Brent Crude Oil — a European benchmark used for global market purchases — rose to $91.48 by early Wednesday afternoon, or a 1.76 percent increase over the previous day, according to MarketWatch.
The West Texas Intermediate (WTI) — a futures contract traded on the New York Mercantile Exchange — sat at about $88.29, or a 1.88 percent increase from the day before.
These numbers, according to Reuters, steered Brent and WTI on course for what could be their highest closes since Sept. 29 and Oct. 3, respectively.
The upswing in oil prices marks a stark contrast from the decline we reported a week ago, when Saudi Arabia pledged to help stabilize the market amid the ongoing Israel-Hamas war.
The surge in prices came amid President Biden’s Wednesday visit to Israel, during which he expressed unwavering support for Israel while also advising its leaders to proceed with caution.
The day before, hundreds of people died in a Gaza hospital explosion. Hamas claimed an Israeli airstrike led to the blast, but Israel and the U.S. have attributed it to a misfired rocket from the Islamic Jihad group.
Iranian Foreign Minister Hossein Amir-Abdollahian has called for Islamic nations to boycott and institute an oil embargo on Israel, The New York Times reported, citing Iranian media. Iran is a longtime backer of Hamas.
While Israel imports almost all its oil — mainly from Kazakhstan, Azerbaijan and Nigeria — experts said an embargo would have little immediate effect, as the country does not rely on major Persian Gulf producers, according to the Times.
Nonetheless, such action would be reminiscent of a boycott launched by Organization of the Petroleum Exporting Countries (OPEC) in 1973 during the Arab-Israeli war and that resulted in long lines at U.S. gas pumps, the Times reported.
Yet sources from OPEC, which generates a third of global oil, told Reuters that no immediate action was being taken related to Iran’s demands.
“We are not a political organization,” one of the sources said.
Welcome to The Hill’s Sustainability newsletter, I’m Sharon Udasin — every week we follow the latest moves in the growing battle over sustainability in the U.S. and around the world.
In the aftermath of Hamas’s unprecedented assault on Israel, the ensuing war is threatening to rattle a key natural gas supply hub in the Eastern Mediterranean region. Last Monday — just two days after Hamas launched the surprise attack — Israel’s Energy and Infrastructure Ministry announced a temporary halt in the supply of gas from the country’s Tamar reservoir. Located about 15 miles west of the …
The U.S. Fish and Wildlife Service (FWS) declared 21 species extinct Monday, including 10 birds and two freshwater fish. The species, which the agency removed from the list of those protected under the Endangered Species Act (ESA) due to extinction, are part of a list of 23 that were proposed for delisting two years ago.
Wildfire smoke may linger in homes long after first responders have extinguished the initial blaze, a new study has found. Components of the smoke can attach to home surfaces, such as carpets, drapes or counters — prolonging exposure to those inside and possibly causing health issues, according to the study, which was published Friday in Science Advances. Although this risk can remain even after initial air purification, the …
(KTVX) — If you can get a scientist to say “wow,” then you’re in pretty impressive territory. According to NASA’s OSIRIS-REx asteroid researchers, they’ve been saying “wow” quite a bit since their asteroid sample landed on Earth.
As climate-driven warming leaves American cities sweating, urban buildings may sustain much more frequent surges in peak electricity usage over the coming decades, a new study has found.
The energy required to cool U.S. buildings could increase by 13.8 percent for each degree of warming on average, according to the study, published on Wednesday in Nature Communications.
Giant urban footprints: Residential and commercial buildings in U.S. cities today consume about 39 percent of the country’s energy, the study authors noted.
Today, fossil fuels account for about 40 percent of all building energy consumed in U.S. urban city centers.
Figuring out the future: Given the dynamic effects of climate change, however, the researchers understood that these figures would not necessarily apply to the buildings of decades to come.
“Understanding their future energy use is very important for developing climate change mitigation strategies,” lead author Chenghao Wang, an assistant professor at the University of Oklahoma, said in a statement.
Boosting resilience at city-scale: A clearer estimate of future needs would also help people improve efficiency, develop and implement energy and environmental regulations, according to Wang, who heads the Sustainable Urban Futures Lab.
Such action, he explained, could enhance human resilience and adaptation capabilities amid extreme weather conditions.
“As global cities commit to ambitious sustainability goals, a more granular understanding of energy use at the city scale becomes imperative,” Wang added.
The intersection of warming and power use: To gain such an understanding, Wang and colleagues from around the world focused on 277 cities across the contiguous U.S.
They used model simulations and future climate projections to consider four possible warming scenarios and two power sector scenarios.
One power scenario assumed not future carbon policies would be implemented.
The second involved rapid decarbonization and net-zero emissions transitions by 2050, in line with climate goals announced by President Biden earlier this year.
Calculating consumption: Wang and his colleagues then used an indicator called energy use intensity (EUI), or the energy consumed per square foot per year, to determine how urban building energy use could evolve.
They calculated the EUI by dividing the total energy used in the buildings by their total gross floor area, the authors explained.
What did they find? The researchers observed that city-scale building EUI would undergo uneven changes by the 2050s, in comparison to baseline levels in the 2010s.
The biggest increases would affect the South, Southwest, West and Southeast portions of the U.S., which would see a surge of up to 7.2 percent, according to the study.
Peak usage could persist: The scientists also identified a likely rise in the frequency of summer peak electricity usage in urban buildings.
They found an average of 10.1 percent to 37.7 percent surge in such settings across the country.
Some cities, however, may incur greater than 110-percent increases.
“This will require higher grid capacity and also greater resilience against power outages during extreme heat waves,” Wang said.
On Our Radar
Upcoming news themes and events we’re watching:
The International Energy Agencywill be publishing its annual World Energy Outlook next Tuesday. The analysis will provide insights on global energy demand and supply trends, as well as the implications for security, environmental protection and economic development, the organization stated.
As households nationwide dust off Halloween decorations and holiday lights, Colorado Parks and Wildlife has asked residents of the Centennial State to evaluate their outdoor spaces for potential tangle hazards. Antlered wildlife migrating from summer habitats to winter ranges risk becoming dangerously ensnared in decorations, hammocks, garden items and sports netting, according to Parks and Wildlife.
The Environmental Protection Agency (EPA) declared Tuesday that lead in fuel for small airplanes is a danger to public health, marking a key step toward taking regulatory action.
Lake Mead officials are warning hikers planning to head to popular hot springs below Hoover Dam: Avoid any activity that involves splashing or submerging your head. Read more
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