Weekly Energy Market Recap: Jul 3 - Jul 10, 2026

Key Takeaways

Oil prices reached $79.25 per barrel by July 9, up $1.08 from the previous day and about $8.30 above year-earlier levels, according to Fortune , driven by escalating tensions in the Strait of Hormuz

ADNOC Logistics and Services placed a $900-million order for four newbuild LNG carriers to expand its fleet, according to OilPrice.com

Baker Hughes secured three significant contracts to supply equipment for Cheniere's Sabine Pass LNG facility expansion, including seven gas turbines and 15 centrifugal compressors expected to add more than six million tonnes per annum of LNG production capacity, according to Offshore Technology

TotalEnergies shipped the first cargo from ECA LNG Phase 1 in Mexico to Asia on July 9, according to the company's press release

TCL Zhonghuan completed its acquisition of Das Solar and announced plans to upgrade 20 GW of cell and 25 GW of module production to back-contact technology, according to PV Magazine

Oil & Gas Markets

The week was dominated by a dramatic escalation in US-Iran tensions that sent oil prices sharply higher. The United States and Iran exchanged attacks after the US military said Iran struck ships in the Strait of Hormuz, with US Central Command conducting strikes in response to Iranian attacks on three commercial vessels transiting the strait, according to Al Jazeera . On July 7, two tankers—the Qatari-owned LNG tanker Al Rekayat and Saudi-flagged supertanker Wedyan—were struck by projectiles in the Strait, with Al Rekayat evacuated after suffering a fire to its engine room, according to Wikipedia's coverage of the crisis .

The US military struck Iran for the second straight day on July 8, with US Central Command completing another round of strikes to further degrade Tehran's ability to attack commercial shipping, hitting about 90 targets including air defense systems, coastal surveillance assets, and missile and drone storage sites, according to Bloomberg . President Donald Trump declared that the ceasefire is over and warned of additional military action against Iran, including a new blockade, cautioning that oil prices could climb further and that future strikes may target Iran's key export terminal on Kharg Island, according to Trading Economics .

The geopolitical turmoil drove significant price volatility. According to market data, WTI crude traded at $71.50/bbl (+0.6%) and Brent crude at $75.20/bbl (+0.5%) by week's end, while Henry Hub natural gas fell to $3.25/MMBtu (-2.4%). Brent crude slipped below $73 per barrel on Thursday after surging 4.4% in the previous session, its biggest daily gain since May, as investors reassessed the impact of renewed US–Iran tensions on Middle East supply, according to Trading Economics .

In LNG infrastructure developments, ADNOC Logistics and Services announced a $900-million order for four next-generation LNG carriers to be constructed at Jiangnan Shipyard in Shanghai, with delivery expected in 2029, bringing ADNOC L&S' total LNG newbuild program to 18 vessels, according to OilPrice.com . The Abu Dhabi firm also has eight LNG carriers, with an investment of $2.5 billion, currently under construction at Samsung Heavy Industries and Hanwha Ocean, scheduled for delivery from 2028 and contracted on 20-year time charters to ADNOC Gas, according to the same source .

Baker Hughes secured three contracts from Bechtel Energy and Cheniere for Cheniere's Sabine Pass LNG facility in Cameron Parish, Louisiana, covering primary liquefaction equipment for Train 7, a boil-off gas re-liquefaction unit, and site-wide gas turbine technology upgrades, with the company set to deliver seven PGT25+ G4 gas turbines and 15 centrifugal compressors expected to add more than six million tonnes per annum of LNG production capacity, according to Offshore Technology .

A major milestone was achieved in North American LNG exports this week. TotalEnergies shipped the first cargo from ECA LNG Phase 1, a liquefied natural gas export terminal currently under commissioning on Mexico's Pacific Coast in Baja California, with TotalEnergies holding a 16.6% stake in the project alongside operator Sempra Infrastructure and planning to offtake 1.7 million tonnes per year of LNG for 20 years from the start of commercial operations, according to the company's July 9 press release . ECA LNG Phase 1 consists of a single-train liquefaction facility with a nameplate LNG capacity of 3.25 million tonnes per annum, and thanks to its strategic location on Mexico's west coast, enables U.S. natural gas to be exported to Asia and other Pacific Basin markets via the shortest maritime route, reducing transportation times and costs, according to TotalEnergies .

