukushima infamous. But accelerating global warming has shifted the landscape, and suddenly nuclear power has gone from zero to hero in the battle to simultaneously slow climate change and meet climbing energy needs.

But even with that renewed desire, making nuclear fuel is hard. There’s a complicated, multi-step process for converting raw uranium ore into a gas and enriching it to levels that can produce a fission reaction. It’s also highly regulated, because it uses the same process that produces materials for atomic bombs. Supporters say it’s worth the trouble, cost and risk because it’s the most energy-dense material available today. Three tablespoons of HALEU, or High-Assay Low-Enriched Uranium—one of the new varieties of reactor fuel—could supply the average American with enough power for life.

Meanwhile, new uranium mines are being developed just as factories are built to boost fuel-production, and mothballed plants are being brought online while innovative reactor designs become reality. explores this new chapter of nuclear energy, and where it might lead.

©2026 Bloomberg L.P.

Brent crude traded above $107 a barrel, paring most of its retreat earlier on Wednesday, after the International Energy Agency said global observed oil inventories declined at a rate of about 4 million barrels a day in March and April.

The Middle East conflict has thrown energy markets into disarray, with refineries in Asian nations such as Japan scrambling for alternatives to supplies from the Gulf. The Strait of Hormuz, which links the Gulf to open seas, has been effectively closed since the war began, and a US blockade has added another sticking point in efforts to end the conflict. 

“With global oil inventories already drawing at a record clip, further price volatility appears likely ahead of the peak summer demand period,” the Paris-based IEA said in its Oil Market Report. The market will remain “severely undersupplied” until October even if the conflict ends next month, the agency said.

Meanwhile, oil shipments from Iran’s main export terminal appear to have come to a standstill over the past several days, in the first sign of a prolonged halt since the start of the war.

US President Donald Trump downplayed the amount of attention the Iran conflict would get during his summit with Chinese counterpart Xi Jinping, saying “we have Iran very much under control.” But American gasoline prices have surged to the highest since 2022, a politically sensitive development ahead of crucial midterm elections in November.

In another sign of wider strain, Vietnam’s state oil company has urged the US to let a supertanker laden with crude pass through its naval blockade outside the Gulf, saying the shipment is vital to its economy. The vessel crossed Hormuz but U-turned on Monday near the cordon.

©2026 Bloomberg L.P.

The 30-day moving average for coal generation across Japan’s main islands was up 17% on Tuesday compared with the same period last year, and has been consistently higher since late-March, according to utility data compiled by Bloomberg. Natural gas was 10% lower, the figures show.

The crucial Strait of Hormuz has remained effectively closed since the Iran war started in late February, curbing energy shipments from a region that typically accounts for a fifth of global liquefied natural gas supply. An attack early in the conflict on the world’s biggest LNG production plant in Qatar has added to the squeeze and prompted buyers to scramble for alternative supply.

Japanese utilities have reduced dependence on LNG from the region over the past several years. Supply from Qatar and the United Arab Emirates only made up around 6% of the country’s total in 2025, compared with 25% a year earlier, according to ship-tracking data from analytics firm Kpler.

Still, that hasn’t spared Japan from the broader impact of rising fuel-import costs. Many power producers secure LNG on long-term contracts linked to oil prices, which have surged since the conflict began. Importers must at times secure spot cargoes, which have also become expensive. That has led to higher spot power prices in the country.

Total coal-power generation for Japan’s Kansai region — home to many factories and manufacturing bases — was at 56,624 megawatt-hours on Tuesday, the highest level since March 13, according to data on Bloomberg. A recent nuclear power plant outage in the area could also be contributing to the need to ramp up other power-generation sources.  

©2026 Bloomberg L.P.

“Areas connected to southern China such as Laos, Cambodia and Vietnam will be potential regions that the company will look into,” Chief Financial Officer Makoto Shibuya told Bloomberg News this week. The company will also consider India and other countries if suitable rare earths investment opportunities exist there, he added.

Rare earths are among the critical minerals used across high-tech manufacturing, including to build the powerful magnets used in electric vehicles, mobile phones and missile systems. China dominates the global supply chain for the materials, which has given it crucial leverage in trade and diplomatic negotiations, and countries including Japan are working to reduce their reliance on the Asian giant.

Sojitz, alongside Tokyo-backed energy agency Jogmec, has been in a joint venture with Australia-based Lynas Rare Earths Ltd. for more than a decade. They agreed in mid-March to start talks on mineral exploration and development of rare earth resources, including possible new mines “both in and outside Australia.” Sojitz has said its primary objective is to seek other sources besides Lynas’ major mining site at Mt. Weld in Western Australia. 

As for its energy portfolio, Sojitz has no appetite either for a stake in the Alaska LNG project or to offtake volumes from the planned American venture as it’s simply too costly, Shibuya said. The proposed Alaska plant is backed by US President Donald Trump and often dismissed as fanciful by many in the industry.

Energy accounts for only around 10% of Sojitz’s total investments over the past decade and management has already been trimming that part of the business. Liquefied natural gas is one of its few remaining energy-related investments, but the company says it will only pursue projects that have been carefully scrutinized.

Japan’s government last year agreed with Washington to invest $550 billion in the United States, including possibly in the Alaska LNG project, in exchange for reducing tariffs on Japanese products to 15%. 

©2026 Bloomberg L.P.

The manufacturer is sold out in major parts of its business until 2030 and beyond as the electrification trend is proving structural, Chief Financial Officer Maria Ferraro said Tuesday. The company also announced plans to execute its €6 billion ($7 billion) share buyback program faster amid strong orders for its gas turbines and grid products.

Siemens Energy sees “demand going well into the end of the decade and into the next decade,” the CFO said in an interview with Bloomberg Television. “Now it’s about converting those orders into revenue, revenue into margin, margin into cash.”

The German company is benefiting from demand for components needed by power-hungry data centers, especially in the US. Its gas turbines are increasingly used in regions where grid constraints delay new connections. In the first half of this fiscal year, the firm booked orders for 179 turbines — that’s nearly as many as the 194 it sold in fiscal 2025.

But Bernstein analysts led by Alasdair Leslie flagged a weaker business mix that weighed on margins at the gas business, adding that the company offered few updates compared to its early earnings release last month. Siemens Energy shares declined 1.7% as of 9:17 a.m. in Frankfurt. The stock is still up around 45% this year.

