US oil imports at 15 month high; oil exports at six month high; US oil inventories at a twenty-one month high

US oil prices finished lower for the first time in five weeks after Trump lifted sanctions on Russian, Venezuelan, and Iranian crude in an attempt to appease global oil markets... after rising 8.6% to a 42 month high of $98.71 a barrel last week as Iran continued to target Middle East oil infrastructure in retaliation for US and Israeli strikes on its infrastructure, the contract price for the benchmark US light sweet crude for April delivery rose in Asian trading on Monday after US forces launched weekend strikes on military assets on Iran’s Kharg Island, Iran's most vital oil export terminal, and was up as much as 3.8% in global trading following retaliatory attacks by Iran on Israel and several Arab states, but turned lower in early US trading after US Treasury Secretary Scott Bessent said United States is "fine" with some Iranian, Indian and Chinese ships going through the Strait of Hormuz for now, and settled $5.21 lower at $93.50 a barrel, after some vessels sailed through the critical Strait of Hormuz, even as U.S. allies rebuffed Trump's call for help in unblocking the strait, a​nd as the head of the IEA suggested even more reserves could be released to stem the rising costs caused by the Iran war​….oil prices rebounded in early Asian trading Tuesday, reversing some of Monday’s losses, as ongoing Middle East hostilities and supply concerns outweighed the impact of strategic reserve releases, and were up over $3 by the Asian markets’ close, as concerns increased over the Strait of Hormuz, as Iran continued to control the passage, then rose 2% Tuesday morning in New York after the United Arab Emirates were again forced to suspend loadings at the port of Fujairah​, after Iran struck an export terminal. and settled $2.71 higher at $96.21 a barrel as U.S. allies were reluctant to support US efforts to escort tankers thru the Strait of Hormuz…oil prices fell in overnight trading​ after Iraq resumed crude ‌exports via pipeline to Turkey’s Mediterranean port of Ceyhan, providing hope for some relief amid disrupted supply from Gulf producers, but spiked early Wednesday following reports of the first attacks on Iranian production facilities in the war, including the world’s biggest natural gas field, but erased some of those gains after the EIA report of a 4th straight weekly build in US crude inventories left US oil supplies at their highest since June 2024​, and settled 11 cents higher at $96.32 a barrel amid the ​a​bsense of signs of any de-escalation in the Middle East conflict, but climbed as much as 5.6% in extended post-market trade after Iran attacked several energy facilities across the Middle East, retaliating for a strike on its South Pars gas field, a major escalation in its war with the U.S. and Israel….oil prices surged over 4% on Thursday morning in Asia, after fresh attacks on key energy infrastructure in West Asia heightened fears of a broader supply shock, while Brent, the global benchmark, briefly spiked to nearly $120 a barrel, after a drone struck a Saudi refinery, and Trump issued a stark warning that the U.S. would destroy Iran’s South Pars gas field if Iran attacked Qatar, but retreated from those levels in US trading after the White House signaled it might ease sanctions on Iranian oil trade, and consider additional releases from U.S. strategic reserves to bolster global supplies affected by the Middle East conflict, and settled 18 cents lower at $96.14 a barrel after Trump said he would not put troops anywhere when asked about moving forces toward Iran, and added that he told Israeli Prime Minister Netanyahu not to attack oil and gas fields in Iran, a day after Israel struck facilities linked to Iran’s South Pars gas field.…oil prices fell by more than 1% on global markets on Friday, as the US outlined steps to resolve the oil supply crisis, while leading European countries, Japan, and Canada proposed joining forces to ensure the safe passage of ships through the Strait of Hormuz, then were mixed in choppy trading Friday morning in New York, on U.S. efforts to boost domestic supplies​, even as global oil shipments remained in flux from the three-week long Iran war, but reversed to settle $2.18 higher at $98.32 a barrel amid media reports that President Trump had been presented with options for a U.S. ground ​w​ar in Iran that could dramatically escalate the current conflict in the Middle East, which still left ​the April contract 0.4% lower for the week as trading in ​t​hat contract expired, while the international benchmark Brent crude rose 3.26%, or $3.54, to close at $112.19 per barrel after Iraq declared a force majeure at all oilfields operated by foreign companies and drones struck two refineries in Kuwait.

Meanwhile, US natural gas prices finished lower for the sixth time in seven weeks, as an earlier than normal injection into storage signaled we would start the Spring shoulder season with surplus supplies…after falling 1.7% to ​$3.131 per mmBTU last week as mild weather forecasts threatened to turn a small storage deficit into a surplus before April would turn weekly storage withdrawals into weekly injections, the price of the benchmark natural gas contract for April delivery opened 3.2 cents lower on Monday and trended decidedly lower​ thereafter, despite the ongoing conflict in the Middle East and incoming frigid temperatures, and settled down 10.8 cents at $3.023 per mmBTU, as the sharp decline in oil prices outweighed an increase in expected heating demand in the coming weeks….natural gas prices opened 4.7 cents higher on Tuesday, but ​​then posted a steady decline that would span the session amid continued geopolitical risks and bearish weather forecasts, but settled a penny higher at $3.033 per mmBTU, as a late-season cold snap supported demand, even as warming trends and strong production signaled looser balances ahead ​f​or the shoulder season…that April natural gas contract opened 3.5 cents higher Wednesday, but traded within a tight band near $3.055 throughout the session, as traders weighed steady production and bearish forecasts against ongoing geopolitical risks, and settled 3.2 cents higher at $3.065 per mmBTU, drawing support from a global energy rally sparked by an Israeli strike on Iran’s South Pars gas field, and subsequent retaliatory attacks….natural gas prices started Thursday 12.1 cents higher, continuing an overnight rally on continued escalation of the War in Iran, and settled 10.1 cents higher at $3.166 per mmBTU, with the 2026/​2027 winter ​contracts posting sharper gains than ​the nearby months, as markets dismissed the bearish storage injection and mulled the long-term impacts of an intensifying Middle East war….natural gas futures trended lower early Friday, as traders digested rising Middle East war risks and an early jump in domestic storage levels, and continued to slide through midday Friday as easing Iran war risk and loosening domestic fundamentals, including softer demand and ample supply, pressured prices, and settled 7.1 cents lower at $3.095 per mmBTU, driven down by bearish demand and supply signals, despite mounting anxiety over the destruction of vital gas infrastructure in the Middle East, and thus ended 1.1% lower ​f​or the week…

The EIA’s natural gas storage report for the week ending March 13th indicated that the amount of working natural gas held in underground storage rose by 35 billion cubic feet to 1,883 billion cubic feet by the end of the week, which left our natural gas supplies 177 billion cubic feet, or 10.4% above the 1,706 billion cubic feet of gas that were in storage on March 13th of last year, and 47 billion cubic feet, or 2.6% above the five-year average of 1,865 billion cubic feet of natural gas that had typically been in working storage as of the 13th of March over the most recent five years….the 35 billion cubic foot injection into natural gas storage for the cited week was in line with the 37 billion cubic foot injection into storage that the market was expecting ahead of the report, but it contrasts against the one billion cubic foot of gas that were pulled out of natural gas storage during the corresponding week of 2025, and also with the average 29 billion cubic foot withdrawal from natural gas storage that has been typical for the same early March week over the past five years…

The Latest US Oil Supply and Disposition Data from the EIA

US oil data from the US Energy Information Administration for the week ending March 13th indicated that even after a​n​ exceptional increase in our oil exports, we had surplus oil to add to our stored crude supplies for the 4th consecutive week and for 22nd time in forty-two weeks, largely due to an increase in our oil supplies that the EIA could not account for….Our imports of crude oil rose by an average of ​7​72,000 barrels per day to a fifteen month high of 7,194,000 barrels per day, after rising by an average of 98,000 barrels per day during the prior week, while our exports of crude oil rose by an average of ​1​,464,000 barrels per day to a six month high of 4,898,000 barrels per day, which, when used to offset our imports, meant that the net of our trade of oil worked out to an import average of 2,296,000 barrels of oil per day during the week ending March 13th, an average of 692,000 fewer barrels per day than the net of our imports minus our exports during the prior week... At the same time, transfers to our oil supplies from Alaskan gas liquids, from natural gasoline, from condensate, and from unfinished oils were unchanged at 550,000 barrels per day, while during the same week, production of crude from US wells was 10,000 barrels per day lower than the prior week at 13,668,000 barrels per day. Hence, our daily supply of oil from the net of our international trade in oil, from transfers, and from domestic well production appears to have averaged a total of 16,514,000 barrels per day during the March 13th reporting week…

Meanwhile, US oil refineries reported they were processing an average of 16,232,000 barrels of crude per day during the week ending March 13th, an average of 63,000 more barrels per day than the amount of oil that our refineries reported they were processing during the prior week, while over the same period, the EIA’s surveys indicated that a net average of 879,000 barrels of oil per day were being added to the supplies of oil stored in the US… So, based on that reported & estimated data, the crude oil figures provided by the EIA appear to indicate that our total working supply of oil from net imports, from transfers, and from oilfield production during the week ending March 13th averaged a rounded 597,000 fewer barrels per day than what was added to storage plus what our oil refineries reported they used during the week. To account for the difference between the apparent supply of oil and the apparent disposition of it, the EIA just plugged a [ +597,000 ] barrel per day figure onto line 16 of the weekly U.S. Petroleum Balance Sheet, in order to make the reported data for the supply of oil and for the consumption of it balance out, a fudge factor that they label in their footnotes as “unaccounted for crude oil”, thus indicating there must have been a error or omission of that magnitude in the week’s oil supply & demand figures that we have just transcribed…moreover, since 501,000 barrels per day of demand for oil could not be accounted for in the prior week’s EIA data, that means there was 1,098,000 barrel per day difference between this week’s oil balance sheet error and the EIA’s crude oil balance sheet error from a week ago, and hence the changes to supply and demand from that week to this one that are indicated by this week’s report are off by that much, and therefore useless.... However, since most oil traders react to these weekly EIA reports as if they were gospel, and since these weekly figures therefore often drive oil pricing and hence decisions to drill or complete oil wells, we’ll continue to report this data just as it’s published, and just as it’s watched & believed to be reasonably reliable by most everyone in the industry…(for more on how this weekly oil data is gathered, and the possible reasons for that “unaccounted for” oil supply, see this EIA explainer….also see this old twitter thread from an EIA administrator addressing these ongoing weekly errors, and what they had once hoped to do about it).

This week’s rounded 879,000 barrel per day average increase in our overall crude oil inventories all came as an average of 879,000 barrels per day were being added to our commercially available stocks of crude oil, while the amount of oil in our Strategic Petroleum Reserve was unchanged… Further details from the weekly Petroleum Status Report (pdf) indicated that the 4 week average of our oil imports rose to 6,650,000 barrels per day last week, which was 17.8% more than the 5,647,000 barrel per day average that we were importing over the same four-week period last year. This week’s crude oil production was reported to be a rounded 10,000 barrels per day lower at 13,678,000 barrels per day as the EIA’s estimate of the output from wells in the lower 48 states was 6,000 barrels per day lower at 13,248,000 barrels per day, while Alaska’s oil production was 4000 barrels per day lower at 420,000 barrels per day...US crude oil production had reached a pre-pandemic high of 13,100,000 barrels per day during the week ending March 13th 2020, so this week’s reported oil production figure was 4.3% higher than that of our pre-pandemic production peak, and was also 40.9% above the pandemic low of 9,700,000 barrels per day that US oil production had fallen to during the third week of February of 2021.

US oil refineries were operating at 91.4% of their capacity while processing those 16,232,000 barrels of crude per day during the week ending March 13th, up from 90.8% the prior week, with the recent fluctuations in the utilization rate likely due to seasonal maintenance and temporary shutdowns, as refineries are​ being reconfigured to produce summer blends of fuel….the 16,232,000 barrels of oil per day that were refined that week was 3.6% more than the 15,663,000 barrels of crude that were being processed daily during the week ending March 14th of 2025, and 2.6% more than the 15,820,000 barrels that were being refined during the prepandemic week ending March 13th, 2020, when our refinery utilization rate was at 86.4%, which was below the pre-pandemic normal utilization rate for this time of year…

Even with the increase in the amount of oil that was refined this week, gasoline output from our refineries was somewhat lower, decreasing by 462,000 barrels per day to 9,426,000 barrels per day during the week ending March 13th, after our refineries’ gasoline output had increased by 554,000 barrels per day during the prior week... This week’s gasoline production was 2.0% less than the 9,623,000 barrels of gasoline that were being produced daily over the week ending March 14th of last year, and 5.5% less than the gasoline production of 9,974,000 barrels per day seen during the prepandemic week ending March 13th, 2020….at the same time, our refineries’ production of distillate fuels (diesel fuel and heat oil) decreased by 75,000 barrels per day to 4,869,000 barrels per day, after our distillates output had increased by 132,000 barrels per day during the prior week. After that production decrease, our distillates output was still 5.5% more than the 4,613,000 barrels of distillates that were being produced daily during the week ending March 14th of 2025, and 3.9% more than the 4,686,000 barrels of distillates that were being produced daily during the pre-pandemic week ending March 13th, 2020....

With this week’s big decrease in our gasoline production, our supplies of gasoline in storage at the end of the week fell for the fifth week in a row and by the most since October 24th, decreasing by 5,436,000 barrels to 244,040,000 barrels during the week ending March 13th, coming after our gasoline inventories had decreased by 3,654,000 barrels during the prior week. Our gasoline supplies decreased by more this week even though the amount of gasoline supplied to US users fell by 513,000 barrels per day to 8,728,000 barrels per day,  because our imports of gasoline fell by 95,000 barrels per day to 447,000 barrels per day, and because our exports of gasoline rose by 69,000 barrels per day to 949,000 barrels per day … In spite of thirty-six gasoline inventory withdrawals over the past fifty-eight weeks, our gasoline supplies were 1.4% higher than last March 14th’s gasoline inventories of 240,574,000 barrels, and about 3% above the five year average of our gasoline supplies for this time of year…

After this week’s decrease in distillates production, our supplies of distillate fell for the sixth time in eighteen weeks, decreasing by 2,527,000 barrels to 116,904,000 barrels during the week ending March 13th, after our distillates supplies had decreased by 1,349,000 barrels during the prior week… Our distillates supplies fell by more this week because the amount of distillates supplied to US markets, an indicator of domestic demand, rose by 334,000 barrels to 4,399,000 barrels per day, while our imports of distillates rose by 42,000 barrels per day to 221,000 barrels per day, and our exports of distillates fell by 199,000 barrels per day to 1,052,000 barrels per day... After 21 additions to distillates inventories over the past 36 weeks, our distillates supplies at the end of the week were 1.8% higher than the 114,783,000 barrels of distillates that we had in storage on March 14th of 2025, but still about 3% below the five year average of our distillates inventories for this time of the year…

Finally, despite the big increase in our oil exports, our commercial supplies of crude oil in storage rose for the 15th time in twenty-six weeks, and for the 30th time over the past year, increasing by 6,156,000 barrels over the week, from 443,103,000 barrels on March 6th to a twenty-one month high of 449,259,000 barrels on March 13th , after our commercial crude supplies had increased by 3,824,000 barrels over the prior week….Even after this week’s increase, our commercial crude oil inventories were still about 1% below the recent five-year average of commercial oil supplies for this time of year, while they were about 35% above the average of our available crude oil stocks as of the second weekend of March over the 5 years at the beginning of the past decade, with the big difference between those comparisons arising because it wasn’t until early 2015 that our oil inventories had first topped 400 million barrels. After our commercial crude oil inventories had jumped to record highs during the Covid lockdowns in the Spring of 2020, then jumped again after February 2021’s winter storm Uri froze off US Gulf Coast refining, but then fell sharply due to increased exports to Europe following the onset of the Ukraine war, only to jump again following the Christmas 2022 refinery freeze-offs, changes in our commercial crude supplies have generally leveled off since, and as of this March 13th were 2.8% more than the 436,968,000 barrels of oil left in commercial storage on March 14th of 2025, and were 0.9% more than the 445,042,000 barrels of oil that we had in storage on March 8th of 2024, but were 6.4% less than the 480,063,000 barrels of oil we had left in commercial storage on March 10th of 2023…

This Week's Rig Count

The US rig count was down by one over the week ending March 20th, ​even as the number of rigs targeting oil was up by two, ​a​s the count of rigs targeting natural gas was down by two and miscellaneous rigs were down by one…for a quick snapshot of this week's rig count, we are again including below a screenshot of the rig count summary pdf from Baker Hughes...in the table below, the first column shows the active rig count as of March 20th, the second column shows the change in the number of working rigs between last week’s count (March 13th) and this week’s (March 20th) count, the third column shows last week’s March 13th active rig count, the 4th column shows the change between the number of rigs running on Friday and the number running on the Friday of the same week of a year ago, and the 5th column shows the number of rigs that were drilling at the end of that reporting period a year ago, which in this week’s case was the 21st of March, 2025…

+++++++++++++++++++++++++++++++++++++++++++++++++++++

Egypt Valley Wildlife Area Could Become OH’s Biggest Fracking Site -- Marcellus Drilling News -  An unidentified natural gas driller has applied to open over 8,300 additional acres of the Egypt Valley Wildlife Area for fracking, potentially making it Ohio’s largest fracking operation on public land. This request follows a January decision that already opened 4,400 acres of the 18,000-acre preserve, which is primarily used for conservation, hunting, and fishing. While the state’s Oil and Gas Land Management Commission (OGLMC) has historically favored industry requests despite significant public opposition, environmentalists and some Democratic lawmakers argue that the expansion exploits public resources and threatens local ecosystems. A public comment period remains open until April 27.

Tell your House Rep: Don’t speed up fracking our state parks!-- Cathy Cowan Becker, Save Ohio Parks - Yesterday the House Natural Resources Committee heard testimony on Senate Bill 219, which purports to revise the law on oil and gas wells in Ohio. In reality, it’s 87 pages of favors for the oil and gas industry – starting with fracking of Ohio’s state parks and public lands. If SB 219 passes, every stage of the process to frack public lands would drastically speed up – putting the Ohio Department of Natural Resources on tight deadlines to act quickly on fracking nominations, bids, leases, and permits. Tell your House Rep: Vote NO on Senate Bill 219.  That’s not all. SB 219 also contains multiple provisions vetoed by Gov. DeWine when they were in the state budget bill. These include things like:

• Extending lease renewals to frack public lands from three to five years.
• Giving oil and gas companies more time to pay the state what they owe.
• Giving oil and gas companies. “surface use” of state land – meaning they could frack inside our parks.

Your quick action then helped get DeWine to veto these provisions from the budget bill – but now they are back in SB 219. Tell your House Rep: Vote NO on Senate Bill 219. As if all that is not enough, SB 219 would also curtail fracking regulations:

• ODNR would be required to expedite fracking permits up to 10 times per company per year.
• Oil and gas companies would no longer be required to get a road use agreement with local governments.
• Oil and gas companies would no longer need a special permit to put overweight trucks on the road.

Then there’s the provision requiring ODNR to prioritize plugging orphan or abandoned wells based on how close they are to frack waste injection wells – not how polluting or dangerous they are. Injection wells are known to leak into other nearby wells -- but that's a problem with injection wells, not orphan wells. SB 219 is a great deal for the oil and gas industry – and terrible for Ohio citizens. Tell your House Rep: Vote NO on Senate Bill 219.  The links above will take you to a spreadsheet with the emails, phone numbers, and social media of all Ohio legislators. You can use that to contact your own House Representative in any of these ways. If you don't know who your House Representative is, you can:

• Enter your address here to find out: https://ohiohouse.gov/members/district-map
• Then go to the House Representatives Contact Information spreadsheet to find out how to reach them.

Below is a sample email you can send to your House Representative -- but don't forget to put it into your own words. Let them know why you care about Ohio's state parks and public lands. Tell a personal story if you have one. Our House Representatives will likely vote on Senate Bill 219 soon. We need to tell them to vote NO. Thank you for your tireless advocacy for Ohio state parks and public lands.

Infinity Natural Resources Stands Out - Infinity Natural Resources has amassed approximately 93,000 net surface acres with exposure to the core of the Utica Shale's volatile oil window in eastern Ohio and the emerging dry gas Utica Shale in southwestern Pennsylvania. The company's Marcellus Shale development overlays its deep dry gas Utica assets in Pennsylvania, providing highly economic stacked development inventory that leverages the same company-owned midstream infrastructure. As of December 31, 2024, Infinity Natural Resources had a total drilling inventory of 333 gross horizontal drilling locations, representing 4.6 million lateral feet and implying 19 years of inventory at its current drilling pace. Approximately 85% of the company's acreage is HBP, held by operations or held-by-storage, providing it with significant development flexibility.

• Infinity Natural Resources made its initial acquisition in southwestern Pennsylvania in March 2018.
• As of December 31, 2024, Infinity Natural Resources had drilled 47 wells and increased its operated horizontal well count from 2 to 131, with an additional two PDNP wells and seven DUCs.
• For the quarter ended September 30, 2024, Infinity Natural Resources had a net daily production of 25 Mboe/d (29% oil and 49% liquids).
• Since the end of the third quarter of 2024, Infinity Natural Resources has placed an additional seven operated Ohio Utica wells into sales, representing approximately 96,000 lateral feet.
• As of December 31, 2023, Infinity Natural Resources' total estimated proved reserves were 141,587 MBoe, with 48% proved developed and 22% oil, 18% NGLs and 60% natural gas.

17 New Shale Well Permits Issued for PA-OH-WV Mar 9 – 15 - - Marcellus Drilling News - The Marcellus/Utica region received a combined 17 new drilling permits last week, Mar. 9 – 15, down 4 from the 21 permits issued two weeks ago. Pennsylvania issued 11 of the permits. Ohio issued 5. And, West Virginia issued 1 new permit last week. The drillers receiving new permits last week included: Arsenal Resources, BKV, CNX Resources, EOG Resources, Gulfport Energy, and Range Resources.  Arsenal Resources | BKV/Banpu | Carroll County | CNX Resources | EOG Resources | Gulfport Energy | Harrison County | Marion County | Range Resources Corp | Washington County | Westmoreland County | Wyoming County (PA)

Two Rivers, No Justice! It’s Time to Overturn the DRBC’s Frack Ban -- Marcellus Drilling News -  Shale drilling in Wayne and Pike counties in the northeastern tip of Pennsylvania has been blocked since 2010 (16 looooong years), denying landowners in those counties the right to benefit from leasing and drilling on and under their land. Those counties (parts of them) are within the Delaware River Basin, and the Delaware River Basin Commission (DRBC) implemented a moratorium in 2010 to block shale drilling. The moratorium became a full-blown, permanent ban on fracking in 2021. The DRBC added a prohibition on the disposal of oil and gas wastewater to the permanent ban in 2022. It’s time to overturn the ban. We have a petition for you to sign to show your support for overturning the ban.

