May 2026 – Week 3
As part of an expanded focus on real-time coverage, this live blog tracks developments across global energy markets, including electricity prices, oil and gas benchmarks, and renewable generation trends.
It is updated throughout the week with the most significant developments around energy and related markets with a sustainability lens.
Last week’s live blog can be found here.
Key developments we are tracking this week:
- Volatility across oil, gas and electricity markets
- Clean energy’s response to the energy crisis
- Policy shifts driven by the energy crisis
Latest
Monday 18th of May 2026
00:00 GMT
Oil price: In early trading on the Asian markets, the oil price has surged by between 1-2% for both Brent Crude and WTI compared to the end of trading on Monday.
The oil futures likely reacted to Iran attacking a nuclear facility in the UAE.
Friday 15th of May 2026
15:15 GMT
Wind power: The renewable energy trade body, RenewableUK, has commented on the wind power announcement by the UK government, with its CEO, Tara Singh, saying:
This is a milestone moment for the development of offshore wind in the UK. These projects will provide up to 4 gigawatts of new offshore wind capacity, equivalent to a quarter of the UK’s entire current offshore wind fleet. That’s enough to power over four million homes a year.
Earlier updates
15:10 GMT
Wind power: UK’s Energy Secretary, Ed Miliband, has given the green light to three major UK offshore wind farms, which combined totals and unprecedented up to four GW of new wind power capacity.
Two of the offshore wind projects are extensions to the already existing Dogger Bank offshore wind farm, Dogger Bank South East and Dogger Bank South West – each projected to add 1.5 GW of new capacity and developed by RWE and Masdar. The third one, North Falls, is expected to add in the region of 1 GW and is being developed by RWE and SSE Renewables.
11:00 GMT
Geopolitics: In a visit to China and discussions with the country’s president Xi Jinping, Trump and his counterpart released a joint statement calling for the Strait of Hormuz to be opened.
10:55 GMT
Oil price: Oil futures have jumped on Friday morning as the Asian and European markets opened, as Trump said he is losing patience with Iran and they should just agree to a deal.
Both Brent Crude and WTI are up by around 4%.
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Categories: Energy, Geopolitics, live updates
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