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MABUX ARA LNG Bunker Index
Port LNG$/mton MGO LS$/mton Date
ARA
850.00
+133.50
1 240.00
+140.00
Mar 2
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Port	LNG$/mton	MGO LS$/mton	Date
ARA	850.00	+133.50	1 240.00	+140.00	Mar 2

MABUX Global Bunker Index

380HSFO$/mton		VLS FO$/mton		MGO LS$/mton		Date
778.53	+102.78	868.63	+107.56	1 320.44	+132.98	Mar 9

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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	706	589	+117	755	654	+101	1 240	1 176	+64	Mar 9
Singapore	1 150	596	+554	1 190	710	+480	1 805	1 169	+636	Mar 9
Fujairah	766	552	+214	860	696	+164	1 345	1 232	+113	Mar 9
Houston	732	578	+154	805	677	+128	1 428	1 062	+366	Mar 9

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Latest News
- 2026-03-09
  Oil surges over 25%, on track for record daily jump due to escalating Iran war
  Oil prices surged more than 25% on Monday to their highest levels since mid-2022 as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding U.S.-Israeli war with Iran. Energy markets are particularly... Read more Oil prices surged more than 25% on Monday to their highest levels since mid-2022 as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding U.S.-Israeli war with Iran.
  Energy markets are particularly nervous because the crisis is unfolding around the Strait of Hormuz, through which roughly one-fifth of the world’s oil supply normally passes.
  Disruptions in tanker movements and rising security risks have already slowed shipping activity, leaving Asian buyers especially vulnerable given their heavy reliance on Middle Eastern crude.
  Brent crude futures were up $24.96 or 27% at $117.65 per barrel at 0451 GMT - on track for the biggest-ever jump in a single day, while U.S. West Texas Intermediate (WTI) crude futures were up $25.72, or 28.3%, to $116.62.
  WTI surged 31.4% to a session high of $119.48 a barrel earlier on Monday, while Brent rose as much as 29% to $119.50 a barrel. Before the surge on Monday, Brent had already climbed 27% and WTI by 35.6% last week.
  "Unless oil flows through the Strait of Hormuz resumes soon and regional tensions ease, upward pressure on prices is likely to persist," said Vasu Menon, managing director for investment strategy at OCBC in Singapore.
  Iraq and Kuwait have begun cutting oil output, adding to earlier liquefied natural gas reductions from Qatar, as the war blocked shipments from the Middle East. Analysts expect the United Arab Emirates and Saudi Arabia will have to also cut output soon as they run out of oil storage.
  
  Also boosting prices is the appointment of Mojtaba Khamenei to succeed his father Ali Khamenei as Iran’s supreme leader, signalling that hardliners remain firmly in charge in Tehran a week into its conflict with the United States and Israel.
  "With the appointment of the late leader’s son as Iran’s new leader, U.S. President Donald Trump’s goal of regime change in Iran has become more difficult," said Satoru Yoshida, a commodity analyst with Rakuten Securities.
  "That view accelerated buying, as Iran is expected to continue its closure of the Strait of Hormuz and attacks on other oil-producing nations’ facilities, as seen last week," he said, predicting WTI could rise to $120 and then $130 a barrel in a relatively short period.
  WEEKS OR MONTHS OF HIGHER FUEL PRICES
  The war could leave consumers and businesses worldwide facing weeks or months of higher fuel prices even if the week-old conflict ends quickly, as suppliers grapple with damaged facilities, disrupted logistics and elevated risks to shipping.
  "The next flag will be whether it eventually gets to a point where they have to start shutting in oil wells, which not only impacts output even further, it delays a response once the conflict eases as well. That would potentially sustain those prices for much longer," said Daniel Hynes, senior commodity strategist at ANZ.
  Iraqi oil production from its main southern oilfields has fallen by 70% to just 1.3 million barrels per day as the country is unable to export oil via the Strait of Hormuz due to the Iran war, three industry sources said on Sunday. Crude storage has reached maximum capacity, said an official with the state-run Basra Oil Company.
  
