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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
1 134.00
-81.00
1 360.00
-20.00
Mar 30
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	1 134.00	-81.00	1 360.00	-20.00	Mar 30

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
790.51	-28.50	949.88	-1.17	1 609.79	-19.46	Apr 1

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MABUX Market Differential Index (MDI)

Correlation between market bunker prices (MBP) and MABUX Digital Bunker Price Benchmark (DBP)

All Indexes in $/mton	380HSFO			VLS FO			MGO LS			Date
All Indexes in $/mton	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	MBP Index	DBP Index	MDI	Date
Rotterdam	700	777	-77	750	859	-109	1 360	1 386	-26	Apr 1
Singapore	710	814	-104	872	975	-103	1 825	1 379	+446	Apr 1
Fujairah	720	760	-40	860	939	-79	1 720	1 442	+278	Apr 1
Houston	690	661	+29	870	772	+98	1 270	1 212	+58	Apr 1

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Latest News
- 2026-04-01
  Oil steady around $104/bbl as Trump eyes Iran war exit without Hormuz reopening
  Oil prices held near multi-year highs in Asian trading on Wednesday as investors weighed conflicting signals on Iran after U.S. President Donald Trump flagged an end to the war without reopening the Strait of Hormuz. As of 20:18 ET (00:18 GMT), Brent... Read more Oil prices held near multi-year highs in Asian trading on Wednesday as investors weighed conflicting signals on Iran after U.S. President Donald Trump flagged an end to the war without reopening the Strait of Hormuz.
  As of 20:18 ET (00:18 GMT), Brent Oil Futures expiring in June rose 0.5% to $104.47 per barrel, while West Texas Intermediate (WTI) crude futures for May advanced 0.8% to $102.21 per barrel.
  Brent crude futures for May had settled about 5% higher at $118.31 a barrel in the prior session, while the WTI contract ended lower at $101.62.
  Brent futures posted a record monthly gain of more than 63% in March, driven by fears of prolonged supply disruptions.
  Get premium crude market insights with InvestingPro subscription
  U.S. President Donald Trump said on Tuesday that Washington could withdraw from the conflict within “two to three weeks,” adding that Iran doesn't have to make a deal to end the conflict.
  However, a Wall Street Journal report stated that Trump had told aides he was willing to end the U.S. military campaign against Iran even if the Strait of Hormuz remains largely closed.
  On the Iranian side, state media reported that President Masoud Pezeshkian said Tehran was ready to end the war, while reiterating key demands, reinforcing expectations that negotiations could emerge but remain conditional
  Despite these diplomatic signals, the market reaction was muted, with traders balancing hopes for a ceasefire against the reality of ongoing supply disruptions.
  
  The Strait of Hormuz -- a critical artery for roughly a fifth of global oil supply -- has seen tanker traffic collapse amid the conflict, sharply restricting exports and sustaining upward pressure on prices.
  Further supporting prices, comments from American Petroleum Institute CEO Mike Sommers underscored the structural risk to supply.
  Sommers said reopening the strait was “the critical piece” to stabilise global markets, warning that without restored flows, oil prices would continue rising across major consuming regions.
  Source: Investing.com
- 2026-04-01
  Saudi Arabia Trades Oil Barrels for Batteries
  As Saudi Arabia redirects more and more crude from the east to the west, where it can export it safely, oil seems to be all that everyone is watching. But not Saudi Arabia itself. In fact, the world’s second-largest oil producer and top exporter has big... Read more As Saudi Arabia redirects more and more crude from the east to the west, where it can export it safely, oil seems to be all that everyone is watching. But not Saudi Arabia itself. In fact, the world’s second-largest oil producer and top exporter has big plans in another area: battery storage.
  
  Battery storage has been dubbed the Holy Grail of the energy transition because it helps make wind and solar installations less dependent on the weather. However, while costs have fallen significantly, battery storage remains a financial drag. An even bigger issue for many transition-focused regions is China’s dominance in all things transition, from solar panels to lithium. This is where Saudi Arabia’s time to shine in a new light came a few years ago.
  
