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2026-07-17 05:41:26 UTC

Oil Prices Set for Biggest Weekly Surge Since April as Iran War Escalates
Oil prices were headed early on Friday for a 12% weekly gain, the biggest jump in one week since April, as the re-escalation in the Middle East and the abrupt halt to the recovery of Strait of Hormuz flows pushed crude futures prices to the highest in over a month. In Asian trade on Friday, both benchmarks were rising by about 1%, as the U.S. military launched a new round of strikes on Iran, for the sixth night in a row. Brent Crude prices traded 1% higher at $85.06, and WTI Crude, the U.S. benchmark, was up 1.2% at $79.88 per barrel. Earlier…
https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Set-for-Biggest-Weekly-Surge-Since-April-as-Iran-War-Escalates.html

2026-07-16 23:00:00 UTC

China Could Be About to Remove Oil's Biggest Safety Net
The oil market may soon run out of the supply and demand cushions that have kept prices from soaring to record highs during the huge loss of flows through the Strait of Hormuz. The window provided by the U.S.-Iran memorandum of understanding, during which Middle Eastern producers rushed the crude amassed in the Gulf in the previous four months out of the region, abruptly shut down with the renewed hostilities and all-but-dead ceasefire. Inventories of crude and fuels in key markets, including the United States, are running dangerously low with…
https://oilprice.com/Energy/Crude-Oil/China-Could-Be-About-to-Remove-Oils-Biggest-Safety-Net.html

2026-07-16 17:30:00 UTC

EU Sets Target To Double Electrification Rate, Cut Oil & Gas Use
The European Union has unveiled the Electrification Action Plan, aiming for electricity to account for 46% of total energy consumption within the bloc by 2040, effectively doubling the current rate. Spearheaded by the European Commission, the aggressive policy shift is a direct economic and security response to the energy fallout amid the Middle East conflict. Currently, ~23% of the EU's final energy consumption is powered by electricity, a level that has plateaued for a decade. In effect, Europe now considers electrification no longer purely a…
https://oilprice.com/Latest-Energy-News/World-News/EU-Sets-Target-To-Double-Electrification-Rate-Cut-Oil-Gas-Use.html

2026-07-16 13:30:00 UTC

China’s Critical Minerals Grip Puts $6.5 Trillion of Global Industry at Risk
The global critical minerals market remains highly concentrated, and new threats to supply security have emerged in recent months as China has curbed exports of some rare earth elements, the International Energy Agency said on Thursday. The Chinese government introduced major export controls on heavy rare earth elements last year. Although further expanded controls have been suspended until November 2026, their full implementation – if China decides to go through with it –could put an estimated $6.5 trillion per year of downstream…
https://oilprice.com/Latest-Energy-News/World-News/Chinas-Critical-Minerals-Grip-Puts-65-Trillion-of-Global-Industry-at-Risk.html

2026-07-15 23:00:00 UTC

As Ukraine Cripples Russian Refining, Global Diesel Markets Pay the Price
Since March, Ukraine has systematically dismantled Russia’s refining system, driving crude processing to its lowest level in 21 years and forcing Moscow to ban exports of gasoline, jet fuel and diesel. Russian refineries processed an average of 3.91 million barrels of crude per day in early July, according to Energy Aspects data cited by Bloomberg. That was more than 1.4 million barrels per day below the previous year’s average and the lowest national processing rate since March 2005. Ukraine has hit at least 24 of Russia’s 34…
https://oilprice.com/Energy/Crude-Oil/As-Ukraine-Cripples-Russian-Refining-Global-Diesel-Markets-Pay-the-Price.html

2026-07-06 13:30:00 UTC

Hormuz Tanker Traffic Slowly Recovers Despite Persistent Risks
Tanker traffic through the Strait of Hormuz has picked up pace in recent weeks, but oil flows are anything but smooth. At least six tankers carrying oil or LNG moved to exit the Persian Gulf through Hormuz on a route close to Oman’s coast on Sunday, according to vessel-tracking data compiled by Bloomberg. This comes hours after at least eight oil tankers and LNG carriers made mysterious and unexplained U-turns on Friday and Saturday while near the Omani coast, outbound from the Gulf. Of these tankers that made U-turns, four moved north and…
https://oilprice.com/Latest-Energy-News/World-News/Hormuz-Tanker-Traffic-Slowly-Recovers-Despite-Persistent-Risks.html

2026-04-04 21:00:00 UTC

U.S. Auto Industry Proposes Vehicle Fee to Replace Gas Tax
The growing share of electric vehicles and the expected increase in EV sales this year amid soaring gasoline prices are reducing the revenues for the U.S. Highway Trust Fund, which pays for America’s roads. Most of the revenue for the fund comes from the 18.4% per gallon federal gas tax, which hasn’t been changed since 1993. Yet, over the past 30 years, the funding for the trust fund has been declining, due to inflation and the fact that EVs now represent 2.5% of total light-duty vehicles in operation in America, and the market…
https://oilprice.com/Energy/Energy-General/US-Auto-Industry-Proposes-Vehicle-Fee-to-Replace-Gas-Tax.html

2026-04-04 19:00:00 UTC

U.S. Battery Expansion Surges Ahead of Demand Curve
The United States is rapidly becoming a major international battery manufacturing power, as it works to compete with other producers, such as China. The battery manufacturing industry is forecast to grow so much in the coming years that supply may soon outstrip demand. Demand for batteries in the United States has grown significantly in recent years, with demand for energy storage expected to increase by 21 percent this year. This has been driven primarily by the increase in the deployment of renewable energy capacity across the U.S., which requires…
https://oilprice.com/Energy/Energy-General/US-Battery-Expansion-Surges-Ahead-of-Demand-Curve.html

2026-04-04 17:00:00 UTC

The Two-Week Window That Could Break Global Commodity Markets
The familiar assumption used by markets remains in place, at least according to financial analysts: what has been priced is what matters. Oil is still elevated but not yet showing a disorderly pattern. LNG is tightening but still trading within a recognizable or conventional range. Freight rates are rising, insurers are repricing risk, and policymakers continue to signal control. On the surface, all these signs are showing a stressed but functioning system. The coming weeks will reveal which systemic risks-such as chain desynchronization or supply…
https://oilprice.com/Energy/Crude-Oil/The-Two-Week-Window-That-Could-Break-Global-Commodity-Markets.html

2026-04-04 15:00:00 UTC

Inside England’s New Land Use Revolution
England has introduced a new Land Use Framework, a 56-page report that has been under development since 2022. The aim of the researchers was to assess the effectiveness of the existing land use in England and develop a more optimal plan based on human and environmental needs, considering the future energy and water outlook and potential risks the country might face, such as increased flooding and other climate challenges. Under the new framework, roughly 7 percent of England’s land must be devoted to nature, forests, and renewable energy…
https://oilprice.com/Energy/Energy-General/Inside-Englands-New-Land-Use-Revolution.html

2026-04-03 22:00:00 UTC

How the Iran War Became NATO’s Biggest Crisis
President Donald Trump told Reuters on Wednesday that he is considering withdrawing the United States from the 76-year-old alliance after European allies declined to send warships to reopen the Strait of Hormuz to global shipping. "Wouldn't you if you were me?" he asked. Earlier this week, in an interview with Britain's The Telegraph, he called NATO a "paper tiger" and said Russian President Vladimir Putin shared the assessment. The spat has a straightforward trigger. The Strait of Hormuz, the narrow chokepoint between Iran and Oman through which…
https://oilprice.com/Geopolitics/International/How-the-Iran-War-Became-NATOs-Biggest-Crisis.html

2026-04-03 20:00:00 UTC

How the U.S. and Europe Are Betting Differently on Energy Security
Europe is making a push for a robust homegrown offshore wind sector at the same time that the United States is gutting its own. The world's largest wind farm, currently under construction in the North Sea, made major progress on March 26 when it successfully connected its first export cable from the seabed to the coast of the United Kingdom. Meanwhile, France plans to auction off 10 offshore and floating wind projects with a combined capacity of 12 gigawatts by 2027 as part of a ‘Made in Europe’ initiative. In the UK, the connection…
https://oilprice.com/Alternative-Energy/Wind-Power/How-the-US-and-Europe-Are-Betting-Differently-on-Energy-Security.html

2026-04-03 18:30:00 UTC

Trump Says US Could ‘Take the Oil’ in Hormuz Push
President Donald Trump said Friday the United States could reopen the Strait of Hormuz and “take the oil and make a fortune,” framing control of the world’s most critical energy chokepoint as both a strategic and economic opportunity. The Strait carries roughly 20% of global oil supply. Traffic through the waterway has been severely disrupted as Iranian threats, vessel attacks, and collapsing insurance coverage have curtailed tanker movements. Tanker flows have stalled, and crude and product markets have repriced sharply higher…
https://oilprice.com/Latest-Energy-News/World-News/Trump-Says-US-Could-Take-the-Oil-in-Hormuz-Push.html

