Iran’s offer

** Iran said on Tuesday it would reciprocate if the United States honored its commitments under a June interim deal on halting their conflict, but tensions remained high after U.S. President Donald Trump threatened Tehran with further strikes. Oil prices rose after the first exchange ‌of direct attacks since late July, and following reports of two tankers coming under fire leaving the Strait of Hormuz, the global oil supply waterway that ‌Iran has effectively closed to shipping.

Economic war

** Iran’s central bank governor, Abdolnaser Hemmati, said on ​Tuesday that Tehran had sufficient foreign currency reserves. The ​central bank was ready to inject up to $2 billion into the foreign exchange market to calm recent volatility, Hemmati was quoted as saying by the semi-official Tasnim news agency. “I am telling the president of the United States: Iran has (foreign) currency and it has enough,” he said.

Venezuelan oil

** Experts downplay President Trump’s boast that the new Venezuelan oil deal will lower gasoline prices. Venezuela has the world’s largest proven oil reserves, at just over 300 billion barrels, according to the U.S. Energy Information Administration. By comparison, the U.S. has less than 50 billion barrels. Venezuela’s oil industry has suffered from years of underinvestment, with experts estimating that at least $100 billion is needed to restore its oil fields to full capacity. The country has boosted its oil production this year to about 1.1 million barrels a day in the second quarter, up from 941,000 barrels a day in 2025, according to the latest OPEC data.

Wind

** Ørsted has commenced commercial operations at Borkum Riffgrund 3, a 913MW offshore wind farm in the German North Sea. The project, co-owned by Ørsted and Nuveen Infrastructure, is said to be one of the largest offshore projects currently operating in Germany.

US energy developments

** Raw sewage inadvertently dumped into the Arkansas River in Pueblo, Colorado is making its way downstream. Colorado Public Radio reported State officials said Friday that an advisory is in place beginning where Fountain Creek meets the river. Areas impacted include Blende, Avondale, Manzanola, La Junta and more. Colorado Parks and Wildlife has issued a warning for John Martin Reservoir State Park east of the town of Las Animas.

** Cheniere Energy said Monday it completed its Corpus Christi LNG (CCL) Stage 3 project after bringing the seventh and final liquefaction train online at the expansion in South Texas. It was the last of seven new liquefaction trains at the LNG terminal.

** Attorneys for Michigan Gov. Gretchen Whitmer (D) appeal a federal judge’s ruling that sided with Enbridge as the state seeks to terminate the company’s easement to operate Line 5 in the Straits of Mackinac.

** Summit Carbon Solutions seeks to cancel two of three permits for a carbon storage project as it appeals a court ruling that voided all three permits.

** California files a lawsuit seeking to block the Trump administration’s deal paying off Golden State Wind to abandon its offshore wind leases along the state’s coast, saying the agreement jeopardizes thousands of jobs and the state’s investments in the industry.

** The federal Bureau of Land Management plans to auction 600 acres of oil and gas leases adjacent to a contested planned drilling operation near Aurora Reservoir in Colorado.