  In 2022, the kingdom staked a claim as a future mining hub with an event called the Future Minerals Forum that has since then been held annually, seeking to boost investment in the desert state’s mineral resources, which appear to be significant and include battery minerals such as lithium and vanadium, along with other transition-important metals such as copper.
  
  Indeed, metals and minerals are a major diversification vector under the Vision 2030 program spearheaded by Crown Prince Mohammed bin Salman, with the mining sector’s revenue contributions by 2030 expected at $64 billion, per The National. In other words, Saudi Arabia, the world’s top exporter of crude oil, is betting on the shift away from oil, and it is expecting this bet to pay off—and it may well do.
  
  “If you think about other countries starting to make batteries that haven't been producing batteries before, they are completely constrained and unable to do so because all of today's battery materials – while they are actually sourced globally, with the exception of graphite – they are all refined and processed in China,” the chief executive of a company called Pure Lithium told The National this week.
  
  “By leapfrogging the current lithium-ion technology with lithium metal technology, we can circumvent Chinese dominance of the supply chain,” Emilie Bodoin also told the publication, referring to a significant concern of countries that want to reduce their dependence on hydrocarbons but not replace it with a new dependence on materials sourced from China.
  
  This is an opportune moment for transition-related industries. As the supply of oil and gas from the Middle East gets severely squeezed, there is a new impetus for switching to alternative forms of energy, which need batteries to work in a way comparable—though alas not equivalent—to baseload power generation. In other words, this could be a golden moment for battery companies.
  
  Indeed, analyst estimates from the last two years already suggested the global battery storage market was set for meteoric growth, even before oil and gas supply got disrupted by the war in the Middle East. One of these estimates, from Rystad Energy, sees global installed battery storage capacity surge ninefold between 2024 and 2040. Of course, this growth would depend on prices for materials, so if Saudi Arabia wants to compete with China, it would need to compete on prices as well as mineral supply. Price just became an even more important consideration because the energy crisis will hurt the finances of all the countries eager to continue pursuing an energy transition, notably in Europe.
  
  Meanwhile, Saudi Arabia itself is building a significant battery storage capacity at home. The target for 2030 is 48 GWh in capacity, as it also builds out solar generation. That way, the kingdom would use less oil for local power generation and have more to export—as long as export channels reopen. Source: Oilprice.com
- 2026-04-01
  $150 Oil Could Tip World Economy Into Recession
  If the Iran war continues and oil prices hit $150, economists say we may face a global recession. Rising energy costs are expected to drive inflation higher while disrupting supply chains and key industries. The U.S., Europe, and Asia face economic... Read more If the Iran war continues and oil prices hit $150, economists say we may face a global recession.
  Rising energy costs are expected to drive inflation higher while disrupting supply chains and key industries.
  The U.S., Europe, and Asia face economic slowdowns, with import-dependent economies like the UK particularly vulnerable.
  A bear roaring in front of a chart showing markets crashing.
  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 is the highest level the price of oil has reached since the war in the Middle East erupted at the end of last month.
  
  Officials in Israel and the US have raised the prospect that a ground war could be launched within days. President Donald Trump said he was considering an invasion of Kharg Island, which accounts for the vast majority of Iran’s crude oil exports.
  
  Reports across US outlets have detailed plans for a military operation that could take several months.
  
  The involvement of Houthi militants near Yemen, which is another proscribed Iran-backed group, is also adding to trade tensions, given that shipping flows across the Red Sea are under greater threat.
  
  City analysts have noted that Trump’s words about the war were being taken with a pinch of salt as mounting fears of fuel shortages could lead to crude prices hitting $150 per barrel within weeks.
  
  World economy set for surge in inflation
  
  Oxford Economics’ director of global macro research, Ben May, has predicted there would be a contraction in the US economy this year before a recovery in 2027.
  
  May also warned that European and Asian economies would suffer a bigger hit to GDP.
  
  The world economy could face a hit of around two percentage points compared to previous growth forecasts, making countries just two per cent richer altogether this year.
  
  Global inflation would also rise to 7.7 per cent this year, near the peak seen in 2022.
  
  World economies could also suffer from “critically low levels” of oil supplies while diesel shortages could lead to food prices spiking and transport connections coming to a halt.
  
