Global Energy Shifts: Hormuz Tensions, UK Price Spike, Petrofac Sale

Emirati energy giant ADNOC has sent a second LNG carrier through the Strait of Hormuz operating in "dark mode," according to OilPrice.com, citing Bloomberg. The vessel, the Umm Al Ashtan, loaded at the Das Island LNG terminal with its geolocation signals switched off and is sailing to India. This follows a report earlier this week that ADNOC has been using its own fleet to ship oil and gas through the strategic chokepoint using the same covert method. The news service reported that ADNOC has sent three other tankers via the Strait in dark mode.

The activity adds to growing traffic through Hormuz after Iran proposed individual deals for safe passage. Two other LNG carriers passed through earlier this week bound for Pakistan and China, and a very large crude carrier also cleared the Strait en route to China, OilPrice.com reported. ADNOC, among the hardest hit by the Strait's closure, is accelerating plans to boost the capacity of a pipeline bypassing Hormuz and recently warned the war's impact on energy supply could stretch into 2027.

Separately, UK energy regulator Ofgem announced a 13% increase in the country's energy price cap effective July 1, 2026, according to a separate OilPrice.com report. The hike is a direct result of higher wholesale gas prices driven by the ongoing Middle East crisis. Ofgem CEO Tim Jarvis stated the change "reflects continued volatility in global energy markets." The report notes that gas remains critical for UK heating and power generation, supplying a third of Britain's electricity, prompting calls from industry to boost domestic gas storage and North Sea production.

In corporate news, Petrofac has completed the divestment of its core engineering and construction business in the UAE, Rigzone reported. The unit, Petrofac Emirates, was sold to a consortium of financial investors led by Mason and Pearlstone Alternative. Petrofac has been under administration since 2025.

For Bakken operators and royalty owners, these developments highlight the persistent geopolitical risks influencing global oil and gas markets. Disruptions and covert shipments in the Strait of Hormuz—a vital corridor for global LNG—contribute to price volatility and supply uncertainty. The subsequent shock to European natural gas prices, as seen in the UK, underscores how regional conflicts can swiftly translate into higher global energy costs. This environment reinforces the strategic value of secure, domestic production from basins like the Bakken. The restructuring and asset sale of a major international service company like Petrofac further reflects the ongoing realignment within the global oilfield services sector.