Crude prices declined after President Trump signaled a potential peace agreement with Iran and canceled threatened military strikes. Brent crude fell below $90 per barrel and WTI to $85–$87, reflecting expectations of reduced Middle East tensions.
Jamaica is considering offshore oil drilling similar to recent projects in Guyana and Suriname, despite being highly vulnerable to climate change and currently importing all fuel at a cost of $1.5–$2 billion annually.
The UK will ban imports of diesel and jet fuel refined from Russian crude in third countries by January 1, 2027, closing a remaining sanctions loophole for Russian oil products.
U.S. jet fuel output has reached record levels following a February Strait of Hormuz closure and subsequent price doubling in March. Most of the increased production is being exported while domestic inventories remain elevated.
Underground working gas storage capacity in the Lower 48 states increased slightly in 2025, with growth concentrated in the South Central and Mountain regions. Both demonstrated peak capacity and working gas design capacity increased.
A Texas power producer has broken ground on a new natural gas-fired power plant designed to add dispatchable electricity capacity to the state's grid.