  Kuwait Petroleum Corporation began cutting oil output on Saturday and declared force majeure on shipments, though it did not say how much production it would shut.
  Iran’s attacks on oil infrastructure across the region have continued. Fujairah Media Office said fire broke out in the UAE’s Fujairah oil industry zone resulting from debris falling, with no injuries reported. Saudi Arabia’s Defence Ministry said on X it intercepted a drone heading to the Shaybah oilfield.
  Israel’s military has threatened to kill any replacement for the deceased Ali Khamenei, while Trump said the war might only end once Iran’s military and rulers had been wiped out.
  Meanwhile, as oil prices surged, U.S. Senate Democratic Leader Chuck Schumer called on Trump to release oil from the Strategic Petroleum Reserve.
  "President Trump should release oil from the SPR now to stabilize markets, bring prices down, and stop the price shock that American families are already feeling thanks to his reckless war," Schumer said in a statement.
  Source: Reuters/Investing.com
- 2026-03-09
  Why Pakistan Could Be Sucked Into Middle East War
  Back in September 2025, Pakistan and Saudi Arabia signed the Strategic Mutual Defence Agreement (SMDA), a landmark pact elevating their security cooperation to a formal alliance. The agreement dictates that an attack on one nation is considered an attack... Read more Back in September 2025, Pakistan and Saudi Arabia signed the Strategic Mutual Defence Agreement (SMDA), a landmark pact elevating their security cooperation to a formal alliance. The agreement dictates that an attack on one nation is considered an attack on both, potentially extending Pakistan's nuclear umbrella to Saudi Arabia and strengthening joint military intervention. The pact alters the regional security architecture, particularly affecting Iran, India, and Israel, while potentially signaling a shift in Saudi reliance away from the U.S. towards a Pakistan-China-Saudi axis.
  
  And now, Pakistan could find its loyalty to its oil-rich ally tested just months after formalizing its defense alliance.
  
  Pakistan’s foreign minister, Ishaq Dar, this week said that Islamabad had warned Tehran not to strike Saudi territory because the pact treats an attack on either country as an attack on both. The warning came after Iranian drones hit the U.S. embassy compound in Riyadh and attacks targeted Saudi infrastructure, including the Ras Tanura oil complex. Dar said he conveyed the message directly to Iran’s foreign minister during a call over the weekend.
  
  Unlike last year’s U.S.-launched “Operation Midnight Hammer”, which only elicited a symbolic response from Iran, this time around, “Operation Epic Fury” has triggered a much more aggressive reaction by the OPEC producer following the death of Supreme Leader Ayatollah Ali Khamenei, with Iran launching widespread and intense retaliatory attacks across the Middle East.
  
  Tehran has fired hundreds of Shahed drones and high-speed ballistic missiles targeting Israel and multiple U.S.-allied Gulf nations, including the UAE, Saudi Arabia, Kuwait, Bahrain, Qatar and Oman. The Islamic Revolutionary Guard Corps (IRGC) declared the Strait of Hormuz closed and warned of attacks on vessels, forcing a halt to major oil and gas flows and causing global shipping to seek alternative routes. The Saudi Foreign Ministry has confirmed that Iranian attacks targeted the capital and the kingdom's eastern region. Multiple Iranian drones struck the U.S. Embassy in Riyadh, causing material damage, while the Ras Tanura oil refinery and other Aramco facilities were targeted by drones and projectiles. Saudi forces were able to intercept and destroy the majority of the missiles.
  
  And, Pakistan has certainly taken notice. Pakistan's Foreign Minister Ishaq Dar recently revealed that he had warned Iran against aggression towards Saudi Arabia, "I made them (Iran) understand that we have a defence agreement," Dar told the Financial Times. Last year, Iranian General Mohsen Rezaei reported that Pakistan assured Iran of a nuclear strike against Israel if Israel used nuclear weapons against Tehran. However, Pakistani officials dismissed the statement as baseless and fabricated.
  
  For now, analysts believe that there’s a low probability that Pakistan will join the war in the Middle East or extend its nuclear umbrella to Saudi Arabia. For one, SMDA undermines several important global nuclear treaties, including the Nuclear Non-Proliferation Treaty (NPT) and the Treaty on the Prohibition of Nuclear Weapons (TPNW). NPT was primarily negotiated by the Eighteen-Nation Disarmament Committee (a UN-sponsored group) and finalized by the United States, the Soviet Union, and the United Kingdom and opened for signature in 1968.
  