Green Radicals Retreat on Enforcing NY State Climate Act Mandates -- Marcellus Drilling News -  Governor Kathy Hochul warns that a recent court ruling requiring New York to meet strict 2030 greenhouse gas mandates could trigger a dramatic spike in energy costs. Justice Julian Schreibman ruled that state agencies must strictly adhere to the Climate Act’s deadlines, despite official concerns regarding feasibility. While state energy officials predict a “cap-and-invest” (better called a cap-and-tax) program could cost households thousands annually, environmental advocates are open to settling the case to avoid “draconian” economic impacts. To reach these goals affordably, Hochul is pushing to adjust emission accounting methods to a 100-year standard, extending the compliance timeline while maintaining the state’s commitment to clean energy

Iroquois Gas Asks FERC for Expedited Reissue of Constitution Link - Marcellus Drilling News -  Just coming to light for us now is that Iroquois Gas Transmission System petitioned the Federal Energy Regulatory Commission (FERC) in February to reissue authorization for the $152 million Wright Interconnect Project in New York State, aiming to revive a critical link for the previously canceled Constitution Pipeline. Originally approved in 2014, the project seeks to establish a new receipt interconnection and compression facilities at the Wright Compressor Station. By creating 650,000 dekatherms per day (650 MMcf/d) of transportation capacity, the initiative intends to alleviate persistent natural gas supply constraints in the Northeast and New England markets. If approved, the project targets a May 2028 in-service date, utilizing existing company-owned infrastructure to minimize environmental impacts.

Natural Gas Pipeline Capacity Must Grow 39% as LNG, Data Center Demand Surge, INGAA Says - North America needs nearly 40,000 miles of new natural gas pipeline and a 39% increase in transmission capacity to meet rising demand by 2052, part of a more than $1 trillion midstream buildout spanning natural gas, oil, natural gas liquids, hydrogen and carbon dioxide infrastructure, according to a new study.Bar chart titled “U.S., Canada Added NatGas Transmission Capacity Needed to Meet Demand” showing required additional natural gas pipeline capacity by study period from 2023–2027 through 2048–2052 under two scenarios. The Reference Case (blue) shows higher near-term needs around 16.5 Bcf/d in 2023–2027, declining to roughly 8 Bcf/d in 2038–2042 before rising again to about 10–10.5 Bcf/d by 2048–2052. The Low Carbon Scenario (green) shows about 10 Bcf/d needed in 2023–2027, falling to around 5 Bcf/d in 2028–2032, peaking near 16 Bcf/d in 2033–2037, then ranging from roughly 5–11 Bcf/d through 2052. Source: Interstate Natural Gas Association of America Foundation. At A Glance:
LNG exports could triple by 2052
Study may understate capacity needs by 1.8x
2026 capacity additions exceed five-year target

Judge Tosses Premature Lawsuit to Block Iroquois CT Compressor - Marcellus Drilling News - - A Connecticut Superior Court judge told a Big Green puppet group, Save the Sound, along with the colluding Town of Brookfield, that their joint lawsuit to block a compressor station expansion was the equivalent of starting the parade before the band had arrived (our words). The two groups are trying to block a permit for a compressor station in the Town of Brookfield proposed by Iroquois Gas Transmission. The CT Department of Energy and Environmental Protection (DEEP) has not yet issued a final permit for the project, so there’s nothing to object to. Yet. After DEEP issues the final permit, they can come back and try again.

President Trump Issues 60-Day Waiver of Jones Act, Includes LNG -- Marcellus Drilling News - -We lead with this story about a government regulatory action because of just how important we see this development. For *years* we have railed against the 106-year-old Jones Act and its requirement that any goods (like LNG) that are transported from one U.S. port to another be on a ship manufactured in the U.S., owned by a U.S. company, and crewed by a U.S. crew. The effect of this law in the modern age is to ban LNG (and other shipments, like gasoline, propane, coal, and other products manufactured in the U.S.) from being shipped cheaply from port to port. The U.S. foolishly allowed its ship manufacturing to slip away years ago to South Korea and other countries. We no longer make cargo carriers for LNG and other energy products. We haven’t made them in decades. Yesterday, President Trump signed a 60-day waiver of the Jones Act, allowing certain goods (such as LNG, fertilizer, and coal) to be transported from U.S. port to U.S. port on foreign-owned, foreign-flagged and crewed ships.

What Does a 60-Day Suspension of the Jones Act Mean for U.S. LNG?  As energy markets shift to adapt to extended supply disruptions in the Middle East, industry and economic experts are tempering expectations for a policy fix for rising fuel prices. U.S. Gulf Coast LNG netback prices chart showing 12-month strip as of March 19, 2026, with JKM, NBP, and TTF benchmarks, shipping costs, netbacks near $19–$20/MMBtu, Henry Hub around $3.13–$5.34/MMBtu, and margins up to $17/MMBtu. At A Glance:
Limited price relief expected for gas
Northeast LNG constraints unchanged
Algonquin winter strip signals tight market

VG Announces FID and Financial Close for “Phase 2” of CP2 LNG - Marcellus Drilling News -  Last summer, Venture Global announced a final investment decision (FID) for “Phase 1” of its Calcasieu Pass 2 (CP2) LNG project (see Venture Global Makes FID to Build Massive Calcasieu Pass 2 LNG). Venture Global announced yesterday that it has now made an FID on Phase 2 of the CP2 project. When all is done, CP2 will be massive, with a peak production capacity of 29 MTPA (million tonnes per annum). The facility will use roughly 4.1 Bcf/d (billion cubic feet per day) of shale gas

U.S. LNG Development Pace Faces Stress Test as World Scrambles for New Supplies  -The pace of new U.S. LNG capacity coming online in the years ahead is poised to slow as larger, complex projects advance in a crowded landscape, which could stagger the volume of supplies entering a global market upended by war in the Middle East. Global LNG export capacity is set to surge through the late 2020s, led by strong growth in U.S. projects.  At A Glance:
More stickbuilt projects advancing
Industry faces supply chain, labor constraints
Four or five year construction timelines expected

Plaquemines Can Export Higher LNG Volumes to NFTA Countries After Long-Awaited DOE Order - Federal regulators have authorized Venture Global Inc. to export more LNG from its Plaquemines terminal in Louisiana to more end-users across the world. At A Glance:

• 3.85 Bcf/d authorized
• Another request pending to boost output further
• Third phase also under development

LNG Buildout Must Continue to Match Growing Demand Through 2050, Shell Says -- Even after record investments across the industry in recent years, more LNG export capacity will need to be built across the world in the 2030s and 2040s to keep pace with even the lowest demand forecasts, according to Shell plc’s latest market analysis. Global LNG supply versus demand forecast chart showing widening gap through 2050, with demand projected near 700 Mt/y by 2025 and beyond, while LNG supply in operation and under construction trails, indicating potential 150 Mt/y shortfall.  At A Glance:
Demand seen growing by up to 85%
New supply needed to offset natural declines
LNG Shell’s biggest contribution to energy transition

Western Gas Basins Pitch Untapped Potential Amid Surge in Asian LNG Demand - NGI daily natural gas prices chart comparing Henry Hub and Rocky Mountains regional average, showing stable prices near $2–$4/MMBtu through 2025 and a sharp spike above $30/MMBtu at Henry Hub and $15/MMBtu in the Rockies in early 2026.As Asian allies and investors hone in on U.S. natural gas assets for increased supply opportunities, producers and local governments in the West believe basins in the Rockies are ready to show off their untapped potential. At A Glance:

Japan’s Jera Eyes $2B Investment in Hawaiian Power and LNG Infrastructure -- Jera Co. Inc., one of the world’s largest LNG buyers, has presented a $2 billion plan to develop LNG imports and power generation on the Hawaiian island of Oahu. U.S. retail power prices vary widely by region, with Hawaii leading at about $430/MWh—more than three times the national average of $129/MWh—highlighting stark cost disparities across states.  At A Glance:
Jera plans major Hawaii energy investment
LNG imports support new power capacity
500 MW facility anchors electricity supply

NFE Avoids Bankruptcy in Restructuring Deal to Split Company -  New Fortress Energy Inc. (NFE) has reached a deal with its creditors to restructure under an agreement that would split the company into two separate businesses.Table of Latin America DES LNG prices as of March 19, 2026, showing April, May, and June price benchmarks in $/MMBtu for Argentina, Brazil, Chile, Colombia, Mexico East and West, and Panama, with month-over-month price changes across key regional import terminals.
At A Glance:
Brazilian assets to be spun off
Agreement wipes out 90% of debt
LNG-to-power assets to trade publicly

KMI Files for Texas Access Project, Taps Woodside as 1 Bcf/d Natural Gas Anchor Shipper - Woodside Energy Group Ltd. has emerged as the anchor customer behind Kinder Morgan Inc.'s (KMI) Texas Access Project (TAP), a natural gas pipeline linking East Texas supply to the southwest Louisiana LNG corridor, according to a FERC application.  Map of Kinder Morgan’s Texas Access Project natural gas pipeline connecting the Trident Interstate Pipeline in Texas to the Kinder Morgan Louisiana Pipeline near Sabine Pass LNG Terminal, expanding Gulf Coast gas supply to LNG export facilities. At A Glance:
20-year Woodside contract underpins project
FERC approval sought by February 2027
Pipeline full in-service targets April 2028

North Dakota Output Drop, Permian Pipeline Constraints Lift U.S. Gas Futures - U.S. natural gas futures rose as freezing conditions in North Dakota cut output, while ongoing pipeline constraints in the Permian Basin continue to trap supply and pressure regional markets. (Reuters) — U.S. natural gas futures edged up about 2% on March 17 on a drop in output over the past few days, likely due to freezing pipes in North Dakota. Front-month gas futures for April delivery on the New York Mercantile Exchange rose 5.3 cents, or 1.8%, to $3.076 per million British thermal units (MMBtu). That price increase came despite forecasts for milder weather and lower heating demand over the next couple of weeks that should allow energy firms to take the unusual step of injecting gas into storage during the normal winter heating season in March. RELATED: Permian Pipeline Constraints Push Waha Gas Prices Negative for 25th Straight Day In the U.S. cash market, average prices at the Waha Hub in West Texas remained in negative territory for a record 28 days in a row as pipeline constraints trapped gas in the Permian, the nation's biggest oil-producing shale basin. Average gas output in the U.S. Lower 48 states rose to 109.9 billion cubic feet per day so far in March, up from 109.2 billion cubic feet per day in February, according to data from financial firm LSEG. That compares with a monthly record high of 110.6 billion cubic feet per day in December 2025. On a daily basis, however, output was on track to drop by 3.2 billion cubic feet per day over the past four days to a preliminary six-week low of 107.5 billion cubic feet per day on March 17, due primarily to reductions in North Dakota, according to LSEG data. Preliminary data is often revised later in the day. That reduction was likely due to freezing pipes and wells with overnight lows in Bismarck, North Dakota, falling to minus six Fahrenheit (minus 21 Celsius) on March 16, according to AccuWeather. Those pipes will likely thaw soon with high temperatures expected to reach the 70s F in Bismarck on Thursday and Friday, according to the weather forecaster's projections. Meteorologists forecast heating demand would remain low across most of the country through April 1, but noted extreme heat in some parts of the country, like California, would boost demand for gas to fuel power generators needed to keep air conditioners humming. High temperatures in Los Angeles will reach record-breaking levels near 99 F on March 17, Wednesday and Thursday, according to AccuWeather. That compares with average highs of around 70 F in the City of Angels at this time of year. In the U.S. Northeast and Michigan, meanwhile, around 420,000 homes and businesses were still without power following a series of storms that have battered the region since late last week. Those outages reduce the amount of gas power generators need to burn to produce electricity. LSEG projected average gas demand in the Lower 48 states, including exports, would drop from 122.8 billion cubic feet per day this week to 114.1 billion cubic feet per day next. Those forecasts were lower than LSEG's outlook on March 16. Average gas flows to the nine big U.S. liquefied natural gas (LNG) export plants slid to 18.5 billion cubic feet per day so far in March, down from a record 18.7 billion cubic feet per day in February.

South Texas Gas Hub Sees Pricing Boost Amid Iran War –- Natural gas prices at Agua Dulce in South Texas have strengthened while narrowing their discount to Henry Hub since conflict began in the Middle East. NGI Agua Dulce daily natural gas price chart showing relatively stable pricing near $2–$3/MMBtu through 2025, with a sharp spike above $14/MMBtu in early 2026, reflecting Gulf Coast demand swings, LNG feed gas demand, and market volatility. At A Glance:
Discount narrows versus Henry Hub
Next winter strip nears $4
Corpus Christi LNG expansion boosts pull

Late-Winter U.S. Cold Meets Falling LNG Demand in Europe, Asia -While parts of the United States dip back into a late-winter freeze, natural gas demand in key LNG buying regions is expected to fall further ahead of the coming spring. Charts showing trailing 365-day mean temperatures for Northwest Europe, Beijing, Seoul, and Tokyo compared with normal levels, illustrating weather trends influencing regional natural gas and LNG demand. At A Glance:
Global gas balances remain tight despite warmth
LNG exports trend slightly higher this week
Gulf Coast conditions favor strong liquefaction

Two Sides of the Coin – U.S. E&Ps Increasingly See LNG as Way to Get a Piece of the Arbitrage Pie | RBN Energy - Ever since U.S. LNG exports commenced in 2016 from Cheniere’s Sabine Pass facility, upstream gas producers have carefully followed price differentials between Henry Hub and the prices at which LNG can be sold in other markets, notably Asia and Europe. Initially, opportunities for shippers to realize a significant arbitrage were limited, as a high proportion of U.S.-produced LNG was lifted by Asian utility players to meet their baseload supply requirements rather than traded in the burgeoning spot market. Things changed dramatically in 2022 following the Russian invasion of Ukraine, which not only led to the demise of Russian pipeline gas supplies to Europe and caused prices to spike, but also created new arbitrage opportunities for LNG shippers. In today’s RBN blog, we look at the different approaches that the “natural born drillers” in the U.S. upstream have adopted in response, each of which has a different risk/reward profile.Gas prices at the Dutch Title Transfer Facility (TTF; green line in Figure 1 below) jumped to unprecedented levels after the Ukraine invasion, undoubtedly amplified by the fact that Russia’s state-owned Gazprom had depleted its holdings of gas in European Union (EU) storage, adding to fears of a major supply shortage. (In the year before the invasion, Russian supplies met nearly 40% of EU gas demand; see You Don’t Own Me.) That fear inevitably spilled over to other gas markets, notably Asia, causing prices — based on the JKM index (orange line) to spike —  increasing the premium to the Henry Hub price in the U.S. (blue line).This not only reflected the fact that LNG markets had to increasingly compete for marginal supply but also the ability of destination-flexible U.S. cargoes to be delivered to the highest-paying market. With that change, U.S. upstream E&P companies, who had frequently been dealing with deeply discounting gas prices, began to get serious about finding a way to capture a piece of the arbitrage pie. Given the turbulent situation in the Middle East, and the fact that Qatar halted LNG production on March 2 after Iran struck two of its facilities in retaliation for U.S. and Israeli airstrikes, the kind of volatility that stimulated the trend initially, including an upturn in prices (right end of Figure 1), has become more pronounced. The simplest approach to allow producers to get in on the action, championed by LNG producer and seller Cheniere, is the Integrated Production and Marketing (IPM) contract structure. In its IPM deal with ARC Resources, for example, Cheniere agreed to purchase 140,000 MMBtu/d (about 138 MMcf/d) of natural gas over 15 years for its Sabine Pass facility, with the price of the gas based upon the Dutch TTF price, after deductions for a fixed regasification fee, fixed LNG shipping costs and a fixed liquefaction fee, including a margin. It’s effectively a netback contract. (In a netback contract, the seller’s net price for LNG is calculated by using the downstream market price and deducting agreed costs.) Cheniere also has an IPM deal with EOG Resources, in which the gas price is based on a netback from Asia’s JKM spot market index, and similar deals with APA, Tourmaline and Canadian Natural Resources.  This is attractive to an LNG project developer, as the agreement not only provides part of its gas supply on a long-term basis but also allows the developer to lock in a margin by passing along any TTF price risk to the upstream producer. The upstream producer, in turn, obtains price diversification and potential upside when prices spike or markets tighten. The high liquidity of the TTF and Henry Hub futures markets also presents upstream suppliers with the ability to lock in a profit when the curves are suitably aligned.  Other E&P companies have taken things further by teaming up with established midstream LNG players:

• Chesapeake Energy (now Expand Energy) agreed to purchase 0.5 million tons per annum (MMtpa; 0.07 Bcf/d) of LNG from Delfin LNG. The project, planned for offshore Louisiana, is currently approaching a final investment decision (FID). The LNG would be sold FOB (free-on-board) to trader Gunvor under a JKM-price-linked deal. (FOB means that ownership changes hands when it’s loaded onto the ship.) Gunvor itself will purchase 2 MMtpa (0.26 Bcf/d) from the Delfin project.
• Devon Energy has agreed to supply U.K. trader Centrica with gas equivalent to five LNG cargoes per year starting in 2028, with LNG likely to be sourced from the Delfin project, from which Centrica has a FOB contract for 15 years for 1 MMtpa (0.13 Bcf/d) of LNG.
• EOG has signed a deal with Vitol for pipeline gas supply of 180,000 MMBtu (equivalent to 1.25 MMtpa, or 0.16 Bcf/d), with 140,000 MMBtu priced on a Brent-linked formula and the remainder on a mixture of Brent or Gulf Coast gas prices for a 10-year period from 2027. As Vitol has also signed with Delfin for offtake of 1 MMtpa (0.13 Bcf/d) for 20 years, this is the likely processing facility to which the gas will be delivered.

Ovintiv has taken things one step further by taking liquefaction capacity at the Cedar LNG project under development in British Columbia. Ovintiv has booked 0.5 MMtpa (0.07 Bcf/d) of LNG production capacity for 12 years, with production from Cedar LNG projected to commence in late 2028.However, the prize for greatest involvement in LNG goes unequivocally to EQT Corp., which produces about 6% of U.S. natural gas. In the past two years, EQT has taken 2 MMtpa (0.26 Bcf/d) of capacity in Texas LNG, currently under development by Glenfarne; agreed to purchase 2 MMtpa (0.26 Bcf/d) from Sempra’s Port Arthur expansion project; 1.5 MMtpa (0.2 Bcf/d) from NextDecade’s Train 5 expansion at Rio Grande LNG; and 1 MMtpa (0.13 Bcf/d) on FOB terms from Commonwealth LNG. All contracts are 20 years duration, and EQT intends to ship its U.S. volumes to end users worldwide. EQT’s first LNG under these deals is expected in late 2028 or early 2029. EQT’s initiative is taking place at a time when market pundits are sounding alarms about U.S. LNG exports getting squeezed due to increasing U.S. natural gas costs and risk of a global LNG supply glut from 2027 onward, impacting prices in downstream markets. This is compounded by the risk of increasing U.S. gas demand for power generation, pushing Henry Hub prices to levels that could have a major impact on LNG trading margins and profitability. But while the prospect of global oversupply and tightening margins can be reasonably questioned, as we explained in Float On, we think it’s unlikely we’ll see material U.S. cargo cancellations.  Although these assessments are plausible — we will have to wait and see — they do not take into consideration the optionality that LNG exports and sales provide to those willing to take the plunge. Consider an E&P company contemplating its production and market planning up to a year ahead. If the company is a pure upstream E&P play, then the commercial options that exist include the following:

• Drill more (or fewer) wells.
• Complete drilled but uncompleted (DUC) wells or build DUC count to create a reserve of latent supply.
• Perform more (or fewer) workovers.
• Meet gas sales obligations via third-party purchases rather than one’s own production. (This is rarely viable due to supply-source commitments.)
• Inject (or withdraw) more gas into/from storage.
• Produce from (or shut in) existing wells.

However, if the company has the ability to export LNG, a number of downstream options are also available, each with their own economic implications, in addition to producing and selling LNG on a delivered (DES) basis. These include:

• Sell cargoes on a FOB basis (like EQT).
• If a buyer (a producer in this scenario) has its own shipping, it can sublet its ships.
• Sell the cargo in a product-plus-shipping deal.
• Perform a FOB/DES sale, whereby the cargo is sold to and shipped by a third party who redelivers and resells the cargo to the original seller at the agreed destination. In doing so, the seller avoids the need to charter a ship.
• Load a cargo on one’s ship and store it for several weeks. (Reliquefaction units on modern LNG carriers minimize boil-off.)
• Offer to produce a cargo for another upstream player and deliver it to that company FOB.
• Lock in a spread between U.S. and international gas markets, for example by buying Henry Hub futures and selling TTF futures for a sale and delivery to Europe.
• Generate and manage exposure across the Henry Hub, TTF, JKM and Brent markets, backed up/reinforced by the ability to deliver the physical product. Having physical control of the product allows a player to cash out a hedge at a profit and send the cargo to an alternative destination offering a better price. This is called a hedged diversion and can be very profitable.
• Divert cargoes to take advantage of near-term price movements. This is increasingly commonplace.
• Swap lifting dates (and possibly sources) with other offtakers of U.S. LNG to better match purchase and sale obligations, and to optimize shipping costs.

While the strategies employed will be highly dependent on the individual company and their goals, the list above indicates the breadth of options potentially on the table. All of these options have different financial consequences — what matters to the E&P company is that it has multiple means of placing its gas in the market, and LNG expands the choices available. These options come at the cost of liquefaction fees, currently in the range of $2.50-$2.90/MMBtu which will apply over 10-20 years, together with the charter-party costs of a dedicated fleet of ships (~$80,000/d for long-term charter), although the latter can be reduced through chartering out ships in the typically liquid LNG carrier market.

