Oil prices started the week surging to new highs over concerns linked to supplies to US customers. The market takes in account damages caused from Hurricane Ida coupled with higher demand, Reuters reported. Brent crude rose to $73.40 a barrel, and US West Texas Intermediate crude was up to $70.21 a barrel. Both markets were at their highest since 3 September.

The Russian energy giant Gazprom announced that it had fully completed the construction of the Nord Stream 2 gas pipeline which connects undersea Russia and Germany. The project is expected to boost natural gas exports and bypass the territory of Ukraine, Reuters reported. The controversial pipeline will double Russia's gas exporting capacity to Europe via the Baltic Sea and will allow Moscow to circumvent its political foe Ukraine as a major route for its lucrative gas exports to Europe.

The expanded organisation of oil exporting countries OPEC+ announced it revised upwards its forecast for the global demand and consumption in 2022. The projected higher demand is coupled with falling inventories and rising prices, Reuters elaborated. OPEC+ is under intense pressure by US to increase its oil output.

Crude oil prices soared on supply concerns as powerful hurricane Ida swept the US Gulf and forced a large number of companies to halt the activity of offshore refineries and urgently evacuate the personnel. On international markets crude oil soared after three weeks of prices slowly rising, Reuters reported. Traders are not certain whether and how many of the platforms are still functional.

The Nord Stream 2 gas pipeline must obey the EU regulations with no exemptions, a German court ruled. The specific EU regulations require that the owners and operators of the pipeline must offer a certain part of total volume to parties different from the suppliers of the gas that flows in them to ensure fair competition. The ruling emphasizes that there should be no exempt from EU, Reuters elaborated.

Crude oil tumbled down to 66 dollars per barrel as latest Covid-19 cases surge prompted lower demand for fuels. The drop in demand is coupled by rising US dollar against major currencies. US which is a major oil consumer also reported record high levels of gasoline inventories, Reuters elaborated.

International oil prices dipped in early August trading as investors eyed slowing Chinese economy and the envisaged rise in world production. A survey showed that the factory activity in China has slipped sharply. The country is the world's second biggest oil consumer, Reuters elaborated. Still the oil producers from OPEC are enforcing their vows to rise output.

Electricity demand in the European Union has returned to pre-pandemic levels without a corresponding rise in emissions, according to a report published Wednesday by the energy think tank Ember.

Iran Thursday began exporting its new $2 billion exports terminal by loading 300,000 barrels on an oil tanker off the Sea of Oman, enabling the sanction-hit country to bypass the Strait of Hormuz for oil exports.

The oil cartel OPEC and its partner countries, collectively called OPEC+, have agreed on a significant increase in oil production in view of the recovery of the global economy, news wires reported. Starting in August, the oil alliance will increase its daily production by 400,000 barrels per month, the members announced on Sunday after an online ministerial meeting.