  The treaty is the cornerstone of the global nuclear nonproliferation regime, aiming to prevent the spread of nuclear weapons, promote cooperation in the peaceful use of nuclear energy and advance nuclear disarmament. It is built on three pillars: nonproliferation, disarmament and peaceful use. Nearly all nations in the world have signed the NPT, making it a critical international instrument for global security. The NPT recognizes the United States, Russia, China, France and the United Kingdom as nuclear-weapon states, being the only nations to have detonated a nuclear explosive before 1967. Other nations have agreed not to acquire or produce nuclear weapons in exchange for access to peaceful nuclear technology, such as for electricity generation or medical applications. The International Atomic Energy Agency (IAEA) is responsible for conducting inspections and monitoring compliance with the treaty to ensure that nuclear programs are used for peaceful purposes only.
  
  However, Pakistan, India, Israel, and South Sudan have never signed the NPT, with Pakistan, India, and Israel widely believed to possess nuclear weapons.
  
  That said, the Treaty on the Prohibition of Nuclear Weapons (TPNW) is considered the first legally binding international agreement to comprehensively prohibit nuclear weapons. Unlike the NPT, which aims for non-proliferation and gradual disarmament, TPNW’s goal is total and immediate prohibition from owning nuclear weapons. The treaty became legally binding in January 2021, after reaching the 50-nation ratification threshold. In late 2025, the TPNW reached a "global majority" of UN member states after Kyrgyzstan became a state party. Currently, there are 95 signatories and 74 states that have ratified or acceded to the treaty. Not surprisingly, no nuclear state has signed the treaty. Likewise, Pakistan, India and Israel have not acceded to the treaty.
  
  Pakistan has never officially stated that it extended nuclear protection to Saudi Arabia. Still, SMDA adds firepower to Saudi's diplomatic moves, with analysts at London-based think tank Chatham House saying that the pact "sets a precedent for extended deterrence".
  Source: Oilprice.com
- 2026-03-09
  New Gas Crisis Looms over Europe
  The European Union’s gas in storage levels are below 30%, benchmark gas prices are the highest in over a year, and QatarEnergy just shut down the world’s single biggest LNG production facility. The situation looks like a recipe for disaster, and the chances... Read more The European Union’s gas in storage levels are below 30%, benchmark gas prices are the highest in over a year, and QatarEnergy just shut down the world’s single biggest LNG production facility. The situation looks like a recipe for disaster, and the chances of a painless solution are slim.
  
  EU’s benchmark natural gas price has gained as much as 60% since the United States and Israel started bombing Iran on Saturday, and while some of these gains were erased this week, significant upside potential remains. Not only has QatarEnergy suspended LNG production and declared force majeure on exports, but insurers’ refusal to provide coverage for vessels traversing the Strait of Hormuz, along with Iranian warnings that enemy vessels will be legitimate targets, has resulted in severe disruption of tanker traffic in the chokepoint.
  
  Of course, the EU could always lean more heavily on American liquefied gas. After all, it even made a commitment to buy $250 billion worth of it and oil annually until 2028 as part of the trade deal European Commission president Ursula von der Leyen signed with President Trump last summer. This is what it will likely have to do, in the absence of Qatari LNG for an unknown period of time. But there is a problem with that, and the problem is the price.
  
  Liquefied natural gas is more expensive than pipeline gas to begin with. This was one reason why European industries have had a tough four years since the sabotage of the Nord Stream and the consequent drop in Russian gas flows to the continent. Alternative pipeline gas supplies from Northern Africa and Azerbaijan have yet to ramp up enough to replace the lost flows. And this year’s heating demand has been much stronger than the last four years.
  
  Bloomberg sounded the alarm as early as January, reporting that below-average winter temperatures were driving the fastest pace of withdrawals from natural gas storage in Europe in five years, as heating demand soared. The gap between demand and supply was so significant that LNG cargo arrivals were at less than half of the daily volumes withdrawn from storage. What’s more, at the time and over the next month, the unfavorable price spread between winter and summer prices did not encourage early stockpiling.
  
  This means that now, European energy buyers would need to revise their gas purchase plans for refill season—and their price assumptions. Reuters cited Kpler as saying the European Union would need LNG deliveries equivalent to 67 billion cu m just to refill gas storages. That would be equal to some 700 cargoes, the publication noted, or 180 cargoes (17 billion cu m) more than it needed last year.
  