Its European peers that make energy and cooling equipment and automation technology for factories are seeing similar tailwinds. Schneider Electric SE, ABB Ltd. and Legrand SA all reported better-than-expected sales growth in recent weeks, driven by demand for products used in data centers. 

“The demand is very strong regarding AI and data center build-out,” Ferraro said. “That’s really structural in nature.”

Siemens Energy aims to keep its exposure to data center demand in the gas turbine segment at around a quarter and below 10% in the grid unit, Chief Executive Officer Christian Bruch said on a call with journalists.

To be sure, the boom is exhibiting some signs of strain. Big technology companies are committing vast sums to AI infrastructure, sapping free cash flow while returns take longer to come in.

Moreover, many of these investments are depending on each other. Tech firms are funding AI developers that in turn commit to buying their cloud and chip services. The model works fine as long as there’s growth. If that comes to a halt or even reverses, companies risk being hit by weaker orders and losses on their investments.

Siemens Energy has a “relatively broad base of diverse customers” in the data center space, Bruch said.

Earlier on Tuesday, Siemens Energy said it plans to purchase an additional as much as €1 billion of its own stock this fiscal year. That raises its buyback target for the period by 50%.

The move won’t increase the total volume of the company’s multi-year buyback program, a spokesperson said. That still stands at as much as €6 billion by the end of the 2028 fiscal year, though analysts have hope for more.

The acceleration “could result in a higher total buyback program further down the road,” RBC Capital analyst Colin Moody said in a note.

(Updates with shares in fifth paragraph.)

©2026 Bloomberg L.P.

The very large crude carrier Agios Fanourios I appears to be retracing its journey at a relatively slow speed of about 5 knots, after previously having crossed the Strait of Hormuz into the Gulf of Oman over the weekend, ship-tracking data compiled by Bloomberg show. The vessel is still signaling its intent to sail to the Nghi Son refinery in Vietnam. It loaded a cargo of crude from the Basra Oil Terminal last month.

Prior to its U-turn, the vessel was sailing at a speed of about 13 knots, according to the tracking data it was broadcasting as it cleared the coast of Oman, while showing Nghi Son as its intended destination. 

The tanker paused its journey late on Monday, for unknown reasons, near a point where the US has a naval blockade in place that applies to Iranian shipping, not barrels from Iraq.

The ship’s manager, Athens-based Eastern Mediterranean Maritime, didn’t immediately respond to a request for comment.

Iran’s semi official Tasnim News Agency reported the vessel’s transit through Hormuz earlier, saying it followed Tehran’s designated route through the waterway.

(Updates first and second paragraphs and replaces graphic to reflect the ship’s latest movements.)

©2026 Bloomberg L.P.

IFM, which owns stakes in airports from Sydney to London, has spent at least two years assessing plans to produce the cleaner-burning fuel from local agricultural feedstock. To proceed with the project, the company needs government policy to guarantee demand for the fuel from carriers such as Qantas Airways Ltd., Danny Elia, IFM’s global head of infrastructure asset management, said in an interview on Monday.

“Within the next six or so months, we are really going to need to see some finality around the policy framework,” Elia said. “We actually need a demand-side mandate.”

Sustainable aviation fuel, which airlines say can cut aircraft emissions by as much as 80%, is aviation’s best shot at decarbonization. But global output of SAF, as it’s known, is barely a trickle of required volumes, partly because laws aren’t in place to encourage producers. Total SAF production last year was less than 1% of global jet fuel consumption.

“You will not see a project of any significance get up at all without demand-side support,” Elia said.

The office of Australian Minister for Climate Change and Energy Chris Bowen had no immediate comment.

IFM’s ultimatum adds to calls from plane manufacturer Airbus SE for government policies to create a sustainable fuel supply chain in Australia.

The Iran War has highlighted Australia’s reliance on fuel imports just to get flights off the ground. Qantas and smaller rival Virgin Australia Holdings Ltd. have already cut services and raised fares due to soaring jet fuel prices.

According to Elia, producing home-grown sustainable fuel would go some way to addressing Australia’s fragile fuel security.

IFM’s fuel push is also designed to support its own investments. The firm owns stakes in gateway airports including Sydney, Melbourne and Brisbane, while its global portfolio includes London Stansted and Vienna Airport. 

IFM manages A$266 billion of assets globally and is owned by some of the nation’s biggest pension funds and UK fund Nest.

Laws requiring airlines to fill their tanks with a small percentage of sustainable fuel haven’t been universally popular. 

According to airline lobby group the International Air Transport Association, mandates like those in Europe have pushed SAF prices higher, discouraged voluntary demand and reduced output. The cleaner fuel is typically more than double the price of normal jet fuel, and mandates can make it four times more expensive, IATA said in February.

IFM is assessing its project with agribusiness GrainCorp Ltd. and fuel company Ampol, according to a paper published last year. The proposal involves building a new feedstock crushing facility, and a new fuel refinery in the Brisbane suburb of Lytton.

A representative for GrainCorp declined to comment on IFM’s position. An Ampol spokesman said a competitive lower-carbon, liquid-fuels manufacturing capability will only be possible with supportive demand and supply policies in place.

“We have stretched our timeline, but we just can’t stretch anymore,” Elia said in the interview. “You can’t hold preferred sites where you want to build forever.”

“It’s either invest or go home,” he said.

(Adds comment from IFM’s Elia in the final paragraph)

©2026 Bloomberg L.P.

Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas, said: “This quarter was shaped by exceptional external disruption, and our priorities were clear: protect our people and assets, maintain safe domestic supply, and protect shareholder value through disciplined execution. Our Q1 results demonstrate resilience, supported by rigorous cost management and a solid balance sheet.”

Regional uncertainty

Amid increased regional uncertainty and difficult market conditions, which have caused major disruption in the energy sector and to maritime movements through the Strait of Hormuz, ADNOC Gas achieved a net income of $1.1 billion, which is only 8% below the previous quarter.

“As we manage the disruption to maritime movements through the Strait of Hormuz, the long-term foundations of ADNOC Gas remain intact. Demand growth in the UAE – supported by continued industrial expansion – and increased flexibility associated with the UAE’s evolving production framework reinforce our confidence in ADNOC Gas’ strategy and dividend commitment,” Al Nuaimi said.

ADNOC Gas produced $572 million in free cash flow and closed the quarter with $4.2 billion in cash on its balance sheet. The company’s strong financial position enables ongoing investment throughout market cycles supporting its commitment to meet the 2026 dividend outlook and its policy of annual dividend growth at 5% until 2030, it said – adding that the board has approved a quarterly dividend of $941 million, set for payment in June 2026.

