Weekly Energy Market Recap: Aug 7 - Aug 14, 2026

Key Takeaways

• Brent crude was on pace for a roughly 5% weekly gain and pushing toward $100 a barrel as stalled US-Iran talks and renewed attacks in the Strait of Hormuz rattled markets, according to OilPrice.com.
• Alaska's $50 billion LNG pipeline megaproject suffered a major setback after the state legislature failed to advance a tax-break bill, prompting Governor Mike Dunleavy to call the outcome a "negative signal" to investors, per Oil & Gas 360 and Natural Gas Intel.
• South Africa's Constitutional Court blocked Shell-led exploration along the Wild Coast, dealing another legal blow to offshore drilling ambitions in the region, according to OilPrice.com.
• Brookfield Asset Management and La Caisse completed their $6.5 billion acquisition of Canadian wind developer Boralex, taking the company private, according to Wind Power Monthly.
• NexGen Energy broke ground on its $1.6 billion Rook I uranium project in Saskatchewan, a mine designed to rival the world's top uranium producers, according to MINING.COM.

Oil & Gas Markets

Crude oil markets were dominated this week by escalating tensions around the Strait of Hormuz. Brent crude was set to post a 5% weekly gain after this week's attacks in the Strait of Hormuz and stalled US-Iran talks pushed oil prices toward $100, according to OilPrice.com. Separately, Oil & Gas 360, citing Investing.com, reported that Brent crude futures had edged down 0.2% to $86.84 a barrel amid the ongoing Hormuz supply uncertainty, underscoring how volatile intraday pricing has become as traders weigh conflicting signals from the region.

Natural gas markets moved in tandem with bullish weather forecasts. Natural Gas Intel reported that prompt month natural gas futures appeared headed for their first weekly gain since June 18, bolstered by record heat building in the forecast. Looking further out, Natural Gas Intel also noted that US natural gas prices could climb substantially later this decade as LNG exports and power demand increase, though the price needed to bring on sufficient supply remains up for debate.

Alaska's long-troubled LNG ambitions hit another wall this week. According to Oil & Gas 360, Alaska Governor Mike Dunleavy said he was "deeply disappointed" that a bill to advance a pipeline for the Alaska LNG project to export natural gas to Asia stalled in the state legislature. Dunleavy warned in a social media post that the legislature's decision not to reconvene the session to vote on a tax change needed to advance the $50 billion pipeline and terminal project would send a "negative signal" to investors and potential partners, while Natural Gas Intel separately confirmed the bill's failure to gain traction hindered Glenfarne Group's proposed 20 Mt/y project. Legislative leaders indicated the measure lacked support in either chamber; Senate President Gary Stevens and House Speaker Bryce Edgmon both said "the votes just aren't there" for the tax-break package, according to Alaska Beacon.

Elsewhere, offshore exploration suffered a legal defeat. OilPrice.com reported that South Africa's Constitutional Court blocked Shell-led exploration along the Wild Coast, calling it another legal setback for an offshore sector already struggling to keep pace with neighboring markets. The ruling, per TimesLIVE, blocked offshore exploration led by Shell along the pristine Wild Coast, a setback for the oil major after years of legal challenges by local communities and environmentalists, overturning a 2024 Supreme Court of Appeal decision that had previously thrown Shell a lifeline. On the refining side, OilPrice.com reported that a cargo of fuel oil from Malaysia was making its way to a U.S. West Coast refinery, the first such shipment in three years, as feedstock supply has tightened.

Renewable Energy Developments

The week's biggest renewables story was the completion of a major private-equity buyout. Wind Power Monthly reported that wind developer Boralex has gone private following its $6.5 billion acquisition. The deal, led by Brookfield Asset Management alongside Québec's La Caisse, values the Canadian renewable developer's Class A shares at C$37.25 per share in cash, positioning the newly private company for accelerated growth across its wind, solar, and battery storage portfolio spanning Canada, the U.S., France, and the UK.

