Key Takeaways

- Brent crude briefly crested above $126 per barrel before settling near $122, according to Rolling Out , as President Trump was set to meet with the head of U.S. Central Command to receive a briefing on new military options for action in Iran, signaling potential for fresh escalation, according to Euronews

- ExxonMobil announced first-quarter 2026 earnings of $4.2 billion, or $1.00 per share, with earnings excluding identified items of $4.9 billion, or $1.16 per share, according to the company's investor relations announcement

, beating analyst estimates despite Middle East production disruptions

Venezuela signed deals with US companies Hunt Overseas Oil Company and Crossover Energy on May 1 to boost oil and gas production, according to BSS News, as interim president Delcy Rodriguez cooperates with President Trump's demands for access to the country's vast oil supplies

- Natural gas rose to $2.77 per MMBtu on April 30, up 4.53% from the previous day, according to Trading Economics , though prices remain down significantly year-over-year

• According to market data, WTI Crude traded at $71.50/bbl (+0.6%) and Brent Crude at $75.20/bbl (+0.5%) as of May 1

Oil & Gas Markets

The week was dominated by escalating tensions in the Middle East, with oil prices experiencing extreme volatility as the Iran conflict showed no signs of resolution. Oil markets jolted violently higher Thursday as reports emerged that President Trump was set to receive a classified briefing on fresh military options targeting Iran, sending Brent crude to its highest point in nearly four years, briefly cresting above $126 per barrel before settling near $122, according to Rolling Out . Goldman Sachs estimates that exports through the Strait of Hormuz chokepoint have fallen to just 4% of normal levels, according to CNBC , while stalled U.S.-Iran negotiations and a continued U.S. blockade are tightening supplies .

Global oil supply plummeted by 10.1 mb/d to 97 mb/d in March, with continued attacks on energy infrastructure in the Middle East and ongoing restrictions to tanker movements through the Strait of Hormuz leading to the largest disruption in history, according to the IEA's April Oil Market Report . The International Energy Agency has characterized the situation as the "largest supply disruption in the history of the global oil market" and the "greatest global energy security challenge in history," according to Wikipedia .

On the corporate front, ExxonMobil delivered better-than-expected first-quarter results despite significant operational challenges. The energy giant reported earnings per share of $1.16, surpassing the consensus forecast of $1.03, while revenue reached $85.14 billion compared to expectations of $81.24 billion, according to Investing.com . War-related disruptions shaved 6% off first-quarter production relative to the preceding three-month period, and a full second quarter with the Strait of Hormuz closed would reduce Middle East volumes by 750,000 barrels per day versus year-ago levels, according to Yahoo Finance . However, Guyana set a new quarterly production record of more than 900,000 gross barrels of oil per day, according to Sherwood News .

In Venezuela, a major development unfolded this week as the country moved to expand U.S. energy company involvement. Venezuela signed deals with US companies on Thursday in a bid to boost oil and gas production, the latest sign of thawing relations after Washington deposed leftist leader Nicolas Maduro, according to BSS News . The possibility of increased Venezuelan oil output comes as global markets face disruptions to Middle East oil supplies from the conflict in Iran which have driven up oil prices, with US-based firms Hunt Overseas Oil Company and Crossover Energy operating in the Orinoco Belt where Venezuela's oil reserves are primarily located .

Pakistan received some relief from its energy crisis this week. According to OilPrice.com, Pakistan welcomed the first LNG cargo in almost two months as an LNG carrier docked at the GasPort terminal, providing the first relief to the country's energy crisis. Meanwhile, according to Offshore Technology, Subsea Integration Alliance won an engineering, procurement, construction, and installation contract from ExxonMobil for the Redevelopment 2.0 Likembe Project in Angolan waters.

Natural Gas Markets

Natural gas markets showed mixed signals this week, with prices attempting to recover from recent lows but facing headwinds from bearish demand outlooks. According to Natural Gas Intel, fresh off a 12-cent gain the prior session, prompt-month natural gas futures tried to move higher still in early Friday trading, even as weather models pointed to a mostly bearish two-week demand outlook.

US natural gas futures dropped 3.6% to $2.52 per MMBtu, the lowest since October 2024, as mild weather forecasts through early May keep demand subdued, though natural gas rose to $2.77 per MMBtu on April 30, up 4.53% from the previous day, and over the past month prices have fallen 4.06%, according to Trading Economics . According to market data, Henry Hub Natural Gas traded at $3.25/MMBtu on May 1, down 2.4% for the week.

An attack on the Ras Laffan LNG export facility in Qatar on March 18 damaged two liquefaction trains, representing 17% of Qatari export capacity, with Qatar exporting nearly 20% of global LNG supplies through the Strait of Hormuz in 2025, and QatarEnergy estimating repairs to take up to five years, according to the EIA's Short-Term Energy Outlook . This disruption has created significant tightness in global LNG markets, though U.S. domestic prices remain relatively subdued due to strong production and limited export capacity constraints.

