Hello from The National and welcome to the Energy This Week newsletter, our expert analysis on oil and gas, renewables and clean energy.

War, missiles and ceasefire put oil price on rollercoaster

• Oil prices have been on a wild ride, tumbling and soaring with each twist of the Israel-US-Iran conflict. The US bombing of Iran’s nuclear sites took oil prices to their highest since January. After Brent fell on Friday to close at $77.01 – as it appeared the US would stay on the sidelines – it jumped on Monday to briefly over $81 per barrel. Missile attacks towards the US base in Qatar caused alarm. But oil then slumped almost $10 per barrel as it appeared no serious damage was caused, and on news of the ceasefire. It closed on Tuesday at $67.81 per barrel.
• Iran’s parliament had voted to block the Strait of Hormuz, which would cut off nearly 19 million barrels per day of oil shipments, but the market largely saw this as posturing. Prices are now, remarkably, lower than they were before Israel’s attack began. Extensive speculation on a possible Iranian blockade of the Strait of Hormuz suggested oil prices might jump in that scenario to $130 to $150 per barrel.
• Shipping and insurance rates have risen, vessels are encountering problems with GPS jamming, but apart from an accidental collision, no security incidents have occurred.

Iran nuclear sites: no radiation now but 'serious consequences' if Bushehr attacked

• Vladimir Putin told Sky News Arabia that “Iran has the right to use nuclear energy for peaceful purposes”. Russia completed Iran’s only operating nuclear power plant, at Bushehr. The International Atomic Energy Agency warned of “most serious” consequences if Bushehr were struck by Israeli attacks. An Israeli military official withdrew a statement that Bushehr had been hit by a strike.
• No abnormal radiation levels have been detected in the Gulf following the Israeli and American attacks on Iran’s nuclear sites. The UAE’s Federal Authority for Nuclear Regulation confirmed that there was “no impact” on the Emirates. Experts agreed that significant release of radioactivity from these locations was unlikely, but that “there would be very real risk of a radiological catastrophe” if Bushehr were hit.

Israel-Iran war brings trouble to Iraq, Yemen and Egypt

• Foreign oil companies in Iraq have evacuated some staff, although this has not yet affected production or exports. Iraq is trying to stay out of the Israel-Iran confrontation. Houthi forces in Yemen earlier threatened to return to striking American ships in the Red Sea if the US were to join Israel’s war against Iran.
• Israel suspended production at two of its three offshore gasfields, in turn cutting exports to Egypt. Egypt has already had to resort to power cuts, energy-saving measures, burning more oil and reducing gas supplies to industry, even before the latest moves. Egypt and Jordan have both hastened to secure shipments of liquefied natural gas.
• Gaza is running out of fuel, essential for supplying water, because of Israel’s blockade.
• Russian Deputy Prime Minister Alexander Novak told The National at the St Petersburg International Economic Forum that “there is no crisis in the Russian economy” despite sanctions, including new measures against the oil and gas sector being worked on by the EU and US.

Adnoc’s Santos buy would be Middle East’s biggest upstream acquisition

• The $19 billion offer by Adnoc’s XRG international subsidiary to buy Australian gas producer Santos would be the largest upstream acquisition by a Middle Eastern national oil company. It has important lessons for Adnoc’s growth strategy, and the global gas business.
• Visiting the US, Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and managing director and group chief executive of Adnoc, met Vice President JD Vance at the White House, and discussed energy co-operation.

Climate talks overshadowed by war and nuclear worries

• The Climate Action Week in London is meant to prepare for the Cop30 climate summit in Brazil in November. But the event faces challenges of being overshadowed by global conflict and political turmoil. The attacks on Iran’s nuclear facilities highlight how a peaceful approach to nuclear power could have supplied more energy while avoiding pollution.
• Dubai has completed the first part of its drainage network. “We need to rethink urban planning with more green space and better drainage to reduce future damage” from flooding with increasingly extreme rainfall, as climate change worsens, says Dr Diana Francis of Khalifa University. Dubai students have designed “parklets” – small green areas – to bring shade, cool and relaxation to urban areas.
• The UAE’s plastic bag ban has helped save the lives of camels, which often die from eating them. Al Ain Farms Group has partnered with a Finnish company, FoodIQ, to introduce an eco-friendly dairy system that reduces water and energy use and waste.
• And the world’s first conservation centre dedicated to fungi has launched at Dubai’s Expo City. Fungi, the third kingdom of multicellular life alongside plants and animals, are often overlooked, but break down pollutants and regulate greenhouse gas levels.