2026-04-03 18:00:00 UTC

BP’s New CEO Faces a Defining Test as War Boosts Profits
In one sense it’s a baptism of fire – in another, hardly at all. Meg O’Neill’s arrival as the first female chief executive of BP comes, in a sense, at an auspicious moment. Oil majors’ earnings are set for a significant windfall from the conflict in Iran, with those of BP and Shell forecast to see a combined £5bn this year – and that’s if the war is limited in timeframe. That cannot mask, though, the scale of the task facing O’Neill, who arrives from Australia’s Woodside Petroleum…
https://oilprice.com/Energy/Energy-General/BPs-New-CEO-Faces-a-Defining-Test-as-War-Boosts-Profits.html

2026-04-03 16:30:00 UTC

First Western European Vessel Transits Hormuz Since War Began
A container ship owned by French shipping giant CMA CGM, has just transited the Strait of Hormuz in what appears to be the first vessel linked to Western Europe to have successfully braved the critical chokepoint since the war in the Middle East began. The Malta-flagged CMA CGM Kribi, which openly broadcasts its French ownership, transited the Strait of Hormuz between Thursday afternoon and Friday morning, according to vessel-tracking data monitored by Bloomberg. Data on MarineTraffic showed that CMA CGM Kribi was in the Oman Gulf as of 12 p.m.…
https://oilprice.com/Latest-Energy-News/World-News/First-Western-European-Vessel-Transits-Hormuz-Since-War-Began.html

2026-04-03 16:00:00 UTC

Why Losing the Iran War May Be the Best Outcome for the Global Economy
As I will explain, the outcome that looks like losing may actually be the best path forward for the world’s remaining economies. The fighting today is with respect to which parts of the world will get which energy resources, and at what prices. Even before the current conflict, there was a shortage of jet fuel and diesel. The only reasonable outcome I can think of is that the US will only be able to tap its own energy resources, plus those of its nearby neighbors (Figure 1). Consequently, the economy will gradually reorganize in ways that…
https://oilprice.com/Energy/Energy-General/Why-Losing-the-Iran-War-May-Be-the-Best-Outcome-for-the-Global-Economy.html

2026-04-03 15:43:00 UTC

Trump Loses Grip as Oil Surge Signals Deeper Crisis
For the first time in weeks, Donald Trump failed to cool oil markets, as escalating tensions with Iran crushed ceasefire hopes and reignited bullish momentum. Friday, April 03, 2026 For the first time in many weeks, US President Trump couldn’t contain a late-week price surge as escalating tensions between Washington and Tehran dulled market bears’ expectations of a ceasefire anytime soon. WTI soared this week and is on par with ICE Brent (even if they trade different months), physical benchmarks above $140 per barrel bring back memories…
https://oilprice.com/Energy/Crude-Oil/Trump-Loses-Grip-as-Oil-Surge-Signals-Deeper-Crisis.html

2026-04-03 15:30:00 UTC

India's Russian Crude Imports Jump 90% in March After U.S. Waiver
India's imports of Russian crude oil jumped by 90% in March versus February, following the major supply disruption in the Middle East and the U.S. waiver of purchases of Russian crude already loaded on tankers. Following subdued purchases between November and February, India's imports of Russian crude soared last month by 90%, although overall Indian crude imports slumped by 15% due to the de facto closed Strait of Hormuz, The Times of India reported on Friday, citing data from Kpler. While crude supply to India from Iraq, Saudi Arabia, and the…
https://oilprice.com/Latest-Energy-News/World-News/Indias-Russian-Crude-Imports-Jump-90-in-March-After-US-Waiver.html

2026-04-03 14:30:00 UTC

UAE's Biggest Gas Plant Forced Offline for Second Time Since War Began
Operations at the Habshan gas facilities, the biggest gas processing site in the United Arab Emirates, were suspended early on Friday following a fire that erupted after an attack, Abu Dhabi Media Office said. The Habshan onshore facilities are part of one of the world's largest gas processing plants, which is operated by Abu Dhabi's national oil company ADNOC. The five plants of the vast Habshan Complex have 14 processing trains and 6.1 bscfd capacity, according to the company. This is the second time operations at Habshan have been suspended…
https://oilprice.com/Latest-Energy-News/World-News/UAEs-Biggest-Gas-Plant-Forced-Offline-for-Second-Time-Since-War-Began.html

2026-04-03 14:00:00 UTC

Trump Threatens to Expand Iran Strikes as War Escalates
President Donald Trump said the US military "hasn't even started" to destroy what is left of Iran after a month of devastating air attacks and he threatened to strike electrical power plants and more bridges in his latest warning to the regime in Tehran. "Our Military, the greatest and most powerful (by far!) anywhere in the World, hasn’t even started destroying what’s left in Iran. Bridges next, then Electric Power Plants! New Regime leadership knows what has to be done, and has to be done, FAST!," Trump wrote on Truth Social late…
https://oilprice.com/Energy/Energy-General/Trump-Threatens-to-Expand-Iran-Strikes-as-War-Escalates.html

2026-04-03 13:00:00 UTC

India Passes on Iranian Oil as Sanctioned Tanker Redirects to China
A sanctioned tanker carrying Iranian crude has abruptly changed destination from a port on India's west coast to an import terminal in China, in a move suggesting that India would not be imminently importing its first crude from Iran in seven years. The crude tanker Ping Shun, which the United States sanctioned last year for dealing with Iranian crude, signaled earlier this week that it was headed to the port of Vadinar on the west coast of India. However, the latest positioning of the Ping Shun, at least according to its AIS tracker, signals it…
https://oilprice.com/Latest-Energy-News/World-News/India-Passes-on-Iranian-Oil-as-Sanctioned-Tanker-Redirects-to-China.html

2026-04-03 12:30:00 UTC

Three Oil Shocks Redrawing the Geopolitical Energy Map
Politics, Geopolitics & Conflict The Sharara pipeline was hit in Libya’s southwest, and that location explains the attack. This is not territory firmly controlled by either Khalifa Haftar or Abdul Hamid Dbeibah. Haftar’s forces are anchored in the east, Dbeibah’s authority is in and around Tripoli, and the northwest. The corridor linking Sharara to Zawiya runs through the Murzuq basin, where control is fragmented. Local militias and tribal groups handle security around the National Oil Corporation infrastructure but operate…
https://oilprice.com/Energy/Energy-General/The-Oil-Shocks-Redrawing-the-Geopolitical-Energy-Map.html

2026-04-03 12:30:00 UTC

Trump’s Contradictions on Iran Rattle Both Markets and Allies
Trump entered office promising to avoid new wars. The U.S. is now engaged in an expanding conflict with Iran that has spiralled out of control, and the administration has not clearly defined what constitutes success or how the war ends. Further eroding confidence, late on Thursday, in the middle of a war, the U.S. Defense Secretary has forced the resignation of Army Chief of Staff Gen. Randy George and two other senior officers, Gen. David Hodne and Maj. Gen. William Green Jr., in what is now one of the most significant wartime leadership changes…
https://oilprice.com/Energy/Energy-General/Trumps-Contradictions-on-Iran-Rattle-Both-Markets-and-Allies.html

2026-04-03 12:30:00 UTC

Oil Rally Accelerates as Traders Price in Real Supply Disruption
May WTI crude oil surged sharply in the holiday-shortened week ending April 3, settling at $111.54, up $11.90 or +11.94%. The move was driven by a combination of geopolitical escalation, supply disruption risks, and growing concerns about global oil infrastructure security. Traders were forced to rapidly reprice risk, with volatility spiking across the energy complex as headlines intensified into the close. War Risk and Supply Shock Drive Breakout The dominant catalyst behind this week’s rally was the rapid escalation in tensions between…
https://oilprice.com/Energy/Energy-General/Oil-Rally-Accelerates-as-Traders-Price-in-Real-Supply-Disruption.html

2026-04-03 12:00:00 UTC

China Sets 2029 Deadline to Shut Down Outdated Petrochemical Plants
China plans to phase out some of its outdated petrochemical plants by 2029 and upgrade others, under new directives issued by the authorities on Friday. The Chinese authorities will review which facilities will be upgraded and which will be closed, using lists of outdated petrochemical plants compiled by local governments in recent months, according to documents by the central government cited by Reuters. China and its refiners and petrochemical producers have been struggling with low margins amid overcapacity and falling demand for road transportation…
https://oilprice.com/Latest-Energy-News/World-News/China-Sets-2029-Deadline-to-Shut-Down-Outdated-Petrochemical-Plants.html

