Iran says it’s ready for more war
** Iran is preparing for the restart of war – and its neighbors across the Persian Gulf are in the line of fire. Targeting pipelines and oil wells in Saudi Arabia and other Gulf states, closing the Bab el-Mandeb Strait and deploying Iran’s most powerful missiles are all on the table for leaders in Tehran.
Oil inventories
** The oil market could reach a grim turning point in the next few weeks, HFI Research says. The firm sees “real panic” hitting crude markets as oil inventories run out. Previously, it speculated that panic buying and hoarding could send crude prices past $150 a barrel.
Explosions
** Explosions were heard in Iran’s Qeshm Island on Tuesday afternoon, the semi-official Iranian Mehr News Agency said, adding the cause was unknown, and no official entity has commented yet. The island is located between the Persian Gulf and the Strait of Hormuz.
South American oil
** QatarEnergy has acquired interests in three offshore exploration blocks in Uruguay from Shell subsidiary BG International, expanding the Qatari state energy giant’s footprint in South America through partnerships with Shell, APA Corporation, and Chevron.
Source of drones
** The drones that targeted the United Arab Emirates’ Barakah nuclear power plant all came from Iraq, the country’s Defense Ministry said on Tuesday, an indication that Iraqi Shiite militias backed by Iran were likely behind the assault.
US Energy
** All 50 states have average gas prices above $4 a gallon, AAA said today, with seven now topping $5 a gallon. As the war with Iran approaches the three-month mark, soaring fuel prices are costing Americans millions of dollars a day, crushing small business profits, and driving a surge in inflation. The national average now stands at $4.56 a gallon, AAA said.
** While utilities have long been regulated and challenged at the state level, Democrats in Congress are increasingly signaling they want a role in reshaping how the industry operates. Riley has criticized utility rate increases and inserted himself into state-level fights over consumer costs. On Capitol Hill, he’s created a Congressional Lowering Utility Bills Caucus with 17 members from around the country.
** Consumer advocates say the merger of NextEra and Dominion Energy is likely to be bad news for consumers and the environment, and will instead benefit the companies’ plans to serve more data centers.
** Energy company Enbridge proposes a major expansion to a pipeline that carries natural gas from New Jersey into Massachusetts, likely igniting more debate about the Northeast’s reliance on fossil fuels.
** Grid operator PJM gets federal permission to curtail power to data centers and other large loads in its 13-state region as hot weather and planned power plant outages are expected to strain the grid.