Crude Price Surge Outpaces Ethane, Propane and Other NGLs | RBN Energy --As shown in the graph below, crude oil prices have surged since early February, climbing roughly 60% as the war involving Iran injected a sizable risk premium into global oil markets. The gray line representing WTI moves sharply higher after the start of March. The green line (heavy NGLs — normal butane, isobutane, and natural gasoline) rises as well, but only to about the 40–45% range, capturing part — but not all — of crude’s rally. The blue line (propane) shows a more modest gain of roughly 20%. Ethane, shown in orange, stands out most clearly: despite the surge in crude prices, ethane prices remain essentially flat over the period and even spent much of February in negative territory relative to the Feb. 1 starting point. The separation among the lines in the graph reflects the different fundamentals driving each product. Heavier NGLs maintain some linkage to crude because they compete with petroleum-derived blendstocks in gasoline blending and petrochemical markets, which helps explain why the green line moves upward along with crude, though less dramatically. Propane participates in global LPG trade and therefore responds somewhat to higher oil prices, but ample supply and seasonal demand patterns have limited the increase, keeping the blue line well below crude. Ethane behaves differently. Ethane pricing in the U.S. tracks natural gas fundamentals and petrochemical demand far more closely than crude oil. Over this same six-week period natural gas prices slipped slightly, which helps explain why the orange line in the graph shows almost no sustained increase. The result is a widening gap between crude and the lighter end of the NGL barrel, illustrating how the oil market’s war-driven price spike has transmitted only weakly into NGL markets - so far!

750 Barrels of Crude Oil Spilled Near Grand Isle as Unified Command Leads Response Effort -  A Unified Command, consisting of the U.S. Coast Guard, the Louisiana Oil Spill Coordinator’s Office (LOSCO) and the Louisiana Offshore Oil Port (LOOP), continues its recovery and cleanup efforts in the Gulf and surrounding barrier islands. The response follows a crude oil discharge reported near the Louisiana Offshore Oil Port on February 26, 2026. The Unified Command was officially established on February 27, 2026, to manage the spill’s environmental impact. Multiple contractors have been engaged to assist in the cleanup effort. As of March 7, 2026, the response effort includes: ·

• · Approximately 464 responders
• · 60 vessels engaged in cleanup activities
• · Aerial surveillance support from fixed-wing aircraft, helicopters, and drones
• · 28,300 feet of protective and collection boom deployed to mitigate environmental impacts

An estimated 31,500 gallons (750 barrels) of crude oil was discharged, of which an estimated 27,888 gallons (664 barrels) have been recovered. The source of the discharge has been secured. Louisiana Department of Wildlife & Fisheries and U.S. Fish & Wildlife are monitoring affected birds. Responders are on scene to conduct further environmental impact assessments. The original announcement can be found here.

Rose City Resources blamed for oil spill at Lone Star Lake, Texas officials report -- Drilling fluids containing oil have contaminated Ellison Creek Reservoir, also known as Lone Star Lake. The contamination comes after a spill from an oil well operation, according to the Texas Railroad Commission. The commission said Rose City Resources is responsible for the unpermitted disposal of oil and gas waste. The operator is responsible for the cleanup, and the Railroad Commission is overseeing the response. Local officials and state inspectors conducted an on-site inspection of the lake this week. And after more than three hours reviewing conditions along the shoreline, officials are urging that cleanup efforts be prioritized near Cook Circle after determining additional attention is needed there.The investigation remains ongoing, and anyone with information regarding the affected areas is encouraged to call the Morris County Sheriff's Office

Enbridge paid police to protect one pipeline. Now it wants to do it again in Wisconsin. - The Canadian oil pipeline giant Enbridge will pay Wisconsin law enforcement for riot suits, training, and hours spent policing protests, according to an agreement approved by two counties last week. The secretive arrangement offers an uncapped funding source to local sheriffs as the company prepares for disruptive, Indigenous-led resistance to the controversial Line 5 reroute.Last Tuesday, Enbridge began construction on a 41-mile segment of Line 5, which carries around 540,000 barrels of oil and natural gas liquids daily from a transfer point in Superior, Wisconsin, to Sarnia, Ontario. The pipeline is designed to send fossil fuels from Canada’s tar sands region and the Bakken fracking fields to U.S. refineries before shipping much of the refined products back into Canada. The proposed reroute comes after the Bad River Band of Lake Superior Chippewa fought for years to force Enbridge to shut down an existing 12-mile segment of the pipeline that passes through the tribe’s reservation. After several of the pipeline’s easements expired in 2013, the Bad River Band declined to renew them over concerns about a potential oil spill. Enbridge continued operating, and in 2023, a federal judge ruled that the company was illegally trespassing and ordered it to shut down the reservation segment by June 2026. Enbridge appealed, and last Friday, the same judge that issued the trespass decision lifted the June deadline until the appeal is resolved. Bad River’s leaders want the pipeline stopped altogether, arguing that the reroute would surround the reservation and threaten the tribe’s treaty-protected watershed and wild rice beds. Tribal nations have also joined the state of Michigan in demanding that a separate section of corroding Line 5 pipeline be shut down under the Straits of Mackinac, which connects Lake Huron and Lake Michigan. However, under President Donald Trump, the federal government has repeatedly weighed in in favor of keeping Line 5 oil flowing. Shortly after taking office, Trump declared a national energy emergency to speed up the development of fossil fuel projects. Under this directive, the Army Corps of Engineers expedited a permit last spring to build a tunnel for Line 5 under the straits. The move prompted several tribal nations in the region to withdraw from pipeline talks in protest.Anticipating significant public pushback against the reroute construction, Enbridge and the Wisconsin Counties Association negotiated the Public Safety Expense Reimbursement Agreement. The agreement is designed specifically to address the cost of potential protests, allowing police and public safety agencies along Line 5 to submit invoices for an array of expenses. Eligible costs include daily patrols of the construction area, crowd control, police coordination with Enbridge, education programs, and Enbridge trainings on “human trafficking and cultural awareness” — an attempt to thwart transient construction workers who use trafficked women for sex. Firearms, tasers, K-9 units, and recording devices will not be reimbursed. An account manager appointed by the Wisconsin Counties Association will review the reimbursement requests before Enbridge pays the police via an escrow account. At Ashland County’s Board of Supervisors meeting last week, about a dozen people spoke out against the account. Riley Clave, a community member, told the board the agreement “would be turning our public service into private security.” Another commenter, Soren Bvennehe, called the agreement “a blatant conflict of interest,” arguing that paying the sheriff’s office incentivizes preferential treatment for the company.Wenipashtaabe Gokee, a citizen of the Red Cliff Band of Lake Superior Chippewa, raised concerns about the disproportionate policing of Indigenous people in the area. She noted that the Ashland County Sheriff’s Office, which would be tasked with policing Indigenous-led protests against Line 5, already has a presence on the Bad River Reservation — in 2017, her 14-year-old nephew, Jason Pero, was killed by an Ashland County sheriff’s deputy in front of his home. “We’re already targeted,” Gokee said during the hearing. She also pointed to a 2019 state law making it a felony to trespass on the property of oil pipeline companies, part of a wave of anti-protest legislation passed nationwide following the 2016 Dakota Access pipeline protests.

Oil flows again off California coast as Sable pipeline reopens - After nearly a decade of shutdown, oil is once again moving through a controversial pipeline along California's Santa Barbara County coast. The restart marks a major turning point for a project long tied to one of the state's worst recent oil spills, and it has reopened a fierce fight between federal officials, California leaders, and environmental groups. The pipeline is part of a larger network known as the Santa Ynez Unit. The system includes three offshore oil platforms, subsea pipelines, and an onshore processing plant at Las Flores Canyon. Together, they carry oil from wells located about 5 to 9 miles offshore to refineries on land. Before it shut down, the system was a significant producer. It once supported more than 100 wells and generated tens of thousands of barrels of oil each day. Today, Sable Offshore Corp., a Texas-based company, owns the operation after buying it from ExxonMobil in 2024. If fully restarted, the project could again produce roughly 45,000 to 60,000 barrels of oil per day, according to company estimates and federal officials. The Sable Offshore pipeline is a connected system that runs both offshore and on land along California's Central Coast, mainly in Santa Barbara County. The system begins in the Pacific Ocean at three oil platforms in the Santa Barbara Channel that sit about 5 to 9 miles offshore. Oil produced there is sent through subsea pipelines to the coast. Once it reaches land, it enters pipelines that come ashore along the Gaviota Coast, pass near places like Las Flores Canyon, where oil is processed, then continue inland across Santa Barbara County and beyond, and eventually connect toward facilities in Kern County. The full system runs more than 120 miles. The pipeline has been idle since May 2015, when a rupture near Refugio State Beach sent more than 100,000 gallons of crude oil spilling onto the coast. Oil spread across miles of shoreline, polluting beaches and harming wildlife. Some estimates say the spill affected over 100 miles of coastline and forced closures of fisheries and beaches. Investigators later found the cause: severe external corrosion that the pipeline's safety system failed to prevent. The incident shut down the entire offshore operation. It also led to criminal charges against the pipeline's former owner and triggered years of stricter oversight, legal battles, and public opposition. Restarting the pipeline has taken nearly ten years. During that time, regulators required extensive repairs and new safety measures. Sable says it has addressed corrosion problems by increasing inspections and repair work along the 124-mile pipeline. The company has also added new safety systems, including dozens of emergency shutoff devices and continuous leak detection. Even so, critics remain skeptical. Federal regulators previously identified at least 92 corrosion "anomalies" along the line. Local officials and environmental groups have repeatedly tried to block the restart. Santa Barbara County denied permits, citing safety concerns and a history of violations. The California Coastal Commission also fined the company millions of dollars for work it said was done without proper approval. At the same time, Sable pushed for federal oversight to bypass state-level resistance, setting the stage for a larger political clash. The restart followed direct action from the federal government. In March 2026, the Trump administration invoked the Defense Production Act, a law that allows the government to direct private industry during national emergencies. Officials argued that boosting domestic oil supply was necessary due to rising global tensions and the war with Iran. The order allowed Sable to resume operations despite ongoing legal disputes in California. Oil began flowing again through the pipeline for the first time since the 2015 spill. Federal officials say the project could help stabilize fuel supplies for the West Coast, including military operations. But California leaders strongly disagree. Governor Gavin Newsom and other state officials argue the move ignores state authority and environmental law. Lawsuits are ongoing.The pipeline's return has quickly become one of the most heated energy disputes in the country. Supporters say the restart strengthens U.S. energy security and makes use of existing infrastructure instead of relying on imports. They also point to upgraded safety systems and stricter monitoring.Opponents see it very differently. They argue that the same pipeline that failed in 2015 still poses a risk, especially along a sensitive stretch of coastline known for its wildlife and tourism.Environmental groups warn that even with improvements, aging infrastructure and offshore drilling carry unavoidable dangers.Some also question whether the project will meaningfully affect oil prices, given its relatively modest output compared to global markets.

INGAA Report Sees Canada’s Natural Gas Exports Surging as Domestic Demand Gets Slashed -Canada’s natural gas sector is increasingly pivoting away from domestic consumption toward export markets, with pipeline flows to the United States and LNG shipments expected to drive long-term demand growth, according to a report issued by the Interstate Natural Gas Association’s (INGAA) research arm. Canada natural gas consumption by sector chart showing growth in LNG exports, industrial demand, pipeline exports to U.S., hydrogen and ammonia production through 2050 in Bcf.  At A Glance:
Pipeline exports to U.S. rise 47%
Report ranks U.S. demand above LNG
Canada’s LNG capacity could exceed estimates

Study Signals $1 Trillion Pipeline Buildout Needed Across U.S., Canada by 2052 -- A new study outlines massive pipeline expansion needs across North America, signaling a trillion-dollar buildout to meet future energy demand and infrastructure gaps. (P&GJ) — A new analysis highlights the scale of pipeline infrastructure required across North America, estimating roughly $1 trillion in investment will be needed through 2052 to support growing energy demand, as reported by Forbes. The study, conducted by the INGAA Foundation in collaboration with the University of Houston and industry partners, evaluates long-term pipeline requirements across multiple fuel types, including natural gas, crude oil, hydrogen, carbon dioxide and natural gas liquids. According to the findings, North America will require tens of thousands of miles of additional pipeline capacity to meet future demand. This includes at least 37,000 miles of new natural gas transmission pipelines, along with approximately 103,000 miles of gathering lines to connect upstream production with processing and long-haul systems. The report models two scenarios — one based on current policy frameworks and another assuming more aggressive emissions reduction efforts — both of which point to significant infrastructure expansion needs. Annual capital requirements are estimated at roughly $40 billion to $48 billion over the next 25 years. Beyond infrastructure, the study also projects substantial economic impact, with millions of jobs tied to pipeline construction and related activity over the coming decades. As reported by Forbes, the findings reinforce ongoing concerns that without sufficient investment and permitting reform, North America could face challenges in moving energy supplies from production regions to key demand centers.In 2025, midstream activity showed renewed momentum, with natural gas infrastructure leading development as operators worked to relieve bottlenecks and support growing LNG export demand.. While large-scale crude oil pipeline projects remained limited, several major natural gas pipelines were under construction or nearing completion, particularly in the Permian and Haynesville basins. These regions continued to anchor U.S. pipeline expansion due to their proximity to Gulf Coast LNG markets. Among the most notable projects, the 3.5 billion cubic feet per day Black Fin pipeline and the 1.8 billion cubic feet per day Louisiana Energy Gateway were expected to enter service in the fourth quarter, adding significant takeaway capacity tied to export demand. Additional growth was projected from the Permian Basin, where the Matterhorn Express pipeline was set to deliver 2.5 billion cubic feet per day of new capacity to the Gulf Coast, helping ease constraints driven by rising associated gas production. In the Haynesville, new gathering and transmission systems were also advancing to connect supply with LNG facilities in Louisiana. Momentum Midstream’s NG3 project, including roughly 275 miles of pipeline, was designed to transport up to 2.2 billion cubic feet per day to coastal demand centers. Despite the positive outlook at the time, permitting challenges and legal risks remained key hurdles, particularly in regions with strong environmental opposition. Even then, LNG export growth was viewed as the primary driver behind continued pipeline development.

Woodfibre Lands Major Module as Canada’s Next LNG Export Project Advances  The next Canadian LNG project anticipated to increase exports to Asia is entering a key development phase after the arrival of a liquefaction module to British Columbia (BC). At A Glance:

• Project moves closer to 2027 startup
• BC projects target growing Asian demand
• LNG Canada exports dip after operational event

Eni Eyes Venezuela Natural Gas Exports as Perla Pact Opens LNG Path -- Italy’s Eni SpA is eyeing natural gas exports from Venezuela now that the country is opening again to foreign investment. At A Glance:

• Perla field holds 17 Tcf
• New laws court foreign capital
• Floating LNG enters export discussion

LNG Seen Driving 25% of Canadian Gas Output by 2050 Amid Production Surge - The Canada Energy Regulator (CER) sees a shift to export markets for its growing natural gas production, with up to 25% of domestic molecules destined for global LNG trade by 2050. Line chart of Canadian natural gas production by scenario from 2020 to 2050, showing output in Bcf/d under lower, current measures, higher, and net-zero cases, with production rising to about 32 Bcf/d in the high case and declining after 2035 in the net-zero scenario. At A Glance:
Montney cements dominance by 2050
BC grabs top producer crown
LNG absorbs Canada’s growth molecules

Asian LNG Prices Outpacing European Gains as War Begins to Fully Strain Global Natural Gas Market - Asian demand for spot LNG cargoes is growing, particularly among buyers without alternative fuel sources that are increasingly seeking out prompt cargoes to shore up energy security as the conflict in the Middle East enters its third week.  At A Glance:

• JKM-TTF spread narrowing
• Asian spot buying increasing
• More vessels diverted from Europe

Israel Strikes World’s Largest Natural Gas Field in Iran -   Israel bombed facilities at the South Pars natural gas field in Iran. The world’s largest natural gas field is under the Persian Gulf and is split between Iran and Qatar.On Wednesday, strikes hit facilities in Iran’s Bushehr province tied to the gas field. Following the attack, Israeli officials told Axios that the operation was conducted in coordination and with the approval of the White House.A source speaking with the AP claimed that while Washington was aware Tel Aviv planned to strike the gas field, the US did not participate or give its approval.According to Iranian media, the strikes sparked a fire that emergency crews are working to extinguish. The Iranian military said it would respond to the attack by striking energy facilities in Saudi Arabia, Qatar, and the UAE.“These centres have become direct and legitimate targets and will be targeted in the coming hours. Therefore, all citizens, residents, and employees are requested to immediately leave these areas and move to a safe distance without any delay,” Iran’s IRGC explained in a statement.Tehran’s threat caused a spike in global oil prices, with Brent Crude up five percent.While the White House has avoided targeting Iranian energy sites in previous operations, Israel bombed oil facilities near Tehran earlier this month. Axios reported that those strikes angered Washington. The White House may have sought to avoid strikes on Iranian energy facilities because Tehran is likely to respond by attacking oil infrastructure in Gulf Arab countries allied with the US.Following the attack, Baghdad announced a pause in gas flows from Iran to Iraq. Ahmed Moussa, the spokesman for Iraq’s Electricity Ministry, told the Iraqi News Agency (INA) that “due to regional developments, Iranian gas supplies to Iraq completely halted an hour ago.” The spokesman added that this would result in a cut of about 3,100 megawatts of power, which he said would “certainly affect the grid.”

Qatar Evacuates Ras Laffan After Attack Linked to South Pars Incident -  A look at the global natural gas and LNG markets by the numbers North America LNG export flow tracker showing daily U.S. LNG feed gas volumes in million Dth from March 9–18, 2026, with detailed facility-level deliveries, capacity utilization rates, and total export volumes mapped across major terminals including Sabine Pass, Corpus Christi, and Plaquemines.

• 42.4-45.9 Bcf/d: QatarEnergy has evacuated its Ras Laffan LNG terminal after confirmed missile strikes around the facility. The attacks came in response to targeted bombings in one of the region's largest natural gas fields. Earlier in the day, Iranian state-media reported damage to several key facilities in the South Pars field, which is separated into the North Dome field in Qatar’s maritime territory. Both fields have an average combined production of 42.4-45.9 Bcf/d, according to data from state oil companies.
• 695,000 MMBtu/d: Feed gas nominations to U.S. LNG terminals have pared from near-record highs last week after pipeline maintenance on the Creole Trail system and an outage at Freeport LNG Monday night. Work on the Creole Trail Pipeline, expected to last through Thursday, has cut around 695,000 MMBtu/d in flows to Sabine Pass LNG, according to an estimate from Wood Mackenzie. Combined with the brief outage at Freeport, LNG nominations averaged 19.3 Bcf/d over the last seven days. Nominations are still up roughly 3.4 Bcf/d over the same period a year ago.
• 2.86 Mt: U.S. LNG exports are anticipated to hit an all-time weekly high the week of March 16 as more Gulf Coast export capacity comes online. Volumes from the country are expected to hit 2.86 million tons (Mt) during the period, a 0.22 Mt increase over last week, according to Kpler predictive data. The week/week boost is driven by both Asian and European buyers, with volumes to both markets expected to grow week/week.
• 22.5 Mt/y: Eni SpA plans to significantly expand LNG supply to Asia before the end of the decade after sanctioning two massive natural gas production projects in Indonesia. The Italian firm reached final investment decisions for the Gendalo and Gandang gas project and the Geng North and Gehem fields, respectively dubbed the South Hub and North Hub. Both assets are anticipated to have reserves of 10 Tcf and reach a production plateau of 2 Bcf/d by 2029. Using the additional supply, Eni and partner Petronas also plan to reactivate a train at Bontang LNG that’s been idle for six years. Bontang LNG has a nameplate capacity of 22.5 Mt/y but exported 2.55 Mt last year, according to Kpler data.

Qatar Battles Blaze at Ras Laffan Industrial Complex After Iranian Attacks Further Jeopardizing LNG Infrastructure - QatarEnergy said Wednesday that Iran again attacked its Ras Laffan Industrial City, causing what it said was “extensive damage” to the massive hub of its natural gas infrastructure. At A Glance:

• Significant damage reported
• Attack could prolong LNG outage
• No fatalities reported

Iran attack on Qatar causes 'extensive damage' to massive energy hub - Qatar said Wednesday that Iranian missiles caused “extensive damage” at Ras Laffan Industrial City, home to the largest liquefied natural gas, or LNG, export facility in the world. Qatar’s Foreign Ministry denounced the attack as a “dangerous escalation, flagrant violation of state sovereignty, and a direct threat to its national security and regional stability.” Qatar reserves the right to respond in accordance with the right to self-defense guaranteed under international law, the Foreign Ministry said in a statement. Brent crude prices, the international benchmark, surged more than 7% to $111.23 by 4:52 p.m. ET. U.S. West Texas Intermediate crude was up about 4% at $100.04. Iran’s Revolutionary Guard had threatened to attack energy facilities in Qatar, Saudi Arabia and the United Arab Emirates after Israel bombed a natural gas processing facility in Iran. Emergency teams were deployed to contain fires at Ras Laffan, according to a social media postfrom state-owned QatarEnergy. No casualties have been reported. Qatar’s Interior Ministry later said the fire at the facility had initially been brought under control. Qatar halted LNG production on March 2 due to Iranian drone strikes at Ras Laffan and Mesaieed Industrial City. The Gulf state is the second-largest LNG exporter in the world, after the U.S. Qatar accounts for nearly 20% of global LNG exports, according to data from energy consulting firm Kpler. The escalating attacks on Middle East oil and gas infrastructure threaten to intensify the massive energy supply disruption triggered by the Iran war. Oil tanker traffic through the Strait of Hormuz has plunged due to Iranian attacks on commercial ships. The Strait is the most important trade choke point for oil, with about 20% of world supplies passing through it before the war.