2026-04-03 09:41:45 UTC

JP Morgan Sees $150 Oil if Hormuz Remains Closed Through Mid-May
Oil prices could top $150 per barrel if energy flows through the Strait of Hormuz remain disrupted through the middle of May, according to JP Morgan. Prices are headed to $120-$130 per barrel in the very near term, the investment bank said in a note carried by Reuters. At Thursday’s close, oil prices surged, with the U.S. benchmark WTI Crude soaring past Brent Crude and settling at $111.50 per barrel. The international benchmark closed at $109 a barrel on Thursday, the last trading day of this week, as markets are closed on Good Friday. JP…
https://oilprice.com/Latest-Energy-News/World-News/JP-Morgan-Sees-150-Oil-if-Hormuz-Remains-Closed-Through-Mid-May.html

2026-04-03 08:00:00 UTC

Europe Braces for Prolonged Energy Crisis as Supplies Tighten
Europeans must prepare for an extended period of tight oil and gas supplies, the EU’s energy commissioner Dan Jørgensen told the Financial Times. “This will be a long crisis . . . energy prices will be higher for a very long time,” Jørgensen told the FT, adding that with some “critical” products the situation was about to become “even worse in the weeks to come”. The commissioner said that the crisis hadn’t struck yet but also admitted that “The rhetoric that…
https://oilprice.com/Latest-Energy-News/World-News/Europe-Braces-for-Prolonged-Energy-Crisis-as-Supplies-Tighten.html

2026-04-03 06:45:00 UTC

Japan’s JERA Cancels Long-Term LNG Deal With Commonwealth
Japan’s JERA and Commonwealth LNG have terminated a deal for the supply of liquefied gas to the Japanese firm, Reuters has reported, citing a filing with the U.S. Department of Energy. Neither company gave reasons for the termination. The deal was inked last June, for a period of 20 years, for volumes of 1 million tons annually. Commonwealth LNG planned first production in 2029 at the time, but later in the year pushed the start of production forward to 2031. The company blamed the temporary ban on new liquefied natural gas capacity that…
https://oilprice.com/Latest-Energy-News/World-News/Japans-JERA-Cancels-Long-Term-LNG-Deal-With-Commonwealth.html

2026-04-03 05:32:00 UTC

Oil Majors Eye U.S. Offshore Asset as Supply Crunch Intensifies
TotalEnergies and Shell are among the companies interested in buying a majority stake in the Shenandoah oil and gas field that is being sold by Beacon Offshore Energy and HEQ Deepwater. Per a Reuters report citing unnamed sources, other interested parties in the 51% stake include BP, Repsol, and Chevron. The heightened interest in the offshore field comes amid the unprecedented supply disruption in Middle East oil and gas, amid the U.S. and Israeli war on Iran. Beacon Offshore Energy is financially backed by Blackstone, while HEQ Deepwater is owned…
https://oilprice.com/Latest-Energy-News/World-News/Oil-Majors-Eye-US-Offshore-Asset-as-Supply-Crunch-Intensifies.html

2026-04-03 00:00:00 UTC

$100 Oil Isn’t Enough to Balance Alberta’s Books
Oil markets reversed their recent downtrend on Thursday, with oil prices surging after President Donald Trump declared that the U.S. would continue to hit Iran "extremely hard" for the next two to three weeks. Trump warned that he would hit all of Iran's electric generating plants if a deal is not reached, sending the country back to the Stone Age. Trump’s bellicosity marks a sudden shift in policy, suggesting that securing the Strait of Hormuz is no longer Washington’s top priority. Brent crude for May delivery was up 7.58% to trade…
https://oilprice.com/Energy/Crude-Oil/100-Oil-Isnt-Enough-to-Balance-Albertas-Books.html

2026-04-02 22:00:00 UTC

Fuel Shock Forces Airlines Into Emergency Mode
Soaring jet fuel prices have hit the profitability of airlines, who have started raising air fares and grounding flights to contain the fallout from the Iran war, which has more than doubled aviation fuel prices over the past month. Oil and jet fuel supplies are constrained as crude and petroleum products are trapped at the Strait of Hormuz, forcing Asian refiners to cut run rates and Asian countries to restrict or ban exports to preserve domestic supply. Jet Fuel Shock The product market came under more severe stress than the crude markets as…
https://oilprice.com/Energy/Energy-General/Fuel-Shock-Forces-Airlines-Into-Emergency-Mode.html

2026-04-02 21:00:00 UTC

One-Fifth of Global Oil Trade Is Blocked, But Solar Is Softening the Blow
The effective blockage of the Strait of Hormuz has thrown the world’s continued dependence on fossil fuels into sharp relief. The interruption to the waterway, which accommodates one-fifth of the world’s oil and gas, has thrown global energy markets into turmoil. The blockage represents the single-largest interruption to global oil trade in history. But it’s not causing nearly as much pain as past oil crises thanks to a much more diverse global energy mix. “There is little sign that the war with Iran will cause the kind…
https://oilprice.com/Alternative-Energy/Solar-Energy/One-Fifth-of-Global-Oil-Trade-Is-Blocked-But-Solar-Is-Softening-the-Blow.html

2026-04-02 20:00:00 UTC

AI Leads Record Deal Flow While Energy Reality Looms
Artificial intelligence companies were top of the list in mergers and acquisitions—including fundraisers—over the first quarter of the year as activity in the field remained unbothered by the war in the Middle East and the energy crunch it caused. The first-quarter M&A deal data, as reported by Reuters, suggests that investors are not following short-term developments linked to the war but are taking a longer-term view and a new resilience to shocks. “We have seen a series of market disruptions over the last couple of years…
https://oilprice.com/Energy/Energy-General/AI-Leads-Record-Deal-Flow-While-Energy-Reality-Looms.html

2026-04-02 19:00:00 UTC

US Rig Count Rises For First Time in Three Weeks
The total number of active drilling rigs for oil and gas in the United States rose this week, according to new data that Baker Hughes published on Thursday, bringing the total rig count in the US to 548, down 42 from this same time last year. The number of active oil rigs rose by 2 to 411 during the latest reporting period, according to the data. This is 70 below this same time last year. The number of gas rigs rose by 3, reaching 130, which is 26 more than this time last year. The miscellaneous rig count stayed the same at 7. The latest EIA data…
https://oilprice.com/Energy/Energy-General/US-Rig-Count-Rises-For-First-Time-in-Three-Weeks.html

2026-04-02 18:45:00 UTC

OPEC+ Prepares Paper Oil Barrels While Exports Stall
OPEC+ is preparing to weigh another output increase this Sunday as the world’s most critical oil artery remains effectively shut. Eight core members of the group are expected to discuss raising production again after agreeing to a 206,000 bpd increase for April. Two OPEC+ sources told Reuters that the group is likely to move forward with another hike on paper, positioning itself to add barrels quickly if the Strait of Hormuz reopens. More than 20% of global oil flows normally pass through Hormuz. That flow is now constrained by the U.S.-Israeli…
https://oilprice.com/Latest-Energy-News/World-News/OPEC-Prepares-Paper-Oil-Barrels-While-Exports-Stall.html

2026-04-02 18:00:00 UTC

U.K. Airlines Brace for Jet Fuel Crunch as Iran War Disrupts Global Supply
Britain’s airlines face significant disruption in a matter of weeks if the war in Iran continues throughout April, as a global jet fuel shortage has already forced carriers in Asia to slash service levels in a bid to manage supplies. Major UK-based carriers have said that they have between five and six weeks’ worth of supplies before their reserves will begin to run short as a result of the protracted closure of the vital Strait of Hormuz shipping lane. Several Asian airlines have already been forced to cancel some routes until as far…
https://oilprice.com/Energy/Energy-General/UK-Airlines-Brace-for-Jet-Fuel-Crunch-as-Iran-War-Disrupts-Global-Supply.html

2026-04-02 16:22:00 UTC

WTI Prices Soar Past Brent
WTI crude spiked to $111.29 per barrel on Thursday, with Brent trading at $107.57, inverting the global benchmark structure as the market repriced accessible supply amid a prolonged disruption at the Strait of Hormuz. WTI rarely trades at a premium to Brent. Brent crude reflects seaborne crude and typically leads during global supply shocks, while WTI crude is usually discounted. The current inversion points to a breakdown in normal pricing signals tied to physical flows. Part of the move is technical: WTI’s front-month contract reflects…
https://oilprice.com/Energy/Crude-Oil/WTI-Prices-Soar-Past-Brent.html

2026-04-02 16:00:00 UTC

Donbas Coal Deal Exposes Fragile Enforcement of Russia Sanctions
A Georgian company has struck a deal to import coal, metals, and chemical products from the Russian-occupied Ukrainian region of Donetsk, a move that raises fresh questions about sanctions enforcement and underscores Tbilisi's tightening economic ties with Moscow. The agreement involves George Oil Ltd, owned by Valerian Kochiashvili, who has openly expressed his intention to trade with Russia and use raw materials from Ukraine’s Donbas to access markets beyond EU restrictions. The entrepreneur confirmed the arrangement to Georgian media,…
https://oilprice.com/Energy/Energy-General/Donbas-Coal-Deal-Exposes-Fragile-Enforcement-of-Russia-Sanctions.html

