The fuel and energy complex (FEC) greets Friday, August 7, 2026, amid heightened volatility. The main driver of the week has been the negotiations between the USA, Iran, and Oman regarding the opening of the Strait of Hormuz—a key artery for the global trade of oil and liquefied natural gas (LNG). Expectations of a quick deal have plunged oil quotes by more than 5% in a single session, with Brent retreating from local highs at the end of July to about $79 per barrel. Simultaneously, OPEC+ concludes its annual production increase cycle as Europe enters the heating season with the lowest level of gas storage in five years, while Russia continues to maintain its ban on the export of petroleum products amid domestic fuel shortages. For investors, traders, and market participants, this presents a rare combination of geopolitical easing in the Middle East and a structural gas deficit in Europe—a combination that will dictate the dynamics of oil, gas, petroleum products, and electricity in the coming weeks.