North Field Expansion Project Delays Likely as Qatari LNG Output Crippled by Iranian Attacks -- QatarEnergy expects the Iranian missile attacks on its Ras Laffan Industrial City earlier this week to cost it roughly $20 billion in annual revenue until the damage is repaired.At A Glance:

• 17% of LNG production lost
• Attacks to cost $20B of annual revenue
• 5-year force majeure likely for 2 trains

QatarEnergy Says Damage at LNG Facilities Could Take Years to Repair, Upending Supply Outlook - QatarEnergy warned Thursday it would take up to five years to repair damage to its LNG facilities after two separate missile attacks by Iran hit its Ras Laffan Industrial City. At A Glance:

• Iran attacked Ras Laffan again
• Repairs could take 3–5 years
• Energy prices spike

Qatar Outage May Deliver Windfall for U.S. LNG Exporters Amid Price Surge, Supply Fears  - Global natural gas markets were roiled after news of widespread damage and the possibility of a prolonged outage in Qatar, sparking long-term implications for demand from key LNG markets. Chart showing global natural gas futures prices through 2029, comparing Henry Hub, JPN/KOR LNG, and TTF benchmarks, with Henry Hub near $3.77/MMBtu for the 12-month strip while international LNG prices remain elevated above $17/MMBtu amid forward curve declines.  At A Glance:
Asian LNG prices outpace European gains
TTF forward curve hits record highs
Prolonged outage risks demand destruction

Why Middle East gas field attacks could send energy prices soaring  --Israel’s bombing of Iran’s South Pars gas field has sent shockwaves through global energy markets.The South Pars gas field is part of the world’s largest gas field, known as North Dome, shared by Iran and Qatar.Until now, nations on both sides of the conflict have confined their attacks to civilian infrastructure, where the damage is unlikely to affect critical services.But Israel’s attack on South Pars, and Iran’s retaliatory strike on Qatari gas infrastructure, represents a major escalation in the Middle East conflict. Israel has been vocal about its campaign to destroy critical infrastructure, such as electricity and water services, as a way to cripple Iran, both economically and militarily. Earlier this week, Israeli forces bombed the South Pars gas field, a crucial part of Iran’s domestic energy sector. South Pars accounts for about 70% of the country’s total gas production and 90% of its domestic energy use. It’s also a key processing site for Iranian gas exports, which mainly go to Turkey and Iraq.The bombing of the South Pars gas field is the first time either side of the US-Iran conflict has attacked energy infrastructure used to produce fossil fuels.Within hours of the South Pars attack, Iran launched a retaliatory missile strike on Qatar’s Ras Laffan Industrial City. Ras Laffan is the world’s largest liquefied natural gas facility, producing about 20% of global supplies. Qatar primarily exports reserves from Ras Laffan to China and Europe.According to QatarEnergy, the country’s state-owned petroleum company, the damage from Iran’s strike has reduced its processing capacity by about 17% and will potentially cut its revenue by US$20 billion. It will likely take between three and five years for the site to become fully operational again.In the days since, Israeli Prime Minister Benjamin Netanyahu has apparently agreed not to attack any more Iranian energy infrastructure, at the request of US President Donald Trump. In a social media post, the president suggested he did not know Israel was planning to target Iranian gas infrastructure. On a regional level, the South Pars and Ras Laffan attacks have escalated already heightened tensions in the Gulf region. And it’s likely to trigger further retaliatory strikes on key energy infrastructure.Of particular concern is Saudi Arabia’s 1,200-kilometre Yanbu oil pipeline and Abu Dhabi’s Habshan–Fujairah pipeline. Both pipelines bypass the Strait of Hormuz, allowing countries to keep exporting oil even when this crucial shipping route is closed or disrupted. But as regional tensions rise, it is unlikely the Strait of Hormuz will be opened any time soon.From a global perspective, the impacts of the South Pars and Ras Laffan strikes are serious and far-reaching.Since the start of the Russia-Ukraine war in 2022, Europe has increasingly sought to reduce its dependence on Russian gas after relying on Russian supplies for more than 25 years. As a result, Europe has turned to Qatar as its main source of liquified natural gas. So, for an already energy insecure Europe, Iran’s attack on Qatar’s Ras Laffan facility is calamitous.The prolonged closure of the Strait of Hormuz is affecting economies around the world. The closure has already cut an estimated 20% of global oil supplies, and this is reflected in surging oil prices. At the time of publication, the price of brent crude oil has surpassed US$106 a barrel.This 20% drop in global oil supplies, coupled now with the 17% loss of Qatari liquified natural gas exports, is driving this surge in oil prices. But perceived oil and gas shortages are also contributing. And the threat of further attacks on energy infrastructure will only reinforce this perception.These strikes will not only impact fuel prices. The International Monetary Fund has already warned if oil prices remain elevated for more than a year, this will boost global inflation and slow economic growth. This would also raise the price of crucial commodities such as food and fertiliser. When it comes to gas, the recent strikes on Middle East energy infrastructure may have little effect on Australia. This is because we produce the vast majority of the gas we consume.However, oil is a different story. Here in Australia, we import almost all our oil. So surging oil prices, exacerbated by Israel and Iran’s latest attacks, will likely increase the cost of almost every commodity.Australian farmers are already bearing the brunt of fertiliser shortages, with many struggling to sow or harvest their crops. And many people, in Australia and around the world, are facing higher fuel, food, energy, and transport costs.This raises the broader, but no less urgent, question of whether Australia has enough liquid fuel to survive such crises. Over the past decade, refinery closures, poor oil production and the transfer of our strategic oil reserve to the US have weakened our liquid fuel security.We currently have enough liquid fuel, which includes petrol, diesel, and aviation fuel, to last just over a month. This may be adequate in peacetime. But that’s unlikely to be the case in times of disruption or, as we are now experiencing, war.

Natural gas prices soar as Iran, Israel strike Middle East energy infrastructure (Reuters) - Natural gas prices in Europe surged as much as 35% on Thursday as Iranian and Israeli strikes targeted some of the Middle East's most important gas infrastructure, doing damage that will likely take years to repair. The strikes on energy facilities since the onset of the U.S. and Israeli war on Iran have brought to life some of the energy industry's worst ‌fears - that a conflict in the region will leave long-term damage and shortages in global energy supplies. "We are now well on the road to the doomsday gas-crisis scenario," "Even once the war ends, the disruption to LNG supply could last for months or even years." Iran on Thursday struck the Ras Laffan liquefied natural gas facility in Qatar, the world’s largest LNG complex, a day after Israel attacked Iran's huge South Pars gas facilities. The hit on Ras Laffan destroyed two LNG trains that could cause a reduction of around 17% of Qatar's liquefied natural gas exports for between three and five years. "I never in my wildest dreams would have thought that Qatar would be - Qatar and the region - in such an attack, especially from a brotherly Muslim country in the month of Ramadan, attacking us in this way," QatarEnergy CEO ⁠Saad al-Kaabi told Reuters. He said the state-owned gas company may have to declare force majeure on long-term contracts to Belgium, China, Italy and South Korea. Gas prices in Europe rose by as much as 35% on Thursday and oil jumped as much as 10%, before paring gains. Analysts say Israel's attack on South Pars and the retaliatory strike on the Ras Laffan plant represent a sharp escalation in the conflict. Aerial attacks by Iran have already targeted a refinery in Saudi Arabia, forced the United Arab Emirates to shut gas facilities, and started fires at two Kuwaiti refineries. U.S. President Donald Trump threatened retaliation if they persisted. "This latest escalation feels like a turning point for markets because the conflict is no longer just about military headlines or Strait of Hormuz closure," said Charu Chanana, chief investment strategist at Saxo in Singapore, referring to the closure of a key waterway bordering Iran's coast through which a fifth of the world's crude oil and liquefied natural gas normally flows. "It is now hitting the plumbing of the global energy system. What is unsettling markets now is the growing stagflation risk," she added. The European Central Bank said on Thursday the war in Iran would have a "material impact" on near-term inflation, depending on its intensity and duration. Financial markets expect euro zone inflation to climb close to 4% over the next year, then take years to return ‌to the ⁠ECB's 2% target. Traders are pricing in two or three rate hikes by December, betting that the ECB would not tolerate another war-fuelled spike in inflation after being stung by Russia's invasion of Ukraine four years ago. The yield on the 2-year U.S. Treasury note, a proxy for expectations of where the Federal Reserve is headed with interest rates, shot to the highest in nearly eight months, unwinding most of the three rate cuts the Fed delivered last year. An International Monetary Fund official on Thursday estimated that every 10% increase in oil prices, if sustained through the year-end, adds about 40 basis points to global inflation and cuts economic output by 0.1% to 0.2%. Britain, France, Germany, Italy, Japan and the Netherlands called for an immediate moratorium on attacks on oil and gas facilities ⁠and said they are working with energy-producing nations to stabilise markets, according to a joint statement. Trump earlier warned Iran on social media not to retaliate by attacking Qatari LNG facilities again and threatened to "massively blow up the entirety of the South Pars Gas Field" if it did so. Qatar shares the South Pars gas field, the world’s largest, with Iran. Iran will show "zero restraint" if its infrastructure is attacked again, Foreign Minister Abbas Araqchi said on X. Gas prices in Europe have doubled since late February before the U.S. and Israel launched attacks on Iran. Oil loadings by Saudi Arabia at the Red Sea port of Yanbu were disrupted briefly on Thursday, two sources told Reuters, after a drone fell on the nearby Aramco-Exxon refinery, SAMREF. The port is the only export outlet for the world's largest oil exporter after Iran ⁠effectively blocked tanker traffic leaving the Gulf via the Strait of Hormuz.

India's LPG consumption declines due to shortages in wake of Iran war - Indian state fuel retailers' sale of liquefied petroleum gas (LPG) slowed in ⁠the first half of March, preliminary data showed, as the country reels ‌from its worst LPG crisis in decades due to shipping disruption in the Strait of Hormuz. India buys about 90% of its imports of LPG - mainly used for cooking - from the Middle East and its supplies have been disrupted after traffic through the strait ground to a near standstill in the wake of ⁠the U.S.-Israeli war on Iran. State fuel retailers Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp sell cooking gas in India. The three companies sold about 1.15 million metric tons of LPG in the first half of March, a ‌decline of 17.3% ⁠from a year earlier ⁠and 26.3% from the same period in the previous month, the data showed. India has 22 tankers, including six LPG ships, four ‌crude carriers and one liquefied natural gas vessel, ⁠stranded in the Strait of Hormuz, said Rajesh Kumar Sinha, special secretary in the federal shipping ministry. The federal government has cut supplies of LPG for industries to shield households from any shortage of cooking gas. Sales of jet fuel by the three retailers totalled 327,900 tons in the first half of this month, a decline of about 12.3% from the previous month and a 4% fall from the same period a year ago, ‌the data showed. Since the United States and Israel launched ⁠air strikes on Iran , Tehran has largely halted traffic through the strait, which runs past its coast and normally supplies around 20% of global oil and seaborne LNG. Iran has said it will not permit any supplies for ‌the United States or its allies to leave the ⁠strait, but India has sought exemptions.

Coast Guard personnel clean up oil spillage in seas off Hikkaduwa -- The Sri Lanka Coast Guard personnel have taken steps to swiftly clean the oil spillage reported in beach areas in Hikkaduwa. The Coast Guard personnel with the assistance of the Sri Lanka Navy, the Marine Environment Protection Authority and the Coastal Conservation Department commenced cleaning the oil contaminated beach areas in Narigama, Thotagamuwa and Hikkaduwa in order to prevent damages to the marine ecosystem, the Sri Lanka Coast Guard said in a statement. Oil patches were reported along the coastal areas of Hikkaduwa and Dodanduwa, according to the Marine Environment Protection Authority (MEPA). The oil spill was reported following the attack on an Iranian vessel in seas off Galle. On March 4, US Secretary of Defense Pete Hegseth confirmed that the US sank “an Iranian warship that thought it was safe in international waters” in the Indian Ocean. “Instead, it was sunk by a torpedo,” he said. The Sri Lankan Navy reported the Iranian vessel ‘IRIS Dena’ went down in the Indian Ocean, with around 180 people believed to be on board.

Navy vessel spills up to 300 litres of oil in Akaroa Harbour - An estimated 200 to 300 litres of lubricating oil has been spilt in Akaroa Harbour by the anchored Royal New Zealand Navy vessel HMNZS Te Kaha. Environment Canterbury said it was notified of the incident immediately by the New Zealand Defence Force. "We’re now working alongside them to monitor and support clean up efforts." A New Zealand Defence Force spokesperson told 1News that immediate steps were taken to clean up the approximately 200-300 litres of lubrication oil from the 118m long vessel. An estimated 200 to 300 litres of persistent oil was spilt by the anchored Royal New Zealand Navy vessel HMNZS Te Kaha. An estimated 200 to 300 litres of persistent oil was spilt by the anchored Royal New Zealand Navy vessel HMNZS Te Kaha. (Source: 1News) Soaker pads were used to clean up surface oil and oil dispersed by crew on a RHIB following the leak, which was caused by a defect to an oil cooler on the starboard engine," they said in a statement. "The source of the leak has been isolated and no further oil is leaking." The ship remained anchored in Akaroa Harbour, NZDF said. The ship's company was working with Environment Canterbury staff who are monitoring and assisting with clean-up efforts. Environment Canterbury Regional on-scene commander Emma Parr told 1News the group's focus was on "minimising environmental impacts". "In this case, we're working with the New Zealand Defence Force, Maritime New Zealand, our local partners and stakeholders, to assess the impacts and coordinate the on-water response to contain and recover the oil," she said. She said the type of persistent oil — which was a thicker and heavier oil — would smother the environment rather than naturally disperse, and required a "physical intervention". "Many of our recent spills have been diesel oil, which is a lighter oil, and it disperses really well naturally with tidal changes and weather. "This persistent oil needs physical intervention. So it needs us to be out there using tools and equipment to contain it and recover it from the surface of the water," she explained. "It's not a large volume, but the type of the oil means that it will have a potentially higher environmental impact, because it is so thick. She said the containment and recovery method used had been "showing really good effectiveness throughout the day". She encouraged anyone who had seen wildlife impacted by oil to get in touch with Environment Canterbury on 0800 765 588, and avoid the area. Local resident Mark Robinson told 1News a visible oil slick was heading towards the Wainui side of the harbour. In late January, a tourist boat ran aground near the mouth of Akaroa Harbour, resulting in 2240 litres of marine diesel fuel and 120 litres of other oils being leaked into the sea.

EIA Ups WTI Price Forecast by $20 in Wake of Iran Conflict | Rigzone - In its latest short term energy outlook (STEO), which was released on March 10, the U.S. Energy Information Administration (EIA) boosted its 2026 West Texas Intermediate (WTI) average spot price forecast by $20 per barrel. According to this STEO, the EIA now expects the WTI spot price to average $73.61 per barrel this year. In its previous STEO, which was released in February, the EIA projected that the WTI spot price would average $53.42 per barrel. The EIA’s latest STEO forecasts that the WTI spot price will come in at $60.81 per barrel in 2027. That marks an $11 jump from the 2027 average WTI spot price forecast in the EIA’s February STEO, which stood at $49.34 per barrel. Both STEOs showed that the WTI spot price averaged $65.40 per barrel in 2025. A quarterly breakdown included in the EIA’s latest STEO projected that the WTI spot price will come in at $72.60 per barrel in the first quarter of 2026, $84.56 per barrel in the second quarter, $71.45 per barrel in the third quarter, $66.00 per barrel in the fourth quarter, $62.00 per barrel in the first quarter of next year, $61.66 per barrel in the second quarter, $60.68 per barrel in the third quarter, and $59.00 per barrel in the fourth quarter of 2027. In its previous STEO, the EIA projected that the WTI spot price would average $58.62 per barrel in the first quarter of this year, $53.65 per barrel in the second quarter, $51.69 per barrel in the third quarter, $50.00 per barrel in the fourth quarter, $49.00 per barrel in the first quarter of 2027, $49.66 per barrel in the second quarter, $49.68 per barrel in the third quarter, and $49.00 per barrel in the fourth quarter of next year. The EIA highlighted the “onset of military action in the Middle East that began on February 28” in its latest STEO.

IEA Expects Quick Release of Asia Pacific Oil Stocks - The International Energy Agency (IEA) said Sunday oil reserves held by members in Asia and Oceania could be released immediately as part of the group's pledge to make 400 million barrels available to the global market. Last Wednesday the IEA said its 32 member states unanimously agreed to draw from their emergency stocks to "address disruptions in oil markets stemming from the war in the Middle East". The organization represents over 1.2 billion barrels in government reserves and a further 600 million barrels in industry-held volumes stored under government obligation, the IEA said in an online statement Wednesday. The Paris-based body noted this is its sixth and biggest collective release in its half a century of existence. In an update on its website on Sunday the IEA said, "Individual implementation plans have been submitted to the IEA by member countries. These plans indicate that stocks will be made available by IEA member countries in Asia Oceania immediately while stocks from IEA member countries in the Americas and Europe will be made available starting from the end of March". Committed stocks from Asia and Oceania stood at 108.6 million barrels as of Sunday. That consisted of 66.8 million government-held barrels and 41.8 million industry-held barrels. Crude comprised 60 percent and oil products 40 percent. The Americas have so far pledged 172.2 million barrels of crude, according to the breakdown shown in the update. The IEA did not provide a by-country breakdown. Earlier the U.S. pledged 172 million barrels of petroleum. A statement from the Department of Energy (DOE) last Wednesday confirming the contribution, which would be drawn from the Strategic Petroleum Reserve (SPR), said delivery would take about 120 days.

OPEC confirms big Saudi oil production hike ahead of Iran war, holds forecasts steady   (Reuters) - OPEC said on Wednesday that Saudi Arabia sharply increased ‌oil production in February ahead of U.S. and Israeli strikes on Iran and kept its forecasts for relatively strong global oil demand growth this ⁠year. Saudi Arabia increased its oil output and exports as part of a contingency plan in case any U.S. strike on Iran disrupts supplies from the Middle East, sources familiar with the plan had said in February. The attack came on ‌February ⁠28 and the resulting conflict has disrupted oil exports, forced production stoppages and sent prices soaring. OPEC, in a monthly report on its ⁠website, said that Saudi Arabia told OPEC its oil supply to the market in ⁠February was 10.111 million barrels per day while production was 10.882 million ⁠bpd. Saudi Arabia reported its production at 10.10 million bpd for January.

Iran war: What is happening on day 17 of US-Israel attacks? | US-Israel war on Iran News | Al Jazeera - Israel launched a new wave of attacks on Tehran as the US-Israel war on Iran entered its 17th day on Monday. Escalations continue in the Gulf region, where authorities suspended flights at Dubai international airport after a drone incident sparked a fire nearby. Dubai-based Emirates announced later that it was resuming limited flights, with several planned routes cancelled for the day. Saudi Arabia also reported intercepting drones. Attacks also continued in Iraq and Lebanon.Meanwhile, in a social media post, United States President Donald Trump, without providing evidence, accused Iran of being a “master of media manipulation” by using artificial intelligence (AI) to spread disinformation about its war gains.Here is what we know about what happened in the past 24 hours:

• Israel announced that it launched a new wave of strikes in Tehran. After this, Iran’s Mehr news agency reported that Iran was responding to “hostile targets in the skies” over Tehran.
• The Iranian Red Crescent Society said the latest Israeli raids damaged one of its clinics and an aid relief post.
• During an interview with CBS News on Sunday, Iranian Foreign Minister Abbas Araghchi dismissed Trump’s claim that Tehran wants truce talks. “No, we never asked for a ceasefire, and we have never asked even for negotiation. We are ready to defend ourselves as long as it takes,” he said.
• The spokesperson for Iran’s Revolutionary Guard Corps (IRGC), Brigadier-General Ali Mohammad Naini, told a local broadcaster that most of the IRGC’s weapons cache remains intact. He said the missiles used in the ongoing war are from a “decade ago” and that Iran has not yet fired the missiles produced since the 12-day war with Israel.
• Iranian authorities arrested 18 people accused of working for Iran International, the satellite news channel Tehran has accused of having ties to Israel, according to state-funded broadcaster Press TV.
• As of Sunday, 1,444 people were killed in Iran, while 18,551 have been injured.
• Authorities in Dubai reported that a fire erupted after a drone-related incident in the vicinity of the Dubai airport. Authorities said a fuel tank was affected, and the fire had been contained. Flights at the airport were temporarily suspended, but Dubai airport then resumed a limited schedule on Monday.
• A fire broke out at an industrial zone in the UAE’s Fujairah after a drone strike, the emirate’s media office said, also on Monday. And in Abu Dhabi, the capital of the UAE, a missile hit a car, killing a Palestinian resident.
• Saudi Arabia said it intercepted 37 drones in its east on Monday. Riyadh did not say where the drones came from.
• Bahrain, Kuwait and Qatar also reported drone interceptions on Sunday.
• Saudi state media reported that Crown Prince Mohammed bin Salman and UAE President Sheikh Mohamed bin Zayed Al Nahyan discussed the latest regional developments during a phone call, affirming that the GCC countries will continue to exert all their efforts to defend their territories.Trump, on board Air Force One, said the US was hitting Iran’s drone factories. “Iran has very little firepower left. We have decimated their manufacturing capability,” he said.
• In a Truth Social post, Trump wrote Iran is “Militarily ineffective and weak” and that they are using AI as a “disinformation weapon”. He added: “They showed phony ‘Kamikaze Boats’, shooting at various Ships at Sea, which looks wonderful, powerful, and vicious, but these Boats don’t exist.”
• Local media reported that air raid sirens were activated in central Israel early on Monday as a missile was fired from Iran, but the projectiles landed in an open area, and no casualties were reported. Later, sirens blared in the south of Israel.
• An Iraqi security source told Al Jazeera that an air raid hit the headquarters of the pro-Iranian Popular Mobilisation Forces (PMF) in the Jurf al-Sakhar area. Three people were injured in the attack.
• Iraqi security sources told Al Jazeera that the country’s air defences responded to drones near the US Embassy in Baghdad and the Balad airbase in the Salah al-Din governorate.
• Israel launched new waves of raids on southern Lebanon. The Israeli military said it was launching limited ground operations against Hezbollah. The death toll in Lebanon has risen to 850, including more than 100 children.
• The United Nations Interim Force in Lebanon (UNIFIL) said non-state armed groups fired upon three of its patrols on Sunday afternoon.

