Big Oil

Iranian boats tried to seize British oil tanker in Gulf, U.K. says

British destroyer Edinburgh escorting prob. British oil tanker through Iran-Iraq tanker war plagued waters, heading for Strait of Hormuz in Gulf of Oman.
A British destroyer escorting an oil tanker heading for Strait of Hormuz in Gulf of Oman. Photo: Thomas Hartwell/The LIFE Images Collection via Getty Images

Britain's government said Iranian boats tried to seize a British oil tanker in the Strait of Hormuz in the Persian Gulf Wednesday before a British warship intervened, the Telegraph reports.

"Contrary to international law, 3 Iranian vessels attempted to impede the passage of a commercial vessel, British Heritage, through the Strait of Hormuz. "We are concerned by this action and continue to urge the Iranian authorities to de-escalate the situation in the region."
— British government statement to U.K. media outlets

Sizing up Big Oil's clean tech moves

Illustration: Rebecca Zisser/Axios

Oil giants face tricky strategic decisions as they move into renewables, vehicle electrification and other tech beyond their very dominant fossil fuel lines, argues a new analysis released via the Oxford Institute for Energy Studies.

Why it matters: The OIES analysts argue that giants like ExxonMobil, BP and Shell must navigate two large and contradictory global forces: growing political, societal and market pressure to cut global emissions and the strong likelihood that "significant volumes of oil and gas will be required well after 2050."