On the electric vehicle front, Electrek reported that Kia's new EV3 is among the most affordable electric vehicles in the US, starting at just $29,890, with the company touting it as the lowest-priced EV in Canada as well. Elsewhere in EVs, Electrek also reported that Tesla is planning to demonstrate its new "flying" Roadster as early as this month, with a stunt planned in which the car lifts off the ground with no one inside, according to a report cited by the outlet.

On the power-demand side, Utility Dive covered how emerging computing loads are straining grid planning. One utility executive quoted by the outlet noted that "the load profile is different from anything utilities have planned for before", referring to the strain quantum computing infrastructure could place on power systems. Separately, Utility Dive reported that engineering firm WSP is capitalizing on surging U.S. power-sector work, with CEO Alexandre L'Heureux noting during a second-quarter earnings call that power now accounts for as much as 40% of the company's revenue. On the community side, Solar Power World reported that Maryland-based contractor Got Electric donated dozens of surplus solar panels to a Virginia nonprofit serving adults with intellectual disabilities.

Mining & Critical Minerals

Uranium supply took center stage this week as NexGen Energy formally began construction on its flagship Canadian project. MINING.COM reported that NexGen Energy has started construction of its C$2.2-billion ($1.6-billion) Rook I uranium project in Saskatchewan, advancing what could become one of the world's largest new sources of uranium. The underground mine and mill, per MINING.COM, are expected to take about four years to build and are designed to eventually produce about 30 million lb. of uranium annually — for comparison, Cameco's McArthur River-Key Lake operations are licensed to produce 25 million lb. annually, with 2026 guidance of 14 million to 16.5 million pounds. NexGen framed the milestone as part of the industry's response to rising nuclear demand, noting the project is "another major step toward production and becoming a leading supplier of uranium for the next generation of nuclear energy."

Lithium markets also faced fresh supply-side uncertainty. MINING.COM reported that a shutdown at CATL's Jianxiawo mine threatens to flip the lithium market into deficit. According to the outlet, Benchmark Mineral Intelligence estimates a prolonged shutdown could put about 60,000 tonnes of lithium carbonate equivalent supply at risk in China's Jiangxi province, after CATL suspended Jianxiawo in August 2025 when its mining licence expired. MINING.COM added that the consultancy currently forecasts a global lithium surplus of about 78,000 tonnes LCE in 2026, but a sustained Jianxiawo delay combined with broader Jiangxi disruptions could erase much of that cushion and potentially push the market into deficit.

In copper, MINING.COM reported that Faraday Copper is targeting an 18-billion-pound Arizona copper district, with confirmation drilling expected to support work at BHP's former San Manuel mine site. Elsewhere in the sector, Mining Technology reported that Sandvik has received orders for an underground fleet at the Karowe mine, while CiDi disclosed that it has shipped 1,900 autonomous mining trucks as deployment scales industry-wide. West Red Lake Gold also completed phase one of a shaft upgrade at its Madsen Mine, according to Mining Technology, and Russel Metals announced TSX acceptance of its normal course issuer bid, per PR Newswire.

Week Ahead Preview

With Hormuz tensions unresolved and stalled US-Iran talks continuing to drive volatility, traders will be watching for any diplomatic breakthrough or further attacks on shipping that could push Brent decisively through the $100 mark, as flagged by OilPrice.com's coverage this week. In Alaska, attention now shifts to whether a new governor and legislature — both of which will be seated in January — revisit the LNG pipeline's stalled tax framework, following this week's collapse of Governor Dunleavy's compromise bill. On the renewables and mining side, markets will continue monitoring the pace of the Boralex-Brookfield integration and whether CATL's Jianxiawo mine restart timeline shifts lithium market balances further, both developments flagged in this week's coverage.

This weekly recap is compiled from coverage by Oil & Gas 360, OilPrice.com, Natural Gas Intel, Wind Power Monthly, Electrek, Solar Power World, Utility Dive, MINING.COM, Mining Technology, and PR Newswire. For daily updates, visit stakeandpaper.com.