Baker Hughes reported record second-quarter orders totaling $10.5 billion, up 49% year over year, with Industrial & Energy Technology (IET) orders more than doubling to $7.1 billion. Remaining performance obligations climbed to a record $40.1 billion, including $37.1 billion tied to IET, and the company posted revenue of $6.74 billion with adjusted EBITDA of $1.23 billion. The company said it has secured LNG equipment awards from Venture Global, Cheniere Energy, Golar LNG and Nigeria LNG, and it completed its acquisition of Chart Industries to expand gas-processing capabilities.

TotalEnergies said it expects second-quarter profit to rise sharply from the previous quarter, supported by stronger refining margins and solid oil trading as oil prices climbed and fuel markets tightened after the Iran war. The company cut its estimate of the Middle East conflict’s impact on production to 210,000 boe/d from 360,000 boe/d previously, and said some output could not be lifted and was booked at end-June crude prices of less than $70/b. It also warned that cash flow in its Integrated LNG division is set to fall significantly, citing weaker European gas prices and underperformance in gas trading, according to the company’s earnings preview.

Shell said its oil and gas trading profit in Q2 is set to be significantly higher than in Q1, after the Iran war triggered extreme volatility in energy markets. The company said trading and optimization in its integrated gas division, including LNG, improved sharply, while chemicals, products and marketing are expected to be in line with Q1’26. Shell had already posted consensus-beating Q1 earnings as higher realized liquids prices and stronger trading lifted results amid unusually volatile conditions. Europe’s top oil majors have also benefited from the trading surge tied to geopolitics, with analysts expecting Q2 to deliver another round of large trading profits.

Kyrgyzstan, which imports more than 90% of its gasoline from Russia, has asked Russia and several neighboring countries for help securing fuel supplies. Authorities say domestic stocks remain sufficient for now, but warn the Russian fuel crisis could soon be felt in the Central Asian nation. The shortfall in Russia has been aggravated by Ukrainian drone strikes on refineries, including damage that has taken Moscow’s Kapotnya refinery offline, according to Reuters. Russia has also begun importing fuel from India to ease the crunch.

Donald Trump urged fuel retailers to cut pump prices “immediately,” arguing gasoline is too expensive with oil at $68 a barrel and accusing major oil companies of “pricegouging,” while saying he has ordered an investigation. He called on stations to move toward about $2.50 a gallon and singled out California’s gas taxes. The national average for regular gasoline was $3.86 a gallon as of Monday, down from $3.929 a week ago and $4.3910 a month ago but above $3.1870 a year earlier, according to AAA data. The remarks amount to political pressure and have not yet resulted in a formal rule or enforcement action.

Ukraine has continued drone strikes on Russian refining facilities, including Moscow’s Kapotnya refinery, which is not expected to return to production before 2027, as well as the Slavyansk and Yaroslavl refineries. Russia’s government has acknowledged a fuel shortage, begun drawing on reserves and said it is considering a full ban on diesel exports. In Moscow, motorists have faced queues at some petrol stations and shortages of certain gasoline grades, while ensuring fuel supplies for agriculture has been set as a priority. The disruptions are described as a tangible, verifiable shock to the global refined-products supply chain.

Russian President Vladimir Putin publicly acknowledged gasoline shortages across the country, as drivers in multiple regions queued at filling stations and at least 17 regions imposed mandatory limits on gasoline and diesel sales. Authorities are considering a complete ban on diesel exports, while Ukraine’s drone strikes have hit energy infrastructure including facilities in the Krasnodar and Yaroslavl regions. Putin said Russia is drawing on gasoline reserves and expects July output to exceed June, even as supply gaps have become visible.

U.S. gasoline prices have declined for six consecutive weeks, but the national average is still projected at about $3.75 per gallon on July 4, the second-highest on record. Brent crude briefly slid toward $72 per barrel before rebounding to around $75 on Thursday as Middle Eastern supply returned, including restarts at Saudi Arabia’s Ras Tanura terminal and rising Iraqi exports. Retail pump prices have not fallen as quickly as crude, reflecting both lingering shipping uncertainty around the Strait of Hormuz and the typical lag between wholesale and retail markets.

President Donald Trump publicly accused Exxon, Chevron, Shell and BP of keeping gasoline prices “excessively high” and said he has instructed the U.S. Justice Department to immediately examine potential price gouging. He argued that retail prices have not fallen in line with lower crude oil prices and said he believed pump prices should be $2.25 a gallon. AAA put the national average for regular gasoline at $3.928 a gallon as of Wednesday, down from $4.0250 a week earlier but up from $3.2240 a year ago. The American Petroleum Institute said retail fuel prices “don't move in lockstep with crude oil”.