Developers are forecast to add a record 43.4GW of new utility-scale solar PV capacity to the US power system in 2026, a 60% year-on-year increase over 2025
, according to the US Energy Information Administration.
Multiple vessels transiting the Strait of Hormuz suffered attacks this week
, according to Chevron CEO Mike Wirth in an interview with Bloomberg TV on Friday, as reported by OilPrice.com.
Oil & Gas Markets
Oil markets experienced dramatic volatility this week as geopolitical developments in the Middle East drove the largest monthly price decline in six years.
Brent crude oil futures fell about 2% to $91.2 per barrel on Friday, the lowest in roughly six weeks, putting them on track for a 17% decline in May, the most since 2020
, according to Trading Economics.
At the beginning of the week on May 22, oil was priced at $104.68 per barrel with Brent serving as the benchmark, representing a drop of $4.08 compared with the previous day
, according to Fortune.
The sharp price decline was driven primarily by diplomatic progress on the Iran conflict.
Reports indicated that the US and Iran reached a preliminary agreement to extend their ceasefire and begin negotiations on Iran's nuclear program, with the proposed 60-day memorandum of understanding guaranteeing unrestricted shipping through the Strait of Hormuz, though the deal still requires approval from President Donald Trump
, according to Trading Economics.
The report also said Iran would remove all mines from the strait within 30 days
, according to the same source.
However, tensions remained elevated throughout the week. According to OilPrice.com,
Chevron CEO Mike Wirth revealed in an interview on Bloomberg TV on Friday that multiple vessels transiting the Strait of Hormuz have suffered attacks this week
.
Earlier in the session on Wednesday, oil prices rose about 2% after the US said it destroyed several attack drones near Hormuz, while Kuwait reported intercepting a missile fired toward the country, and Iran's Revolutionary Guard said several ships attempted unauthorized entry into the Persian Gulf
, according to Trading Economics.
The sharp drop in global oil prices was prompted mainly by messaging from Washington, where President Donald Trump and top administration officials have relentlessly suggested that Iran and the U.S. are in the final stages of talks to end the fighting, with Trump claiming in at least six social media posts in May alone that progress had been made towards a peace deal
, according to NBC News.
The market impact extended to consumers.
As of Friday morning, the average price of unleaded gas had fallen 17 cents per gallon from this year's peak of $4.56
, according to AAA data cited by NBC News, though
gas prices are still 47% higher than at the start of the Iran war
.
According to OilPrice.com,
the Philippines received its first cargo of Iranian crude since the Hormuz blockade, with a Suezmax vessel capable of carrying up to 1 million barrels arriving
, as reported by Reuters citing tanker-tracking data from Kpler and Vortexa.
Natural gas markets showed strength this week as traders positioned for summer demand.
Natural gas rose to 3.33 USD/MMBtu on May 29, 2026, up 1.37% from the previous day, and over the past month, natural gas's price has risen 20.35%
, according to Trading Economics. According to Natural Gas Intel,
natural gas futures mounted their largest single-day gain in over two months on Thursday, then crept higher still on Friday as traders eyed bullish demand signals for domestic power generation as well as LNG exports
.
Natural gas prices recovered from a 1.5-week low on Wednesday and settled sharply higher after updated US weather forecasts turned warmer, with the Commodity Weather Group saying that above-average temperatures are expected across the western half of the US from June 1-10, which should boost nat-gas demand from electricity providers to power air-conditioning
, according to Barchart.
The EIA provided updated production forecasts.
The EIA expects Lower 48 production to steadily increase throughout the forecast period, averaging 118.9 Bcf/d in 2026 and 124.0 Bcf/d in 2027, with higher crude oil prices throughout 2026 compared with last year supporting sustained production of associated natural gas
, according to the EIA's Short-Term Energy Outlook.
Global near-month futures prices have remained elevated amid the closure of the Strait of Hormuz, with price spreads between U.S. and international prices narrowing in April but remaining wider than before the closure as a result of near-maximum export capacity utilization rates of U.S. LNG terminals
, according to the same report.
Regional dynamics also shifted. According to Natural Gas Intel,
Permian Basin forward natural gas prices surged over the past month as traders appeared to reassess the extent of future basin oversupply amid growing demand, improving cash prices and upcoming pipeline projects
.
India's central bank issued warnings about oil market risks. According to OilPrice.com,
India's economy remains resilient to external shocks, but the oil price surge amid the global supply disruption poses near-term downside risks to economic growth and upside risks to inflation
, according to the Reserve Bank of India.
Renewable Energy Developments
The renewable energy sector demonstrated resilience this week despite ongoing policy uncertainty, with solar installations continuing to lead capacity additions.
The EIA expects a total of 86GW of new power generation capacity to come online in 2026, of which solar will account for 51%, followed by battery energy storage systems (BESS) with 28% (equivalent to 24.3GW), wind with 14% (11.8GW) and natural gas with 7% (6.3GW)
, according to PV Tech.
International solar deployment showed strong momentum. According to PV Magazine,
India installed 2.7 GW of rooftop solar capacity in the first quarter of 2026, driven largely by residential installations under the PM Surya Ghar program
.
Battery energy storage continued its rapid expansion.
The US energy storage industry installed 9.7 gigawatt-hours (GWh) of new capacity in the first quarter of 2026, the strongest first quarter in the sector's history, with installations up 32% year-over-year according to the US Energy Storage Market Outlook Q2 2026 released by the Solar Energy Industries Association and Benchmark Mineral Intelligence
, according to CleanTechnica.
Major corporate transactions reshaped the storage landscape. According to Renewable Energy World,
Nextpower announced a definitive agreement to acquire Prevalon Energy for up to $365 million, aiming to enhance its technology platform and enter the battery energy storage space
.