  These volumes are no small potatoes—especially with a war premium attached to them. Even if the war in the Middle East ends this week, restarting QatarEnergy’s LNG production would take more than a few days. In other words, whatever happens in the Middle East, the EU will be paying through the nose for its gas—because it has no alternative. Reuters has calculated that the additional cargoes would swell the EU’s LNG import bill by over $10 billion, per current prices. The full refill bill, according to the publication, could hit $40 billion. That’s a far cry from the $250 billion committed, and even that far cry would hit European industries.
  
  Before 2022, Russia’s Gazprom notoriously supplied almost 40% of the European Union’s gas at the peak of deliveries. By last year, this had fallen to less than 20%, pumped through the one remaining operating pipeline, the TurkStream. Now, the EU has decided to suspend all Russian energy imports starting in 2027, including, notably gas, both pipeline and LNG. In the meantime, however, European buyers are in a rush to secure as much Russian LNG as possible, turning the country into its second-largest LNG supplier, after the United States. The rather ironic situation may also get a twist, after Russia’s president said parliament would discuss pre-empting the EU and suspending gas exports itself, given the presence of alternative markets and the EU’s own plans for an end to these exports.
  
  This would only hasten an already deep dependence on American liquefied gas in Europe that has started to cause concern—after being celebrated as energy independence back in 2022. The problem is that, besides Russia, there is no gas producer large enough to serve as a source of stable diversification of supply. The situation will likely boost the appeal of wind and solar capacity, but that appeal has limits, too, because neither wind nor solar are as cheap as advertised when the costs of backup generation and battery storage are included in the tally. In short, the European Union is facing even more uncertain times than it has been struggling with for four years now. Source: Oilprice.com
- 2026-03-09
  MABUX: Global bunker indices to continue rising on Mar.09 amid persistent market volatility.
  The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — continued its upward trajectory for the sixth consecutive session, with all three benchmark fuels posting significant gains: 380 HSFO: USD/MT... Read more The MABUX World Bunker Index — a composite benchmark reflecting daily prices for 380 HSFO, VLSFO, and MGO — continued its upward trajectory for the sixth consecutive session, with all three benchmark fuels posting significant gains:
  
  380 HSFO: USD/MT 675.75 (+89.05)
  VLSFO: USD/MT 761.07 (+83.23)
  MGO: USD/MT 1 187.46 (+135.94)
  
  As of Mar. 06, the MABUX Market Differential Index (MDI) — which monitors the spread between Market Bunker Prices (MBP) and the MABUX Digital Bunker Price Benchmark (DBP) – indicated the following pricing patterns across the major global hubs of Rotterdam, Singapore, Fujairah, and Houston:
  
  • HSFO segment: All four ports remained in the overcharge zone. The degree of overpricing widened across all hubs, increasing by $23 in Rotterdam, $119 in Singapore, $65 in Fujairah, and $116 in Houston, indicating a continued divergence of market prices from the MABUX benchmark.
  
  • VLSFO segment: The overpricing trend persisted in all ports. The premium expanded by $22 in Rotterdam, $164 in Singapore, and $70 in Houston, while Fujairah recorded a reduction of $43 in its overcharge level, although it remained within the overvalued range.
  
  • MGO LS segment: Rotterdam shifted back into the undercharge zone, becoming the only underpriced port in this segment, with the discount widening by $35. The remaining hubs stayed overcharged, with overpricing increasing substantially by $333 in Singapore and $199 in Houston, while Fujairah recorded a $37 narrowing of its premium.
  
  We expect the global bunker market to remain highly volatile, supporting the continuation of the upward movement in bunker indices on Mar. 06: 380 HSFO: plus 30–50 USD/MT, VLSFO: 35–60 USD/MT, MGO LS: plus 30–90 USD/MT. Overall, the widening overcharge levels in several key hubs, combined with sustained volatility in underlying fuel markets, suggest that bullish pressure on bunker prices is likely to persist in the near term.
  Source: MABUX
- 2026-03-09
  President Milei's Nuclear Ambitions Face Local Resistance in Patagonia
  Argentina has become a major mining hotspot in recent years, as energy firms eye the South American country’s vast critical mineral reserves and build upon its strong mining reputation. In addition to lithium and copper, companies are showing interest... Read more Argentina has become a major mining hotspot in recent years, as energy firms eye the South American country’s vast critical mineral reserves and build upon its strong mining reputation. In addition to lithium and copper, companies are showing interest in Argentina’s uranium reserves, particularly as several governments worldwide look to rapidly develop their nuclear energy capacity. However, many Argentinians are less enthusiastic about the prospect of uranium mining.
  