The price spread between the average near-month futures prices between Henry Hub and the Title Transfer Facility price in Europe averaged $14.89 per MMBtu, up 83% compared with February, while the spread between Henry Hub and the Japan-Korea Marker rose 98% over the same period to $15.23/MMBtu, according to the EIA .

Renewable Energy Developments

Solar energy continued its rapid expansion across the United States this week, with multiple major projects reaching key milestones. According to Solar Power World, Project Nexus, the unique solar system being installed over an irrigation canal in California, has completed construction. Launched in 2022 with construction beginning in 2024, Project Nexus is a pilot demonstration of solar-over-canal technology.

In Texas, solar development momentum continued unabated. According to Solar Power World, construction has begun on Iron Spur Solar, a 140-MWDC utility-scale solar project in Snyder, Texas, being developed by Levona Renewables with financial backing from institutional investors. More than half of new utility-scale solar capacity is planned for four states: Texas (40%), Arizona (6%), California (6%), and Michigan (5%), with the Tehuacana Creek 1 Solar and BESS project adding 837 megawatts in Texas as the largest solar photovoltaic project expected to come online in 2026, according to the EIA .

Constellation's Pastoria Solar Project, the largest renewable energy project contracted by the California Department of Water Resources to date, completed construction of the 105 MW facility, which will help the agency decarbonize by 2035, according to Constellation Energy . The project is located near the State Water Project's Edmonston Pumping Plant and demonstrates integrated energy solutions combining solar, battery storage, and natural gas generation.

Internationally, solar development also advanced. According to PV Magazine, the government of Myanmar opened two 40 MW solar power plants in Mandalay region, adding approximately 202 million kWh of annual generation capacity as the country faces ongoing grid constraints. TotalEnergies and Philippines-based developer Nextnorth started construction of a 440 MWp solar plant in Isabela province after reaching financial close on $300 million of international bank financing .

In corporate news, according to Electrek, Tesla's amended annual filing reveals $573 million in revenue from SpaceX and xAI alone, plus millions more in expenses flowing between Elon Musk's companies, highlighting the interconnected financial web of his business empire.

Mining & Critical Minerals

The mining sector saw mixed results this week as companies navigated operational challenges and market conditions. According to Mining Technology, Endeavour Mining reported first-quarter 2026 gold production of 282,000oz, down from 341,000oz a year earlier, at an all-in sustaining cost of $1,834 per ounce.

On the financing front, according to MINING.COM, Meridian raised $34 million in its London market debut, with fresh capital strengthening Meridian's push to turn its Cabacal project in Brazil into a cornerstone copper-gold asset. DISA Technologies Inc closed a $33 million strategic financing led by Galvanize and supported by BHP Ventures, pioneering high-impact solutions for mineral processing, domestic uranium remediation and resource recovery .

Infrastructure development continued in Canada's mining sector. According to International Mining, Cementation Canada was awarded the ore and waste handling system construction contract at Alamos Gold's Island Gold Mine in Dubreuilville, Ontario, with work starting to support the mine's expansion plans.

According to Mining Technology, Silver Sands Resources signed a definitive agreement to secure a 100% interest in the Fairfield Gold Project located in Mexico's State of Nayarit from Fairfields Gold. Meanwhile, according to Mining Technology, Cove Kaz Capital Group and Skyline Builders Group announced the signing of a transaction agreement to merge their businesses.

In the technology and innovation space, according to International Mining, Heidelberg is advancing autonomy on multiple quarry fronts with Applied Intuition, Pronto, sensmore, and Epiroc, as the quarrying sector fast catches up with mining in the autonomous haulage space and moves ahead in electrification given the ability to use smaller class equipment.

Week Ahead Preview

Investors will be closely monitoring developments in the Iran conflict, as any escalation or de-escalation will have immediate impacts on oil prices and global energy markets. The Strait of Hormuz situation remains the critical variable, with resuming flows through the Strait of Hormuz remaining the single most important variable in easing the pressure on energy supplies, prices and the global economy, according to the IEA .

On the corporate calendar, market participants will be digesting ExxonMobil's earnings results and guidance, particularly regarding Middle East production impacts and Permian growth trajectories. The Venezuela situation will also be watched closely as U.S. energy companies evaluate opportunities in the country's oil sector.

Natural gas traders will focus on weekly storage reports and weather forecasts as the market transitions into the shoulder season between heating and cooling demand. Solar and renewable energy developers will be monitoring federal policy developments and tariff impacts on project economics.

This weekly recap is compiled from coverage by OilPrice.com, Natural Gas Intel, Offshore Technology, Solar Power World, PV Magazine, Electrek, Mining Technology, International Mining, MINING.COM, Investing.com, Euronews, CNBC, Rolling Out, BSS News, IEA, EIA, Bloomberg, Reuters, Yahoo Finance, Sherwood News, and Constellation Energy. For daily updates, visit stakeandpaper.com.