The European Union’s ban on Russian fuel imports is likely to actually increase the world’s need for oil tankers, according to vessel owner Torm A/S.

U.S. crude sales overseas are set to hit fresh records through next year as American oil increasingly takes market share in Europe.

The U.K. imported no fuel from Russia in June for the first time on record, with fuel imports falling by £499 million — or 100% — compared with the average for the previous 12 months to February.

Europe’s energy crisis is unleashing a global battle over liquefied natural-gas (LNG) tankers, with rates to charter the specialized ships jumping to record highs.

After years of pandemic-driven port congestion, supply chain bottlenecks and limited freight capacity, the Russian invasion of Ukraine turned what was already a tight fuel market into an energy crisis.

With average temperatures rising and heat waves become more frequent and intense, infrastructure and in particular roads are increasingly vulnerable to human-induced global warming.

Despite uncertainties, utility companies must continue to provide seamless and consistent services to their customers. In this environment, the role of procurement becomes even more critical.

Gas prices in the United States fell below $4 a gallon on Thursday, retreating to their lowest level since March.

The Rhine River is set to become virtually impassable at a key waypoint in Germany, as shallow water chokes off shipments of energy products and other industrial commodities along one of Europe’s most important waterways.

The Biden administration’s push to form an international buyers’ cartel to cap the price of Russian oil is facing resistance from maritime insurers that it cannot be reliably enforced.