2026-04-02 15:30:00 UTC

40% of Russia's Baltic Oil Export Capacity Offline as Gasoline Ban Widens
Russia is banning gasoline producers from exporting the fuel until July 31, expanding the current ban that applied only to non-producers, as the Middle East war and the Ukrainian drone attacks on Russian export terminals have upended the global and domestic markets. The Russian government on Thursday said it had expanded the ban on gasoline exports to producers of the fuel, Russian news agency Interfax reported. Russia has had a ban on gasoline exports by non-producers, but now the measure is expanding to gasoline producers. The new ban exempts…
https://oilprice.com/Latest-Energy-News/World-News/40-of-Russias-Baltic-Oil-Export-Capacity-Offline-as-Gasoline-Ban-Widens.html

2026-04-02 15:00:00 UTC

Tesla Disappoints With Q1 Deliveries Miss
Tesla reported a disappointing first quarter, delivering 358,023 vehicles worldwide, falling short of Wall Street expectations of about 372,000, according to Bloomberg-compiled estimates and the company’s own release. The miss marks Tesla’s second consecutive quarter below forecasts, underscoring continued pressure on its core automotive business as it navigates slowing electric-vehicle demand and a more competitive global market. Despite the shortfall, deliveries were still up 6.3% year over year, benefiting from an easier…
https://oilprice.com/Energy/Energy-General/Tesla-Disappoints-With-Q1-Deliveries-Miss.html

2026-04-02 14:30:00 UTC

China Directs Private Refiners to Maintain Fuel Output Even At A Loss
Chinese authorities have ordered private refiners to maintain high levels of gasoline and diesel supply, even at a loss, or risk their crude import quotas slashed if they reduce run rates, anonymous sources with knowledge of the matter told Bloomberg on Thursday. As China looks to ensure its domestic fuel supply amid the oil supply shock, officials at the National Development and Reform Commission (NDRC), the country's main planning body, have directed executives at the private refiners to keep their gasoline and diesel production at least at the…
https://oilprice.com/Latest-Energy-News/World-News/China-Directs-Private-Refiners-to-Maintain-Fuel-Output-Even-At-A-Loss.html

2026-04-02 14:00:00 UTC

The Critical Commodities Caught in the Hormuz Blockade
When an Indian tanker carrying liquefied petroleum gas (LPG) passed through the Strait of Hormuz recently, its progress was followed by excited live TV news coverage. “Its position was received eight minutes ago. It’s currently at 12.5 knots and is moving at 154 degrees. It’s reported ETA in India is at 9.30 p.m. tomorrow,” reported one journalist, providing running commentary while following a tracker app. Later, videos showed the ship with a military escort from the Indian Navy in the Gulf of Oman. The attention was not…
https://oilprice.com/Energy/Energy-General/The-Critical-Commodities-Caught-in-the-Hormuz-Blockade.html

2026-04-02 10:30:00 UTC

India Accelerates Shift to Piped Gas as LPG Crisis Deepens
India is accelerating the move to piped gas for household use as liquefied petroleum gas (LPG) supplies are severely disrupted due to the war in the Middle East. Around 60% of Indian households rely on LPG for their primary cooking fuel, and the blockage at the Strait of Hormuz, from where 90% of all Indian LPG imports pass, has been immediately felt by consumers. Amid the supply crisis, which has had the Indian government cut LPG supplies to commercial establishments and industries to have more cooking gas available for household use, authorities…
https://oilprice.com/Latest-Energy-News/World-News/India-Accelerates-Shift-to-Piped-Gas-as-LPG-Crisis-Deepens.html

2026-04-02 10:00:00 UTC

5 Defense Stocks Rebuilding the Military Supply Chain From the Ground Up
For decades, the U.S. military procurement system operated on a quiet assumption: the global supply chain would always be there. Parts would arrive. Materials would be available. Someone, somewhere, would have what was needed. That assumption is now gone. China's export restrictions on rare earth materials, imposed in late 2025, removed any remaining doubt about where the vulnerability was. Beijing didn't threaten to cut off raw ore, it blocked the processed metals and alloys that actually go into guidance systems, drone motors, and fighter jets.…
https://oilprice.com/Energy/Energy-General/5-Defense-Stocks-Rebuilding-the-Military-Supply-Chain-From-the-Ground-Up.html

2026-04-02 09:15:00 UTC

ADNOC Chief Urges Global Action as Iran Chokes Hormuz Energy Flows
The Group CEO of ADNOC has called on the world to act together to protect the free flow of energy through the Strait of Hormuz in order to avoid a major economic collapse. He described Iran’s actions in the Strait of Hormuz as an act of “global economic extortion,” and emphasized the impact of the blockade beyond just oil markets. Traffic at the Strait of Hormuz has been at a near standstill for over a month now, with a limited number of vessels transiting the world’s most critical oil and gas chokepoint at Iran’s…
https://oilprice.com/Latest-Energy-News/World-News/ADNOC-Chief-Urges-Global-Action-as-Iran-Chokes-Hormuz-Energy-Flows.html

2026-04-02 07:33:00 UTC

WTI Jumps 51% in a Month on Iran War Supply Shock
West Texas Intermediate added some 51% over last month, currently trading at over $100 per barrel as President Trump indicated the war against Iran was not coming to a swift end. The Wall Street Journal reported that the price rise represented a difference of $34.36, which was the highest monthly price climb since WTI futures started trading on the commodity exchange, back in 1983. As a result of the benchmark price rise, gasoline has topped $4 per gallon and diesel fuel sits at $5.50 per gallon, according to the latest data from AAA. The last…
https://oilprice.com/Latest-Energy-News/World-News/WTI-Jumps-51-in-a-Month-on-Iran-War-Supply-Shock.html

2026-04-02 05:45:00 UTC

Trump’s Renewed Iran Threats Drive Oil Higher
Crude oil price moved higher today, adding some 5% from Wednesday, following President Donald Trump’s address to the nation, in which he said the United States would continue attacking Iran. Brent crude was trading at $107.49 per barrel at the time of writing, up by over 6% from Wednesday. WTI was up by over 5%, trading at $105.25 per barrel. The U.S. president added that the army had come close to accomplishing its goals in the war, saying that “We are going to finish the job, and we're going to finish it very fast. We're getting very…
https://oilprice.com/Latest-Energy-News/World-News/Trumps-Renewed-Iran-Threats-Drive-Oil-Higher.html

2026-04-02 04:35:03 UTC

Oil Prices Surge 6% as Trump Signals Prolonged Iran Conflict
Oil prices surged in early Asian trade on Thursday after President Trump signaled that Washington would continue its military campaign against Iran, including potential strikes on energy infrastructure. Before the speech, prices had dropped on expectations of de-escalation, leading to a sharp spike when Trump made it clear the war would continue. At the time of writing, WTI was trading at $105.2, up 5.07%, while Brent stood at $107.3, up +6.04% Before the speech, prices had dropped on expectations of de-escalation, leading to a sharp spike when…
https://oilprice.com/Latest-Energy-News/World-News/Oil-Prices-Surge-6-as-Trump-Signals-Prolonged-Iran-Conflict.html

2026-04-02 00:00:00 UTC

Oil & Gas Rally Leaves S&P 500 Behind in Record-Breaking Run
Long-suffering energy investors finally have a reason to smile, with the sector on track to outperform the broader market by its widest margin on record, driven by Middle East conflict, rising demand from the AI boom, and a continued rotation away from expensive technology and growth stocks. The energy sector's 14-week winning streak far exceeds previous bull runs, including the nine-week streak it posted back in 2007 thanks to the nearly 50% surge in oil prices triggered by the Middle East conflict. The S&P 500 Energy Sector has returned 36.5%…
https://oilprice.com/Energy/Energy-General/Oil-Gas-Rally-Leaves-SP-500-Behind-in-Record-Breaking-Run.html

2026-04-01 22:00:00 UTC

Record Wind Output Fails to Stop UK Energy Price Surge
The UK cannot wind power itself out of the new energy crisis resulting from the war in the Middle East. With about a third of its electricity generation typically coming from gas-fired power plants, the UK is feeling the energy shock after oil and gas prices soared in the month since the war in Iran began. And the UK is likely to feel the worst of the energy price shock, according to the International Monetary Fund (IMF). That’s despite the record wind power generation in the first quarter of 2026 and the new daily record in wind power output…
https://oilprice.com/Alternative-Energy/Wind-Power/Record-Wind-Output-Fails-to-Stop-UK-Energy-Price-Surge.html

2026-04-01 21:00:00 UTC

Europe's Nuclear U-Turn: What's Changed, What Hasn't, and What's Next
Nuclear energy is once again at the center of fierce debate between European leaders as a new energy crisis sweeps the world, leaving the import-dependent European Union scrambling for alternative energy sources. The bloc still imports more than half of its energy needs, leaving it extremely vulnerable to global market shocks, like the unprecedented interruption to oil and gas supplies currently taking place in the Strait of Hormuz as the United States and Israel continue to wage war with Iran. In order to keep the lights on and prevent huge numbers…
https://oilprice.com/Alternative-Energy/Nuclear-Power/Europes-Nuclear-U-Turn-Whats-Changed-What-Hasnt-and-Whats-Next.html