Crude Oil Prices Surge: WTI Hits USD 102.44, Brent USD 104.79 as US Strikes Iran’s Kharg Island Amid Persian Gulf Tensions   -- Global oil prices rose on Monday after the United States launched strikes on military assets on Kharg Island over the weekend, escalating tensions in the Persian Gulf as the conflict entered its third week. At around 9:45 am, Crude oil futures -- specifically the US benchmark West Texas Intermediate (WTI) -- surged by 3.77 per cent to $102.44, while Brent crude -- the international benchmark -- traded at $104.79, up 1.59 per cent from the previous close. The surge in oil prices followed retaliatory attacks by Iran on Israel and several Arab states after US strikes targeted military facilities on Kharg Island, which handles the bulk of Iran’s crude shipments. US President Donald Trump warned that Iran’s energy infrastructure on the island -- responsible for roughly 90 per cent of the country’s oil exports -- could face further attacks if Tehran disrupts shipping through the Strait of Hormuz.   Trump said he was “demanding” that other nations help secure the key maritime passage that connects the oil and gas supplies of the Persian Gulf to global markets. Washington has reportedly urged major oil-importing partners such as China and Japan to deploy naval vessels to the Strait to ensure the safe movement of tankers. Around one-fifth of global oil shipments and significant volumes of seaborne liquefied natural gas pass through the waterway. The US has also ordered the Navy’s Fifth Fleet to escort commercial vessels in the region in an effort to deter potential Iranian attacks. The strike on Kharg Island marks a further escalation in the conflict, which, according to the International Energy Agency (IEA), has already triggered the largest supply disruption in the history of the global oil market. Shipping traffic through the Strait of Hormuz has largely stalled since hostilities intensified. Meanwhile, the United Arab Emirates resumed loading operations at the key export hub of Port of Fujairah on Sunday, a day after a drone strike temporarily halted shipments from the country’s primary export route while the strait remained blocked. Brent crude surged about 11 per cent last week, touching a high of $119.50 per barrel -- levels last seen following Russia’s invasion of Ukraine -- before settling just above $103 per barrel.

Oil prices ease as US says fine for some ships going through Hormuz -  Oil prices eased about one per cent on Monday after the United States said it would be fine with some Iranian, Indian and Chinese ships moving through the Strait of Hormuz and talk of possible additional releases from emergency reserves as part of global efforts to reduce consumer energy prices during the Iran war.Brent futures fell $1.46, or 1.4 per cent, to $101.68 a barrel by 10:37 EDT (14:37 GMT), while US West Texas Intermediate (WTI) crude fell $3.95, or 4%, to $94.76. On Friday, Brent closed at its highest since August 2022 and WTI at its highest since July 2022, putting both crude benchmarks up more than 40 per cent since the US and Israel attacked Iran on February 28.The United States is "fine" with some Iranian, Indian and Chinese ships going through the Strait of Hormuz for now, Treasury Secretary Scott Bessent said on Monday, adding that any action to mitigate higher prices would depend on how long the war lasts. The Strait of Hormuz between the Persian Gulf and Arabian Sea is a critical waterway for a fifth of global oil and liquefied natural gas (LNG) supplies. Iran has asked India to release three tankers seized in February as part of talks seeking the safe passage of Indian-flagged or India-bound vessels through the strait, three sources with knowledge of the matter told Reuters.US allies, meanwhile, said they had no immediate plans to send ships to unblock the Strait of Hormuz, rebuffing a request by US President Donald Trump for military support to keep the vital waterway open.Denmark's foreign minister, however, said Europe should keep an open mind on helping to ensure freedom of navigation for ship traffic in the strait even if the currently bureaucracy-controlled continent did not support the US-Israeli decision to go to war with Iran. Governments worldwide are trying to shield consumers from soaring energy costs as the disruption to global oil and gas supplies caused by the war ripples through economies, stokes inflation and squeezes household budgets.Member countries of the International Energy Agency (IEA) could release more emergency oil stocks later "as and if needed" as there will still be over 1.4 billion barrels remaining in their emergency oil stocks despite the largest release of reserves in history already agreed, Executive Director Fatih Birol said on Monday.On Sunday, the IEA said more than 400 million barrels of oil reserves will begin flowing to the market soon, a record draw aimed at combating price spikes caused by the war.Israel said it has detailed plans for at least three more weeks of war as its military pounded sites across Iran overnight. US Energy Secretary Chris Wright said on Sunday he expected an end to the war within "the next few weeks," with oil supplies rebounding and energy costs falling afterwards.Over the weekend, Trump threatened further strikes on Iran's Kharg Island, which handles about 90 per cent of the country's exports, after hitting military targets there and spurring further retaliation from Tehran. The US is in contact with Iran, Trump said, though he doubted Tehran was prepared for serious talks to end the conflict.

Oil Rally Halts on Steady Hormuz Situation, Iran Supply  (DTN) -- Crude prices fell as much as 5% Monday after U.S. Treasury Secretary Scott Bessent said oil tankers were beginning to get through the Strait of Hormuz despite Iran's pledge to block the waterway for most of the Middle East's oil. U.S. President Donald Trump, meanwhile, said on Monday that U.S. and Israeli bombers had deliberately spared energy pipelines and infrastructure on Iran's Kharg Island, which houses a crude export system with a loading capacity of 7 million bpd and storage exceeding 34 million bbl. "We are seeing more and more of the fuel ships start to go through," Bessent told a media interview, referring to the Hormuz, where 21 million bpd of petroleum liquids used to pass prior to the Feb. 27 start of the Iran war. "The Iranian ships have been getting out already, and we've let that happen to supply the rest of the world. We've seen Indian ships go out now ... we believe some Chinese ships have gone out. That should start ramping up." Trump, who has asked NATO, China, Japan and other major oil consumers to help defend tankers on the Hormuz from Iranian attacks, told reporters that he wanted Iran's oil production estimated at 3 million bpd by OPEC to be preserved to aid the country's post-war reconstruction. Those remarks -- and news that the UAE's Fujairah port had commenced oil loading again after a drone strike that briefly disrupted the port's handling of approximately 1 million bpd of crude -- calmed an oil market that had rallied roughly 40% over the past 10 sessions on supply fears. At Monday's close, NYMEX WTI crude futures for April delivery settled down $5.21, or 5.3%, at $93.50 bbl. ICE Brent crude for May delivery finished down $2.93, or 2.8%, at $100.21 bbl. NYMEX RBOB futures for April closed down $0.0411 at $3.0003 gallon. ULSD for April retreated by $0.1772 to $3.8375 gallon. The U.S. Dollar Index was down 0.362 points to stand at a rounded up 100 against a basket of currencies. Oil traders' attention could shift partly towards the U.S. Federal Reserve later in the week as its policymakers convene for a decision on interest rates on Wednesday, March 18, that comes amid similar action scheduled at the European Central Bank and a host of other central banks. The Fed is, however, expected to keep rates unchanged in a 3.5%-3.75% range. After 16 days of fighting that initially sent both WTI and Brent to nearly $120 bbl, conflicting outlooks on the duration of the Iran conflict have stalled the market's momentum. While Energy Secretary Chris Wright said on Sunday, March 15, that he anticipates a conclusion within the coming weeks, President Trump has emphasized that the campaign will proceed for as long as necessary to achieve total victory. Tehran, meanwhile, remains defiant, with new Supreme Leader Mojtaba Khamenei determined to use the Hormuz blockade as a strategic lever. To counter supply gaps, the Trump administration is weighing a temporary waiver of the U.S. Jones Act for shipping to boost domestic vessel availability for energy transport. Complementing these efforts, Bessent last week authorized a 30-day sanctions waiver to unlock Russian crude currently trapped at sea. Meanwhile, the U.S. and its international partners are moving to stabilize prices by releasing over 500 million bbl of oil from strategic reserves.

Tankers Moving Through Hormuz Trigger Sharp Pullback in the Oil Market -  The oil market ended the session lower on news that some vessels sailed through the Strait of Hormuz, while U.S. allies, including Germany, Spain, and Italy, declined U.S. President Donald Trump’s call for help in unblocking the waterway and as the head of the IEA suggested more reserves could be released to stem the increasing costs caused by the U.S.-Israeli war against Iran. The crude market gapped higher on the opening in overnight trading on Sunday after President Trump threatened further strikes on Iran’s Kharg Island, which handles about 90% of Iran’s exports, after hitting military targets there that caused further retaliation from Iran. Abu Dhabi suspended crude loading operations at the Fujairah port. The crude market rallied to a high of $100.93 before it began to retrace its sharp gains. The market gave up its gains on reports that some oil tankers were proceeding through the Strait of Hormuz and as President Trump called for help in escorting tankers through the Strait of Hormuz. The market sold off to a low of $92.97 ahead of the close. The April WTI contract settled down $5.21 at $93.50 and continued to trade lower in the post settlement period and posted a low of $92.93. The May Brent contract settled down $2.93 at $100.21. The product markets ended the session lower, with the heating oil market settling down 17.72 cents at $3.8375 and the RB market settling down 4.11 cents at $3.0003. According to fuel markets tracker GasBuddy, the U.S. average retail diesel prices crossed $5/gallon for only the second time ever on Monday as the war in the Middle East squeezes supplies. GasBuddy data also showed that the U.S. national average gasoline prices stood at $3.76/gallon, the highest level since October 2023. Axios reported a direct communications channel between U.S. envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi has been reactivated in recent days. The IEA’s Executive Director, Fatih Birol, said the IEA’s member countries could release more oil into the market from strategic stockpiles “as and if needed” after they agreed to the largest ever reserves release last week to offset shortages and a spike in prices. Oil from the International Energy Agency emergency reserves will begin flowing to global markets soon, with member countries pledging to make available 411.9 million barrels. The IEA said governments have committed to make available 271.7 million barrels of oil from government stocks, 116.6 million barrels from obligated industry stocks and 23.6 million barrels from other sources. It added that 72% of planned releases are in the form of crude oil and 28% are oil products. Stocks from Asia Oceania countries will be available immediately and stocks from Europe and the Americas will be available at the end of March. The emirate’s media office said a fire broke out in the Fujairah Oil Industry Zone in the United Arab Emirates following a drone attack on Tuesday. It stated that civil defense crews were working to bring the fire under control. This followed reports on Monday that ADNOC suspended crude loading operations at the UAE port of Fujairah after a drone attack triggered fires at the key export terminal. Operations at Fujairah had resumed on Sunday following a separate drone strike over the weekend. The UAE’s daily oil output is down by more than half.

Crude oil prices shoot above $103 per barrel as Iran war supply disruption continues -- Oil prices rose sharply on Tuesday as tensions in the Middle East continued to raise concerns over supply disruptions. Brent crude jumped over 3 US Dollars to hover above $103 a barrel by on Tuesday afternoon, while US West Texas Intermediate (WTI) also gained over 3 USD to surge above $97. The volatility in the global market has, however, not led to any destabilisation of fuel prices in India. Crude oil prices have remained above or around the $100 per barrel mark over the last few days as supply has been disrupted due to the conflict in West Asia. Concerns have also increased over the Strait of Hormuz, as Iran continues to control the passage. The Strait of Hormuz is a crucial shipping route that carries nearly 20 per cent or one-fifth of the world’s ‌oil ⁠and liquefied natural gas trade. “The risks remain stark: It only takes one Iranian militia to fire a missile or plant a mine on a ‌passing tanker to reignite the entire situation,” IG market analyst Tony Sycamore told Reuters in a note. Although fuel petrol and diesel prices in India have not increased substantially, there LPG cylinder prices have increased and there is a shortage as well. Indian markets, meanwhile, opened on a flat note. The Nifty 50 was down 0.06 per cent at 23,393.10, while the BSE Sensex slipped 0.08 per cent to 75,435.94 as of 9:17 am IST. India’s diplomatic engagement with Iran has given it an advantage in times like these. On Monday, Shipping Corporation of India’s (SCI) LPG tanker Shivalik—with over 46,000 tonnes of LPG, arrived at the Mundra port in Gujarat. Another one of SCI’s LPG tankers—Nanda Devi—and Great Eastern Shipping Company’s crude oil tanker Jag Laadki are expected to arrive at Kandla and Mundra ports, respectively, today (Tuesday). US President Donald Trump has also called on countries that benefit from the vital oil shipping route to deploy warships to keep the Strait of Hormuz open. His statement also included China – as it gets 90% of its oil from the Straits. He said that cooperation from countries that rely on the Strait of Hormuz was important to ensure safe passage for energy supplies. Petrol and diesel prices in India have remained stable, with only a few cities registering marginal fluctuation.

Fuel, Crude Prices Rise as Supply Disruptions Deepened - Crude futures rose 2% and ULSD more than 5% Tuesday morning as the supply disruption of Middle Eastern crude and oil products deepened amid new attacks launched by Iran on neighboring oil infrastructure. The United Arab Emirates were again forced to suspend loadings at the port of Fujairah after Iran struck an export terminal. As most tankers continued to avoid traversing the Strait of Hormuz, Middle Eastern crude production has been throttled by more than a third so far, with countries that depend on the Persian Gulf for exports like the UAE shutting more than half, and Iraq around three quarters, of oil production. Threats of Iranian attacks on tankers are keeping 20 million bpd of crude and product flows off the global market, although a handful of tankers from countries not hostile to Iran have started to traverse the chokepoint. Iraq's Oil Minister on Tuesday said he was in contact with the Iranian government to allow some Iraqi oil shipments through the Strait of Hormuz. Iranian oil exports, meanwhile, continued unabated. The U.S.-Israeli war on Iran looks set to drag on. U.S. President Donald Trump on Monday said the war will be "wrapped up soon, but not this week." Iranian officials, meanwhile, have in recent days repeatedly rejected ceasefire proposals, and have denied reports of recent direct contact with the U.S. The tightening fuel supply in Asia, meanwhile, is set to worsen as more countries curb oil product exports. Last week, China, the region's largest fuel supplier, banned exports until the end of the month. Some refiners in the region had to drastically reduce operations amid a shortage of crude deliveries from the Persian Gulf. Global middle distillate supply, in particular, tightened amid the sudden loss of 4 million bpd of flows from the Middle East, exports from Asia and refining cutbacks in the hundreds of thousands of bpd. Near 9:05 a.m. EDT, NYMEX-traded ULSD futures for April delivery were up $0.1934, or 5%, to $4.0309 gallon, and ULSD for May delivery rose 5.75% to $3.7916 gallon. Front-month RBOB futures advanced $0.0710 to $3.0713 gallon. WTI for April delivery rose $1.36 to $94.86 bbl, and ICE Brent for May delivery added $1.76 to trade near $101.97 bbl. The U.S. Dollar Index remained flat at 99.470 points against a basket of foreign currencies.

Oil prices top $103 as U.S. allies reluctant to escort tankers in Strait of Hormuz -- Oil prices rose more than 2% on Tuesday, as doubts grow that President Donald Trump will organize a meaningful coalition to escort tankers through the Strait of Hormuz. Brent prices, the international benchmark, gained 3.2%, or $3.21, to close at $103.42 per barrel. U.S. oil prices rose 2.9%, or $2.71, to settle at $96.21 per barrel. Trump said in a social media post that NATO allies do not want to participate in the U.S. war against Iran. The president said the U.S. does not need the help of its allies. The U.S. has been urging allies to send military forces to protect tanker traffic through the strait. Ship movements through the vital shipping route have plunged after Iranian attacks, fueling one of the largest disruptions to global oil supply in history. “The sheer scale of the oil supply disruption makes it difficult for the market to find an adequate solution,” said Warren Patterson, head of commodities strategy at ING. “While the U.S. administration has touted the idea of insurance guarantees and naval escorts, neither has materialized yet,” Patterson noted. He added that escorting commercial vessels through the Strait of Hormuz would leave naval ships vulnerable to attack, so the U.S. may hold off from such action until it feels that Iran’s ability to launch attacks on vessels has been eroded. Located between Oman and Iran, the strait functions as a vital artery for the global oil trade. Roughly 13 million barrels per day passed through it in 2025, representing about 31% of all seaborne crude flows, according to energy consulting firm Kpler.

Ongoing Iran Conflict and Regional Strikes Lift the Oil Market - The crude oil market posted an inside trading day and ended the session higher as Iran continued to show its defiance after more than two weeks of war. Iran renewed its strikes on oil facilities in the UAE, while a senior Iranian official said Iran’s Supreme Leader, Mojtaba Khamenei, had rejected de-escalation offers conveyed by intermediary countries. Meanwhile, Israel announced that it had killed Iran’s security chief, Ali Larijani, the most senior official targeted since the war’s first day. The oil market traded higher in overnight trading, posting a high of $98.42. However, the market erased its gains and sold off to a low of $93.83 by mid-morning. It later bounced off its low and traded back over the $95 level ahead of the close. The April WTI contract settled up $2.71 at $96.21 and the May Brent contract settled up $3.21 at $103.42. The product markets ended the session higher, with the heating oil market settling up 17.83 cents at $4.0158 and the RB market settling up 12.31 cents at $3.1234. White House economic adviser, Kevin Hassett, said oil tankers are crossing the Strait of Hormuz and Iran’s actions to choke traffic through the shipping route have not hurt the U.S. economy, reiterating the Trump administration’s position that the war should be over in weeks, not months. He said there is concern that Asia may not be exporting as much refined oil to the U.S. to handle a decrease in supply from the Middle East. Bloomberg News reported that the Trump administration intends to take additional steps to ease sanctions on Venezuela’s oil sector in an effort to increase crude production amid the ongoing Iran war. The moves, which could be announced as early as this week, include issuing more individual licenses allowing foreign companies to work in Venezuela without violating US sanctions. Iran’s Foreign Minister Abbas Araqchi told U.N. Secretary-General Antonio Guterres that disruptions in the Strait of Hormuz cannot be addressed independently of the U.S.-Israeli war against Iran. He also called upon states and institutions concerned with global peace and security to condemn U.S.-Israeli attacks on his country. A spokesperson for the Iranian parliamentary energy commission said Iran’s oil production and exports continue without interruption, adding that daily life is going on as usual on Kharg Island. Iraq’s Oil Minister said Baghdad is talking to Iran about allowing some of the country’s oil tankers to pass through the Strait of Hormuz, as Iraq seeks to ease disruptions to crude exports following recent attacks on tankers in its own waters. Iraq’s Oil Minister, Hayan Abdel-Ghani, said the country is also working to restore an unused pipeline that would allow oil to be pumped directly to Turkey’s Ceyhan port without passing through the Kurdistan region. He said Iraq will complete an inspection of a 62-mile section of the pipeline within a week to enable direct exports from Kirkuk.

Oil Falls After Iraq Resumes Oil Exports via Turkey’s Ceyhan Port - (Reuters) – Oil prices fell on Wednesday after Iraq resumed crude ‌exports via pipeline to Turkey’s Mediterranean port of Ceyhan, providing hopes for some relief amid disrupted supply from Gulf producers. With no signs of de-escalation in the Iran conflict, benchmark Brent futures prices have settled above $100 per barrel for the past four sessions. After rising more than 3% on Tuesday, Brent futures were down 31 cents, or 0.3%, to $103.12 a barrel by 0902 GMT on Wednesday. U.S. West Texas Intermediate crude dropped $1.56, or 1.6%, to $94.65. In ⁠Iraq, North Oil Company sources said exports had resumed via pipeline after Baghdad and the Kurdistan Regional Government (KRG) agreed on Tuesday to restart flows. Two oil officials said last week that Iraq was seeking to pump at least 100,000 barrels per day (bpd) through the port. “Despite this development, supply relief remains limited, with Iraq’s production at roughly one-third of pre-crisis levels and tanker traffic through Hormuz still largely restricted,” MUFG analyst Soojin Kim said. Oil production from Iraq’s main southern oilfields, where most of its crude is produced and exported, had plunged by 70% to just 1.3 million bpd, sources said on March 8, as the Iran conflict effectively shut the vital Strait of Hormuz through which some 20% ‌of ⁠global oil passes. Iran confirmed on Tuesday that its security chief Ali Larijani had been killed in an Israeli attack. He is the most senior figure targeted since Supreme Leader Ayatollah Ali Khamenei was killed on the first day of the U.S.-Israeli war at the end of February. A senior Iranian official said Iran’s new supreme leader had rejected de-escalation offers conveyed by intermediary countries. The U.S. military ⁠said on Tuesday it had targeted sites along Iran’s coastline near the Strait of Hormuz because Iranian anti-ship missiles posed a risk to international shipping there. Larijani’s death and the U.S. military’s strikes on Iranian coastal positions near the strait raised some hopes that the conflict ⁠could end sooner, said Mingyu Gao, chief researcher for energy and chemicals at China Futures. Meanwhile, Libya’s National Oil Corporation said early on Wednesday that flows from the Sharara oilfield were being gradually redirected through alternative pipelines after a ⁠fire broke out. U.S. crude stocks rose by 6.56 million barrels in the week ended March 13, market sources said, citing API figures on Tuesday, well above a rise of about 380,000 barrels seen in a Reuters poll.

US Crude Stockpile Hits Highest Since June 2024, Exports Surge - Summary:

• US crude stockpiles surged for the fourth consecutive week. The build takes inventories to the highest level since June 2024. The increase is likely to reinforce perceptions of ample supply in US markets, and though prices are significantly higher, WTI continues to lag global benchmark, Brent.
• US oil imports rose to the highest level since November 2024 driven by Gulf Coast imports which rose to the highest level since 2020. Flows to the US are not significantly disrupted despite the conflict in Iran. Flows from Venezuela nearly doubled on a weekly basis and are sitting at the highest level since 2024, the data shows.
• Crude exports jumped by 1.5 million barrels a day to the highest level since September. That’s likely due to global markets drawing on US barrels as the conflict in Iran curtails Middle Eastern flows.

