Energy markets turn towards secure supply as US-Iran conflict lifts prices
Oil prices rose roughly 2% as Hormuz shipping remained below recent averages, while investment gathered pace across oil, gas, nuclear power and energy infrastructure.
Renewed fighting between the United States and Iran pushed oil prices higher and kept shipping through the Strait of Hormuz below recent averages, according to Oil & Gas 360. European natural gas prices also extended their gains.
The market response is increasingly focused on securing additional supply and infrastructure. Chevron was reportedly nearing an agreement to operate two Venezuelan fields in the Orinoco Belt, while Guyana is targeting oil production of approximately 1.7 million barrels per day by the end of the decade.
The Americas are being positioned as a potential counterweight to geopolitical supply risks, with attention also on US shale and Canadian resources. Comstock Resources announced a $1.65 billion transaction with SOCAR and a $450 million Haynesville drilling joint venture. A Chesapeake affiliate also sold its interest in a planned $1.2 billion Florida gas pipeline project to NextEra Energy.
Gas demand is being linked to LNG, electricity consumption, artificial intelligence, data centres, manufacturing and energy security. The US Army plans to spend approximately $2.2 billion on nuclear microreactors at military installations, while SLB announced plans to acquire Kelvion for approximately $3.4 billion, expanding into cooling and infrastructure serving data centres and other power-intensive markets.
The developments point to growing interest from companies and governments in physical production, transport and power infrastructure. Guyana’s production figure is a target, and the reported Chevron–Venezuela agreement has not been confirmed in the supplied material.