“As we manage the disruption to maritime movements through the Strait of Hormuz, the long-term foundations of ADNOC Gas remain intact. Demand growth in the UAE – supported by continued industrial expansion – and increased flexibility associated with the UAE’s evolving production framework reinforce our confidence in ADNOC Gas’ strategy and dividend commitment."
- Fatema Al Nuaimi, Chief Executive Officer of ADNOC Gas

ADNOC Gas’ balance‑sheet strength and disciplined capital allocation continue to underpin the resilience of the business, the company said.  Its long‑term growth ambitions remain intact, with its targeted EBITDA growth of over 40% between 2023 and 2029 unchanged.

ADNOC Gas said it remains optimistic about UAE economic growth, which is boosting domestic demand – highlighted by the TA’ZIZ $5 billion supply contract and ADNOC’s $55 billion investment in local manufacturing under the Make it in the Emirates initiative. Growth in UAE domestic and industrial customers increases demand for ADNOC Gas, the country's largest energy supplier for power generation and the industrial sector.

Habshan complex incidents

ADNOC Gas experienced two security-related incidents at the Habshan site on 3 and 8 April, prompting activation of standard response and continuity protocols, the company said. The operations teams responded effectively, prioritising safety and minimising interruptions to customers, it said. Within a short period, 60% of the complex’s processing capacity was restored, and the ADNOC Gas is currently working toward achieving 80% restoration by the end of 2026, with full capacity restored in 2027.

A detailed technical assessment of the impact from these incidents is progressing amid a dynamic supply chain environment and is nearing completion, ADNOC Gas said. Although some processing trains at Habshan remain offline, overall supply across the ADNOC Gas network has been substantially restored, allowing the company to continue meeting domestic customer demand through its broader infrastructure. Additionally, Phase 1 of the Rich Gas Development project is expected to further ease bottlenecks and enable ADNOC Gas to take advantage of increased upstream associated gas output following the recent lifting of production constraints, it said.

Strait of Hormuz update

While commodity prices rose significantly, disruption to maritime movements through the Strait of Hormuz continues to impact liftings of ADNOC Gas products, the company said.

To date through proactive tank, inventory and supply-chain management, the company is actively collaborating with customers and partners on a transaction-by-transaction basis to fulfill commitments wherever possible, it said.

The ongoing closure of the Strait of Hormuz is expected to affect ADNOC Gas’ Q2 net income, with projections indicating a range between $400 million and $600 million assuming maritime operations return to normal prior to the end of the quarter.

On the assumption that the Strait is open for the second half of 2026, higher LNG and LPG prices, in line with the current Brent forward curve, are expected to help offset deferred volumes. ADNOC Gas anticipates full-year 2026 net income to range from $3.5 billion to $4.0 billion, with this outlook reflecting the expected impact of the second quarter, it said.

Positioned as Canada’s leading hydrogen event, the convention reflected how the industry conversation has moved from early promise to tangible execution, with industry, government, investors, and innovators gathering to accelerate the next phase of hydrogen growth in Canada and beyond.

The event featured a dynamic exhibition, two flagship conference programmes, special features, and high-value networking opportunities that reinforced Edmonton’s role as a leading hydrogen hub.

Policy and partnerships take centre stage

This year’s strategic conference brought together senior leaders from across government and industry to address the policy, infrastructure, and investment priorities shaping the hydrogen economy.

Ministerial participation was a major highlight, with appearances from Hon. Eleanor Olszewski, Minister responsible for Prairies Economic Development Canada; Hon. Nathan Neudorf, Alberta Minister of Affordability and Utilities; Hon. Brian Jean, Alberta Minister of Energy and Minerals; and Hon. Grant Hunter, Alberta Minister of Environment and Protected Areas.

The event also provided a platform for meaningful industry collaboration, including the signing of an MOU between the Edmonton Region Hydrogen Hub, Alberta’s Industrial Heartland Association, Edmonton Global, and Kawasaki Heavy Industries, Ltd., to explore a liquefied hydrogen supply chain. The announcement underscored the convention’s role in bringing partners together across the hydrogen value chain and advancing practical opportunities for hydrogen adoption, while also highlighting growing international interest in the Edmonton region’s collaborative ecosystem, industrial base and clean energy expertise.

Expanded conference programmes strengthen technical exchange 

The convention delivered strong momentum across both conference streams. The event featured two flagship conference programmes, 80+ sessions and 100+ speakers, while the technical conference brought together 80+ expert speakers across 70+ technical and poster sessions.

A major enhancement for 2026 was the technical conference’s move onto the exhibition floor, creating a more immersive delegate experience and strengthening the connection between thought leadership, technology showcase and commercial opportunity.

On the exhibition side, the event delivered a vibrant, highly engaged show floor, with 100+ exhibitors and dedicated industry pavilions, creating a strong platform for business development, networking, and solution discovery.

The exhibition remained a central hub of activity throughout the convention, bringing together government representatives, Indigenous leaders, technology providers, project developers and decision-makers from across the hydrogen value chain. The combination of a busy exhibition floor, poster presentations and integrated conference programming helped create strong momentum across the venue.

Special features deepen connections

Special features and networking events added further depth to the attendee experience and reflected the convention’s broad industry reach.

Alongside the strategic and technical conferences, the event featured the CPKC Site Tour, the Korea-Alberta-Canada Clean Energy Forum, poster presentations, and the H2 Mobility Zone Café, offering delegates multiple ways to connect, exchange ideas, and engage with hydrogen applications and market opportunities in practice.

Networking was a defining strength of the week, led by the Opening Night Reception, sponsored by Explore Edmonton, the Canadian Hydrogen Association and Edmonton International Airport, which brought delegates, exhibitors, and speakers together at the close of the first day.

The Joule Women in Hydrogen Networking Reception stood out as a valuable gathering point between the close of the Strategic Conference and the Awards Gala, adding a meaningful layer of industry connection and community-building to the event.

The week concluded with the 5th Annual Canadian Hydrogen Convention Awards Gala, a signature evening recognising the leaders, innovators, and trailblazers advancing hydrogen in Canada and internationally. The gala combined a networking reception, dinner and live awards presentation, creating a strong finale for the convention and an opportunity to celebrate the achievements.

