The emergence of the new Omicron variant has ended, at least for the moment, the surge in oil prices that has unfolded over the course of much of this year.
Stark mismatches in demand and supply have hit China's power sector as the international community urges a swift shift from fossil fuels.
The impacts of China's power outages on manufacturing have gone global, as the ripple effects begin to emerge.
Across the globe, consumers are scrambling to maintain access to energy.
As peak demand becomes more obvious and decline sets in, the major producers of OPEC+ could see their incentives shift and potentially set off a scramble for market share.
Oil prices have sunk as concerns grow about the Delta variant.
While U.S. shale has recovered from a brutal 2020, it remains to be seen how long it will stick to its "capital discipline" mantra.
The oil industry is booming. But as global financial markets change and the energy transition continues, it might be the industry's last.
As Brent crosses $70, oil market narratives have flipped to questions over supply rather than demand.
Drilling returns to the shale patch as oil prices rise, but it remains to be seen if this activity will result in production.