Oil prices are ripping higher this morning (rebounding aggressively of overnight lows) after US and Israel attacked upstream Iranian energy assets for the first time since the war (While the US struck oil export hub Kharg Island late last week, it limited that attack to military targets began). Iran’s IRGC responded by publishing a list of Gulf energy sites in Saudi Arabia, the United Arab Emirates and Qatar that “have become direct and legitimate targets” following the attack on South Pars, the semi-official Tasnim news agency reported. “New attacks bring the attention back to the physical supply reality of the war - curtailments in energy tighten every day,” said Rabobank’s energy strategist Florence Schmit. Trump has waived The Jones Act in the hopes of easing domestic prices. Of course, geopolitical chaos is driving the price of oil more than domestic supply and demand. Nevertheless, overnight saw API report crude stocks rising while refined product inventories declined. API

• Crude +6.56mm
• Cushing
• Gasoline -4.56mm
• Distillates -1.39mm

DOE:

• Crude +6.16mm
• Cushing +944k
• Gasoline -5.44mm - biggest draw since Oct
• Distillates -2.53mm

The official data confirmed API's reporting overnight with a big crude build and big refined product draws. This is the 4th weekly build in US crude, pushing the total stockpile had surged to its highest since June 2024 headed into the war. There was no draw or addition to the SPR last week, according to the official data (the fourth week of no change). Exports for oil and fuels remain the key factors to watch to see if the US is backstopping global markets that have seen millions of barrels of supply curtailed by the conflict in Iran. On the fuels side, distillates and jet fuel will be the most important ones to keep an eye on given how prices for those two products have rocketed. US crude production remains just off record highs. WTI was trading just above $98 ahead of the official data (up dramatically from the $91 handle at the lows overnight) and held those gains after... Finally, what really matters to the average American is the price of gas , which is rising at a record pace and looks set to keep rising... ...and even if we see some 'end' to all this Mideast chaos soon, the ramifications are set in motion and Memorial Day is not that far off

Iran Warns Gulf Oil Facilities Could Be Targeted “In Coming Hours”-  Iran has warned that key oil and gas facilities across Saudi Arabia, the UAE and Qatar could be targeted in the coming hours, escalating risks to critical Gulf energy infrastructure. (Reuters) — Iran issued an evacuation warning for several oil facilities across Saudi Arabia, the UAE, and Qatar, saying they would be targeted by strikes "in the coming hours", Iranian state media reported on March 18. Map of Iran. (Map Source: Global Energy Infrastructure.) The warning was directed at Saudi Arabia's Samref Refinery and Jubail Petrochemical Complex, the United Arab Emirates' Al Hosn Gas Field, and Qatar's Mesaieed Petrochemical Complex, Mesaieed Holding Company and Ras Laffan Refinery. SEE ALSO: Macquarie Exits $7 Billion Kuwait Oil Pipeline Deal as Iran Conflict Escalates "These centers have become direct and legitimate targets and will be targeted in the coming hours. Therefore, all citizens, residents, and employees are requested to immediately leave these areas and move to a safe distance without any delay," the warning said. It was issued shortly after Iranian oil facilities in South Pars and Asaluyeh came under attack. Those Israeli strikes were coordinated with the United States, Axios reported a senior Israeli official as saying.

Oil Market Rallies as Iran Attacks Energy Facilities Across the Middle East - The oil market posted an outside trading day on Wednesday after it posted an inside trading day on Tuesday, as the market remained headline driven. The oil market settled higher and continued to rally in extended trading after Iran attacked several energy facilities across the Middle East. In overnight trading, the crude market was pressured amid the news that Iraq resumed its crude oil exports via a pipeline to Turkey’s Mediterranean port of Ceyhan after Baghdad and the Kurdistan Regional Government agreed to restart flows. Officials stated that Iraq was seeking to pump at least 100,000 bpd through the port. The crude market breached its previous low and sold off to a low of $91.96. However, the market bounced off that level and retraced its overnight losses amid the lack of signs of any de-escalation in the conflict. The market was later well supported after Iran’s Revolutionary Guards threatened to attack several energy facilities across the Middle East in retaliation after gas-processing and petrochemical facilities tied to the South Pars gas field was struck on Wednesday. The oil market breached its previous high and extended its gains to $3.20 as it posted a high of $99.41 by mid-morning. The market later erased some of its gains in light of the EIA weekly petroleum stocks report showing a build in crude stocks of 6.2 million barrels on the week. The April WTI contract once again retraced its losses and settled up 11 cents at $96.32. However, in the post settlement period, the WTI contract rallied sharply higher, posting a high of $100.55 in light of the news that Iran attacked Qatar’s Ras Laffan Industrial City. The WTI futures settled at the widest discount to Brent in 11 years. The May Brent contract settled up $3.96 at $107.38. The product markets ended the session in mixed territory, with the heating oil market settling up 18.2 cents at $4.1978 and the RB market down 2.49 cents at $3.0985. IIR Energy said U.S. oil refiners are expected to shut in about 824,000 bpd of capacity in the week ending March 20th, increasing available refining capacity by 69,000 bpd. Offline capacity is expected to fall to 731,000 bpd in the week ending March 27th. According to sources, the Trump administration is expected to announce soon that it will temporarily lift federal smog-cutting restrictions on summer-blend gasoline to curb rising energy prices stemming from the Iran conflict. BP said it will lock out approximately 800 United Steelworkers members from its 440,000 bpd Whiting, Indiana, refinery starting at 12:00 a.m. on March 19th. The British oil major ended its 24-hour rolling contract extension and issued a lockout notice after the union rejected proposals that BP considers essential for the facility’s long-term sustainability. The company noted it would continue bargaining in good faith, but lifting the lockout would require the union’s acceptance of its March 17th proposal. The discount for U.S. crude futures versus Brent on Wednesday hit the widest level in 11 years, as attacks on Middle Eastern oil infrastructure drove the global benchmark higher while rising supply in the U.S. set the stage for an increase in oil exports.Oil and Gas Prices Soar After Strikes on South Pars - Following Israeli attacks on Iran’s largest gas facilities and a major oil hub, Brent crude prices have jumped sharply, rising 20% from the start of Wednesday’s trading to reach $116 per barrel, while natural gas prices have surged by 35%. On the afternoon of Wednesday, March 18, Brent crude climbed to $110 per barrel after part of the South Pars gas field, Iran’s largest gas facility, and the Asaluyeh oil complex were targeted in Israeli strikes. In less than 12 hours, the price rose by more than $15. Oil prices became even more volatile after the military response by the Revolutionary Guard (IRGC), reaching $116 per barrel at the time of this report. South Pars/Asaluyeh is the crown jewel of Iran’s economy. It is the world’s largest natural gas field (shared with Qatar). An attack here is the economic equivalent of a “nuclear strike” on Iran’s financial survival. The IRGC’s “military response” refers to the retaliatory strikes against neighboring Gulf states, which have turned a localized conflict into a global energy crisis. At the same time, the U.S. oil benchmark, West Texas Intermediate (WTI), also moved higher and was trading at $98 per barrel at the time of this report. Gas prices also recorded a sharp rise in Thursday’s trading, with European gas prices climbing 35% to 74 euros. After the Israeli attack on the South Pars facilities in Iran, the IRGC launched retaliatory strikes on refineries in several Persian Gulf countries, causing major damage to the Ras Laffan facilities in Qatar, the world’s largest hub for Liquefied Natural Gas (LNG). These attacks have raised fresh concerns over global energy supplies and have become a double catalyst for the spike in global energy prices. Context: Ras Laffan is to gas what Silicon Valley is to tech. By damaging this hub, Iran is effectively cutting off the primary heating and electricity source for millions of people in Europe and Asia. This is a classic “Scorched Earth” tactic: if Iran’s energy sector is destroyed, the IRGC ensures the rest of the world suffers the same fate. This jump in prices came despite positive news the previous day about increased oil production from Saudi Arabia and Iraq, which had briefly brought Brent prices down to $95 per barrel. In addition, the Trump administration officially announced a 60-day waiver of the Jones Act, a century-old maritime law that restricts the transport of cargo between U.S. ports to ships that are built, registered, and owned by Americans, and crewed by U.S. citizens. The Jones Act waiver is a rare and desperate move by Washington to lower domestic gas prices. By allowing foreign-flagged ships to move oil and gas between American ports, the U.S. hopes to increase the speed of supply. However, as the text notes, even this “emergency lever” has been ignored by the markets due to the sheer scale of the fire at South Pars and Ras Laffan. However, as tensions continue to escalate and attacks on oil infrastructure intensify, these developments, which could have helped ease the crisis, have had no effect on slowing the rise in prices.

Oil extends gains to rise 5.6% after Iran attacks Gulf energy facilities (Reuters) - Oil prices settled higher on Wednesday and climbed further in extended trade after Iran attacked several energy facilities across the Middle East following a strike on its South Pars gas field, a major escalation in its war with the U.S. and Israel. Brent futures were up 5.6% in post-settlement trading, extending gains after settling up ‌3.8% at $107.38. U.S. West Texas Intermediate crude extended gains to 4% after closing up 11 cents, or 0.1%, at $96.32. . WTI futures had settled at their widest discount to Brent in 11 years, as the U.S. benchmark was pressured by higher supply through a release from its Strategic Petroleum Reserve and rising freight costs. Brent futures, meanwhile, were buoyed by fresh attacks on Middle Eastern energy facilities. Qatar's state oil and gas company said the Ras Laffan Industrial City, an energy-industry hub, had suffered "extensive damage" after it was hit by Iranian missiles. Saudi Arabia said it had intercepted and destroyed multiple ballistic missiles launched toward Riyadh and an attempted drone attack on a gas facility in the east of the country. Iran has issued an evacuation warning for ⁠several energy facilities across Saudi Arabia, the UAE and Qatar, saying they would be targeted by strikes "in the coming hours," Iranian state media reported on Wednesday. The warning followed an attack on Iran's South Pars gas field, which Israeli media reported was carried out by Israel with U.S. consent. Neither country acknowledged immediate responsibility. The war has halted shipments via the Strait of Hormuz, which handles 20% of global oil and LNG supply. Total oil output cuts in the Middle East are estimated at 7 million to 10 million barrels per day or 7% to 10% of global demand. U.S. President Donald Trump's administration on Wednesday announced a 60-day waiver of the Jones Act shipping law, temporarily allowing foreign-flagged vessels to move fuel, fertilizer and other goods between U.S. ports. It will also temporarily lift federal smog-cutting restrictions on summer-blend gasoline, three sources told Reuters, though the moves only marginally impacted gasoline futures contracts. Traders and ‌analysts said ⁠the measures could help slow the surge in fuel prices in the U.S., but are unlikely to have much of an effect on global energy prices. Despite the announcements, U.S. diesel futures surged to a nearly $85 per barrel premium to WTI crude, the highest since October 2022. The U.S. also issued a general license authorizing certain deals involving Venezuela's state oil company PDVSA, while a report said Vice President JD Vance and other key Trump administration officials plan to meet on Thursday with the American Petroleum Institute, the nation’s largest oil trade group. In Iraq, the North Oil Company said crude exports from Iraq's Kirkuk fields to Turkey's Ceyhan port ⁠have resumed via pipeline, after Baghdad and the Kurdistan Regional Government agreed to restart flows on Tuesday. Kirkuk crude exports would resume with an initial capacity of 250,000 bpd, the company said. Separately, Iraq's state oil company SOMO signed contracts with international carriers and buyers to export crude oil via Turkey, Jordan and Syria, the Iraqi state news agency said on Wednesday. "Iraq turning the taps back on comes at just ⁠the right time, when the world really needs more oil supplies. It also ramps up the pressure on Iran, making it harder for them to use oil as a bargaining chip,"  In the U.S., crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said. Crude inventories rose by 6.2 million barrels to 449.3 million barrels in the week ended March 13, compared with market expectations for a rise of 383,000 barrels.

Oil surges 4% as Iran-Qatar energy hubs hit, fears of wider supply shock rise  -- Crude oil prices surged over 4% on Thursday morning after fresh attacks on key energy infrastructure in West Asia heightened fears of a broader supply shock. The conflict’s shift toward targeting energy infrastructure has amplified fears of a prolonged supply shock, pushing oil prices higher and exposing import-dependent economies like India to fresh risks. At 6:20 AM, the April contract of Brent crude on the Intercontinental Exchange was trading at $111.78 per barrel, up 4.10% from its previous close. The April contract of West Texas Intermediate (WTI) on NYMEX rose 3.37% to $99.57 per barrel. The spike follows Israel’s strike on Iran’s South Pars gas field—the world’s largest—followed by retaliatory attacks by Iran on Qatar’s Ras Laffan industrial city, a major global gas hub. South Pars is shared by Iran and Qatar (where it is known as the North Field), and any disruption there has immediate global implications. After Israel's strikes on the South Pars gas field, Qatar’s foreign ministry spokesman Majed Al Ansari said that attacks on energy infrastructure “constitutes a threat to global energy security”. Retaliation risk After threatening to target oil and gas facilities in the region, Iran later struck Ras Laffan, Qatar’s main gas facility. In a post on X, QatarEnergy said: “QatarEnergy confirms that Ras Laffan Industrial City this evening has been the subject of missile attacks. Emergency response teams were deployed immediately to contain the resulting fires, as extensive damage has been caused. All personnel have been accounted for and no casualties have been reported at this time.” Concerns remain that the conflict could now escalate further, with more energy infrastructure across West Asia likely to be targeted. QatarEnergy, which produces about 20% of the world’s gas, had already halted production earlier in the month after the Ras Laffan complex was hit initially in the war. In a bid to ease supply concerns and contain prices, the US on Wednesday issued a general licence authorizing certain transactions involving Venezuela’s state oil company PDVSA. However, analysts say such measures may offer only limited relief if disruptions in the Gulf intensify. The surge in oil prices carries significant implications for India, which imports nearly 90% of its crude oil requirements. Analysts estimate that every $1 per barrel increase in crude prices raises India’s import bill by roughly ₹16,000 crore annually, underscoring the macroeconomic risks of sustained high prices. The pressure is already visible in the ongoing LPG supply crunch, where disruptions linked to the Strait of Hormuz have tightened availability, forcing the government to prioritize household consumption and curb commercial usage.

Oil Prices Briefly Touch $120 as Energy Infrastructure Becomes a Target in Iran War - Brent crude spiked to nearly $120 a barrel Thursday morning before retreating, as the Iran conflict expanded to threaten major energy hubs across the Middle East. A drone struck a Saudi refinery, and President Trump issued a stark warning that the U.S. would destroy Iran’s South Pars gas field if Iran attacks Qatar. By late morning, Brent futures had pulled back to around $112, while West Texas Intermediate was trading near $98. The rally built on Wednesday’s gains, which came after Israeli warplanes struck gas-processing and petrochemical facilities connected to South Pars — the world’s largest natural gas reservoir. The strikes marked the first time Iran’s energy infrastructure has been directly hit in the conflict, a significant escalation. Trump took to Truth Social late Wednesday to distance the U.S. from the Israeli strikes, saying Washington had no advance knowledge of the attack. But he coupled that denial with an extraordinary threat, declaring that the U.S. would, with or without Israel’s participation, destroy the entirety of the South Pars field if Iran retaliates against Qatar. Iran responded by launching missiles at infrastructure across the region. QatarEnergy reported that multiple liquefied natural gas facilities were hit, with significant fires breaking out. The company said missile strikes had caused extensive damage at Ras Laffan Industrial City, one of the world’s most important LNG processing hubs. On Thursday, Saudi Arabia’s defense ministry disclosed that a drone had struck the Samref refinery and that damage assessment was underway. Dutch TTF natural gas futures surged 17 percent on the Qatar strikes. Crude prices trimmed some of their gains after Treasury Secretary Scott Bessent told Fox Business that the administration was considering lifting sanctions on Iranian oil already in transit — roughly 140 million barrels — and could tap the strategic petroleum reserve as well. The WTI-Brent spread blew out to nearly $20 at one point in early trading, the widest gap since 2013 outside of the anomalous April 2020 session when WTI went negative. The divergence reflects traders pricing in far greater disruption risk for internationally-benchmarked crude, while American domestic supplies and potential export restrictions are capping WTI’s upside. The oil shock is compounding investor anxiety. Fed Chair Jerome Powell signaled Wednesday that the central bank is not inclined to treat the crude surge as a transitory supply-side event — a break from the traditional central-bank playbook on energy shocks. Stocks sold off hard on his remarks, and futures were lower again in Thursday’s premarket. Gasoline prices in the U.S. have soared, hitting an average national price of $3.88 a gallon on Thursday, a 32 percent increase from a month ago and 25 percent higher than one year ago. The highest state average is in California, where prices hit $5.64 on Thursday. Although West Texas Intermediate is the U.S. domestic benchmark for oil prices, U.S. gasoline prices more closely track Brent Crude.

Oil Slips From Near $120; US Mulls Iran Sanctions Waiver (DTN) -- Crude futures raced to nearly $120 bbl Thursday before retreating after the White House signaled it may ease sanctions on Iranian oil trade, and consider additional releases from U.S. strategic reserves to bolster global supplies affected by the Middle East conflict. Energy markets were on the edge earlier in the day from renewed drone attacks by Iran on the oil and gas infrastructure of its neighbors. Tehran struck the world's largest LNG complex, Ras Laffan, in Qatar; a gas field and oil production site in the UAE, two Kuwait refineries and another gas plant in Saudi Arabia. Those attacks came in response to Israel's strikes on Wednesday, March 18, on Iran's South Pars gas hub, which provides up to 80% of Iranian gas production. While none of the facilities targeted by Iran were destroyed, they added to the global strain on energy supplies, already in deficit from Iran's virtual blockade of the Strait of Hormuz, where a fifth of world petroleum cargoes used to pass. U.S. Treasury Secretary Scott Bessent said the White House had ways to tamp down oil prices that had risen at least 40% since U.S.-Israeli airstrikes on Israel on Feb. 27 triggered a regional contagion. "The U.S. may unsanction Iranian oil on water in coming days," Bessent said, adding that another option would be more reserves release, on top of the 172 million bbl announced from the Strategic Petroleum Reserve last week. If confirmed, the sanctions waiver would be the first since 2018, when U.S. President Donald President Trump reintroduced an embargo on Iranian oil previously lifted by the Obama administration. Upon returning to office last year, Trump intensified targeting of Iranian energy to pressure Tehran into a new nuclear deal. A sanctions reprieve would also be a radical pivot by Washington to contain fallout from the three-week U.S.-Israel war against Iran. The White House already surprised energy markets last week by announcing a 60-day sanctions suspension for Russian oil already on water. Trump also issued a social media post late on Wednesday, telling Israel to cease attacks on Iranian gas and cautioning Tehran not to target Qatar's LNG. At Thursday's close, NYMEX WTI for April settled down $0.18 at $96.14 bbl, after a session high at $101.48 bbl. May Brent climbed $1.27 to $108.65 bbl, following an intraday peak at $119.11 bbl. The Iran war has boosted Brent's standing as global benchmark, pushing its premium over WTI to more than $16 bbl at one point during the session. Such a difference had not been seen since 2019. WTI has also lagged as data from U.S. Energy Information Administration showed domestic crude inventories rising 6.2 million bbl during the week ended March 13 to a near two-year high of 449.3 million bbl. Among refined products, April ULSD jumped $0.0917 to $4.2895 gallon by 3:00 p.m. EDT. RBOB gasoline dipped by $0.0326 to $3.0659 gallon. The U.S. Dollar Index fell by 0.818 points to 99.055.

Ongoing Iran Conflict and Regional Strikes Lift the Oil Market -The oil market erased some of its sharp gains on Thursday and ended the session lower after President Donald Trump said he would not put troops anywhere when asked about moving forces toward Iran. He also added that he told Israeli Prime Minister Benjamin Netanyahu not to attack oil and gas fields in Iran, a day after Israel struck facilities linked to Iran’s South Pars gas field. In overnight trading, the crude market was well supported by Iran’s retaliatory strikes against energy facilities across the Middle East. On Wednesday, QatarEnergy said Iranian missile attacks on Ras Laffan, the site of the country’s LNG plans caused extensive damage, while Saudi Arabia said it intercepted and destroyed ballistic missiles launched toward Riyadh and an attempted drone attack on a gas facility. Saudi Arabia’s SAMREF refinery in the Red Sea port of Yanbu was also targeted on Thursday. The crude market traded within Wednesday’s late session trading range and posted a high of $101.48 by mid-day. However, the market later erased some of its gains as President Trump made his comments about not putting troops on the ground. The oil market sold off to a low of $92.80 ahead of the close. The April WTI contract settled down 18 cents at $96.14, while the May Brent contract settled up $1.27 at $108.65. The product markets ended the session higher, with the heating oil market settling up 14.42 cents at $4.342 and the RB market settling up 2.86 cents at $3.1271.  Israeli Prime Minister, Benjamin Netanyahu, said Iran no longer has the capacity to enrich uranium or make ballistic missiles after 20 days of U.S.-Israeli air attacks. He said Israel acted alone in its strike against Iran’s South Pars gas field and added that President Donald Trump asked Israel to hold off on future such attacks.U.S. Treasury Secretary, Scott Bessent, said the U.S. may soon remove sanctions from Iranian oil that is stranded on tankers to help lift global supplies and reduce prices. He said it’s about 140 million barrels of oil. He also stated that the U.S. could do another SPR release to keep oil prices down. He added that the U.S. Treasury is not intervening in the futures market. Later on Thursday, the U.S. Treasury Department, the United States has issued a new general license allowing the delivery and sale of Russian-origin crude oil and petroleum products loaded on tankers as of March 12^th. The license, which expires on April 11^th, replaces and supersedes a similar 30-day sanctions waiver issued on March 12^th. The waiver excludes transactions involving North Korea, Cuba and Crimea.U.S. gasoline pump prices have increased more than 30% this month, moving toward $4/gallon despite efforts by President Donald Trump to curb price increases and contain supply disruptions stemming from the Middle East war. According to data from the American Automobile Association or AAA, U.S. national average retail gasoline prices have increased about 90 cents a gallon or more than 30%, since the U.S. and Israel attacked Iran at the end of February. The average pump price on Thursday was $3.88/gallon. GasBuddy analyst, Patrick De Haan, said “It now looks like gasoline will hit $4/gal next week and could head toward $4.10/gal and beyond.”The Environmental Protection Agency showed that the U.S. generated 1.14 billion ethanol blending credits in February, compared with about 1.22 billion in January. Credits generated from biodiesel blending increased to 480 million in February from 439 million in the prior month.