The event's success was strengthened by the support of its co-host organisations: Edmonton Global, Canada’s Hydrogen Hub / Edmonton Region Hydrogen Hub, Air Products as Industry Co-Host, and the Canadian Hydrogen Association as Association Co-Host, with their leadership and collaboration anchoring the event in both regional strength and national industry relevance.

According to market intelligence company IDTechEx, lithium-ion (Li-ion) batteries remain the core technology enabling the electrification of the automotive sector.

Reflecting this, EV Li-ion demand is forecast to exceed 4,500 GWh in 2036 in a market set to grow from $170 billion this year to $320 billion by 2036, representing a CAGR of 6.5%.

The World Economic Forum (WEF) previously predicted that up to 350 million EVs could be on roads worldwide by 2030 under the net zero by 2050 scenario. By the close of 2021, 16.5 million were operating, and the International Energy Agency (IEA) suggested EVs would represent more than 60% of vehicles sold by 2030.

The IEA also cited the need for a “surge” in charger installations and last year warned of potential mineral shortages ahead. Meanwhile, other battery technologies are gaining traction. 

Matching supply with demand

The market for Li-ion batteries is driven predominantly by growth in battery electric (BEV) cars, especially in China, and there is increasing adoption in Europe, says IDTechEx report ‘Li-ion Batteries and Battery Management Systems for Electric Vehicles 2026-2036’.

The US is experiencing a sales slowdown due to policy changes, but electrification efforts are expected to pick up again in the next decade.

Lower cost of ownership is also expected to drive commercial vehicle demand, alongside the dominant EV car segment.

The IEA says there is no “immediate, absolute physical depletion of minerals”, but supply chain concentration, geopolitical constraints, and rapid demand growth for lithium, cobalt, nickel, and graphite could create a “high risk” of shortages. And this, particularly shortages of battery-grade refined materials, could potentially increase costs and slow the transition to EVs.

The Union of Concerned Scientists previously said that to meet projected EV adoption by 2035, the industry may need hundreds of new mines, each with long development times.

Battery industry evolution

Rising costs have driven investments in battery recycling by major vehicle manufacturers such as Volkswagen and Renault, as well as innovations in battery chemistry, such as lithium iron phosphate (LFP) and sodium-ion, that reduce reliance on critical minerals.

IDTechEx highlighted cell chemistry trends, notably the growing share for LFP and early deployments of LMFP (lithium manganese iron phosphate) and Li-Mn-rich options.

“There are a large range of cell chemistries that fall under the Li-ion umbrella, offering different electrochemical profiles,” explained technology analyst Daniel Parr. “Chemistry and form factor choices are highly dependent on application area.”

For example, IDTechEx reports the electric car segment shifting towards LFP cathodes, enabling lower costs and higher cycle life, although also exhibiting limited energy density compared to ternary oxide cells such as nickel manganese cobalt (NMC) and nickel cobalt aluminium oxide (NCA), making NMC/NCA better positioned for premium BEVs.

Outside of the passenger vehicle market, IDTechEx said NMC technology offers higher power and gravimetric energy density, which is important for heavy-duty applications.

“However, cycle life is especially important for commercial vehicles,” said Parr. “In cars, a cycle life of ~1,000 cycles is generally acceptable; however, for commercial vehicles, 3,000-5,000 cycles are required.”

Some estimates suggest deploying as many as 450 million chargers by 2040 to keep pace with the growth in EVs.

How policies impact battery progress

Regulations and incentives, such as tax credits and government subsidies, have and can greatly influence EV sales and, by extension, the battery market.

This has been the case in China, where the EV sector has grown rapidly, while European EV adoption has been largely encouraged by increasing carbon-emissions regulations.

Sales have slowed in the US due to the expiry of EV tax credits and tailpipe emissions mandates, although the medium- and long-term outlook is growth.

Battery supply is increasingly localising in the US as tariffs on Chinese battery cells and continued support of American production through the 45X credit take effect.

Crude cargoes dropped 20% year-on-year to 38.47 million tons, the lowest since July 2022, while gas fell 13% to 8.42 million tons, according to Chinese customs data on Saturday. Oil imports were also lower than the previous month, which included shipments that had already begun their journey from the Gulf before the US and Israeli air strikes against Iran on Feb. 28.  

The Middle East typically accounts for about half of China’s crude imports and nearly one-third of its liquefied natural gas. The initial batch of monthly customs figures don’t differentiate between seaborne LNG and gas delivered overland via pipelines, but ship-tracking data from analytics firm Kpler indicates that LNG purchases fell to an eight-year low in April.

Fears that oil could run short in the world’s biggest energy buyer have pushed the government to prioritize refined items such as diesel and gasoline for domestic use. As a result, oil product exports in April plunged 38% from last year to 3.12 million tons, the lowest in nearly a decade.

The disruption to gas supply has lifted demand for alternatives such as coal. However, Chinese purchases fell 13% to 33.08 million tons, the lowest since June last year, as the country leaned on its vast domestic output instead of seeking higher-priced imports.

The Persian Gulf is also a major supplier of aluminum. But China’s status as the world’s leading producer has allowed it to fill some of that gap, with exports rising 15% to 598,000 tons, the highest since November 2024. Steel exports, however, fell about 9% to 9.5 million tons, in part because of the recent emergence of the Middle East as an important buyer for Chinese mills. 

China’s copper metal imports, meanwhile, edged higher to 452,000 tons, benefiting from lower international prices in March as the war fanned concerns over global economic growth. But copper concentrate imports fell around one-fifth from last year’s record to 2.35 million tons. 

Among other metals, iron ore imports were slightly higher at nearly 104 million tons. 

Soybean imports rose nearly 40% to 8.48 million tons as US cargoes combined with seasonal flows from Brazil. Next week’s presidential summit in Beijing could deliver more pledges to buy American commodities, as well as an update on Chinese sales of rare earths to the US. In April, China’s total exports of the strategic minerals rose 11% to 5,309 tons.

On the Wire

A major Chinese metals refiner is seeing a large volume of demand for platinum to deliver against a new local futures contract, a sign of how the product is luring more of the metal into the country. 

China’s clean technology titans, hungry for export markets to boost flagging profits, aren’t letting a crisis go to waste.

The global steel industry’s green transition is threatened by continued spending on coal-based production and underinvestment in cleaner methods, according to a clean energy research group. 

President Donald Trump is expected to press President Xi Jinping over China’s approach to Iran and hammer out details on a new board of trade when they meet this week in Beijing, senior US officials said Sunday.