2026-04-01 20:00:00 UTC

Trump Tells U.K. to ‘Fight for Yourself’ as Fuel Crisis Deepens
President Donald Trump has told Sir Keir Starmer that the UK will have to “fight for yourself” as the US would not provide any support in fuel supplies. In another threat targeted at Starmer posted on his own social media platform, the US president mocked the UK’s struggles in obtaining jet fuel because of a block across the Strait of Hormuz, which has come as a result of the US and Israel’s war against Iran. He said that the UK could “buy from the US” or “build up some delayed courage” and “go…
https://oilprice.com/Energy/Energy-General/Trump-Tells-UK-to-Fight-for-Yourself-as-Fuel-Crisis-Deepens.html

2026-04-01 20:00:00 UTC

Chipmakers Scramble as Helium Crunch Threatens AI Expansion
Supply chain disruptions caused by the U.S. and Israeli war on Iran have sent ripples across industries, but information technology stands out as particularly vulnerable. That’s because of its expansive growth plans, which need certain ingredients to work out, from energy to helium. Cheap energy is one of these ingredients, and cheap energy has swung from a perceived surplus into a definite and acute shortage in most of the world as a result of the energy export disruption in the Middle East. Some argue that the U.S. market is insulated thanks…
https://oilprice.com/Energy/Energy-General/Chipmakers-Scramble-as-Helium-Crunch-Threatens-AI-Expansion.html

2026-04-01 19:00:00 UTC

Who Will Emerge As Iraq’s New Leader As Iran’s Regional Position Shifts?
In the furore of the U.S./Israel- Iran conflict, the key question of who will finally be chosen as Iraq’s new prime minister remains unanswered. In the immediate aftermath of the country’s 11 November parliamentary elections, the broadly pro-West sitting Prime Minister Mohammed Shia’ al?Sudani looked the more likely of the candidates to emerge the victor. His Reconstruction and Development Coalition was the largest faction in the vote, winning 1.3 million votes out of nearly 11 million cast, beating the pro-Iran State…
https://oilprice.com/Energy/Crude-Oil/Who-Will-Emerge-As-Iraqs-New-Leader-As-Irans-Regional-Position-Shifts.html

2026-04-01 18:30:00 UTC

Traders Ramp Up Bearish Oil Bets To Nearly $1 Billion
Traders have poured a record $977 million into the ProShares UltraShort Bloomberg Crude Oil ETF (SCO), a leveraged bet that oil prices will collapse from their war-driven highs. Despite the high-volume, double-leveraged bet, the ETF still dropped 41% in March, its worst month in nearly six years, highlighting the ETF’s high risk in volatile markets. Oil prices have pulled back from recent highs after U.S. President Donald Trump announced that he is looking to wind up the Iran war soon. The ProShares UltraShort Bloomberg Crude Oil ETF is a…
https://oilprice.com/Latest-Energy-News/World-News/Traders-Ramp-Up-Bearish-Oil-Bets-To-Nearly-1-Billion.html

2026-04-01 16:02:03 UTC

Oil Falls 2% as Trump Says U.S. Will Exit Iran 'Pretty Quickly'
Oil prices on Wednesday morning dipped some 2% as U.S. President Donald Trump signaled that the United States may wind down its military operations in Iran soon, while threatening to quit NATO for its lack of support in the Middle East operation. Iran announced on Tuesday it was ready to reach a resolution or intensify attacks on U.S. assets and its allies, without offering more details how this would be achieved considering the conflicting demands between the two sides. Two Pakistan sources told Reuters that neither side had responded to Islamabad's…
https://oilprice.com/Latest-Energy-News/World-News/Oil-Falls-2-as-Trump-Says-US-Will-Exit-Iran-Pretty-Quickly.html

2026-04-01 16:00:00 UTC

Oil Drops 2% as Trump Says Iran War Might End Soon
Oil prices on Wednesday morning dipped some 2% as U.S. President Donald Trump signaled that the United States may wind down its military operations in Iran soon, while threatening to quit NATO for its lack of support in the Middle East operation. Iran announced on Tuesday it was ready to reach a resolution or intensify attacks on U.S. assets and its allies, without offering more details on how this would be achieved, considering the conflicting demands between the two sides. Two Pakistani sources told Reuters that neither side had responded to…
https://oilprice.com/Latest-Energy-News/World-News/Oil-Drops-2-as-Trump-Says-Iran-War-Might-End-Soon.html

2026-04-01 16:00:00 UTC

Israeli Attack on Iranian Port Exposes Vulnerability in Russia Trade Route
For years, the Caspian Sea was the safe zone of the alliance between Russia and Iran -- a landlocked black hole invisible to Western eyes. While the inland waterway has served as a sanctuary for Iranian drones bound for the battlefields of Ukraine in Moscow's ongoing full-scale invasion, Israel recently launched air strikes on Bandar Anzali, an Iranian naval outpost on the Caspian. Growing media reports based on intelligence say the corridor is now being used to transfer Russian-produced weaponry back to the Middle East, bringing Israeli air strikes…
https://oilprice.com/Geopolitics/Middle-East/Israeli-Attack-on-Iranian-Port-Exposes-Vulnerability-in-Russia-Trade-Route.html

2026-04-01 14:59:26 UTC

Prices Sag as US Oil Inventories Climb
Crude oil inventories in the United States increased by 5.5 million barrels during the week ending March 27, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 461.6 million barrels according to government data, which is 0.1% above the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories saw a build of 10.263 million barrels in the period.…
https://oilprice.com/Energy/Crude-Oil/Prices-Sag-as-US-Oil-Inventories-Climb.html

2026-04-01 14:30:00 UTC

China Resells Record LNG Volumes as Global Gas Crunch Bites
Since the start of the Middle East war, China has been reselling record volumes of LNG to other Asian buyers as its own demand has been tepid and stocks and gas supplies sufficient. In March alone, China resold up to 10 cargoes of LNG—a record-high for any month ever, according to data from energy analytics firms Vortexa, Kpler, and ICIS cited by Reuters. Year to date, China has also resold record volumes of LNG, an estimated 1.31 million tons, shipped to South Korea, Thailand, Japan, India, and the Philippines, per data from Kpler. This…
https://oilprice.com/Latest-Energy-News/World-News/China-Resells-Record-LNG-Volumes-as-Global-Gas-Crunch-Bites.html

2026-04-01 14:00:00 UTC

A Fragile Off-Ramp Emerges in the Iran Conflict
Iran FM Clarifies Not Negotiating with US, But Messages Sent Iran's Foreign Minister Aragchi has clarified some things to AI Jazeera regarding diplomatic engagement with the US on potentially ending the war. The main takeaway is his explanation that what is happening now does not constitute negotiations in Tehran's view, but an exchange of messages directly or through our friends in the region (namely Pakistan). He said that all communication concerning diplomacy and the war is routed through the Foreign Ministry and overseen by the National Security…
https://oilprice.com/Energy/Energy-General/A-Fragile-Off-Ramp-Emerges-in-the-Iran-Conflict.html

2026-04-01 10:30:00 UTC

Oil-Starved Asia Turns to Russia After U.S. Waiver
Some Asian countries are taking Russian oil for the first time in years after the U.S. waiver allowed purchases of Russian oil on tankers to ease the major oil supply shock to the market. The Philippines, one of the Asian nations worst hit by the Middle East supply squeeze and where a national energy emergency is already in place, imported its first cargo of Russia’s Far Eastern crude grade ESPO for the first time in six years, according to vessel-tracking data compiled by Bloomberg. South Korea is also importing a shipment of naphtha from…
https://oilprice.com/Latest-Energy-News/World-News/Oil-Starved-Asia-Turns-to-Russia-After-US-Waiver.html

2026-04-01 09:30:00 UTC

Asian LNG Demand Plunges as Qatar Outages and Hormuz Chaos Bite
Imports of liquefied natural gas into Asian countries fell last month by the sharpest rate since 2020, when pandemic lockdowns decimated energy demand. The total for the month stood at 20.6 million tons, Bloomberg calculated, which was down by 8.6% on March 2025 - the most sizable drop since December 2020. Pakistan saw the biggest drop in LNG imports since it was buying it mainly from Qatar. LNG shipments to the country last month plummeted by 70% from a year earlier. India and China also cut their imports substantially, both seeing them down by…
https://oilprice.com/Latest-Energy-News/World-News/Asian-LNG-Demand-Plunges-as-Qatar-Outages-and-Hormuz-Chaos-Bite.html