Oil prices fall amid discussions between the US and allies on efforts to increase supplies and open the Strait of Hormuz | УНН -- Oil prices fell by more than 1% on Friday, as the US outlined steps to resolve the oil supply crisis, while leading European countries, Japan, and Canada proposed joining forces to ensure the safe passage of ships through the Strait of Hormuz, UNN reports with reference to Reuters. Brent crude futures for May delivery fell by $1.58, or 1.45%, to $107.07 per barrel at 12:20 GMT (14:20 Kyiv time). US West Texas Intermediate (WTI) crude futures for April delivery, which expire on Friday, fell by $1.30, or 1.35%, to $94.84. The more liquid WTI crude futures contract for May delivery was $94.30, down $1.25, or 1.31%. At these levels, Brent crude was heading for a weekly gain of 3.8%, while next-month WTI crude was down about 3.9% from last Friday's close. On Wednesday, the WTI discount to Brent reached its largest level in 11 years. On Friday, Israel and Iran exchanged new attacks after an attack on an oil refinery in Kuwait. On Friday, US Energy Secretary Chris Wright said that lifting oil sanctions on stranded Iranian cargoes transported by water would allow oil to be delivered to Asia within three to four days. He added that more oil is needed in Asia and the US is playing a role in a coordinated release from strategic reserves. The release will take place over the next few months, Wright said. His comments came after US Treasury Secretary Scott Bessent said on Thursday that the US could soon lift sanctions on Iranian oil stranded on tankers, and said that further releases of oil from the US Strategic Petroleum Reserve were possible. Also on Thursday, the UK, France, Germany, Italy, the Netherlands, and Japan, in a joint statement, expressed their "readiness to contribute to appropriate efforts to ensure safe passage through the strait." Analysts continue to believe that prices will remain high as long as movement through the strait, through which 20% of the world's oil and LNG passes, is disrupted. "The possibility of a quick reversal in energy prices is unlikely, as production has already been damaged," said Ole Hansen, head of commodity strategy at Saxo Bank. "In fact, tensions remain in the market." "As long as oil supplies through the Strait of Hormuz remain constrained, the path of least resistance for oil prices, in my opinion, remains upward," said UBS analyst Giovanni Staunovo. International Energy Agency (IEA) head Fatih Birol warned that the restoration of oil and gas supplies from the Persian Gulf could take up to six months, and that policymakers and markets are underestimating the scale of the disruptions, he said in an interview with the Financial Times on Friday. Further supply disruptions are possible, as the Trump administration considers plans to occupy or blockade the Iranian island of Kharg to pressure Iran to reopen the Strait of Hormuz, Axios reported on Friday. On Thursday, Brent crude jumped above $119 a barrel, nearing its March 9 peak, after Iran responded to an Israeli attack on a major gas field by disabling 17% of Qatar's liquefied natural gas production capacity, causing damage that will take up to five years to repair. US President Donald Trump said he urged Israel not to repeat attacks on Iranian gas infrastructure. Israeli Prime Minister Benjamin Netanyahu said his country acted alone in the attack, and that Iran no longer has the ability to enrich uranium or produce ballistic missiles.

WTI Eyes Weekly Loss, Brent Up Amid Iran War Volatility (DTN) -- Crude and fuel futures were mixed in choppy trading Friday morning, with WTI headed for its first weekly loss since February on U.S. efforts to boost domestic supplies even as global oil shipments remained in a flux from the three-week long Iran war. By 8:25 a.m. EDT, NYMEX WTI for April delivery slid $0.34 to $95.54 bbl, for a 0.2% decline on the day. For the week, the U.S. crude benchmark fell almost 2% for its first prospective decline in five weeks. ICE Brent for May delivery retreated $0.36 to $108.29 bbl for a dip of 0.2% on the day as well. For the week, the global crude benchmark remained up 5%. NYMEX ULSD futures for April delivery were up $0.0076 to $4.3496 gallon, and front-month RBOB futures advanced $0.0187 to $3.1458 gallon. The U.S. Dollar Index strengthened by 0.165 points to 99.225 against a basket of foreign currencies. The Iran conflict has expanded to energy infrastructure previously spared after Israel on Wednesday attacked Iran's largest natural gas field. Iran has since in retaliation struck some of the largest gas production and processing facilities in the region. Front-month Brent had seen price fluctuations between $99.54 bbl and $119.13 bbl. The Brent-WTI spread jumped 40% in the initial days of the war when tanker traffic through the Strait of Hormuz came to a virtual standstill. The U.S. announcement to release 172 million bbl of crude oil from the Strategic Petroleum Reserve sent the differential soaring, with WTI now trading at its largest discount to Brent since the western embargo on Russian oil imports in 2022. In an effort to rein in the rapid rise in oil prices, the U.S. last week temporarily waived sanctions on Russian oil and earlier this week suspended the Jones Act for 60 days, effectively opening the door to domestic fuel shipments via tankers. Treasury Secretary Scott Bessent on Thursday even floated the idea of suspending sanctions on Iranian oil trade which were instated during President Trump's first term. IEA member nations are set to release hundreds of millions of barrels of oil from their strategic reserves in the coming weeks, and major naval powers on Thursday issued a joint statement expressing their readiness to ensure safe passage through the Strait of Hormuz. For now, Iran remains in control over the globe's largest oil chokepoint amid an expanding war in the world's largest oil producing region.

Oil tops $112 after Iraq declares force majeure due to Iran war  - Crude prices topped $112 on Friday after Iraq declared a force majeure at all oilfields operated by foreign companies and drones struck two refineries in Kuwait. International benchmark Brent crude futures rose 3.26%, or $3.54, to close at $112.19 per barrel. U.S. crude oil gained 2.27%, or $2.18, to settle at $98.32 per barrel. Iraq oil ministry sources told Reuters that Baghdad had declared the force majeure because it cannot ship crude through the Strait of Hormuz. Oil tanker traffic through the Strait has plunged due to attacks by Iran. Drones also struck the Mina Al-Ahmadi and Mina Abdullah refineries in Kuwait on Thursday. The attack on the Mina Al Ahmadi refinery resulted in a fire in several units, prompting a precautionary shutdown of some parts of the facility, according to the Kuwait Petroleum Corporation. Saudi oil officials expect crude prices could climb above $180 a barrel if Iran war disruptions last through late April, the Wall Street Journal reported. U.S. Treasury Secretary Scott Bessent said Washington may soon lift sanctions on Iranian crude stored aboard tankers — a move aimed at easing price pressures following Iran’s closure of the Strait. “In the coming days, we may unsanction the Iranian oil that’s on the water, about 140 million barrels,” Bessent told Fox Business Network. He said bringing the sanctioned Iranian crude back into global markets would help cap prices over the next 10 to 14 days. Israeli Prime Minister Benjamin Netanyahu also told reporters that Israel is assisting U.S. efforts to reopen the Strait of Hormuz, according to wire reports. He added that Iran no longer has the capability to enrich uranium or produce ballistic missiles, adding that the war could end sooner than many expect. Citi said the Iran conflict has driven a sharp rally across oil and related commodities, prompting it to lift its near-term price outlook. The bank now expects Brent and WTI to climb to $120 per barrel over the next one to three months, and to $150 per barrel in a bull-case scenario if disruptions intensify. Still, its base case assumes de-escalation within four to six weeks, which would allow Brent to ease back to $70–$80 by year-end. At the same time, key crude spreads have widened sharply, with Citi raising its Brent-WTI forecasts to reflect elevated freight costs and strong U.S. Gulf Coast demand for inland barrels.

U.S. allows 30-day sale of Iran oil at sea in bid to tame prices - The Trump administration waived sanctions on the purchase of Iranian oil at sea ⁠for 30 days on Friday in its latest attempt to ease oil prices that have been driven up by the U.S.-Israeli war on Iran. The waiver will bring some 140 million barrels of oil to global markets and help relieve pressure on energy supply, Treasury Secretary Scott Bessent posted on X. The move reflects White House worries that the surge in oil prices after nearly three weeks of U.S. and Israeli strikes on Iran will hurt U.S. businesses and consumers ahead of the November midterm elections, when President Donald Trump’s fellow Republicans hope to retain control of Congress. Third sanctions waiver during Iran war The license, posted to ⁠the ‌Treasury Department’s website after market hours, says Iranian oil can be imported into the United States ⁠under the waiver when necessary to complete its sale or delivery. The U.S. has not meaningfully imported Iranian oil since Washington imposed measures after the 1979 revolution. It was unclear whether any Iranian oil would enter the country as a result of the waiver. Cuba, North Korea, and Crimea are among the regions excluded from the license, which will remain in effect until April 19. The ‌move is expected to benefit China, the top buyer of Iranian oil. Energy Secretary Chris Wright said supplies could reach Asia within three or four days and hit the market after being refined over the next month and a half. It was the third time the Treasury Department had temporarily waived sanctions on oil from U.S. adversaries in just over two weeks. The moves are part of the administration’s attempts to tame energy prices, which have soared above $100 a barrel to their highest levels since 2022. The U.S. previously eased sanctions on Russian oil and on Friday issued a general license allowing the sale of Iranian crude oil and petroleum products loaded on vessels by Friday. “In ⁠essence, we will be using the Iranian barrels against Tehran to keep the price down as we continue Operation Epic Fury,” Bessent said. Bessent had telegraphed the move in an interview with Fox Business on Thursday, saying that the release of sanctioned Iranian oil into global supplies would help keep oil prices down for 10 to 14 days. He said on Friday that Iran will have difficulty accessing any revenue generated by the move and Washington will maintain maximum pressure on Iran and its ability to access the international financial system. ‘Running out of options’ Oil prices have jumped about 50% since the U.S. and Israel launched their attacks on Feb. 28. Tehran ⁠has responded with attacks on Israel and Gulf states that host U.S. bases. Vital energy infrastructure in Iran and neighboring Gulf states has been attacked, ⁠and Iran has effectively closed the Strait of Hormuz, a conduit for some 20% of the world’s oil and liquefied natural gas. In its ⁠effort to tame oil prices, the Trump administration on Wednesday announced a 60-day waiver of the Jones Act shipping law, temporarily allowing foreign-flagged vessels to move fuel, fertilizer and other goods between U.S. ports. Energy analysts, including Brent Erickson, a managing principal at Obsidian Risk Advisors, have said the administration’s efforts to control prices will not have ‌a meaningful impact until the strait is opened to vessels. “The easing of sanctions raises concerns about the rapid depletion of Washington’s economic toolkit,” to dampen oil prices, Erickson said. “If we’ve reached the point of loosening sanctions on the country we are at war with, we’re really running out of options.” The U.S. issued a 30-day waiver for countries to buy sanctioned Russian oil stranded at sea, effective March 5, specifically for India to buy Russian oil. Mark Dubowitz, CEO of the Foundation for the Defense of Democracies, a nonprofit research institute considered hawkish on Iran, praised the decision. “We’ve worked ‌on sanctioning Iran’s oil industry for years. This is a smart move ... to help win the fight against the regime,” Dubowitz said on X.

Iran Is Forcing The World To Care About US-Israeli Warmongering -- Caitlin Johnstone - Westerners are about to start paying a lot more attention to the war in Iran as massive US-Israeli escalations point to a coming energy crisis set to impact the whole world. Israel has bombed the world’s largest natural gas field in southwestern Iran, reportedly in coordination with the United States. Now that a major red line for Tehran has been crossed, retaliatory strikes have already begun pummeling the energy infrastructure of US allies in the region, with Qatar reporting that its primary gas facility has sustained “significant damage” from an attack after Iran issued evacuation warnings for energy facilities in Qatar, Saudi Arabia and the UAE. Fuel prices are already surging. If middle eastern energy infrastructure starts taking extensive damage on top of the already hugely significant Iranian blockade on the Strait of Hormuz, this war could end up affecting virtually every corner of human civilization in one way or another. Westerners are largely apathetic about US military explosives landing on populations on other continents. But once it starts having a direct impact on their personal bank accounts, you can expect them to get a lot more interested in US foreign policy. This war has been a bit odd for me because as an anti-imperialist peacemonger I’m not yet entirely sure what my role is in my commentary here. Normally I’d be begging westerners to care about another horrific act by the US war machine, but as things stand it looks like westerners are going to be forced to care about this one whether they want to or not. Normally I’d be writing furiously about how people should not support this war, but the war has exceptionally low public support already.  Normally I’d be writing about how the mass media are churning out war propaganda to manufacture consent for more US military butchery, but the mass media keep putting out stories about how the US government is lying about a war that should never have happened while Trump administration figures have public tantrums about how the media isn’t churning out war propaganda for them. President Trump is on social media babbling about how news outlets “should be brought up on Charges for TREASON” for not reporting on an embarrassing story about a US aircraft carrier fire the way he wants, while Secretary of War Pete Hegseth gave one of his fire-and-brimstone podium sermons bitching about how “an actual patriotic press” would be framing this war in a more positive light. What am I supposed to do with this? Where does that leave dissident fringesters like myself? All I can do is clear my throat and sheepishly go “Uh, yeah, I uh… agree with CNN.” With Ukraine the mass media fell all over themselves to hide the west’s role in provoking the conflict, framing Putin as an evil maniacal Hitler figure who just spontaneously flipped out and invaded a country on Russia’s border because he hates freedom. With Gaza the western press gave nonstop narrative cover to Israel’s genocidal atrocities, constantly dragging public attention into an endless conversation about antisemitism and Jewish feelings whenever opposition to the slaughter got too hot. That’s just not happening with Iran. It’s the first US war I’ve ever seen where a big chunk of the imperial power structure just refuses to get on board. The media’s not playing along, US allies are telling Trump to get stuffed when he asks for military assistance with the Strait of Hormuz, and the public’s not buying the lies.This is a frightening time to be alive — but you can’t say we’re in a period of stasis. Things are moving faster and faster. They might get a whole lot worse. They might get a whole lot better. They might get a whole lot worse and then get a whole lot better. But it seems a safe bet that the situation won’t remain the same.

Saudi Arabia predicts oil prices to reach up to $180 past April - Amid escalating tensions in the Middle East, petroleum executives in Saudi Arabia are desperate to determine the upper limit of oil prices. Prices might reach a level that triggers a recession or a change in consumer behavior, whichever the situation demands.According to reports from the NY Posts, the oil officials in the Gulf region are not in much pleasure with what they are seeing in matters related to energy supplies that are not ending soon. The oil officials in Saudi Arabia predict that the prices could soar past $180 a barrel following the continued disruptions that might persist until late April.Such a hike would be a massive profit for oil-exporting countries, and increasing oil revenues would give a boost to such countries’ economies. However, such devastating disparity could also lead global consumers to reduce the use of oil and trigger a recession. Officials told the Wall Street Journal that they predict that Saudi Arabia will be the profiteer of the war it didn’t start.Brent crude reached $111 on March 19 due to the continuation of Iran’s blockade of the Strait of Hormuz. The blockage disrupted the supply of millions of barrels. Pursued attacks on major energy infrastructures in the Middle East are threatening to keep prices soaring for a longer period of time, possibly even if the conflict ends soon.Although the US is termed to be the largest oil producer worldwide, it is at risk of a global energy shock. Goldman Sachs analysts warned the prolonged attacks on the Middle East oil fields could push the Atlantic basic benchmark, Brent Crude, above its benchmark of $147 set in 2008.“The persistence of several prior large supply shocks underscores the risk that oil prices may stay above $100 for longer in risk scenarios with lengthier disruptions and large persistent supply losses,” the analysts highlighted.After the strike at Iran’s South Pars gas field on March 18, Israeli Prime Minister Benjamin Netanyahu accepted President Trump’s idea of not repeating attacks. However, Tehran retaliated with air strikes on key energy facilities of Qatar and Saudi Arabia, including attacks on ships in the Gulf. Energy Secretary Chris Wright has said there is “a very good chance” that gasoline prices will be back below $3 by the summer, and oil experts suggest oil prices will quickly revert to previous levels after temporary supply interruptions. Nevertheless, Wright also warned there are “no guarantees in wars at all,” as analysts have proposed on extended supply disruptions, citing the longer conflict and severe damage from attacks on energy hubs.As it stands, there is no clear sight of the end to the war. The Strait of Hormuz has been completely closed for 20 days, marking the largest-ever energy supply disruption. The International Energy Agency has requested households, businesses and governments to shift to working from home, vehicle sharing and flying less often to restrain soaring prices.According to the Financial Times, the head of the International Energy Agency highlighted that it could take six months or longer to fully restore oil and gas flows through the Gulf. “The market isn’t acting like this is an end-of-March thing anymore,” Rebecca Babin, senior energy trader for CIBC Private Wealth, said.“I don’t think $150 is out of the question in another month…You start talking about June, I’ll give you $180.” An Iranian military spokesperson reportedly warned that the price of oil could reach up to $200 a barrel. Wright has clarified that Americans need not “pay no attention to what Iran says.”US Federal Reserve Chairman Jerome Powell warned that rising energy costs could result in higher inflation. “The net of the oil shock will still be some downward pressure on spending and employment and upward pressure on inflation,” Powell said. The Federal Reserve on Wednesday kept interest rates unchanged at 3.5% to 3.75%, citing uncertainty on the ongoing war.

US- and Greek-owned tankers ablaze after Iran claims ‘underwater drone’ strike in Iraqi waters :: Lloyd's List  -- IRAN has claimed responsibility for an attack on two oil tankers anchored in Iraqi territorial waters, as conflicts in the region continue to escalate and strikes on commercial shipping spread beyond the Strait of Hormuz.Iraq’s State Organization for Marketing of Oil identified the two vessels as the 73,976 dwt crude oil tanker Safesea Vishnu (IMO: 9327009) and the 50,155 dwt combined chemical and oil tanker Zefyros (IMO: 9515917).According to Lloyd’s List Intelligence data, Safesea Vishnu is beneficially owned by US-based Safesea Group, while Zefyros is beneficially owned by Greece’s George & Vassilis Michael family group of companies.Both were struck by what Iran’s state broadcaster IRIB described as an “underwater drone attack” on the evening of March 11, while anchored about five nautical miles south of Basrah.At least one crew member is confirmed dead. Iraqi authorities reported that 38 crew members of foreign nationalities were rescued from the two vessels, though details on injuries and the identity of the deceased have not been released.Verified footage shows both tankers ablaze, with flames spreading on to the surrounding water — likely the result of an oil spill, though no environmental impact had been officially confirmed at the time of writing.The United Kingdom Maritime Trade Operations received third-party reports of the incident and advised vessels transiting the area to exercise caution and report any suspicious activity.An Iraqi security source in Basra initially reported that an Iranian boat rigged with explosives was believed to have struck the vessels, with an investigation ongoing. Iraqi officials described the incident as a violation of national sovereignty, noting it occurred within Iraqi territorial waters.  Operations at nearby oil ports have been temporarily suspended following the attack. Lloyd’s List Intelligence vessel-tracking data showed both vessels anchored alongside each other near the Basrah Oil Terminal at the time of the incident. The attack follows strikes on three vessels in the Middle East Gulf on March 10, when two bulkers and a containership were hit, leaving three seafarers missing.Shortly after the attacks off Iraq, a containership was hit by an unidentified projectile on the same day off the coast of Jebel Ali, according to the United Kingdom Maritime Trade Operations.Liberia-flagged, Maersk operated containership Source Blessing (IMO: 9243198) was the target of the unknown projectile while it was sailing approximately 35 nm north of Jebel Ali, UAE, at 0219 hrs.The ship’s master reported a small fire on board in the engine room caused by the strike, but due to darkness, it was not immediately possible to assess the extent of the damage.All crew members were reported safe, and no environmental impact has been reported, according to the UKMTO.Source Blessing passed the Strait of Hormuz one day before the war started and loaded cargo at Hamad port in Qatar. Since then it was sailing between anchorages off Qatar and the UAE, presumably waiting for a safe passage from the chokepoint back to the Gulf of Oman.Since the conflict began on February 28, at least 13 cargo carrying vessels have now been attacked in the region, with casualties continuing to mount and the shipping industry increasingly exposed to the widening war.

UK Allows US To Use British Bases for Strikes on Iran - The UK government is allowing American forces to use British air bases for attacks on Iran, with officials saying the bases could now be used for operations in the strategic Strait of Hormuz.On Friday, Downing Street said officials had “approved an expansion of the targets to help protect ships in the strait,” according to the BBC, adding that the decision was an act of “collective self-defence.”While London had previously allowed Washington to use RAF Fairford in Gloucestershire and Diego Garcia in the Indian Ocean for “defensive operations” that stopped Iranian missiles from striking British interests, the latest move is aimed to reopen the Strait of Hormuz, through which one-fifth of the global oil supply passes each year. Tehran has effectively closed the strait to US and allied vessels in retaliation for the American-Israeli bombing campaign launched late last month.Iran’s Foreign Minister Seyyed Abbas Araghchi slammed the decision, saying UK Prime Minister Keir Starmer was “putting British lives in danger.”“[The] vast majority of the British People do not want any part in the Israel-US war of choice on Iran,” the FM wrote on X. “Ignoring his own People, Mr. Starmer is putting British lives in danger by allowing UK bases to be used for aggression against Iran. Iran will exercise its right to self-defense.”US President Donald Trump was also critical of London for failing to grant permission sooner, saying “they should have acted a lot faster.”

US military drops 5,000-pound deep-penetrator bombs near Strait of Hormuz  -The U.S. military dropped multiple 5,000-pound deep-penetrator bombs on “hardened” Iranian anti-ship missile sites on Tuesday along the country’s coastline near the Strait of Hormuz. “The Iranian anti-ship cruise missiles in these sites posed a risk to international shipping in the strait,” the U.S. Central Command (Centcom) said. The employment of the munitions, known as Coastal Defense Cruise Missiles, comes as the Iranian military has attacked ships in the strait, through which about 20 percent of the world’s oil supply flows. Mojtaba Khamenei, Iran’s new supreme leader, previously said the strait would remain closed off in response to the airstrikes by the U.S. and Israel, a joint operation that kicked off on Feb. 28. Since the war began, gas prices have gone up in the U.S. and around the world due to disruptions in oil markets. Iran’s ability to launch low-cost drones, lay sea mines and fire anti-ship cruise missiles are some of the reasons why U.S. allies in Europe and elsewhere are hesitant to attempt to reopen the Strait of Hormuz. On Tuesday, Sen. Lindsey Graham (R-S.C.), an Iran hawk and a close ally of President Trump, hammered European allies over their reluctance to send military assets to reopen the Strait of Hormuz, threatening “wide and deep” repercussions for alliances. Trump said Wednesday morning that wonders what would happen if the U.S. military “finished off what is “left of the Iranian Terror State and let the Countries that use it, we don’t, be responsible for the so called “Strait?’ “That would get some of our non-responsive ‘Allies’ in gear, and fast,” the president wrote on Truth Social. The bombs used were GBU-72 Advanced Penetrators, an U.S. official told CNN, munitions that were utilized by U.S. aircraft in 2021. “The GBU-72 was developed to overcome hardened, deeply buried target challenges and designed for both fighter and bomber aircraft,” the Air Force said in 2021.