  Argentina’s uranium resources total roughly 10,500 tonnes of elemental uranium (tU). Uranium exploration activities began to be carried out in the 1950s, and the last uranium mine closed in 1997 due to economic constraints. The cumulative national uranium production until this point totalled around 2,582 tU.
  
  Argentina is home to three operational nuclear plants – Atucha I and II and Embalse – which provide around 5 percent of the country’s electricity. Since the closure of its uranium mines, Argentina has imported uranium to meet its uranium demand. President Milei sees the redevelopment of the country’s uranium mining industry as a strategic move to boost energy security.
  
  The Sierra Pintada mine in Mendoza, in the central west of the country, operated by Argentina’s National Atomic Energy Commission (CNEA), was expected to reopen, but provincial opposition has meant that the mine has remained closed. In 2007, CNEA also made a deal with the Salta provincial government in the north of the country to develop the Don Otto uranium mine south of Salta, which was open between 1963 and 1981, but this has not come to fruition.
  
  CNEA has been conducting feasibility studies for the mining of the Cerro Solo deposit in Chubut since 2018, which is thought to hold 4600 tU, making it one of Argentina’s largest proven uranium reserves. There is currently a provincial ban on open-pit mining; the redevelopment of the mine is the first step in President Milei’s new nuclear plan.
  
  However, there has been broad opposition towards Milei’s nuclear strategy for a wide range of reasons. The ex-president of the CNEA, Adriana Serquis, believes that “The plan doesn’t seem oriented toward supplying our own plants, but rather exporting uranium directly to the U.S. It would appear the objective is to satisfy others’ needs while destroying our own capabilities.”
  
  In August 2025, Dioxitek, a state-run subsidiary of CNEA, which transforms imported uranium into the uranium dioxide required to power Argentina’s nuclear power plants, signed a deal with U.S.-based Nano Nuclear Energy to supply the firm with uranium hexafluoride. This came as a surprise to many, as Argentina’s nuclear reactors run on natural or low-enriched uranium oxide, not uranium hexafluoride. This suggests that any uranium mined in the South American country would, therefore, likely be exported to the U.S. rather than used for domestic nuclear energy production.
  
  Nano also signed a memorandum of understanding with the British-Argentinian company UrAmerica, which has a significant stake in Chubut and plans to mine uranium. One passage in the agreement stated the aim of “strengthening U.S. energy security by sourcing materials for nuclear fuel from a reliable partner”.
  
  Argentina is thought to have roughly enough proven uranium reserves to meet domestic demand for around 70 years, based on its current nuclear energy production capacity. For this reason, many in the sector believe that the country does not have enough uranium to spare and should only be developing its mining sector if it contributes to national energy production. However, Milei’s plan to export uranium further aligns Argentina with the White House and doubles down on the president’s statement in September that Argentina is an “unconditional ally of the U.S.”.
  
  Many residents in Chubut fear being turned into an energy colony, due to the broken promises of the past. Others are concerned about the environmental concerns of uranium mining and waste management. It is precisely for these types of concerns that a 2003 referendum on open-pit gold mining received an 81 percent “no” vote, leading to the introduction of the no open-pit mining law. Communities across Chubut feel abandoned, as they continue to reside next to the remnants of past, failed uranium mining projects.
  
  In January, a delegation from the U.S. Congress Energy and Commerce Committee visited the city of Neuquén, in Argentina, to discuss the potential for critical mineral mining. Ahead of the visit, U.S. lawmakers made an unscheduled stopover in Argentina’s most southernmost city, Ushuaia, in the Patagonian region, spurring further controversy.
  