2026-04-01 08:09:28 UTC

Brent Oil Dips Below $100 as Trump Signals End to Iran War
Brent Crude oil futures plunged by 4% early on Wednesday to trade below $100 per barrel for the first time in a week, after U.S. President Donald Trump signaled the war in Iran could end within three weeks. As of early morning trade in Europe, Brent Crude was down by 4.52% at $99.20, and WTI Crude was down by 4.04% at $97.30, after President Trump told reporters in the Oval Office late on Tuesday that the United States would be leaving Iran “very soon” and military action could end in two or three weeks. “We leave because there’s…
https://oilprice.com/Latest-Energy-News/World-News/Brent-Oil-Dips-Below-100-as-Trump-Signals-End-to-Iran-War.html

2026-04-01 05:38:46 UTC

India’s Aviation Market Rocked by Wild Jet Fuel Price Swings
Indian Oil Corp. earlier today raised jet fuel prices for local airlines significantly, before cutting them sharply hours later, media are reporting, as the world’s third-largest importer of crude grapples with the fallout of the Middle East war. Jet fuel prices in India surged twofold earlier in the day, the Indian Express reported, hitting an all-time high of 207,341 rupees, equal to almost $2,200 per kilolitre in New Delhi, as the country’s largest oil company sought to manage the impact of oil import disruptions. Hours later, however,…
https://oilprice.com/Latest-Energy-News/World-News/Indias-Aviation-Market-Rocked-by-Wild-Jet-Fuel-Price-Swings.html

2026-04-01 01:00:00 UTC

Pentagon Insider Joins REalloys as Rare Earth Deadline Approaches
REalloys (NASDAQ: ALOY) has appointed former U.S. Secretary of Defense’s Chief of Staff Joe Kasper as chair of its advisory board, placing a senior defense supply chain official at the center of its push to build a U.S.-aligned rare earth metals platform as the country faces limited domestic supply and a hard 2027 deadline requiring U.S. defense systems to eliminate Chinese-sourced inputs. Kasper has been working inside the Pentagon on the exact supply chain breakdown REalloys is now trying to fix: the absence of U.S. capacity to produce…
https://oilprice.com/Energy/Energy-General/Pentagon-Insider-Joins-REalloys-as-Rare-Earth-Deadline-Approaches.html

2026-04-01 00:00:00 UTC

Big Oil Returns to Exploration as Reserves Dwindle
After years of upstream underinvestment and a short-lived foray into clean energy, the world’s biggest oil and gas firms are accelerating exploration efforts as they look to replenish their upstream portfolios. Executives at Big Oil have been signaling for nearly a year that they seek to boost upstream portfolios in a world where oil and gas demand is growing and will continue to grow for years to come. During the 2025 earnings calls and at last week’s CERAWeek event in Houston, the top brass of the largest oil and gas majors reiterated…
https://oilprice.com/Energy/Crude-Oil/Big-Oil-Returns-to-Exploration-as-Reserves-Dwindle.html

2026-04-01 00:00:00 UTC

Trump Media To Merge With Nuclear Fusion Startup
Last December, Trump Media & Technology Group Corp. (NYSE:DJT) entered the nuclear fusion race after it agreed to buy California-based fusion startup TAE Technologies in a $6-billion merger, creating one of the world's first publicly traded nuclear fusion companies. The merger is structured as an all-stock transaction whereby shareholders of both companies will each own roughly 50% of the new entity with the deal expected to close in mid-2026. TMTG agreed to provide TAE Technologies with up to $200 million in cash upon signing and an additional…
https://oilprice.com/Alternative-Energy/Nuclear-Power/Trump-Media-To-Merge-With-Nuclear-Fusion-Startup.html

2026-03-31 22:00:00 UTC

China Claims Cold-Proof Battery Breakthrough That Could Double EV Range
The infamous Texas Arctic freeze of five years ago exposed a key vulnerability of electric vehicles: Many drivers were forced to abandon their vehicles after being left stranded with dead batteries and no charging station in sight. While cold weather can lower driving range by ~10%, unusually low temperatures can cut it by up to 40% while increasing charging time by 300%. Thankfully, this could soon become a thing of the past: Chinese researchers have developed an all-weather battery electrolyte that is not only capable of maintaining high energy…
https://oilprice.com/Energy/Energy-General/China-Claims-Cold-Proof-Battery-Breakthrough-That-Could-Double-EV-Range.html

2026-03-31 21:15:29 UTC

US Crude Oil Inventories See Surprise 10 Million Barrel Spike
The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by a staggering 10.263 million barrels in the week ending March 27. In the week prior, US crude oil inventories rose by 2.3 million barrels. Analysts had expected a draw of 1.3 million barrels in the current reporting period. Inventories in the US Strategic Petroleum Reserve (SPR) drew down for the first week in many, sinking by 300,000 barrels to 415.1 million barrels as of the week ending March 27. This is 310.4 million barrels shy of maximum…
https://oilprice.com/Latest-Energy-News/World-News/US-Crude-Oil-Inventories-See-Surprise-10-Million-Barrel-Spike.html

2026-03-31 21:00:00 UTC

Microsoft and NVIDIA Are Using AI to Fast-Track Nuclear Power Development
Tech giants Microsoft and NVIDIA are collaborating on an artificial intelligence project designed to accelerate the development of nuclear energy – in order to feed the growing energy needs of AI. The project aims to develop an “ecosystem of AI-powered digital engineering tools” that will be used to shorten the considerable timelines of nuclear power plants and bring them online a lot more quickly as the rate of energy demand growth continues to skyrocket around the world. The nuclear power sector in the United States is beset…
https://oilprice.com/Energy/Energy-General/Microsoft-and-NVIDIA-Are-Using-AI-to-Fast-Track-Nuclear-Power-Development.html

2026-03-31 20:00:00 UTC

Guyana's Oil Boom Will Boost Energy Security in the Americas
Guyana, once among South America's most impoverished nations, is experiencing an epic oil boom. In a mere four years, the country of less than one million went from first discovery to first oil and is now lifting over 900,000 barrels per day. There are signs of significant production growth ahead. This is occurring at a crucial time for a world experiencing an energy crisis after oil spiked to well-over $110 per barrel after Iran closed the Strait of Hormuz in retaliation for U.S. and Israeli airstrikes. Guyana's oil boom is significantly reducing…
https://oilprice.com/Energy/Energy-General/Guyanas-Oil-Boom-Will-Boost-Energy-Security-in-the-Americas.html

2026-03-31 19:00:00 UTC

Central Asia's Biggest Pipeline Deal Has a Data Problem
China’s leading international broadcaster, CGTN, aired an interview March 24 with Turkmenistan’s paramount leader, Gurbanguly Berdymukhamedov, touting how “mutual trust and centuries-old exchanges” shape present-day bilateral relations. But such messaging struck a discordant note during the actual interview, when Berdymukhamedov’s figures for his country’s natural gas exports to China proved significantly different than those subsequently proffered by Chinese officials. During the interview, taped while the Turkmen…
https://oilprice.com/Energy/Energy-General/Central-Asias-Biggest-Pipeline-Deal-Has-a-Data-Problem.html

2026-03-31 18:30:00 UTC

Iran Exempts Malaysian Tankers from Strait of Hormuz Fee
Iran has assured Malaysia that Malaysian tankers can safely transit the Strait of Hormuz without paying a toll that the Islamic Republic wants to exact from shippers, Malaysian Transport Minister Anthony Loke said on Tuesday. “The Iranian ambassador has mentioned that no toll is being imposed on Malaysian vessels,” Loke said today, as quoted by Bloomberg. “We are a friendly party, we have good diplomatic relationship with the Iranian government,” the Malaysian minister added. Iran has selectively allowed a small number of…
https://oilprice.com/Latest-Energy-News/World-News/Iran-Exempts-Malaysian-Tankers-from-Strait-of-Hormuz-Fee.html

2026-03-31 18:00:00 UTC

$150 Oil Could Tip World Economy Into Recession
The world economy is heading for a “rare” recession in the middle of this year as a prolonged war seems likely amid the prospect of US troops heading to the Middle East. Economists have warned that activity will fall in the middle of the year if oil prices surge to $150 per barrel and remain there for a period of four months. Oil prices continued to climb higher on Monday as the Brent Crude benchmark raced past the $116 per barrel mark amid mixed messages between the US, Israel and Iran on the state of the war. It…
https://oilprice.com/Energy/Energy-General/150-Oil-Could-Tip-World-Economy-Into-Recession.html

2026-03-31 16:00:00 UTC

How the Strait of Hormuz Crisis Could Trigger a Global Fertilizer Shock
The trade of global fertilizer and ammonia faces intense pressure due to the effective closure of the Strait of Hormuz as diplomatic talks between the US and Iran remain uncertain. Rystad Energy’s 2025 trade mapping shows that the sale of 15% of global ammonia and 21% of urea, which is used as a high-nitrogen fertilizer, are tied to exporters potentially impacted by the closure. This includes leading producers Saudi Arabia and Qatar, followed by Kuwait, Bahrain, the UAE, Iran and Iraq. Our analysis predicts this sustained logistics shock…
https://oilprice.com/Energy/Energy-General/How-the-Strait-of-Hormuz-Crisis-Could-Trigger-a-Global-Fertilizer-Shock.html

