Shipping traffic through the Strait of Hormuz, a major maritime choke point for world energy trade, has been largely blocked by Iran since 28 February 2026 , and despite repeated announcements that the waterway has reopened, the reality on the water tells a different story. Ship traffic in the Strait of Hormuz is still way below normal levels before the war when more than 100 vessels crossed daily , according to CNBC. Reuters reported that only 5 ships crossed the Strait of Hormuz within 24 hours on April 24, and shipowners say a return to normal shipments is months away, at best , Bloomberg reported.

The economic costs of the conflict are mounting as the Strait of Hormuz — which normally carries roughly one-fifth of global oil supply — has been effectively closed for nearly two months , according to CNBC. According to market data, WTI crude traded at $71.50 per barrel on Friday, up 0.6%, while Brent crude stood at $75.20 per barrel, up 0.5%. The ongoing disruption has created winners and losers across global energy markets, with refiners outside the Persian Gulf suddenly finding themselves in high demand.

Nigeria Becomes a Net Fuel Exporter

In a market starved of refined products, Nigeria's Dangote refinery has emerged as one of the few reliable sources of fuel, particularly for Europe and Africa. As of February 2026, the refinery had hit full refining capacity of 650,000 barrels per day, making it the world's largest single-train refinery , according to Wikipedia and WithinNigeria. March 2026 data showed the plant operating at near-peak throughput , WithinNigeria reported.

Nigeria's Dangote Petroleum Refinery and Petrochemicals has begun exporting fuel across Africa after reaching full production, with the facility owned by billionaire Aliko Dangote ramping up processing crude to its full nameplate capacity of 650,000 barrels a day last month , Bloomberg reported in March. Several African governments, including South Africa, were reported to be in discussions with the Dangote Refinery for long‑term supply arrangements, with South Africa inquiring about a 12‑month contract for refined petroleum products amid global fuel market disruptions , according to Wikipedia.

At the center of this ecosystem sits Dangote's 650,000 barrels per day facility—accounting for nearly half of Nigeria's installed capacity and standing as the largest single-train refinery globally , Vanguard News reported. The refinery's timing could hardly be better. With Persian Gulf exports severely constrained, Nigeria is finally fixing a long-standing paradox: being a major crude exporter that couldn't meet its own fuel demand.

Geothermal Energy Attracts Record Investment

While oil markets grapple with geopolitical disruption, a quieter revolution is unfolding in renewable energy. The U.S. Geological Survey estimates that enhanced geothermal systems offer 135 GW of clean energy production potential in the Great Basin of the U.S. Southwest alone, while other predictions suggest there could be up to 150 GW of production capacity , OilPrice.com reported.

According to IEA analysis, financing for next-generation geothermal reached nearly USD 2.2 billion in 2025, an 80% increase year-over-year and up from just USD 22 million in 2018 . Fervo Energy's Cape Generating Station under construction in Utah will be the first large-scale commercial-scale enhanced geothermal system generator in the United States, with a planned maximum capacity of 53 megawatts and 28 MW of net summer capacity, scheduled to come online in June 2026 , according to the U.S. Energy Information Administration.

Although the United States leads the world in geothermal electricity capacity with about four gigawatts, DOE analysis shows the potential for at least 300 gigawatts of reliable, flexible geothermal power on the U.S. grid by 2050 , the Department of Energy reported. The U.S. Department of Energy announced a funding opportunity of $171.5 million to support next-generation geothermal field-scale tests for both electricity generation and exploration drilling in February.

The technology is attracting interest from an unlikely customer base. Meta signed an agreement with geothermal developer SAGE to provide Meta's data center operations with up to 150 MW of the first new geothermal power east of the Rocky Mountains , the EIA reported.

Wood-Based Solar Storage Breaks New Ground

In what may sound like science fiction, researchers in China have developed a way to turn wood into a solar energy system that continues generating power after dark. Scientists in China have developed a wood-based solar thermal material that can store sunlight as heat and release energy after dark , OilPrice.com reported.

In a solar simulator, the engineered balsa wood achieved a photothermal efficiency of 91.27%, meaning almost all the light hitting it became usable heat, stored 175 kilojoules of energy per kilogram, and when connected to a thermoelectric generator, produced up to 0.65 volts , according to Tech Xplore.

The process involves removing lignin from balsa wood to create a porous structure, then coating the internal channels with black phosphorene to absorb sunlight. Those channels are filled with stearic acid, which melts and stores energy when heated , OilPrice.com explained. When sunlight hits the material, it heats up and melts the acid inside, which is then released gradually, meaning that the material continues to produce energy in the form of heat long after the source of sunlight is gone .

While the technology is still in early stages, it addresses a fundamental challenge for solar power: energy variability. As OilPrice.com noted in its coverage, the world is adding solar and wind capacity at unprecedented scale, but the mismatch between when energy is produced and when it's needed creates grid management headaches and market volatility.

States Retreat From Climate Goals

Even as new clean energy technologies advance, political and economic realities are forcing several U.S. states to scale back their climate ambitions. As the United States government continues to crack down on renewable energy development, several states are being forced to backtrack on their climate goals as they view them as increasingly unachievable, marking a significant shift away from Biden-era green transition policy aims , OilPrice.com reported.

The governor of New York, Kathy Hochul, admitted recently that the state's goal for significantly reducing emissions by 2030 is now unattainable, meaning that the legislature must revise its climate law to reflect the current situation , according to OilPrice.com. In Rhode Island, Governor Dan McKee has proposed delaying a legal deadline, from 2033 to 2050, for when the state must attain all its electricity from renewable sources, to avoid increasing short-term consumer energy costs .

While many governors in the northeast of the country are still supportive of climate initiatives, many have had to adapt policies to address rising consumer energy costs owing to growing voter concern about affordability, largely in response to the U.S.-Israeli attack on Iran and the ongoing Middle East conflict, which has driven up the cost of fossil fuels globally , OilPrice.com reported.

The retreat isn't universal. The United States Climate Alliance, a bipartisan coalition of 24 governors, collectively represents approximately 60 percent of the U.S. economy and 55 percent of the U.S. population, and their states have reduced net greenhouse gas emissions to 24 percent below 2005 levels while growing their collective gross domestic product by 34 percent , according to the Center for American Progress.

The diverging paths reflect a broader tension in energy policy: how to balance long-term climate goals with short-term affordability concerns, especially when geopolitical shocks send fossil fuel prices soaring. With natural gas trading at $3.25 per MMBtu according to market data, down 2.4% on the day, the pressure on state budgets and consumer bills remains intense.