Oil Markets: The IEA says global oil demand is set to fall in 2026 for the first time since 2020, with the drop driven by higher prices and Middle East shipping disruptions around the Strait of Hormuz—though the agency expects a rebound by October if tanker flows normalize. Sanctions & Trade: U.S. senators and the Trump administration have agreed on tougher measures targeting countries and companies that buy Russian oil, gas and uranium, including proposed 500% tariffs and secondary sanctions. Geopolitics in the Gulf: Markets also keep reacting to Hormuz risk as Iran-U.S. tensions flare and shipping remains below pre-war levels. Ukraine-Russia Energy War: Ukraine says it struck 21 Russian oil tankers and support vessels in the Sea of Azov, while attacks on Russian energy infrastructure continue. Energy Security & Infrastructure: India’s ONGC plans a 1.75 million-tonne strategic petroleum reserve in Mangalore to strengthen emergency stocks after Hormuz disruptions. Grid & Power Projects: Nova Scotia’s IESO opened a procurement for up to 600 MW of fast gas generation in Pictou County as coal is phased out, despite local opposition. Renewables & Storage: Aypa Power is proposing a 400 MW battery energy storage facility in Chino, California, as data-center demand grows. Gas Safety: ONGC’s Geleki oilfield gas leak in Assam is now in its fifth day, with teams still unable to pinpoint the source.