Price jump
** Oil prices continued their surge, rising more than 3% on Monday, after new strikes on Saudi Arabian energy infrastructure and attacks on ships in the Middle East compounded supply concerns.
Houthis
** Gulf states called off Monday’s planned meeting with Iran on reopening the Strait of Hormuz the same day Yemen’s Houthis fired dozens of missiles and drones at Saudi Arabia’s King Khalid airbase in Khamis Mushait, calling it retaliation for more than 300 Saudi airstrikes on Yemen in five days.
Pipeline
** Saudi Arabia’s East-West Pipeline was temporarily shut following a drone attack, according to Saudi officials. The shutdown of the pipeline, which helps Saudi Arabia avoid the Strait of Hormuz and re-route its exports through the Bab el-Mandeb strait, threatens up to 4% of global oil supply.
Cancelled
** A scheduled Monday meeting in Oman between Gulf countries and Iran to discuss the Strait of Hormuz had been postponed, Oman’s Foreign Minister said, dampening hopes of improved shipping.
Protest
** The United States blocked Iran’s nuclear chief from attending this week’s U.N. atomic watchdog meeting in Vienna by opposing an exemption from so-called “snapback” U.N. sanctions, prompting protests from Tehran on Monday.
Argentina
** Chevron (NYSE:CVX) is assessing opportunities to expand its global natural gas portfolio in regions including Argentina and the eastern Mediterranean as buyers place greater emphasis on energy supply diversification, according to President of Global Gas Freeman Shaheen.
U.S. energy
** The Environmental Protection Agency announced Monday that it is moving to repeal a greenhouse gas regulation the EPA imposed under President Joe Biden, saying federal law does not allow the agency to regulate power plant emissions in order to fight climate change.
** Pennsylvania regulators will investigate how utility ratemaking rules and practices, as well as data center development, affect the affordability of power in the state.
** The U.S. is pursuing a multipronged strategy to build resilience in critical minerals supply and reduce the dependence on China, providing funding to expand local production, purchasing equity stakes in mining and refining companies, signing framework agreements with international partners and encouraging price floors for minerals. The Trump administration says it has signed or approved 160 critical minerals deals totaling more than $40 billion since January 2025.
** The Department of Transportation (DOT) recently blocked California legislation seeking to ban disposable propane cylinders. The agency determined that California’s law conflicted with federal regulations, while state lawmakers argue the law would protect waste management workers from hazardous materials.
** Iowa’s two largest electric utilities have increased their coal generation in the past two years as data centers and manufacturing drive up power demand and renewable energy development slows.