China’s export growth rebounded more than expected despite disruptions to shipping caused by the war in Iran, as trade volumes swell due to an investment boom in artificial intelligence.

This Week’s Diary

(All times Beijing)

Monday, May 11

• China’s inflation data for April, 09:30
• China to release April aggregate finance & money supply data by May 15
• China Rare Earth earnings webcast, 15:00
• Mysteel’s China-Indonesia Coal Conference in Jakarta, day 1

Tuesday, May 12

• China’s monthly CASDE crop supply-demand report
• Mysteel’s China-Indonesia Coal Conference in Jakarta, day 2

Wednesday, May 13

• CCTD’s weekly online briefing on coal markets, 15:00
• Mysteel’s China-Indonesia Coal Conference in Jakarta, day 3

Thursday, May 14

• US President Donald Trump visits Beijing for summit with China’s Xi Jinping

Friday, May 15

• US President Donald Trump visits Beijing for summit with China’s Xi Jinping
• China’s weekly iron ore port stockpiles
• SHFE’s weekly commodities inventory, ~15:30

(Updates with additional published and diary items. An earlier version corrected the spelling of Beijing in the ninth paragraph)

©2026 Bloomberg L.P.

According to its Gas Market Report for Q2 2026, the loss of nearly 20% of the world’s LNG supply from the closure of the Strait of Hormuz is “distorting short-term gas market fundamentals,” while damage from attacks on Middle East LNG liquefaction facilities is altering the medium-term outlook.

Tighter market conditions for longer

Qatar’s Ras Laffan facility has been offline since early March 2026, resulting in a weekly loss of more than 2 bcm of gas supply. The IEA said Iranian attacks have taken out 17% of Qatar’s LNG export capacity.

Global LNG production fell by 8% (4 bcm) year-on-year in March. Loadings from Qatar and the UAE fell by 9.5 bcm compared to last year, although the decline was partly offset by higher LNG output from new projects in North America and Africa.

The IEA also warned that the conflict could delay much of the new capacity that was expected to come online later this decade.

IEA analyst Gergely Molnár told the Budapest LNG Summit last week that the war was reshaping the medium-term gas outlook. It had been anticipated that a major influx of new LNG capacity from the US, Canada, and Qatar would loosen market tightness, but geopolitical tensions mean tighter market conditions could persist longer than previously expected, through to 2030.

The IEA quarterly report suggested global demand growth is expected to rise by approximately 2% in 2026. However, this is heavily affected by demand-side adjustments and high prices.

US boosts supply to Asia

US producers helped to offset reduced supplies ‌from the Middle East at a time when the IEA projected North American demand remaining largely flat.

Asia absorbed nearly a quarter of all US LNG exports in April — a sharp increase since the Iran conflict started on 28 February — according to preliminary ship-tracking data from financial firm LSEG. It showed shipments to Asia rose more than 175%, from about 970,000 metric tonnes in February to 1.99 MT in March and 2.71 MT in April.

The IEA said demand in the Asia-Pacific region was expected to increase by 4%, driven by emerging markets, but constrained by high prices.

The Gas Market Report said continued renewable energy expansion in Europe was expected to reduce gas demand by 2%, despite the volatility.

Pressure will remain

Molnár said EU gas storage levels are about 30% below the five-year average, and refilling them to the 90% full target ahead of the high-usage winter season would require an additional 10 bcm of gas.

The IEA said gas producers were making efforts to increase supply, but the demand side is set to play a key role in balancing the market, particularly in Asia, where fuel switching is picking up alongside energy-saving measures.

“The current energy crisis highlights the need to further strengthen the architecture of global gas supply security,” added the report.

The countries are expected to offer demining, escorting and air policing capabilities as part of a defensive naval mission led by the UK and France, designed to reassure commercial ships attempting to pass through the waterway.

“We are turning diplomatic agreement into practical military plans to restore confidence for shipping through the Strait of Hormuz,” said UK Defence Secretary John Healey, who will co-chair Monday’s gathering alongside his French counterpart Catherine Vautrin.

Iran’s deputy foreign minister responded that any such plans would be considered an escalation of the US-Israeli war on Iran and would be met with a military response.

“Any deployment and stationing of extra-regional destroyers around the Strait of Hormuz, under the pretext of ‘protecting shipping’ is nothing but an escalation of the crisis, the militarization of a vital waterway, and an attempt to cover up the true root of insecurity in the region,” Iran’s Deputy Foreign Minister Kazem Gharibabadi said on X. 

Iran’s response would be “decisive and immediate,” he said. 

Iran has effectively shut the Strait of Hormuz, through which about a fifth of the world’s oil and liquefied natural gas typically flows, after war erupted with US-Israel strikes on Feb. 28. The US has since imposed a naval blockade. The disruption has upended oil and gas markets, sending fuel prices soaring and putting pressure on consumers worldwide. 

The UK will deploy one of its warships — the HMS Dragon, capable of destroying guided missiles — as part of the mission, which will only begin once a sustained ceasefire or peace deal is agreed to.  

US President Donald Trump has previously criticized Britain and other NATO nations for their reluctance to commit naval forces to help open the Strait of Hormuz. He also called out the UK for offering to send aircraft carriers much later than he said the US needed them, mocking the ships as “toys.”

(Updates with Iranian response beginning in fourth paragraph.)

©2026 Bloomberg L.P.

The Al Kharaitiyat, which loaded at the Ras Laffan export plant earlier this month, exited the strait and was in the Gulf of Oman on Sunday, ship-tracking data compiled by Bloomberg shows. The vessel, which lists Pakistan as its next destination, appears to have navigated the Tehran-approved northern route that hugs the Iranian coast through the strait, the data showed.

The shipment is part of Pakistan’s negotiations with Iran for additional Qatari LNG cargoes through the Strait of Hormuz to help meet urgent demand, according to people with knowledge of the matter, who asked not to be identified because the discussions are private. A Pakistani tanker delivered a diesel shipment from Kuwait in recent days, after turning back multiple times previously.   

Pakistan, which is mediating between the US and Iran in the conflict, is struggling with a gas shortfall and battling widespread blackouts as shipments from its primary provider Qatar dried up with the effective closure of the Strait of Hormuz. Iran has tightened its grip on the vital waterway since the war began at the end of February and vessels have continued to face security threats around the region.

