X-energy raised $1 billion by offering 44.3 million shares at $23, above the $16 to $19 range , according to Renaissance Capital. The company has yet to begin construction on any of its reactor facilities, but it already has an order pipeline of more than 11 gigawatts thanks to partnerships with companies including Amazon, Dow and Centrica , CNBC reported.

The Financial Times reported that the company focuses on developing scalable nuclear systems to help meet growing electricity demand, including from energy-intensive uses like data centers . The company has a deal with Dow to provide heat and power to a chemical plant in Texas and another with Amazon to sell as much as 5 gigawatts of nuclear power by 2039 , according to TechCrunch.

Oil Prices Hold Above $100 as Iran Conflict Drags On

While nuclear power attracts fresh capital, traditional energy markets remain gripped by geopolitical turmoil. According to market data, WTI crude traded at $71.50 per barrel and Brent at $75.20 per barrel as of April 25. However, Brent crude has surged more than 55% since the Iran war began, hitting nearly $120 a barrel at its peak, amid fears of disrupted oil flows through the Strait of Hormuz , CNBC reported earlier this week.

Global oil prices reversed gains on Friday, but are still on track for a sharp weekly gain, as tensions simmered in the Strait of Hormuz due to uncertainty surrounding peace negotiations between the US and Iran, with Brent giving up 0.54 per cent to $104.50 a barrel , The National reported.

The International Energy Agency characterized the situation in stark terms. The conflict has caused the restriction of nearly all traffic through the Strait of Hormuz, leading to what the International Energy Agency has characterised as the "largest supply disruption in the history of the global oil market" , according to reporting on the crisis. In early April, shipments through the Strait remained severely restricted, with loadings of crude, natural gas liquids and refined products averaging around 3.8 mb/d, compared with more than 20 mb/d in February ahead of the crisis , the IEA reported in its April Oil Market Report.

P&G Warns of Billion-Dollar Profit Hit

The oil price surge is now hitting corporate bottom lines in a measurable way. US consumer goods giant Procter & Gamble has today warned of a roughly $1 billion hit to its fiscal 2027 profit from surging oil prices, joining a host of global companies flagging significant cost pressures from the war in Iran , RTE reported.

"A lot of our materials are petrol-based, so with oil at around $100, there's a significant impact in terms of input cost," P&G finance chief Andre Schulten said on a media call , according to RTE. The profit hit to P&G's fiscal year beginning July accounts for the impact of oil price jumping from US$60 a barrel before the conflict to around US$100 today on plastics and paper for packaging, as well as transportation charges, the company said , The Edge Malaysia reported.

A Reuters review of statements from 172 companies since the start of the Iran war showed 24 of them have either withdrawn or cut their outlook, while 35 have signaled price hikes and another 35 have warned of a financial hit from the conflict , according to reporting by Reuters.

Natural Gas Markets Diverge from Oil Rally

While oil prices remain elevated, natural gas markets are telling a different story. According to market data, Henry Hub natural gas traded at $3.25 per MMBtu, down 2.4%. Natural gas fell to 2.55 USD/MMBtu on April 24, 2026, down 2.40% from the previous day , Trading Economics reported.

Natural Gas Intel reported that US natural gas futures fell to $2.57 per MMBtu, reaching their lowest since October 2024, pressured by ample storage levels and continued strong injections into inventories, with a federal report showing utilities added 103 billion cubic feet of gas to storage for the week ended April 17 .

The divergence reflects fundamentally different supply dynamics. While oil faces severe disruption from the Strait of Hormuz closure, natural gas production remains robust domestically even as LNG export demand grows.

Canada Approves Major Pipeline Expansion

In a sign that North American energy infrastructure is moving forward despite global turbulence, the federal government has approved a $4-billion plan by Enbridge Inc. to expand an existing natural gas pipeline in British Columbia, with the Sunrise project adding 300 million cubic feet per day of transportation capacity on Enbridge's 3.6-billion-cubic-feet-per-day Westcoast system , CBC reported.

"There's more of a sense of purpose and an intent and a prioritization, which is what we need to see in Canada," Akman said , according to BNN Bloomberg. Construction is scheduled to begin in July 2026, with a targeted in-service date in late 2028 , Enbridge announced.

The approval represents the first major pipeline project greenlit under Prime Minister Mark Carney's government, signaling a potential shift in Canada's approach to energy infrastructure development.

Oil Service Giants See Sustained Higher Prices

The oilfield services sector is positioning for an extended period of elevated prices. Reuters reported that SLB and Baker Hughes both indicated they expect crude prices to remain higher for longer, with immediate implications for exploration spending and product costs including gasoline.

MarketWatch noted that the Iran war has permanently changed the fossil fuel industry and will accelerate a shift toward renewables, nuclear power and electrification at the expense of oil demand , citing IEA chief Fatih Birol's comments to The Guardian.

The energy landscape is being reshaped by multiple forces simultaneously: geopolitical conflict driving oil scarcity, surging electricity demand from AI data centers reviving nuclear power investment, and natural gas markets navigating their own supply-demand balance independent of crude oil dynamics. For energy buyers and corporate planners, the message is clear—volatility and higher input costs are the new baseline, not a temporary disruption.