  In Tierra del Fuego, part of Argentine Patagonia, there are both uranium and rare earths, which are essential elements on the U.S. critical minerals list. Chubut is home to various exploration projects, including Cerro Solo, Hope, Lago Seco, Laguna Colorada, Meseta Central and Sierra Cuadrada. Mining in such an environmentally significant area of the world has long been seen as controversial, due to the potentially damaging impact of these activities, and the recent U.S. visit has made many speculate about President Trump’s interest in the region. Source: Oilprice.com
- 2026-03-09
  What Carter and Reagan Got Right About Oil Shocks
  The conflict in Iran is unlikely to lead to 1970s-style oil rationing, but policymakers must use price mechanisms and encourage domestic energy investment to insure against unpredictable escalations, says Andy Mayer In 1979 the Iranian Revolution sparked... Read more The conflict in Iran is unlikely to lead to 1970s-style oil rationing, but policymakers must use price mechanisms and encourage domestic energy investment to insure against unpredictable escalations, says Andy Mayer
  
  In 1979 the Iranian Revolution sparked the ‘second oil crisis’ as the price of crude oil more than doubled to $40 per barrel. Although global production only fell four per cent, then seven per cent during the following year’s Iran-Iraq war, it took time for policy and global supply chains to adjust. The price shock lasted until the mid-1980s.
  
  Jimmy Carter, then US President put symbolic solar panels on the roof of the White House, which were later removed. But more importantly, began phasing out Nixon’s price controls from the first (1973) oil crisis, which allowed consumers and producers to respond dynamically to higher prices with rationing and investment in new resources.
  
  The crisis encouraged energy efficiency and launched the Japanese car industry on the back of smaller, cheaper models than those produced in Detroit. It created an oil boom in Texas, Alaska and the North Sea, and drove investment in fracking technologies that would be crucial to keeping US oil and gas prices low in this century.
  
  The progress and consequences of the current conflict is uncertain. The immediate concern stems from drone strikes that forced the closure of the Qatari Ras Laffan complex, responsible for around 20 per cent of global LNG shipments, mostly to European and Asian buyers. These have to travel through the Straits of Hormuz, and are exposed for 1,000km of the trip to potential missile and drone strikes.
  
  Oil supplies are also disrupted but there are pipeline alternatives through Saudi Arabia and the UAE that can relieve if not replace lost shipments. Markets have reacted accordingly, with Asian and EU natural gas prices up 55-70 per cent, while global oil prices have only jumped 15-20 per cent. A Nigerian LNG shipment has been diverted from the Atlantic towards Asia and the current stability of US regional prices suggest there is some capacity to plug the gap. In fact this boon may be among US war aims.
  
  The UK is not as exposed as Europe
  
  The UK is not as exposed to this conflict as the rest of Europe, bar through higher prices, as most of our imported natural gas comes via pipelines from Norway. We also, despite the government’s best efforts, still have domestic production from the North Sea.
  
  That the conflict has started in a warm spell going into Spring will also provide relief on Europe’s depleted reserves, with plenty of time for policy responses and rerouting. We should not then expect to see queues at the pumps as in the 1970s, or a winter of discontent, unless the crisis cascades in unpredictable ways, for example encouraging a surge in Norwegian nationalism.
  
  Related: No Missiles, No Drones: What Happens When Rare Earths Stop Flowing?
  
  The insurance against such possibilities is what should concern policymakers. It is simply unwise to continue adding costs to fossil fuels we still consume. The planned return of the fuel duty escalator and windfall tax on the North Sea could be suspended. If prices spike as they did in 2022, the government needs to follow Carter/Reagan and let the price mechanism work (offset by targeted welfare), not Truss/Nixon by subsidising use. It needs to let domestic fracking take off, like the Texas boom in the 1980s, and build new trade links with African producers, to hedge our risks.
  
  The Net Zero challenge to oil and gas does matter but provides no short-term relief and in the case of the UK is targeting the wrong solutions. Renewables are unreliable and require a duplicate firm power system to operate when they cannot. The best low carbon solution is nuclear power and if we’re building that affordably we don’t need renewables. The government then should continue with plans to deregulate the industry and let the market deliver longer-term solutions.
  
  Source: Oilprice.com
- 2026-03-09
  Oil Prices Surge Past $100 as Iran Names New Supreme Leader
  Oil prices surged in early Asian trading on Monday, breaking above $100 per barrel for the first time in nearly four years as the Iran conflict escalated and Ayatollah Mojtaba Khamenei was chosen as supreme leader. At the time of writing, WTI crude... Read more Oil prices surged in early Asian trading on Monday, breaking above $100 per barrel for the first time in nearly four years as the Iran conflict escalated and Ayatollah Mojtaba Khamenei was chosen as supreme leader.
  