The Pakistan government’s petroleum division spokesperson Zafar Abbas didn’t respond to a request for comment about the LNG shipments. Neither did Iran’s foreign ministry.

Three tankers laden with Qatari LNG that are currently in the Persian Gulf are signaling Pakistan as their destination. While these and the Al Kharaitiyat’s journey might offer tentative signs that more LNG flows could resume, it’s a far cry from prewar levels of roughly three shipments a day out of the Persian Gulf. At least two LNG tankers that loaded from Abu Dhabi National Oil Co.’s export plant have traversed the strait since the conflict began, Bloomberg reported earlier this week.

Qatar had made several previous attempts to send shipments through Hormuz, but the tankers had eventually turned around. The country, which produced almost a fifth of global LNG supply last year, hasn’t been able to move LNG out of the Persian Gulf in the war that’s now in its third month.

Qatar’s Nakilat owns the Al Kharaitiyat, according to ship database Equasis. Nakilat and QatarEnergy did not respond to a request for comment.

(Updates with context from the fourth paragraph.)

©2026 Bloomberg L.P.

The Al Kharaitiyat, which loaded at the Ras Laffan export plant earlier this month, exited the strait and is in the Gulf of Oman, ship-tracking data compiled by Bloomberg shows. The vessel lists Pakistan as its next destination, according to the data.

The ship appears to have navigated the Tehran-approved northern route that hugs the Iranian coast through the strait, the data showed.

The effective closure of the waterway has choked off global LNG supplies, sending prices higher and causing shortages across Asia. Vessels continue to face security threats as both Iran and the US have implemented de facto blockades.

While the Al Kharaitiyat’s journey offers tentative signs that more LNG flows could resume, it’s a far cry from prewar levels of roughly three shipments a day out of the Persian Gulf. At least two LNG tankers that loaded from Abu Dhabi National Oil Co.’s export plant have traversed the strait since the conflict began, Bloomberg reported earlier this week.

The move comes after Qatar made several previous attempts to send shipments through Hormuz, but eventually the tankers turned around. The country, which produced almost a fifth of global LNG supply last year, hasn’t been able to move any LNG out of the Persian Gulf since the conflict began at the end of February.

Qatar’s Nakilat owns the Al Kharaitiyat, according to ship database Equasis. Nakilat and QatarEnergy did not respond to a request for comment.

©2026 Bloomberg L.P.

The firm is exporting 1 million barrels of Venezuelan crude oil this month, according to a document seen by Bloomberg. This would be GE Warren’s first purchase since the US eased strict sanctions that stunted the flow of Venezuelan oil for the past seven years, according to data compiled by Bloomberg.

Vero Beach, Florida-based GE Warren declined to comment. Petroleos de Venezuela SA, the supplier of the oil, didn’t immediately return a message seeking comment.

GE Warren is among the few traders to have successfully secured oil purchases from PDVSA, as Venezuela’s state oil company is known, since Maduro’s capture by US forces in January. 

Until now, trading has been largely dominated by Trafigura and Vitol, the commodity giants initially tapped by the Trump administration to help sell Venezuela’s oil. The US eased oil trading restrictions in February, but competitors are still struggling to clinch deals. 

GE Warren’s return to Venezuela, where it used to be active in the fuels market, comes as oil exports from the South American nation ramp up. In April, they rose to a seven-year high of nearly 1.2 million barrels a day, according to shipping reports and vessel movements. 

GE Warren’s oil completed loading onto the tanker Poliegos on Friday. It’s destination is listed as Singapore, but it could ultimately head somewhere else as the data is preliminary. 

Trading crude oil is a small part of the company’s business, mostly focused on refined products that are sold domestically and also exported out of main US hubs, including New York harbor and the US Gulf Coast. 

©2026 Bloomberg L.P.

Venezuela announced emergency measures to stabilize its power grid after electricity consumption hit a nine-year high this week, reviving memories of blackouts and rationing that once crippled the economy.

The Electricity Ministry didn’t detail the measures, but urged the private sector to conserve power and reiterated a ban on energy-intensive crypto mining. It said rising temperatures and increased economic activity were fueling excessive consumption, which it said reached more than 15,500 megawatts on Thursday.

The renewed strain on the power system threatens to complicate the government’s push to revitalize the oil, mining and industrial sectors after years of underinvestment in its hydroelectric dams and transmission lines. 

Much of the country is already subject to rolling blackouts, especially outside the capital Caracas. In the western oil-producing state of Zulia for example, residents face outages lasting six hours a day or more.

“We are working hard to recover and stabilize the system. We all need to cooperate,” Electricity Minister Rolando Alcalá said on state TV on Thursday. “The national electrical system is the engine, the core factor, for all development activities in a country.”

Recurring ads on state TV use animated characters to ask Venezuelans to unplug home appliances when not in use. 

The measures recall the worst of Venezuela’s crisis in 2019, when a massive blackout darkened the country for nearly a week, paralyzing hospitals and airports. Outages remain common, with factories outside Caracas frequently disrupted by sudden voltage drops and extended cuts causing some to ask staff to work overnight.

The latest warnings cloud investment plans announced since Nicolás Maduro’s ouster in January, including efforts by acting President Delcy Rodríguez to open Venezuela’s oil industry to foreign operators and revive crude production.

Venezuela’s government blamed lingering US sanctions for worsening strains on the power grid, which it says has restricted access to financing and spare parts needed to maintain and upgrade the country’s aging electricity infrastructure.

©2026 Bloomberg L.P.

The number of cargo trains going from Xi’an in central China to the Iranian capital Tehran has risen from around one per week before the conflict to one every three or four days since the start of blockade on April 13, according to people with knowledge of the shipments.

Freight costs have surged, with quotes for shipping a standard 40-foot container along the route as high as $7,000 this week, roughly 40% more than typical levels, the people said, speaking on condition of anonymity as they aren’t authorized to speak with the media.

The route, which runs through Kazakhstan and Turkmenistan can only go a small way toward making up for the US blockade.

The naval operation began around three weeks ago. It’s preventing Tehran from exporting most its oil and importing vital grain supplies. There are already signs of strain on the Iranian economy, with the rial slumping.

The rail route also adds to Iran’s reliance on the world’s biggest manufacturing nation, with Beijing buying almost all Iran’s oil. 

For now the trade is mostly one-way, with containers headed for Iran with industrial and consumer goods, including automotive parts, generators and electronics, the people said. Iranian officials have said they are considering using rail routes to export products like petrochemicals and fuel at some stage.