Pakistan Oil Tanker Transits Hormuz - A tanker laden with crude oil appears to have cleared the Strait of Hormuz and is now sailing to Pakistan, according to ship-tracking data, making it the latest in just a trickle of vessels that have left the Persian Gulf since US and Israeli strikes on Iran began. The Karachi, controlled by Pakistan’s National Shipping Corp., made the perilous journey over the course of Sunday, according to data compiled by Bloomberg. By Monday morning, the Pakistan-flagged Aframax was seen in the waters off Oman’s Sohar. The ship sailed from Fujairah in the United Arab Emirates last month and picked up a cargo from inside the Persian Gulf a few days later, the data show. A spokesperson for Pakistan National Shipping Corp. said Karachi left the port of Fujairah on Feb. 25 and is in the open seas. It will arrive in Pakistan on March 18, they added. The Karachi made the journey to exit the Strait of Hormuz over Sunday. The straight lines in the left of this image suggest that its geolocation signals have been affected by electronic interference. Shipping through the Strait of Hormuz has been all but halted since the war in the Middle East began last month. Traders have been closely watching vessels that make their way through the waterway as they try to gauge how many barrels can still make their way through the chokepoint, which typically handles about a fifth of the world’s oil. The 2022-built Karachi made its way across Hormuz and around Iran’s Larak Island, the vessel-tracking data show. It then proceeded eastbound close to Iran’s coastline, before leaving the strait Sunday evening. Other ships leaving the strait also appear to have taken a route on the Iranian side of Hormuz. The Karachi most recently loaded crude at Das Island in the United Arab Emirates, according to ship-tracking data. Draft readings indicate that the ship isn’t fully laden.

Russia Evacuates Hundreds Of Its Specialists From Iran's Nuclear Bushehr Complex After Missile Strike - Russia has lodged formal protest with Israel following its reported strikes near Iran's Bushehr nuclear facility, angrily warning that the attacks directly endangered Russian personnel on the ground. Israeli and Russian media have confirmed that Moscow issued a sharp condemnation and warnings of a red line after Israeli forces reportedly hit the grounds of the nuclear power plant where Russian specialists are stationed. The International Atomic Energy Agency (IAEA) had also earlier provided independent verification that a missile struck the Bushehr complex on Tuesday evening, although no damage to the plant or injuries to staff were reported. The Kremlin made clear to Israel that Russian nationals working in and around the facility were put at risk. Russian state media described the communication delivered to Israel via the Russian embassy "official demands" - which indicates a formal escalation in diplomatic pressure. Even more provocative is that reports indicate Israeli strikes may have directly targeted residential quarters housing a Russian nuclear expert. According to TASS: "Rosatom Director General Alexey Likhachev specified that the strike had hit the area near the office of the facility’s meteorological service, in close proximity to an operating power unit, at 3:11 p.m. GMT on March 17." It was the first such known strike on an Iranian nuclear plant since Trump's Operation Epic Fury began. The Rosatom chief has indicated that several rounds of personnel evaluation from the Bushehr NPP are underway. There were many hundreds of Russian scientists, personnel, and technicians at the site. He indicated about 480 Russian nationals remain at the site. "Attacks on nuclear facilities blatantly violate the key rules and principles of international security," Likhachev emphasized.

Iran's foreign minister condemns latest Israeli strikes, vows retaliation - Iranian Foreign Minister Abbas Araghchi condemned recent Israeli strikes that killed several Iranian leaders on Wednesday. “What is unfolding before our eyes is not hypocrisy,” the Iranian official wrote in a statement posted on the social platform X. “Hypocrisy implies shame,” he continued. “This is something colder: a calculated moral collapse—where rules exist only for adversaries, and impunity is reserved for allies.” The Iranian regime vowed retaliation after Israeli strikes this week killed Iranian Supreme National Security Council Secretary Ali Larijani, Iranian Intelligence Minister Esmail Khatib and the head of the paramilitary Revolutionary Guard’s Basij force, Gen. Gholam Reza Soleimani. Iran’s new supreme leader, Mojtaba Khamenei, expressed “deep sorrow” for the death of Larijani and threatened a military response. “Let the adversaries of Islam know that shedding the blood of such people at the foot of the mighty tree of the Islamic system will only make it stronger,” he wrote on X. “And surely, every drop of blood has its due retribution that the criminal murderers of these martyrs will soon have to pay.” The Iranian military has launched retaliatory strikes on military bases and oil refineries in the Gulf states after the U.S. and Israel initiated a joint attack on the country at the end of February. Araghchi called on foreign leaders to hold Israel accountable for its actions, accusing the country’s leadership of having “no regard for the repercussions of the normalization of its heinous methods of terror.”

Iran "Starts New Phase Of Oil War" After Energy Production Hit -Crude oil futures rose in overnight trading, with Brent nearly reaching $105 per barrel and WTI climbing as high as $98.42 per barrel, as Iran intensified drone strikes on energy infrastructure across the Gulf. "Further ominous developments today. For the first time, Iran successfully targeted oil and gas production facilities, rather than refining, terminals, and storage," Bloomberg Opinion and commodities columnist Javier Blas wrote on X. Blas listed the IRGC's attacks on Gulf oil and gas facilities:

• Oil and gas field in the UAE (Shah) hit
• Oil field in Iraq (Majnoon) attacked
• Plus Saudi Arabia saw large drone swarms

He explained that these attacks suggest "Iran has started a new phase of its oil war" against Gulf states aligned with the US. "Tehran is clearly going after the Strait of Hormuz bypass route, with Fujairah (UAE) coming under attack. But so far, the Saudi pipeline bypass hasn't been attacked, and neither the Yemeni Houthis have tried to close the Red Sea," Blas said. The continued bombardment of Gulf energy infrastructure by IRGC forces entered its third week, with the Strait of Hormuz mostly paralyzed. Brent crude has jumped more than 40% since the start of Operation Epic Fury in late February, but out-of-control spikes in crude markets have largely been capped so far by the IEA's 32-nation "historic" emergency SPR release. To begin the week, the Trump administration showed urgency to reopen the critical maritime chokepoint, the Strait of Hormuz. Treasury Secretary Scott Bessent told CNBC's Squawk Box on Monday morning that the US is deliberately "allowing Iranian oil tankers to transit the Strait of Hormuz" and is "fine" with some Indian and Chinese ships moving through "for now… to supply the rest of the world." Bessent highlighted "more and more of the fuel ships start[ing] to go through" and a possible "natural opening" the Iranians are permitting, a tactical concession to stabilize global supply while full escorts remain "militarily" off the table for now.

Iran's Top National Security Official Killed by Israeli Strike - News From Antiwar.com Iran on Tuesday confirmed that Ali Larijani, the head of Iran’s Supreme National Security Council, was killed by an overnight Israeli strike, the most significant Iranian leader to be assassinated since Supreme Leader Ayatollah Ali Khamenei was killed in the opening strikes of the war. “After a lifetime of striving for the elevation of Iran and the Islamic Revolution, he finally reached his long-cherished wish, answered the call of truth, and proudly attained the blessed rank of martyrdom in the service front,” the Supreme National Security Council said in a statement carried by Iran’s Mehr news agency.Iran’s PressTV reported that Larijani was killed alongside his son, Morteza Larijani, and the head of his office, Alireza Bayat, as well as several bodyguards.Earlier in the day, Israeli Defense Minister Israel Katz said that Larijani and Gholam Reza Soleimani, the head of the Islamic Revolutionary Guard Corps volunteer Basij force, were “eliminated” by overnight Israeli strikes. Iran has also confirmed that Soleimani was killed. The killing of two senior Iranian officials has not slowed Iran’s military operations, as drone and missile attacks continued across the region following the assassinations.

UN Rights Office Warns Israeli Attacks on Lebanon May Amount to War Crimes - - The UN Office for the High Commissioner on Human Rights is warning that Israel’s deliberate attacks on civilian targets across Lebanon may amount to war crimes, because international law demands a distinction between military and civilian targets. Since Israel started its new war against Lebanon on March 2, at least 912 people have been killed, including 111 children. Thousands more have been wounded and well over a million civilians have been displaced by various Israeli evacuation orders. While Israel has made much of targeting “Hezbollah” sites in southern and eastern Lebanon, a lot of the strikes are aiming for residential areas, or targeting hospitals and ambulances. Displaced civilians have also found themselves targets in strikes, with Israeli planes attacking the tents of civilians who relocated to Beirut’s coastline.   Israeli officials have been indicating that an increasing grim humanitarian crisis will be unfolding with their new war, with Defense Minister Yisrael Katz suggesting Shi’ites won’t be allowed to return to their homes in southern Lebanon until Israel is satisfied the situation in northern Israel is entirely secure. That’s illegal displacement of populations and religious discrimination, but relatively tame compared to a week prior when Finance Minister Bezalel Smotrich vowed to see the suburbs of Beirut looking like the Gaza Strip, which UN officials similarly said was an “unacceptable” threat.  Since Israel notoriously is facing war crimes charges related to its ongoing war in the Gaza Strip, threatening to replicate those crimes in Lebanon is a particularly sensitive issue. Conspicuous targeting of civilians within Lebanon only compounds those concerns.

Israel Launches Ground Invasion of Lebanon -   While Israel never actually ended the occupation that they launched in 2024, they’ve expanded their attacks in southern Lebanon today to the point that they are declaring it a new “limited” ground invasion of the neighboring country. Airstrikes and ground clashes were reported around the city of Khiam, and Israeli ground troops have reportedly been expelling civilians from more areas in the new theater of operations. The IDF has a standing evacuation order for the entire south of Lebanon south of the Litani River, which encompasses multiple cities and hundreds of thousands of residents. Khiam is located on a hilltop overlooking Upper Galilee in southern Lebanon, and was a major hub for the Israeli occupation in the past, as well as a common site of resistance against Israeli presence in the country in decades past. Defense Minister Israel Katz suggested that the military operation was aimed at Lebanon’s Shi’ite minority, declaring that Shi’ites displaced south of the Litani River as well as those displaced in Beirut would not be allowed to return to their homes until he is confident that the safety of people in northern Israel is assured. Former IDF chief and opposition MP Benny Gantz endorsed Katz’s position, albeit without sectarian limitations. Gantz argued that all of Lebanon should be forcibly evacuated “until there is an alternative option.” While broad, open-ended evacuation orders were already of dubious legality under international law the specific prohibition on Shi’ites being allowed to return to their homes is a flagrant violation of the Fourth Geneva Convention, and likely multiple crimes under the Rome Statute.Since the Israeli War on Lebanon began two weeks ago, at least 886 people have been killed, including 111 children. 38 of the slain were also health workers. The number of wounded is at 2,141. Over a million people are believed to have been displaced so far, though exact figures are difficult to reckon.

Israel begins its long-planned ground invasion of Lebanon - Israel’s US-backed war against Lebanon has entered a new and bloody stage with the start of a long-prepared ground invasion conducted under the umbrella of the widening imperialist war against Iran. Humanitarian and press reports confirm that Israel has moved from intensive air and artillery strikes into ground operations across southern Lebanon, expanding beyond the cross-border attacks it has conducted since late 2024. A humanitarian briefing from Assessment Capacities Project (ACAPS) on March 4 reports that Israel “initiated a military operation within Lebanese borders” on March 1, 2026, concentrating on southern Lebanon and deploying ground troops beyond at least five positions it has occupied since November 2024. TRT World, citing Reuters and Lebanese sources, has reported that Defence Minister Israel Katz publicly authorized incursions into Lebanon and stated that he and Prime Minister Benjamin Netanyahu had ordered the army “to advance and take control of additional strategic positions in Lebanon in order to prevent attacks on Israeli border communities.” As the offensive escalated, Axios reported that Israeli officials are planning a large-scale invasion to seize the entire area south of the Litani River—roughly the southern third of Lebanon—based on the claim that it intends to “dismantle Hezbollah’s military infrastructure.” Axios described the incursion as the largest operation in Lebanon since 2006. However, one senior Israeli official, quoted in that report, bluntly stated, “We are going to do what we did in Gaza,” explaining that the goal is “to take over territory, push Hezbollah’s forces north and away from the border, and dismantle its military positions and weapons depots in the villages.” This statement makes clear that the invasion of Lebanon is not a limited border security action but a planned occupation of Lebanese territory combined with the systematic destruction of entire towns and villages and the murder of civilians modeled on the genocidal campaign in Gaza over the past 29 months. The same propaganda used during the barbaric destruction of Gaza—claims that “terror tunnels,” “human shields” and the “violence” of Hamas was the reason for the Israeli slaughter of more 70,000 Palestinians—is now being reproduced almost verbatim to justify the onslaught against Lebanon with Hezbollah being held responsible this time. Israeli political and military leaders are presenting the offensive as a defensive necessity to protect “border communities” and assure the “safe return” of Israelis to the north, just like they invoked “security” and “returning residents to the south” to justify the leveling of Gaza. The Axios account makes explicit that the objective is to transform the region south of the Litani into a demilitarized cordon under Israeli control. The Zionist regime is tearing up the framework of UN Security Council Resolution 1701, which ended the 2006 war and required Israel’s withdrawal while placing limits on Hezbollah’s presence in the south. For years, Israeli officials, think-tank strategists and retired generals have argued for a renewed “security zone” in Lebanon, closely resembling the occupation regime Israel maintained through its proxy South Lebanon Army from 1978 until its formal withdrawal in 2000. The declared strategy of “what we did in Gaza” exposes the propaganda about “precision” targeting of “terror infrastructure” as a fraud. Israel is using mass bombardment and the depopulation of broad swaths of Lebanese territory to create a buffer zone for Israel and a strategic staging ground in the broader war against Iran.

WHO Condemns Israeli Attacks on Lebanese Health Care Workers That Have Killed at Least 31 - The World Health Organization (WHO) has issued a statement condemning the trend of Israeli forces deliberately targeting Lebanese health care workers in the ongoing war against southern Lebanon, calling it a “tragic development” in the escalating crisis.A late Friday attack on a hospital in the border village of Burj Qalawiyeh left at least 17 medical staff dead and a number of others wounded. This was one of the most flagrant incidents, but is part of a growing trend, with the Lebanese Health Ministry reporting that 37 distinct Israeli strikes on health care workers in the country had left at least 31 workers killed and 51 others wounded. The Israeli narrative is, as ever, “Hezbollah.” Though they offered no evidence to support the assertion, the IDF is claiming that Hezbollah is in some way using ambulances for military operations in resistance of the ongoing Israeli invasion of southern Lebanon. IDF spokesman Avichay Adraee threatened to see Israel act “in accordance with international law,” by which he meant attacking ambulances and killing health care workers. The threats, of course, are largely just narrative because Israel already was attacking ambulances and killing healthcare workers, and is just trying to manufacture a pretext whereby it isn’t a gross violation of international law.Though no evidence is available of Hezbollah using ambulances to carry out military attacks, there is actually substantial evidence of the IDF using ambulances themselves to carry out ground raids against Hezbollah, with a large raid against Hezbollah in Nabi Chit involving IDF commandos in Lebanese ambulances.Attacking ambulances and killing health care workers is, of course, illegal under international humanitarian law. Though there are some situations whereby specific ambulances can lose protected status, the blanket targeting of an entire nations ambulance stock on the notion that some of them might secretly be in league with Hezbollah is plainly not allowed. Moreover, the use of ambulances to disguise military forces, as Israel specifically did in Nabi Chit, is itself a violation of international law.

Lebanon Death Toll Passes 1,000, Amnesty Says Israel Must Stop Attacking Hospitals -   Since Israel started its “new” war against Lebanon at the beginning of the month, over 1,000 people have been killed. The formal numbers from the Lebanese Health Ministry say that includes 79 women, 118 children, and at least 40 healthcare workers.The healthcare workers are a growing problem, as Amnesty International issued a new report today calling on Israel to stop deliberately attacking hospitals and ambulances, noting that the IDF claims them to be used for military purposes but provides no evidence that this is actually the case.“Israel is deploying the same deadly playbook it used in 2024 in Lebanon to kill dozens of health workers and devastate healthcare services,” noted Amnesty’s Kristine Beckerle, adding that Israel never properly investigated such violations during the previous war, and now is right back to doing the same thing in the current conflict. The WHO had similarly issued a statement a few days ago faulting Israel for deliberate attacks on hospitals and ambulances, after a Friday attack on a hospital in Burj Qalawiyeh left 17 staff members dead. While that remains the largest single incident against a hospital of the current war, it is by no means the only one, and there is no indication that the strikes are slowing down. With well over a million civilians now displaced by the Israeli invasion, key humanitarian organizer Marwan Sehnaoui warns that Lebanon is facing an increasingly catastrophic situation, noting that 20% of the population is now displaced but there isn’t a clear answer for where to put them all since the attacks are hitting effectively the whole country. The IDF has ordered the entire population out of the area south of the Litani River, and subsequently urged evacuation north of the Zahrani River, indicating yesterday that they intended to start blowing up bridges across the Litani. Further evacuation orders are in place in several other areas, including suburbs of Beirut.Israeli Defense Minister Israel Katz says that the plan is they are satisfied the situation in northern Israel is fully secure. Open-ended displacement of a civilian population and discrimination based on religion for who is allowed to return both amount to significant crimes under international law. Lebanese PM Nawaf Salam says the country didn’t seek to get dragged into the regional war and that they are ready for negotiations at any time, believing the US to be the key to getting such talks going. Israel, however, has reportedly refused negotiations, and the US is reportedly trying to convince Syria to invade Lebanon as well.

Zelenskyy decries ‘blackmail’ by Europe over Druzhba oil pipeline - - Ukraine’s President Volodymyr Zelenskyy described European allies’ attitude over the Druzhba oil pipeline as “blackmail.” In remarks made public Sunday, the Ukrainian leader criticized European pressure to allow oil to flow through the pipeline, which connects producer country Russia to Europe by way of Ukraine. The pipeline has been offline since January after a Russian attack and has been at the center of a bitter row between Ukraine and Hungary. Advertisement Budapest has accused Kyiv of deliberately blocking progress on repairing the infrastructure in order to engineer an energy crisis in the Hungary. In response, Hungarian Prime Viktor Orbán has been blocking the release of a €90 billion tranche of EU funding for Ukraine needed to keep the war-torn country financially afloat.

Stocks tumble, bond yields jump as Iran war fuels central bank reassessment (Reuters) - Global shares slumped for a third straight session and were poised for a third consecutive weekly decline on Friday, while bond yields climbed on fears the Iran war would keep upward pressure on oil prices and spark inflation. Iran attacked an oil refinery in Kuwait on Friday and Israel killed a spokesman of Iran's Revolutionary Guards, while three U.S. officials told Reuters that thousands of additional ‌U.S. troops will be deployed to the Middle East. Iraq declared force majeure on all oilfields developed by foreign oil companies, as military operations in the region have disrupted navigation through the Strait of Hormuz, preventing most of the country's crude exports from moving, oil ministry sources said. On Wall Street, U.S. stocks closed sharply lower, with the S&P 500 energy index and financials the only sectors in positive territory. The S&P 500 energy index closed up 2.8% on the week, its 13th straight weekly gain and longest since at least the late 1980s, according to LSEG data. Global bond yields have moved higher, after policy announcements from multiple central banks this week indicated that interest rates were likely to either be on hold, or could potentially move higher should the war keep pressure on prices. Shows rates The yield on benchmark U.S. 10-year notes shot up 10.1 basis points to 4.384% and was set for its third straight weekly gain. The 2-year note yield, which typically moves in step with interest rate expectations for the Fed, gained 6.1 basis points to 3.894%, and was on pace for its largest three-session jump since April as markets begin to price in the possibility of rate hikes from the central bank this year. Markets are now pricing in an increase in rates of about 4 basis points this year, after pricing in about 50 basis points worth of cuts in recent weeks. "There is some belief that the Federal Reserve may raise interest rates this year due to rising inflationary pressures, although I think that would be quite asinine because this is not a demand issue," "This is a supply issue ... you need to get the ‌Strait of Hormuz ⁠opened up and you need to get oil flowing, and that would relieve the pressure on oil prices." MSCI's gauge of stocks across the globe tumbled 13.79 points, or 1.39%, to 981.37 and is down more than 7% over the past three weeks, its biggest three-week drop in nearly a year. The pan-European STOXX 600 dropped 1.78% and suffered its third straight week of declines. Major global brokerages see a higher likelihood of the European Central Bank and Bank of England delivering rate hikes, potentially as early as April, after policymakers warned that the Middle East war is driving renewed inflation risks. Euro zone government bond yields rose for a third day in a row, while the British 10-year gilt yield soared to its highest since July 2008 at 5.022%. It was last up 14.7 basis ⁠points to 4.995%. Germany's two-year yield , which is up around 55 basis points for the month, was last up 10.2 bps at 2.668%. U.S. crude rose 2.27% to settle at $98.84 a barrel and Brent rose to settle at $112.19 per barrel, up 3.26% in choppy trade, their highest settlement prices since July 2022. Crude was lower earlier in the day after the U.S. outlined moves to manage the oil supply crisis, while leading European nations, Japan and Canada offered to join efforts to secure safe passage for ships through the Strait of Hormuz. Natural ⁠gas prices have also surged, with those in Europe rocketing as much as 35% on Thursday, as Iranian and Israeli strikes hit some of the Middle East's most important gas infrastructure. The dollar index , which measures the greenback against a basket of currencies, gained 0.29% to 99.58, with the euro down 0.26% at $1.1558. The greenback was still poised for its first weekly decline in three, down about 0.9% on the week. Two Fed officials said the war and its impact on ⁠energy markets were clouding the outlook for the economy and monetary policy, as one policymaker laid out an outlook calling for notably more interest rate cuts than most U.S. central bank officials currently support.