  At the time of writing, WTI crude was trading at $108.66, up $17.76 or 19.54%, while Brent crude was at $108.69, up $16.00 or 17.26%.
  
  The rally follows a dramatic escalation in the conflict between Iran, the United States, and Israel over the weekend, with attacks on energy infrastructure and military targets across the region heightening fears that oil flows from the Middle East could be disrupted for weeks.
  
  Israel struck major fuel storage facilities near Tehran, while Iran continued launching drone and missile attacks across the region. A drone strike damaged a desalination plant in Bahrain, a missile barrage injured five people in central Israel, and a seventh U.S. service member died following an Iranian counterattack in Saudi Arabia.
  
  Meanwhile, Iran’s Assembly of Experts named Ayatollah Mojtaba Khamenei, the son of the slain Supreme Leader Ali Khamenei, as the country’s new supreme leader early on Monday. The appointment signals continuity in Iran’s hardline leadership, undermining the efforts of both the U.S. and Israel to alter the regime.
  
  Beyond oil prices, financial markets also suffered, with S&P 500 futures and Nasdaq-100 futures both falling by close to 1.6% as investors reacted to the surge in energy prices and geopolitical risk.
  
  Fears of prolonged supply disruptions, including potential attacks on regional energy infrastructure and tanker traffic, are now being priced in to markets. Energy traders are closely watching whether the conflict will affect production or exports from major Gulf producers.
  
  The surge in crude prices has also strengthened the U.S. dollar and raised fears of an energy-driven inflation shock, particularly for major oil-importing economies. Source: Oilprice.com
- 2026-03-09
  Reliance Industries Pivots Back to Russian Oil with U.S. Waiver
  India’s largest private refiner, Reliance Industries, is sounding the market for buying Russian crude, an anonymous source told Bloomberg on Friday, after the United States on Thursday issued a temporary one-month license to India allowing it to purchase... Read more India’s largest private refiner, Reliance Industries, is sounding the market for buying Russian crude, an anonymous source told Bloomberg on Friday, after the United States on Thursday issued a temporary one-month license to India allowing it to purchase Russia-origin crude loaded on vessels before or on March 5.
  
  Even before the waiver was issued, India was considering returning to buying Russian crude amassed in floating storage in Asia as the war in Iran and Tehran’s retaliatory strikes in the region have severely disrupted oil flows from the Middle East.
  
  India, the world’s third-largest crude importer, depends on Middle East supply for about 60% of its imports, and the de facto halted tanker traffic in the Strait of Hormuz has put severe pressure on its supplies.
  
  So the U.S. Treasury’s Office of Foreign Assets Control (OFAC) on Thursday issued a general license to India for Indian refiners to buy Russian crude loaded on any vessel, including blocked vessels, on or before March 5, 2026, until April 4, 2026.
  
  Currently, as many as 15 million barrels of Russia-origin crude are sitting on tankers close to India – in the Arabian Sea and Bay of Bengal – while another 7 million Russian crude barrels are idling near Singapore, per vessel-tracking data compiled by Bloomberg.
  
  Before the U.S. sanctions on Russia’s top producers Rosneft and Lukoil in October 2025, Reliance Industries of Indian billionaire Mukesh Ambani was the biggest buyer of Russian crude oil, importing more than 500,000 barrels per day (bpd) thanks to a long-term deal with Rosneft.
  
  However, the Indian refiner halted all Rosneft purchases in the wake of the U.S. sanctions and took to procuring crude from non-Russian sources.
  
  Now Reliance Industries has a one-month window to buy Russian crude that’s on tankers and, most importantly, these tankers are not blocked in the Strait of Hormuz.
  
  The largest private refiner in India plans to use that window to buy part of the Russian oil and process it at a refinery unit producing fuels for the domestic Indian market, according to Bloomberg’s source.
  