According to an article provided by OilPrice.com, India's state-owned NTPC Ltd is looking to acquire stakes in uranium assets globally to secure fuel for the expected massive expansion of India's nuclear power capacity, highlighting the broader energy security concerns driving market dynamics.

Renewable Energy Developments

The solar sector saw significant corporate activity and technological advancement this week. TCL Zhonghuan completed its acquisition of Das Solar, gaining 20 GW of n-type TOPCon cell capacity and 50 GW of module capacity while outlining plans to upgrade 20 GW of cell and 25 GW of module production to back-contact technology, according to PV Magazine . TCL Zhonghuan announced investing CNY 1.4 billion ($206 million) to convert the full 20 GW of cell capacity to back-contact production lines and CNY 1.2 billion ($176 million) to upgrade 25 GW of module capacity to BC module assembly lines, with the upgrades providing TCL Zhonghuan with 20 GW of BC cell capacity and 25 GW of BC module production capacity once completed, according to the same source .

In market deployment news, Switzerland's solar sector reported strong 2025 performance. According to a PV Magazine article provided in the RSS feed, Switzerland's PV market added 1.33 GW of new capacity in 2025, bringing cumulative installations to 9.5 GW, while solar generation covered 13.71% of electricity demand. This represents a decline from 1.8 GW deployed in 2024, but still demonstrates substantial market maturity.

Product innovation continued across the sector. According to PV Magazine articles provided, Canadian Solar launched upgraded EP Cube Single-Phase 2.0 and Three-Phase Pro energy storage systems, combining hybrid inverters with modular LFP batteries for residential, commercial & industrial, and scalable battery applications. Additionally, researchers developed laser-assisted poly-Si finger contact fabrication methods combining picosecond laser modification and potassium hydroxide wet etching to reduce parasitic absorption in TOPCon solar cells, demonstrating ongoing efficiency improvements.

The European Commission published draft terms and conditions for the fourth European Hydrogen Bank auction, planned for end-2026 with a €500 million budget, according to a PV Magazine article, signaling continued policy support for renewable hydrogen development.

Mining & Critical Minerals

The mining sector saw several operational and technological developments this week. According to an International Mining article provided, Bradken officially inaugurated its foundry in Chilca, Peru, marking what the company describes as a major step forward in supporting the growth of the Latin American mining industry. The mill liner foundry will strengthen Bradken's regional presence and service capabilities.

In operational innovation, Sandfire MATSA, as part of its commitment to innovation, digitalisation and improving safety in its underground operations, achieved a new technological milestone at the Sotiel mine in Spain by completing the first surface-initiated blast , according to International Mining. This represents an advancement in mining safety protocols.

Project development activity also progressed. According to a Mining Technology article provided, Stantec was selected as one of the engineering firms for the Woodsmith polyhalite project feasibility study in North Yorkshire, UK, with momentum building again at the project as Anglo American moves forward with technical planning.

In the aluminum sector, according to a Mining Technology article, EGA resumed alumina output at its Al Taweelah refinery in Abu Dhabi, restoring production capacity at the major Middle Eastern facility.

Corporate reporting schedules were also announced. According to GlobeNewswire, Barrick Gold Corporation will release its second quarter 2026 results before markets open on Monday, August 10, 2026 at 6:00 AM ET, providing investors with visibility into mid-year performance for one of the world's largest gold producers.

Week Ahead Preview

Markets will continue monitoring developments in the Strait of Hormuz, where the fragile security situation remains the primary driver of oil price volatility. The International Energy Agency's assessment that renewed U.S.-Iran conflict could upend oil surplus forecasts—as mentioned in an OilPrice.com article—will keep traders focused on geopolitical risk premiums.

In corporate reporting, Barrick Gold's August 10 earnings release will provide insight into precious metals sector performance amid ongoing macroeconomic uncertainty. The LNG sector will watch for further commissioning progress at TotalEnergies' ECA LNG facility and continued developments in ADNOC's fleet expansion program.

Investors should also monitor any further policy announcements from the European Commission regarding renewable energy support mechanisms, particularly as the fourth hydrogen auction takes shape for later this year.

This weekly recap is compiled from coverage by OilPrice.com, Offshore Technology, PV Magazine, International Mining, Mining Technology, GlobeNewswire, TotalEnergies, Trading Economics, Fortune, Bloomberg, Al Jazeera, and other industry sources. Market data sourced from Polygon.io and EIA. For daily updates, visit stakeandpaper.com.