“Previously these trains never ran at all in some weeks; now they’re fully booked for May,” said Altan Dursun, managing director of Turkey-based Silkroad-Avrasya Multimodal Logistics, a rail-freight booking agency that specializes in trade with China.

Plans are underway to add further capacity in June, Dursun added. Each train from Xi’an carries around 50 standard 40-foot containers, he said, while a long-haul container ship can hold thousands.

Islamic Republic of Iran Railways, the country’s state owned rail operator, didn’t respond to requests for comment.

Since the war erupted in late February with US and Israeli attacks on Iran, China has repeatedly called for a ceasefire and denied it’s sent arms to its besieged partner.

Beijing has stepped up diplomacy in recent days, ahead of a crucial meeting next week between US President Donald Trump and Chinese counterpart Xi Jinping.

China hosted Iranian foreign minister Abbas Araghchi and called for the reopening of the Strait of Hormuz “as soon as possible.” A day later, US Republican Senator Steve Daines thanked China for working to end the war.

Extensive financial and trade ties with other Persian Gulf states have left Beijing trying to balance commitments in a region where it’s amassed about $270 billion worth of investments and construction projects over the past two decades.

The China route is one node in a broader years-long effort by Tehran to expand logistics corridors with allies and insulate itself from western pressure.

In October, Iran started exporting diesel by train, for the first time, to Afghanistan using the 225 kilometer (140 mile) Khaf-Herat rail line that connects Iran’s northeastern Khorasan-e Razavi province to Herat, state media reported. 

In February last year, China inaugurated a direct freight train route to Hairatan in northern Afghanistan, Xinhua reported, and months later Uzbekistan and Afghanistan announced plans to extend the rail line to Herat, which is about 130 kilometers from the Iranian border.

State-run Press TV described the Xi’an link as a “vital just-in-case solution to keep bilateral trade from the tentacles of US hegemony,” in a report marking its operation last year.

Besides the China line, Iran has committed to spending billions of dollars on a north-south route connecting it to Russia.

Iran can transfer 40% of its usual maritime trade to land routes, the head of the national shipping association’s container committee, Kambiz Etemadi, said last week, according to the semi-official Fars news agency.

Demand for trucks from Turkey has also increased since the start of the blockade, one Istanbul freight firm said, adding that most of the new cargoes were carrying food and sunflower oil.

Iran’s ambassador to neighboring Pakistan met with the country’s minister for railways on Thursday to discuss projects to increase freight volumes, the ministry said on X.

With Iran’s sea ports largely cut off, any alternative import routes are welcome as Tehran tries to keep the economy moving and minimize supply shortages that are pushing up inflation. A rapid depreciation in the currency sparked deadly protests against the Islamic Republic in January, and the rial has since weakened to fresh record lows against the dollar.

President Masoud Pezeshkian criticized traders for “profiteering and hoarding” on Wednesday, vowing “serious action against any violations that disrupt societal peace.”

©2026 Bloomberg L.P.

Brent rose as much as 2.9% toward $103 a barrel before paring gains, while West Texas Intermediate was near $96. US forces struck military targets in Iran after the country fired on three Navy destroyers sailing in the Strait of Hormuz, US Central Command said. Still, the command added that it “does not seek escalation,” although it remained ready to protect American forces.

President Donald Trump said the three warships had successfully exited the waterway, and were undamaged following the attacks, according to a social-media post. On Iran, he added: “We’ll knock them out a lot harder, and a lot more violently, in the future, if they don’t get their Deal signed, FAST!”

The oil market’s focus remains on the strait, which has been effectively closed since the war began at the end of February. That’s triggered an unprecedented supply shock, with flows of crude choked off and wells across the region shut in. The waterway faces a double blockade, with Tehran obstructing traffic, while US prevents ships calling at or leaving Iranian ports.

“Oil is trading between two risks: diplomacy on one side and another escalation on the other,” said Charu Chanana, chief investment strategist at Saxo Markets in Singapore. “Markets are still giving the peace proposal a chance, but not enough of a chance to take the war premium out.”

The latest clashes heighten tensions across the region, as the US tries to exit the war that’s imposed an increasing burden on consumers as retail gasoline and diesel prices spike. This week, the Trump administration has been waiting for Tehran to respond to its proposal to reopen the trade route, with Iran’s leaders yet to indicate whether they’ll accept the terms.

Trump told reporters late Thursday that the ceasefire with Iran was still in effect, despite the back-and-forth. He added there was no need for curbs on US crude or jet fuel exports, saying: “We have tremendous amounts of oil.”

In the Middle East, the United Arab Emirates said on Friday air-defense systems were intercepting missiles and drones, according to a post on X. The UAE sits across the strait from Iran, and has been targeted often during the conflict, including a strike earlier this week in the port city of Fujairah.

The head of the International Energy Agency warned the world was losing 14 million barrels of oil a day because of the war, and ramping up production after the conflict would be gradual. Fatih Birol also reiterated during a visit to Canada on Thursday that the Paris-based IEA was prepared to take further action after members agreed in March to release 400 million barrels.

Bridgewater Associates founder Ray Dalio said the outcome of the US-Iran conflict can be defined in “almost black-and-white terms of who will control the Strait of Hormuz,” according to comments to a New York Times podcast.

For the week, Brent remains more than 6% lower even after Friday’s gain.

The crude market’s price “reaction being relatively contained tells us that the market still sees this as manageable for now,” said Haris Khurshid, chief investment officer at Karobaar Capital LP in Chicago. “Earlier in the conflict, every escalation triggered a pretty major repricing.”

©2026 Bloomberg L.P.

Iran’s assault on three US warships involved “multiple missiles, drones and small boats,” according to a US Central Command statement on Thursday, which added that “no US assets were struck.” 

American forces responded by eliminating “inbound threats” and targeting Iranian missile and drone launch sites, command and control locations and intelligence facilities that were deemed “responsible for attacking US forces,” it said.

The latest clash heightens tensions in the region as the US attempts to exit a war now in its third month. The Trump administration has been waiting for Iran to respond to its proposal to reopen the strait and end the conflict, which has killed thousands of people and triggered a global energy crisis.

“Just like we knocked them out again today, we’ll knock them out a lot harder, and a lot more violently, in the future, if they don’t get their Deal signed, FAST!” President Donald Trump said in a social media post. 

