Energy and Oil Sector

Oil prices declined as investors weighed a weaker global demand outlook against supply disruptions centered on the Strait of Hormuz. Brent futures fell $1.54 to settle at $87.44 a barrel, while U.S. West Texas Intermediate dropped $1.61 to $81.66. Energy forecasters cut their consumption projections, with OPEC lowering its 2026 demand growth forecast to 580,000 barrels per day and the IEA projecting a contraction of 1.6 million barrels per day. At the same time, U.S. commercial crude inventories rose by 17.4 million barrels to 424.4 million in the week ended August 7, marking the largest weekly build since January 2023. Vessel crossings through the Strait of Hormuz fell to five on Wednesday as U.S. and Iranian officials traded competing claims over control of the waterway.

Mining.com reports that Nuclea Energy has entered into a definitive agreement to acquire the advanced nuclear technology assets of Moltex Energy Limited, which is currently in administration. The acquired portfolio includes the Stable Salt Reactor-Wasteburner molten salt fast reactor and the Waste To Stable Salt spent nuclear fuel recycling process, alongside 80 granted patents and 9 pending applications. These assets were developed over more than a decade with over C$96 million, equivalent to $68 million, in backing from private investors, Canadian public programs, and the U.S. Department of Energy. Nuclea, which develops the Morpheus microreactor, intends to integrate these complementary technologies to expand its footprint in the nuclear sector. Moltex's SSR-W reactor previously completed Phase 1 of the Canadian Nuclear Safety Commission's Vendor Design Review program.

According to mining.com, Steadright Critical Minerals has secured the mining licence for its TitanBeach titanium project in Morocco. Moroccan authorities granted the approval through NSM Capital Sarl, an entity in which Steadright holds a 76.5% stake. The license covers an area of approximately 16 square kilometres, measuring roughly 4 kilometres by 4 kilometres, which CEO Matt Lewis noted represents a significant first for the country regarding the scale of such a mining approval. Previous exploration at the 192 square-kilometre project site in 2025 indicated potential deposits of ilmenite, titanomagnetite, magnetite, leucoxene, and rutile bearing sands featuring Fe2O3 values up to 79.5% and TiO2 levels reaching 14.9%. Titanium remains a critical mineral for defense, aerospace, medical, and industrial sectors due to its corrosion resistance and strength-to-weight ratio, utilized either as titanium dioxide pigments or alloyed metal.