  A separate unit processing fuels for exports will continue to use non-Russian crude, as the EU enacted on January 21 a ban on imports into the bloc of petroleum products obtained in third countries that are derived from Russian-origin crude oil. Source: Oilprice.com
- 2026-03-09
  U.S. Gasoline Surges to Highest Under Trump as Iran War Roils Oil Market
  The national average price of gasoline in the United States has jumped to the highest level seen during either of President Donald Trump’s terms in office, per GasBuddy data, as the de facto closure of the Strait of Hormuz is holding back millions of... Read more The national average price of gasoline in the United States has jumped to the highest level seen during either of President Donald Trump’s terms in office, per GasBuddy data, as the de facto closure of the Strait of Hormuz is holding back millions of barrels of crude and fuel supplies and leading to price spikes.
  
  WTI Crude, the U.S. benchmark, jumped from $67 per barrel on February 27, just before the Iran war started, to above $84 per barrel a week later as of early Friday. Oil prices are on track for at least a 16% weekly jump in the biggest one-week rally since the Russian invasion of Ukraine in 2022.
  
  With crude prices being the main component of gasoline price formation, U.S. prices at the pump have jumped this week, too. The price spike from the Iran war is being compounded by the more expensive summer-grade gasoline that refineries are now producing for the summer driving season.
  
  Late on Thursday, the national average had surged to $3.262 per gallon— the highest level recorded during either of Trump’s terms in office, according to live GasBuddy data, said Patrick de Haan, head of petroleum analysis at GasBuddy.
  
  The number of U.S. states with average gas prices over $3 per gallon has jumped from about eight on Sunday to 33 as of late Thursday, with the list likely to grow to 40 in the next few days, de Haan noted.
  
  The price of diesel, which globally faces more acute physical disruption and pressure from the Middle East war, has surged more than gasoline.
  
  The U.S. national average price of diesel soared to $4.124 per gallon, the highest level since December 2023, according to GasBuddy data.
  
  “The diesel market is simply tighter, and with drone attacks on a Saudi refinery, Qatar shutting down natural gas production, boosting heating oil use, and lower U.S. inventories amidst cold weather, diesel has out-rallied gasoline,” GasBuddy’s de Haan said. Source: Oilprice.com
- 2026-03-09
  Kuwait Shuts Production, Qatar Warns Oil Could Hit $150 in Weeks
  Oil prices could soar to as much as $150 per barrel within two to three weeks if the critical Strait of Hormuz remains off limits for tankers, Qatar’s Energy Minister Saad al-Kaabi told the Financial Times in an interview published on Friday. That... Read more Oil prices could soar to as much as $150 per barrel within two to three weeks if the critical Strait of Hormuz remains off limits for tankers, Qatar’s Energy Minister Saad al-Kaabi told the Financial Times in an interview published on Friday.
  
  That proclamation came just a few short hours before reports that Kuwait—one of the founding members of OPEC—had begun shutting in oil production at some oilfields as there just simply isn’t anywhere to store any more oil with the Strait of Hormuz still at a standstill. According to sources familiar with the matter, Kuwait is also discussing cutting production even further, and refining operations as well, to levels that would match what would be needed domestically.
  
  Kuwait’s production outages has not yet been quantified.
  
  All major oil and gas exporters in the Middle East are set to declare force majeure on exports within days if the vital shipping lane remains de facto closed to tanker traffic, said al-Kaabi, who is also president and CEO of QatarEnergy.
  
  Qatar’s state energy firm earlier this week halted LNG production at its Ras Laffan hub, the world’s largest LNG complex, and later issued force majeure notices to buyers, following a drone attack at the facility and the all but halted tanker traffic through the Strait of Hormuz.
  
  Vessel traffic through the Strait of Hormuz has crashed from an average of 138 ships a day to just two in the 24 hours to Thursday, the Joint Maritime Information Center has reported. The center noted that neither of the two vessels that passed the Strait were tankers.
  
  There are several dozen tankers stranded near Hormuz, some have become the target of attacks, and insurers have pulled war insurance, contributing to the paralysis of energy trade in the world’s biggest oil-producing region. Announcements by the U.S. president that the federal government would step in to provide insurance coverage have yet to have an effect.
  
  “Everybody that has not called for force majeure we expect will do so in the next few days that this continues. All exporters in the Gulf region will have to call force majeure,” Qatar’s al-Kaabi told FT.
  
  The official also predicted that if the war continues for a few weeks, global economic growth would suffer.
  
  But even if the war were to end today, Qatar would likely need “weeks to months” to ‌return to a normal schedule and cycle of energy deliveries, al-Kaabi said. Source: Oilprice.com

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