Global energy security concerns are accelerating the transition.
BloombergNEF's New Energy Outlook 2026 reveals that recent, successive energy market shocks could be a boon for the energy transition as some countries look to decouple from imported fossil fuels and bolster their energy security, with electricity demand now rising almost everywhere and solar set to become the world's single largest source of electricity in the next six years
, according to BloombergNEF.
The International Renewable Energy Agency released significant findings on cost competitiveness.
The long-standing argument that renewables lack reliability no longer holds, as today renewables can deliver reliable, round-the-clock power, and as oil and gas markets remain exposed to geopolitical shocks, including ongoing disruptions in the Strait of Hormuz, countries must insulate their economies with resilient renewable systems
, according to IRENA's press release on May 6, 2026.
Utility-scale developments continued across multiple regions. According to Utility Dive,
roughly 70% of Entergy's proposed capacity additions would serve planned data centers in Louisiana and Mississippi, with Entergy's gas projects representing one-third of MISO's fast-track interconnection process
.
Electric vehicle manufacturers faced strategic shifts. According to Electrek,
Toyota is scrapping plans to launch the Lexus LF-ZC electric sedan, which was expected to enter production later this year with advanced new batteries and next-generation technology
.
Corporate clean energy procurement remained robust despite policy headwinds.
Persistent corporate demand has been central to growth, with the rapid expansion of data centers emerging as a pillar of sustained demand, as in 2025 data centers dominated new corporate clean energy contracts, driven by AI and cloud computing growth
, according to analysis from Beveridge & Diamond.
Mining & Critical Minerals
The mining sector faced complex dynamics this week as geopolitical tensions impacted critical mineral supply chains while domestic production initiatives advanced.
Lithium markets showed signs of recovery and consolidation.
Compass Minerals is making a return to the lithium sector through a new partnership with EnergyX at Utah's Great Salt Lake, with the companies signing a memorandum of understanding that would see EnergyX invest more than $400 million into a direct lithium extraction project designed to produce up to 30,000 tons of lithium annually in two phases by 2030, arriving as lithium prices continue to rebound
, according to Mining Engineering's Weekly Rundown on May 22.
International M&A activity accelerated.
In May, Zhejiang Huayou Cobalt agreed to acquire Atlantic Lithium in a roughly US$210 million all-cash deal, strengthening its foothold in Africa
, according to Investing News.
The Strait of Hormuz crisis created unexpected supply chain pressures.
The Iran war around the Strait of Hormuz is starting to hit miners far from the Persian Gulf, with the conflict choking sulphur shipments and sending sulphuric acid prices soaring, sharply increasing production costs for lithium, nickel and other critical minerals
, according to The Northern Miner citing Wood Mackenzie analysis on May 27.
Rare earth supply concerns intensified.
The White House says China has agreed to address U.S. concerns about rare earth shortages following last week's summit in Beijing, with the latest statement specifically mentioning shortages of yttrium, scandium and indium, all minerals tied to aerospace, semiconductor and advanced electronics manufacturing
, according to Mining Engineering's Weekly Rundown.
U.S.-bound Chinese indium shipments have fallen roughly 77 percent since the restrictions began
, according to the same source.
Technology innovation accelerated in the sector. According to Interesting Engineering,
Mining is starting to hit something of a bottleneck in the face of modern demand for materials like lithium and copper, and beyond supply-demand constraints, the industry is facing a skill shortage as older engineers age out, but artificial intelligence and robots could provide a stopgap solution
, as reported on May 29.
Major producers reported strong quarterly results.
Barrick Mining Corporation produced 719,000 ounces of gold and 49,000 tonnes of copper in the first quarter, generating $5.22 billion in revenue, $2.55 billion in operating cash flow, and $1.21 billion in attributable free cash flow
, according to Barrick's Q1 2026 results.
According to Mining Technology,
Tianqi flagged battery-powered mining equipment as an overlooked source of future lithium demand beyond EVs and energy storage
, highlighting an emerging demand driver for the critical mineral.
Infrastructure developments advanced across multiple jurisdictions. According to Mining Technology,
American Pacific Mining commenced mobilisation for a planned 15,000m drilling programme at its Madison Copper-Gold Project in Montana, with the first of two drills currently on site
.
South American mining investment surged under new regulatory frameworks.
Thirteen mining projects have received formal RIGI approval as of May 2026, with total committed investment in the sector exceeding USD 42 billion and a pipeline of approximately 40 additional projects under evaluation
, according to Discovery Alert covering Argentina's mining sector.
According to market data, WTI Crude closed the week at $71.50/bbl (+0.6%), Brent Crude at $75.20/bbl (+0.5%), and Henry Hub Natural Gas at $3.25/MMBtu (-2.4%).
Week Ahead Preview
Investors will be closely monitoring developments in Iran ceasefire negotiations, as any finalization of the preliminary agreement could significantly impact oil and LNG markets. Natural gas traders will watch weather forecasts as June heat patterns develop, potentially driving power generation demand. The renewable energy sector will track policy developments in Washington as Congress debates the future of clean energy tax credits. Mining sector participants will focus on rare earth supply negotiations between the U.S. and China, as well as sulphuric acid price trends affecting critical mineral production costs.
This weekly recap is compiled from coverage by Natural Gas Intel, OilPrice.com, Trading Economics, Fortune, NBC News, PV Magazine, Renewable Energy World, Utility Dive, Electrek, Mining Technology, The Northern Miner, Mining Engineering, Investing News, BloombergNEF, IRENA, CleanTechnica, PV Tech, Interesting Engineering, and market data from Polygon.io and the EIA. For daily updates, visit stakeandpaper.com.
