360 Energy Pulse: What mattered in energy this week Oil & Gas 360 Fri, June 26, 2026 at 2:30 PM PDT 3 min read CL=F (By Oil & Gas 360) Energy markets continued shifting from crisis pricing toward normalization this week, but the transition remains uneven. Oil prices weakened as Hormuz flows improved and Saudi Arabia prepared to cut prices, yet shipping uncertainty, strategic reserve building, and new attacks kept risk alive. The market is no longer pricing full disruption, but it is not pricing full confidence either. 360 Energy Pulse: What mattered in energy this week- oil and gas 360 THIS WEEK'S 5 HEADLINES THAT MATTERED 1. Oil falls as Hormuz reopening pressures prices WTI crude fell below $70 for the first time since early March as tanker traffic through the Strait of Hormuz picked up and Saudi Arabia prepared to slash oil prices. Why it matters: The market is removing some of the war premium, but lower prices also reflect expectations that supply may return faster than demand can absorb. 2. Hormuz traffic improves, but shipping risk lingers Tanker traffic through Hormuz resumed after slower flows tied to crossing concerns, but an attack on a ship again raised questions about route reliability. Phillips 66 warned that supply disruptions could linger as shipping uncertainty remains. Why it matters: Oil may be moving, but confidence in the corridor has not fully recovered. 3. Producers and governments rethink supply strategy The Iran war triggered a global race to build oil reserves, while Iraq is reportedly weighing whether to leave OPEC to pump more crude. Why it matters: Energy security is pushing countries to prioritize control over supply, even if that strains traditional producer alliances. 4. Capital flows into gas, AI power, and industrial supply chains Chevron signed a 20-year Microsoft power deal tied to a West Texas AI project, while ADNOC brought BP and TotalEnergies into a major Abu Dhabi gas cap project. Baker Hughes also secured long-term support work for the ANOH gas project, and U.S. Steel committed $475 million to expand OCTG capacity. Why it matters: Capital is moving toward energy infrastructure that supports AI demand, gas development, and domestic industrial capacity. 5. Forecasts weaken as costs and policy shift JPMorgan lowered its Brent crude forecast for the second half of 2026, while the Trump administration moved to reduce oil and gas drilling costs. At the same time, clean energy developers are rushing projects ahead of tax credit changes that could raise prices. Why it matters: Both traditional and clean energy markets are adjusting to lower price expectations, policy changes, and cost pressure. CAPITAL MOVE OF THE WEEK Chevron's 20-year power agreement with Microsoft stands out as the clearest capital signal this week. Story Continues The deal ties natural gas and power generation directly to AI infrastructure growth in West Texas, reinforcing a major theme across the sector: data centers are becoming one of the most important new sources of energy demand. At the same time, ADNOC's move to...
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