- Jul 23
EU approves 21st sanctions package against Russia, freezes oil price cap at $44.10 after Greek shipping exemption
After weeks of wrangling, EU ambassadors agreed to freeze the oil price cap at $44.10 per barrel for 12 months, add 32 Russian banks to the transaction ban, and target the shadow fleet, but watered down LNG transport restrictions to satisfy Athens.
- Jul 23
TotalEnergies doubles Q2 profit to $5.4 billion as Middle East war lifts oil prices and reignites France's superprofits tax debate
The French oil major posted a net profit of $5.4 billion for the second quarter of 2026, up from $2.7 billion a year earlier, while adjusted net income reached $6 billion. The surge was fuelled by the three-month Brent average of $97 per barrel, a 45 percent year-on-year jump driven by the conflict in the Middle East and the de facto closure of the Strait of Hormuz.