2026-03-31 15:30:00 UTC

Oil Prices Post Biggest Monthly Surge in History
Oil markets are closing March on a historic surge, with prices posting their biggest monthly gain ever after an unprecedented global supply shock. Gasoline Goes Galactic: Prices Jump, Diesel Spikes, and the White House Feels the Burn - Nationwide US gasoline prices topped $4 per gallon for the first time since August 2022, jumping to $4.018/USG as of March 31, raising domestic political risks for the Trump administration. - With gasoline now up by more than $1 per barrel since the US attack on Iran, prices keep on rising despite the White House’s…
https://oilprice.com/Energy/Crude-Oil/Oil-Prices-Post-Biggest-Monthly-Surge-in-History.html

2026-03-31 14:40:46 UTC

Brent Hits $118 as Hormuz Shock Blows Out Spread With WTI
Brent crude jumped to $118.2 per barrel on Tuesday while WTI sat at $102.5, leaving an unusually wide gap between the two benchmarks as the market reacted to fresh rhetoric around the Strait of Hormuz and the growing risk to fuel flows outside the United States. The apparent immediate trigger was a social media post from President Donald Trump urging countries struggling to secure jet fuel because of the Strait disruption to buy from the U.S. or go to the Strait and "take it" themselves. "...the U.S.A. won't be there to help you anymore, just like…
https://oilprice.com/Latest-Energy-News/World-News/Brent-Hits-118-as-Hormuz-Shock-Blows-Out-Spread-With-WTI.html

2026-03-31 13:30:00 UTC

U.S. Extends Deadline for Lukoil's Foreign Asset Sales to May 1
The United States is extending by a month through May 1, 2026, the deadline for potential buyers to negotiate buying the foreign assets of Russia's second-biggest oil producer, Lukoil, which the U.S. sanctioned in October to force Russia to negotiate peace in Ukraine. The U.S. Treasury's Office of Foreign Assets Control (OFAC) authorized in a new general license negotiations of potential deals until May 1, provided that such agreements are approved by the OFAC in separate authorizations. Earlier this year, Lukoil announced it had agreed to sell…
https://oilprice.com/Latest-Energy-News/World-News/US-Extends-Deadline-for-Lukoils-Foreign-Asset-Sales-to-May-1.html

2026-03-31 13:15:00 UTC

U.S. Sets April 6 Deadline for Iran as Oil Markets Brace for Escalation
US President Donald Trump has renewed his warning to Tehran to reach a deal to end the war soon and open the Strait of Hormuz, or he will order air strikes with the aim of "completely obliterating" Iran's oil export hub of Kharg Island, oil wells, and power plants. For the second day in a row, the US leader said a deal is likely at hand, but he also said in a social media post on March 30 that "if for any reason a deal is not shortly reached" US forces will react " by blowing up and completely obliterating all of their Electric Generating Plants,…
https://oilprice.com/Energy/Energy-General/US-Sets-April-6-Deadline-for-Iran-as-Oil-Markets-Brace-for-Escalation.html

2026-03-31 11:48:59 UTC

UAE Investment Firm Buys U.S. Midstream Gas Assets for $2.25 Billion
2PointZero, an Abu Dhabi-based investment company focused on energy infrastructure, has signed a deal to buy 100% in U.S. firm Traverse Midstream Partners, owner of minority stakes in natural gas pipelines, for $2.25 billion. 2PointZero, led by Sheikh Tahnoon bin Zayed Al Nahyan, the Deputy Ruler of Abu Dhabi, entered in the deal through its subsidiary E Point Zero Holding RSC LTD, 2PointZero said in a statement to the Abu Dhabi Securities Exchange. The agreement – subject to regulatory clearance – is yet another investment from the…
https://oilprice.com/Latest-Energy-News/World-News/UAE-Investment-Firm-Buys-US-Midstream-Gas-Assets-for-225-Billion.html

2026-03-31 09:42:36 UTC

India Says 28 Oil and Gas Ships Are Stranded Near the Strait of Hormuz
At least 28 ships, including vessels carrying crude oil, liquefied petroleum gas (LPG), and LNG supplies to India, are currently stranded near the Strait of Hormuz, the Indian government has confirmed. The vessels include at least 10 foreign-flagged cargoes with supplies to India and 18 India-flagged ships, including those carrying energy products, according to Rajesh Kumar Sinha, Special Secretary in the Ministry of Ports, Shipping and Waterways. The stranded foreign-flagged vessels include four crude oil tankers, three vessels carrying LPG, and…
https://oilprice.com/Latest-Energy-News/World-News/India-Says-28-Oil-and-Gas-Ships-Are-Stranded-Near-the-Strait-of-Hormuz.html

2026-03-31 07:45:00 UTC

Chevron Reports “Extensive Damage” at Major LNG Project
Chevron’s Wheatstone LNG plant offshore Australia has suffered “extensive damage” from a cyclone that recently passed through Australia. The two liquefaction trains at the facility remain shut, Reuters quoted Chevron’s Australian director of operations and maintenance as saying. “We have a number of fin fans or air-cooled heat exchangers that sustained some damage,” Danny Woodall said at an industry event in Sydney. “We've got a dedicated team right now that is ‌working on getting those repaired,”…
https://oilprice.com/Latest-Energy-News/World-News/Chevron-Reports-Extensive-Damage-at-Major-LNG-Project.html

2026-03-31 06:27:00 UTC

U.S. Gas Prices Top $4 as Middle East Conflict Disrupts Supply
The national average price for gasoline in the United States passed the $4 per gallon mark on Monday as the conflict in the Middle East continues to escalate. Later in the day, prices retreated slightly, to stand at $3.950 per gallon, according to GasBuddy, and $3.990 per gallon, according to AAA. “Gasoline and diesel prices continue to climb to multi-year highs as the effective closure of the Strait of Hormuz curtails the flow of millions of barrels of crude oil each day,” GasBuddy’s head of petroleum analysis, Patrick De Haan,…
https://oilprice.com/Latest-Energy-News/World-News/US-Gas-Prices-Top-4-as-Middle-East-Conflict-Disrupts-Supply.html

2026-03-31 05:18:46 UTC

Iranian Drone Sets Kuwaiti Oil Tanker on Fire
An Iranian drone reportedly hit a Kuwaiti oil tanker anchored at Dubai port, setting the vessel on fire, media reported earlier today, adding in later updates that the fire has been brought under control, per statements by the Dubai authorities, cited by Reuters. The very large crude carrier Al Salmi, with a capacity to hold 2 million barrels of oil, was fully laden at the time of the attack, the Kuwait Petroleum Corporation said earlier today, as quoted by Gulf News. The drone attack had caused “damage to the vessel's hull and the outbreak…
https://oilprice.com/Latest-Energy-News/World-News/Iranian-Drone-Sets-Kuwaiti-Oil-Tanker-on-Fire.html

2026-03-31 00:00:00 UTC

How A Magnet Shortage Could Bring The $10 Trillion Tech Sector to a Halt
REalloys (NASDAQ: ALOY) is assembling the only non-Chinese supply chain for a component powering nearly everything the modern economy runs on — but one that almost nobody outside the industry pays attention to. A single F-35 carries roughly 435 kilograms of these materials. MRI machines need them to power today's medical imaging. They’re in the guidance systems on missiles, the haptic feedback in your phone, the motors inside surgical robots, and the cooling systems that keep data centers running. Today, the rare earth magnet market…
https://oilprice.com/Energy/Energy-General/How-A-Magnet-Shortage-Could-Bring-The-10-Trillion-Tech-Sector-to-a-Halt.html

2026-03-30 23:23:00 UTC

Coal Is Back — and Japan Is Driving the Rally
Japan’s heavy dependence on imported energy is being put through a real-time stress test. The crisis triggered by the war in Iran and the effective closure of the Strait of Hormuz has exposed the structural vulnerabilities in one of the world’s largest energy importers. With roughly 90% of its crude oil sourced from the Middle East, Tokyo has already moved to release around 80 million barrels from its strategic petroleum reserves – equivalent to roughly 26 days of domestic oil demand. This should be sufficient to stabilize the…
https://oilprice.com/Energy/Coal/Coal-Is-Back-and-Japan-Is-Driving-the-Rally.html

2026-03-30 22:00:00 UTC

Oil Spike Collides With Fragile Global Growth
The worst energy crisis in history is sending ripples across global markets, and optimism is in short supply. IEA’s chief said the current crisis is worse than all previous ones put together. JP Morgan analysts warned Asia is going to be hit the hardest, although other analysts see Europe as suffering the most from the fallout. And yet it seems the seriousness of the situation has yet to sink in. The European Central Bank’s president, Christine Lagarde, said in a recent interview with The Economist that the risks stemming from the U.S.…
https://oilprice.com/Energy/Energy-General/Oil-Spike-Collides-With-Fragile-Global-Growth.html