  Shortages in aluminium, sulphur, naphtha and helium would also damage key semiconductor, manufacturing and fertiliser industries.
  
  “The speed and scale of this energy shock push us into uncharted territory, and it’s possible that diesel, jet fuel, and shipping fuel shortages could inflict greater damage to activity this year,” May wrote.
  
  “Although activity would likely rebound more quickly too, the additional disruption could also trigger greater supply chain pressures, and thus higher and stickier core inflation.”
  
  The UK economy is expected to be more heavily affected than other countries due to its reliance on imports for key goods and recent woes in dealing with price growth and productivity.
  
  Economists at the OECD, the Paris-based think tank, said the UK economy would suffer the second-lowest growth this year in the G7 while also having the second-highest level of inflation.
  
  Sir Keir Starmer held a meeting with key banking, energy and military officials on Monday to discuss the possible impact of shortages for businesses and households across the country.
  
  Source: Oilprice.com
- 2026-04-01
  MABUX: Irregular price movements likely to prevail on Apr. 01.
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — registered a moderate downward correction on Mar. 31: 380 HSFO: USD/MT 819.01 (-1.05) VLSFO: USD/MT 951.05 (-2.77) MGO: USD/MT 1 629.25 (-35.68) As... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — registered a moderate downward correction on Mar. 31:
  
  380 HSFO: USD/MT 819.01 (-1.05)
  VLSFO: USD/MT 951.05 (-2.77)
  MGO: USD/MT 1 629.25 (-35.68)
  
  As of Mar. 31, the MABUX Market Differential Index (MDI) — which tracks the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP) – indicated the following developments across the key global hubs of Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: Rotterdam and Houston reverted to the undercharge zone, joining Singapore. Discount levels increased by $27 in Rotterdam, $1 in Singapore, and $37 in Houston. Fujairah remained the only overcharged port, although its premium narrowed by $32.
  
  • VLSFO segment: Houston continued to be the only overcharged port; however, its premium declined by $21, falling below the $100 threshold. The remaining ports stayed in the undercharge zone. Discount margins widened by $32 in Rotterdam and $12 in Fujairah, while narrowing marginally by $1 in Singapore.
  
  • MGO LS segment: Market dynamics remained mixed. Houston shifted into the overcharge zone, while Rotterdam returned to undercharge status, becoming the only underpriced port in this segment, with its discount widening by $85. Among overpriced ports, premiums decreased by $70 in Singapore and $75 in Fujairah, but increased by $43 in Houston.
  
  We expect the Global bunker market to enter a phase of irregular changes on Apr. 01: 380 HSFO: plus-minus 7–20 USD/MT, VLSFO: plus-minus 7–22 USD/MT, MGO LS: minus 10–25 USD/MT.
  Source: MABUX
- 2026-04-01
  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... Read more 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 temporary waiver on the Jones Act to allow foreign-flagged vessels to move US fuel.
  - California posts the highest gasoline prices across the country, with the cost of a gallon now at $5.887, up 27% from a month ago.
  - The average national diesel price rose to $5.454 per gallon by the end of March, logging an even more impressive 45% month-over-month spike and creating a huge inflationary risk for consumer goods ahead.
  - Arguable the Trump’s administration last-resort lever to lower gasoline prices in the short term would be to introduce export restrictions – in the meantime, US gasoline outflows continue to average around 800,000 b/d, with Mexico taking in a third of those volumes.
  
  Market Movers
  
  - Kuwait Petroleum Corporation’s very large crude carrier Al Salmi was targeted by a swarm of drones believed to be Iranian Tuesday morning, causing damage to the vessel and sparking a fire onboard the tanker that is fully laden with 280,000 tonnes of crude.
  - Brazil’s state oil firm Petrobras (NYSE:PBR) has reported another discovery in the offshore Campos basin, next to the already producing Marlim field, finding crude of ‘excellent quality’ at a water depth of 1,178 metres.
  - Portugal’s oil major Galp (ELI:GALP) reported a ‘significant’ upgrade to its resource estimate for the giant Mopane discovery offshore Namibia, from 0.875 billion boe to 1.38 billion boe.
  - US oil major Chevron (NYSE:CVX) said that its Wheatstone gas liquefaction facility will likely need a ‘number of weeks’ to return to full production rates after Tropical Cyclone Narelle damaged equipment both onshore and offshore.
  