Iran’s leaders haven’t indicated whether they will accept the terms of the offer, though they have shown little sign of yielding on their nuclear program or accepting a moratorium on enriching uranium — both top US demands.

Trump later told reporters the ceasefire was still in effect despite the back-and-forth, downplaying Iran’s actions while warning of consequences if an agreement wasn’t struck.

“They trifled with us today. We blew them away,” Trump said in a brief appearance in Washington at the reflecting pool on the National Mall. “I’ll let you know when there’s no ceasefire,” he added. “You’re not going to have to know, you’ll just have to look at one big glow coming out of Iran.”

Asian stocks pulled back from a record high as the escalating tensions revived concerns over energy supplies. Oil jumped, with Brent climbing as much as 2.5% toward $103 a barrel, snapping a three-day drop.

Even so, the president told reporters in Washington late Thursday that a deal was still possible.

In a bid to ease the crisis, the US president had announced “Project Freedom,” an initiative to help ships transit the strait, before abruptly suspending it. Saudi Arabia and Kuwait have lifted restrictions on the US military’s ability to use regional bases, the Wall Street Journal reported Thursday, a move that could allow the Trump administration to restart the effort to ease traffic through the strait.

A Central Command official referred questions about the reporting on the bases to the Saudi and Kuwaiti governments. Asked whether Project Freedom would be restarted, the official declined to speculate. The Kuwaiti and Saudi embassies did not respond to requests for comment.

Here’s more related to the war:

• United Arab Emirates air defenses responded to missile and drone attacks from Iran, the UAE Ministry of Defense said in a post on X.
• Washington relayed a one-page memo to the Islamic Republic that could reopen the strategic Strait of Hormuz and lift the US blockade, according to the person familiar with the matter. That would set the stage for a month of talks aimed at securing a final agreement to bring the 10-week conflict to a close.
• Iran is expected to send a response via Pakistan, acting as a mediator, in the next two days, a person familiar with the matter said, asking not to be identified discussing sensitive information.
• Iran’s state-affiliated news agency ISNA said reports on elements of the proposal amount to “media speculation and atmosphere-building,” adding that nuclear enrichment is not part of the current discussions.
• Gasoline prices breached $4.50 a gallon for the first time since July 2022, according to the American Automobile Association. This adds pressure on Trump, six months from midterm elections in which energy costs will be a central focus.
• Trump is set to meet Chinese President Xi Jinping May 14-15 in Beijing. The summit already has been rescheduled once because of the war. There is unease among Chinese officials about holding the high-stakes meeting before the war in Iran is resolved, people familiar with the matter said.
• Trump is due to deliver remarks Friday, the White House said, without providing details about the topic.
• Israel said it killed a Hezbollah commander in a southern suburb of Beirut, its first strike on the city since a ceasefire began in Lebanon last month.

(Updates with bullet points on UAE air defenses, Trump comments.)

©2026 Bloomberg L.P.

The state-run CPC Corp. has started planning winter gas procurement to avoid interruptions to domestic supply, according to a statement from the Ministry of Economic Affairs on Friday. There have been no shortages of electricity or oil since the war in Iran started at the end of February, it said. 

The island currently imports around 96% of its energy, with liquefied natural gas accounting for roughly half its overall power generation. Unlike coal or oil, the gas is difficult to store, and Taiwan maintains just an 11-day reserve, which will be raised to 14 days from 2027. 

©2026 Bloomberg L.P.

At least two tankers that loaded at Adnoc’s Das Island facility recently went dark to carry shipments out of Hormuz, according to a Bloomberg News analysis of vessel-tracking data and people with knowledge of the matter. Satellite imagery shows ships continuing to dock at the terminal, even as no tankers broadcast positions near the plant.

Three other empty Adnoc LNG carriers also stopped transmitting signals after reaching the eastern entrance of the strait, ship data show. These vessels are also masking their movements to head into the Gulf via Hormuz to load cargoes, said one of the people, who asked not to be named as they aren’t authorized to speak with the media. 

Hormuz has remained virtually shut as the US and Iran struggle to reach a peace agreement, with both sides enforcing a de facto blockade on a waterway that normally handles about a fifth of global LNG supply. Vessels continue to face security threats, including Iranian drone attacks earlier this week on an Adnoc-linked oil tanker near Oman.

Adnoc didn’t respond to a request for comment.

Gas flows have been upended even more than crude oil by the closure. So far, at least two loaded LNG tankers linked to Adnoc have been identified exiting the Gulf since the end of February. While that offers tentative signs that more flows could resume, it remains a far cry from pre-war levels of roughly three shipments a day.

Adnoc’s move underscores how producers are resorting to riskier strategies to push fuel out of the region with the conflict now in its third month, with no clear timeline for a full resumption of shipping through Hormuz. The approach has allowed Adnoc to maintain limited LNG production at its export plant.

That contrasts with neighboring Qatar, which hasn’t shipped any LNG through the waterway since the US and Israeli strikes on Iran in late February led to the strait’s closure. Qatar was forced to shut its massive Ras Laffan LNG export facility in March after attacks by Iran, and declared force majeure on scheduled shipments to its customers.

“Adnoc hasn’t declared force majeure, unlike QatarEnergy,” said Antonia Syn, a gas and LNG research analyst at Rystad Energy. Invoking the clause “formally reduces commercial pressure to attempt risky transits, and Adnoc appears determined to avoid fully conceding that gulf LNG is stranded,” she said.

The ships that Adnoc is currently using to export LNG through Hormuz are also older, and are of the same generation of sister tankers sent to the scrapyard last year, according to Syn. “Running the gauntlet on near-scrap steamships is probably a more palatable call than it sounds.” 

LNG shipowners and operators are among the shipping industry’s most risk-averse, and sailing through Hormuz without transmitting signals marks a sharp break from past practice. For example, nearly all LNG carriers have avoided the Red Sea since Houthi rebel attacks escalated in 2023.

The Mraweh tanker, which is owned by Adnoc, was seen loaded with a cargo near northern Indonesia on Wednesday, with Japan listed as its next destination, after not transmitting a location for over two weeks, shipping data shows. The vessel was previously spotted empty on April 19, idling near the eastern entrance of Hormuz.

The Mubaraz — which loaded a cargo from Das Island in early March — also stopped sending a signal in late-March before reappearing nearly a month later crossing the southern tip of India.

(Updates with analyst comments in the ninth and tenth paragraphs.)

©2026 Bloomberg L.P.