Middle East conflict spurs interest in American resources in Oil & Companies News 29/04/2026 The situation in the Middle East conflict has remained broadly unchanged over the past week. The ceasefire in the Gulf has mostly held, but shipping traffic through the Strait of Hormuz has remained well below pre-war levels. The US has continued its blockade of vessels moving to or from ports in Iran, stopping and boarding two tankers. Traffic to and from other countries in the Gulf has been infrequent, deterred by the threat of Iranian attacks. While the disruption to supplies from the Gulf continues, signs of strain in the global energy system have been mounting. Brent crude futures for June, which were briefly down to about US$86 a barrel ten days ago, had rebounded up to almost US$106 a barrel by last Friday evening. The average price of gasoline in the US is about US$4.10 a gallon, with diesel at US$5.46 a gallon. The impacts of oil product shortages have been spreading. Lufthansa said it would cut 20,000 flights previously scheduled between now and October. Prices for latex products such as rubber gloves are soaring. In India, Diet Coke has disappeared from stores because of a shortage of aluminium cans. Mike Wirth, chief executive of Chevron, warned in a CBS interview: “It’s not just gas. It’s LPG for cooking in in South Asia, it is jet fuel in Europe, a number of products are becoming very short in supply.” As of Monday morning, there are no plans for more direct peace negotiations between US and Iranian officials. Interviewed on Fox News on Sunday, President Donald Trump indicated that talks would go ahead only if US conditions were met. “They cannot have a nuclear weapon. Otherwise there’s no reason to meet,” he said. However the conflict is ultimately resolved, there are already signs that the supply shock it has caused is driving interest in oil and gas production elsewhere in the world. In many cases, plans to increase production were already taking shape before the war began. But the outbreak of hostilities has created a new context for those plans, and is generating additional momentum behind efforts to bring them to fruition. In Venezuela, for example, both the government and the industry have been moving swiftly since the capture of former President Nicolas Maduro in January. Reforms to key legislation governing the oil and gas industry have been approved by the National Assembly. The reforms set new maximum rates for royalties and the Integrated Hydrocarbons Tax. PDVSA, the national oil company, lost its exclusive control of oil production and sales. Private companies are now allowed to have operational and commercial control of projects, and to have access to arbitration. International oil companies with operations in Venezuela have been setting out their plans to boost production. Chevron has said it can increase output in the country by up to 50% within the next 18 to 24 months. Repsol is aiming for a 50% increase within 12 months, and a tripling over the next three years. Chevron signed the first significant deals for international companies in Venezuela since the overthrow of President Maduro. It is increasing its stake in the Petroindependencia heavy oil joint venture with PDVSA in the Orinoco Belt, from 35.8% to 49%. It is also reshuffling a few other assets, relinquishing two gas blocks and stake in a small oil project, while taking on a new ​oil area to add to Petropiar, another Orinoco Belt heavy oil project. Shell h