2026-03-30 21:00:00 UTC

Three Crises, Four Years: Europe Keeps Failing the Same Energy Test
For the third time in four years, Europe is waking up to discover that it has sleepwalked into yet another energy crisis." When Russia illegally invaded Ukraine in February of 2022, Europe was caught in an extremely compromised position, as it was dependent on Russian producers for 40 percent of its natural gas. When energy sanctions were slapped on the Kremlin, the impact on European energy markets was dire, with many families plunging into energy poverty. In the years since that crisis, European leaders have made efforts to diversify their energy…
https://oilprice.com/Energy/Energy-General/Three-Crises-Four-Years-Europe-Keeps-Failing-the-Same-Energy-Test.html

2026-03-30 19:30:00 UTC

Bangladesh Seeks U.S. Waiver for Russian Diesel as IMF Warns of Energy Shock
Bangladesh has formally requested a temporary sanctions waiver from the United States to import roughly 600,000 metric tonnes of Russian diesel to cover two months of demand as its energy crisis intensifies, Reuters reported on Monday, with officials pointing to Washington’s recent 30-day waiver granted to India as precedent. The move comes as the International Monetary Fund (IMF) warns the Iran war is driving a global energy shock, with disrupted oil flows pushing up fuel costs, tightening financial conditions, and placing acute pressure…
https://oilprice.com/Latest-Energy-News/World-News/Bangladesh-Seeks-US-Waiver-for-Russian-Diesel-as-IMF-Warns-of-Energy-Shock.html

2026-03-30 19:00:00 UTC

Ecuador Loses $100 Million a Year to Fuel Theft, and It's Getting Worse
A little-recognized consequence of soaring cocaine related lawlessness and bloodshed in the tiny South American country of Ecuador is a massive surge in hydrocarbon theft. This serious problem, long associated with Colombia, which is the world's largest cocaine producer, arose because of the tremendous profits that can be earned from stealing gasoline and diesel. Rising fuel prices along with heightened lawlessness are driving ever-higher levels of hydrocarbon theft, which even government crackdowns appear incapable of stopping. Not long after…
https://oilprice.com/Energy/Crude-Oil/Ecuador-Loses-100-Million-a-Year-to-Fuel-Theft-and-Its-Getting-Worse.html

2026-03-30 18:00:00 UTC

North Sea vs. Fuel Duty: The Political Fight Playing Out at UK Pumps
A Labour cabinet minister has pushed back against rallying calls for the government to hand petrol retailers some reprieve, stating there is “no need” to axe the planned hike in fuel duty. Education secretary Bridget Bridget Phillipson said on Sunday the government would “take a view closer to the time” on whether to press ahead with the controversial increase. The current main rate of fuel duty stands at 52.95p per litre, but includes a temporary 5p reduction introduced in 2022, which is scheduled to be reversed in stages…
https://oilprice.com/Energy/Energy-General/North-Sea-vs-Fuel-Duty-The-Political-Fight-Playing-Out-at-UK-Pumps.html

2026-03-30 17:30:00 UTC

QatarEnergy Brings U.S. LNG Online Amid Ras Laffan Fallout
Golden Pass LNG, a joint venture between QatarEnergy and ExxonMobil (NYSE:XOM), has achieved first production of liquefied natural gas (LNG) at its first liquefaction train, marking the transition of the facility from a receiving terminal into a major export hub as a global energy crisis emerges out of the Iran conflict. Located in Sabine Pass, Texas, the three-train project will have a nominal capacity of approximately 18 million metric tons per annum (mtpa) when fully operational. The giant project is part of QatarEnergy’s broader strategy…
https://oilprice.com/Latest-Energy-News/World-News/QatarEnergy-Brings-US-LNG-Online-Amid-Ras-Laffan-Fallout.html

2026-03-30 17:11:22 UTC

Powell: Fed Will 'Wait and See' Before Pulling Interest Rate Trigger
Federal Reserve Chair Jerome Powell on Monday said that U.S. monetary policy is in a good place, and the Fed will wait and see how the ongoing Middle East conflict will impact the economy and inflation before taking further action on interest rates. Powell reiterated that it is "too soon to know" the long-term scope and duration of the war's economic effects, noting that geopolitical risks make the outlook uncertain. According to the Fed chair, energy shocks tend to be temporary, and raising interest rates immediately to combat inflation caused…
https://oilprice.com/Latest-Energy-News/World-News/Powell-Fed-Will-Wait-and-See-Before-Pulling-Interest-Rate-Trigger.html

2026-03-30 17:00:00 UTC

Iran Invasion Would Be America’s Biggest Strategic Mistake Yet
The ghosts of Baghdad and Kabul should be enough to silence any serious talk of sending American troops into Iran. Yet here we are again, with voices in Washington and Tel Aviv whispering that only boots on the ground can neutralize Tehran’s nuclear ambitions, its local allies and its regional mischief. They are wrong. An American invasion of Iran would be a strategic catastrophe, a moral failure and a self-inflicted wound from which the United States might never fully recover. First, the military and logistical reality is brutal.…
https://oilprice.com/Energy/Energy-General/Iran-Invasion-Would-Be-Americas-Biggest-Strategic-Mistake-Yet.html

2026-03-30 16:00:00 UTC

The Sudden Diplomatic Thaw Keeping a Critical Russia-Iran Trade Route Alive
A fast thaw in relations between the Kremlin and Azerbaijan occurred in March, enabling a strategic link connecting Russia and Iran to keep functioning, despite the ongoing US-Israeli bombing campaign in Iran. Some Western observers believe the route, known as the western branch of the North-South corridor, is being used by Russia to funnel weapons to Iran to keep the war in the Persian Gulf going. Russian-Azerbaijani relations had been tense since Russian air-defense forces accidentally shot down an Azerbaijani civilian airliner in late 2024 and…
https://oilprice.com/Geopolitics/Middle-East/The-Sudden-Diplomatic-Thaw-Keeping-a-Critical-Russia-Iran-Trade-Route-Alive.html

2026-03-30 15:30:00 UTC

South Korea Weighs First Public Driving Restrictions in 35 Years
South Korea is weighing the possibility to extend driving curbs from civil servants’ use of vehicles to the general public if oil prices hit $120 per barrel, Finance Minister Koo Yun Cheol said. If enacted, such a measure would be the first in South Korea since 1991 during the Gulf war. Early on Monday, oil prices were rising by over 2% with Brent Crude topping $115 per barrel amid an escalating conflict which now involves the Iran-backed Houthis in Yemen. South Korea has already restricted access by vehicle to government buildings in a rotating…
https://oilprice.com/Latest-Energy-News/World-News/South-Korea-Weighs-First-Public-Driving-Restrictions-in-35-Years.html

2026-03-30 15:00:00 UTC

Is Trump About To Fall Into Iran’s Trap?
“Iran’s been waiting for the U.S. to put boots on the ground because it knows that while it’s easy to get into a country militarily, it’s much more difficult to get out, and the longer the U.S. is on the ground, the more likely it is to be forced into making a better peace deal for Tehran,” a senior energy security source working closely with the European Union’s (E.U.) energy security complex exclusively told OilPrice.com over the weekend. “And two events this weekend [28-29 March] have dramatically increased…
https://oilprice.com/Energy/Crude-Oil/Is-Trump-About-To-Fall-Into-Irans-Trap.html

2026-03-30 14:30:00 UTC

War Complicates Pricing of Saudi Arabia’s Oil for Asia
Days before it is slated to announce pricing for May-loading cargoes for Asia, the world’s top crude exporter, Saudi Arabia, is unsure how the typical price mechanism could apply and is under pressure from buyers to switch to alternative pricing, as the war is upending oil flows and roiling regional benchmarks. Saudi Arabia typically announces around the fifth of each month its crude pricing for the following month and doesn’t comment on price changes. It also sets the tone for the pricing of the other major oil producers in the Middle…
https://oilprice.com/Latest-Energy-News/World-News/War-Complicates-Pricing-of-Saudi-Arabias-Oil-for-Asia.html

2026-03-30 14:00:00 UTC

Trump Floats Seizing Iran’s Oil While Predicting Imminent Deal
US President Donald Trump said he wants to “take the oil in Iran” and perhaps seize Kharg Island, while at the same time insisting that Washington is doing “extremely well” in negotiations with Iran and that he is "pretty sure" a peace deal will be reached "soon." The mixing of threats and the possibility of a peace deal with Tehran came in an interview published late on March 29 in the Financial Times and in remarks an hour later to reporters aboard Air Force One. To reporters, Trump hailed progress in talks with Iran,…
https://oilprice.com/Energy/Energy-General/Trump-Floats-Seizing-Irans-Oil-While-Predicting-Imminent-Deal.html