  Tuesday, March 31, 2026
  
  Oil prices are set to log the highest monthly gain ever after the global economy experienced its worst-ever oil and gas supply disruption globally. With the Strait of Hormuz now officially closed and Tehran adding insult to injury by striking a Kuwaiti tanker in UAE waters, ICE Brent will roll over into April at almost $120 per barrel. In doing so, prices brushed aside US President Trump’s comments that the US might walk away from its so-called military operation without even opening the Hormuz.
  
  Trump Floats Impending Kharg Island Attack. US President Donald Trump announced that he wanted to ‘take the oil in Iran’ and is mulling a potential seizure of the strategic Kharg Island, home to 90% of Iran’s oil exports, claiming that it would be ‘very easy’ as Tehran has no defense there.
  
  G7 Expresses Readiness to Draw Down Oil. Finance ministers from G7 nations announced that they stand ready to take ‘all necessary measures’ to ensure energy market stability, implying there could be further SPR releases, and called on countries ‘to refrain from unjustified export restrictions’.
  
  Israel’s Key Refinery Catches Fire. Israel’s 197,000 b/d Haifa refinery, the largest of the country’s two operational refineries covering some 60% of its needs, was hit by an Iranian missile attack that triggered a fire in the plant’s refined product storage tanks farm, delaying its restart.
  
  Golden Pass Produces Its First LNG. Golden Pass LNG, a joint venture of QatarEnergy (70%) and ExxonMobil (30%), has produced its first liquefied natural gas this week, bringing the 18 mtpa capacity plant in Sabine Pass one step closer to a full commissioning, expected later in April.
  
  Russia Delivers Oil Cargo to Embattled Cuba. Russian authorities announced that the Anatoly Kolodkin tanker delivered 100,000 metric tonnes of crude to Cuba’s Matanzas fuel terminal, only the second ship to discharge in the Caribbean island in 2026 to date due to Trump’s political pressure.
  
  Saudi Aramco Re-Routes Everything It Can. Saudi Arabia’s exports from the Red Sea port of Yanbu surged to a new record of 4.6 million b/d last week after the country’s state oil firm Saudi Aramco announced that the 7 million b/d East-West pipeline was finally pumping at full capacity.
  
  Related:
  Is This The No.1 Way To Play the Rare Earth Crisis?
  
  South Korea Mulls Nationwide Driving Curbs. South Korea is considering extending driving curbs to the general public if global oil prices climb to $120-130 per barrel, the first nationwide restrictions since the 1991 Gulf War, having already launched a plate rotation system for the public sector.
  
  Nigeria’s Key Refinery Turns to Domestic Oil. Nigeria’s national oil company NNPC will be allocating seven crude cargoes from the country’s domestic production to the 650,000 b/d Dangote refinery, up from the 5 it was receiving in earlier months, as soaring freight costs make imports costlier.
  
  Drone Strikes Strangle Russian Exports. Ukraine’s drone strikes drastically curbed Russia’s oil exports after both Baltic Sea ports of Ust-Luga and Primorsk were hit past week, with weekly crude flows slumping to 2.32 million b/d, down 1 million b/d compared to the March average.
  
  Chile’s Mining Woes to Lift Copper. Lingering copper prices could see some pricing upside after Chile posted its lowest monthly copper production in almost 9 years in February, with output totaling 378,554 tonnes and down 5% from a year ago as key mines continue to underperform.
  
  California’s Offshore Riches Flow Again. US independent producer Sable Offshore (NYSE:SOC) has started selling some 50,000 b/d of crude from its restarted Santa Ynez pipeline system offshore California, filling up the pipe after an 11-year hiatus triggered by a major 2015 oil spill.
  
  Key US Player Returns to Libya. US oil major Chevron (NYSE:CVX) has signed a deal with Libya’s National Oil Corporation to appraise and drill a ‘promising’ offshore oil block, a month after Tripoli announced the results of its first licensing round in 18 years, locking in block NC146 via direct talks.
  
