The Middle East conflict crossed the 150-day mark this week – and widened again. US and Saudi aircraft struck Iran-aligned forces in Iraq. Saudi Arabia stopped routing new Red Sea crude cargoes south through Bab el-Mandeb. The Caspian Pipeline Consortium reopened its Black Sea terminal, only to suspend loadings again three days later. QatarEnergy bought US LNG to cover deliveries disrupted by Hormuz, while coal fell below half of China’s electricity mix for the first time. Five developments worth watching.

Jul 30, 2026
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2 min read