  Canada Fights to Keep Key Smelter. The governments of Canada and Quebec are close to an agreement with global mining giant Glencore (LON:GLEN) to keep the country’s only operational copper smelter online, suggesting a closure could be avoided for the 0.8 mtpa Horne Smelter.
  
  US Exempts Offshore Drillers. A federal panel that included Interior Secretary Doug Burgum and EPA administrator Lee Zeldin voted unanimously to exempt oil and gas drillers operating in the Gulf of Mexico from a decades-old law to protect endangered species, citing potential environmental lawsuits.
  
  Source: Oilprice.com
- 2026-04-01
  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... Read more 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 capacity.
  
  US production fell for the fifth week in a row, this time by 11,000 bpd, sinking to an average of 13.657 million bpd for week ending March 20, according to the latest EIA data. This is 83,000 bpd more than this same time last year.
  
  At 3:48 pm ET, Brent crude was trading down on the day at $104.40 (-2.79%). Brent is up roughly $0.70 per barrel, up from this time last week with continued disruption of tanker traffic through the Strait of Hormuz, as well as oil production losses in Iraq, UAE, and Saudi Arabia. WTI was also trading down on the day, by $0.92 per barrel (-0.89%) at $102, although up week over week.
  
  Gasoline inventories fell this week by 3.209 million barrels in the week ending March 27. In the week prior, gasoline inventories rose by 500,000 barrels. As of last week, gasoline inventories were 3% above the five-year average for this time of year, according to the latest EIA data.
  
  Distillate inventories also fell, by 1.04 million barrels, after gaining 1.4 million barrels in the week prior. Distillate inventories were 0.4% below the five-year average as of the week ending March 20, the latest EIA data shows.
  
  Cushing inventory—the inventory kept at the delivery hub for the WTI Crude futures contract—added 784,000 barrels, after adding a hefty 4 million barrels in the week prior. Source: Oilprice.com
- 2026-04-01
  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... Read more 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 vessels, apart from its own, to transit the Strait of Hormuz since the war erupted a month ago.
  
  The Strait of Hormuz, the world’s most critical oil and gas chokepoint, is near-closed, with hundreds of vessels stranded, as Iran’s Islamic Revolutionary Guard Corps (IRGC) only allows vessels flying flags of “friendly” countries to transit.
  
  Traffic through the Strait of Hormuz has collapsed from more than 100 ships transiting every day to fewer than 10 per day, most of which with critical supplies bound for China, India, and Pakistan.
  
  Iran’s Parliament on Monday approved a bill to collect a toll from vessels wanting to transit the Strait of Hormuz.
  
  Last week, Iran allowed seven tankers owned by Malaysian companies, including Sapura Energy and state energy giant Petronas, to safely transit the Strait of Hormuz, Malaysian Foreign Minister Mohamad Hasan said.
  
  The tankers are awaiting a safe window to proceed after Iran approved Malaysia’s request to allow the vessels to exit the Strait.
  
  Since the war began, Iran has de facto closed the narrow shipping lane between the Persian Gulf and the Gulf of Oman to most traffic, especially vessels owned or linked to the U.S., Israel, and Western countries.
  
  “The Strait of Hormuz remains effectively closed to normal commercial navigation, with selective transit continuing under Iranian control,” maritime intelligence firm Windward said on Monday.
  
  “Iranian exports remain active, supported by ongoing loading at Kharg Island and continued refined product flows.”
  
  Source: Oilprice.com
- 2026-04-01
  India Boosts Diesel Exports to Southeast Asia to 7-Year High
  Tightening Asian fuel markets and Indian refiners’ thirst for Russian crude have resulted in the highest Indian diesel exports to Southeast Asia in seven and a half years in March, Reuters reported on Tuesday, citing trade sources and data from analytics... Read more Tightening Asian fuel markets and Indian refiners’ thirst for Russian crude have resulted in the highest Indian diesel exports to Southeast Asia in seven and a half years in March, Reuters reported on Tuesday, citing trade sources and data from analytics firm Kpler.
  
  As the Middle East war roils Asian fuel markets and prompted many countries in Asia, including China, to impose fuel export bans, Indian refiners are taking advantage of the higher premiums they get to send their fuel to Southeast Asia, which began struggling with fuel shortages.
  
  India is estimated to have sent 7.45 million barrels of diesel to Southeast Asia this month, with half of these volumes going to Singapore, according to the data collected by Reuters.
  
  The overwhelming majority of the diesel supplies from India came from the biggest private refiner, Reliance Industries, per the data from Kpler.
  
  India’s diesel cargoes could ease the supply tightness in the Southeast Asian markets.
  
  The Philippines, for example, last week declared a national energy emergency, the first country in the world to do so, after gasoline and diesel prices doubled since the war began. The Philippines depends on imports from the Middle East for 98% of its oil needs.
  
  Vietnam, for its part, temporarily removed the value-added tax on gasoline, diesel, and jet fuel until April 15, while local airlines will slash routes as of April 1 amid a major aviation fuel crunch.
  
  Indian diesel exports bring higher profits to Indian refiners despite the recently imposed levy on fuel exports, analysts say.
  
  The crude supply crunch from the Middle East has forced refiners across Asia to reduce processing rates or extend maintenance, while countries including China have banned all fuel exports to preserve domestic supply.
  
  But Indian refiners haven’t cut crude throughput as they are snapping up now-unsanctioned Russian oil to process into fuels.
  
  The tight Asian markets and the price spreads between east and west of Suez in favor of shipping fuel to the east are likely to keep Indian diesel exports elevated in the coming weeks, according to analysts and traders. Source: Oilprice.com
- 2026-04-01
  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... Read more 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 you weren't there for us. Iran has been, essentially, decimated. The hard part is done. Go get your own oil!" Trump quipped on Truth Social on Tuesday.
  
  Reuters separately reported Tuesday that the Iran war and the closure of Hormuz are driving the sharpest upward revision to annual oil price forecasts on record in its survey.
  
  Brent crude is the waterborne benchmark. It prices the barrels most exposed to disruption in global seaborne trade. Hormuz normally carries about a fifth of global oil and LNG trade, and Europe has now been warned by the European Commission to prepare for prolonged disruption, with jet fuel and diesel seen as especially vulnerable. That is a direct bullish signal for Brent and for refined product pricing linked to Atlantic Basin and international cargo markets.
  
  But the dynamic is different for WTI. It is inland, U.S.-anchored, and far less exposed to immediate Strait logistics. Trump's message to countries who cannot get fuel from the Gulf that they can get it from the US instead paints the picture that the US serves as a plentiful source of barrels and products. In other words, while the global market is getting choppier, domestic U.S. supply looks better covered, relatively speaking. This dynamic blows out the transatlantic spread.
  
  U.S. crude oil is still up sharply for March overall, but it is underperforming Brent as the Middle East shock increasingly prices the seaborne supply problem first.
  
  Source: Oilprice.com
- 2026-04-01
  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... Read more 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 most of its international assets to private equity giant Carlyle.
  
  However, the agreement is not exclusive and is subject to conditions such as the procurement of necessary regulatory approvals, including permission from the OFAC for the transaction with Carlyle.
  
  Lukoil continues negotiations with other potential buyers, Russia's second-largest oil producer noted in the press release at the end of January announcing the non-exclusive preliminary agreement with Carlyle.
  
  In February, reports emerged that a consortium comprising Chevron and a group led by an investment bank continues negotiations with Lukoil and U.S. officials to buy the Russian firm's international assets.
  
  The non-exclusivity of the preliminary agreement with Carlyle means that Chevron and other potential buyers remain in the race.
  
  A tie-up of Chevron and Texas-based Quantum Energy Partners is one of the bidders still in talks to potentially buy Lukoil's international assets, while investment bank Xtellus Partners leads another consortium with American billionaire Todd Boehly and the UAE's Allied Investment Partners, multiple sources with knowledge of the ongoing talks told Reuters in February.
  
  Following the U.S. sanctions on Lukoil and Rosneft, "as a result of Russia's lack of serious commitment to a peace process to end the war in Ukraine," Lukoil announced in October it would sell all of its international assets, initiating a formal process to receive bids from potential buyers.
  
  Lukoil's foreign assets are estimated to be worth about $22 billion. Source: Oilprice.com

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