News

Strait of Hormuz concerns: diesel benchmark sets a record gain  Yahoo Finance

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EU countries raise alarm over Strait of Hormuz blockade  politico.eu

Saudi Arabian state oil firm calls crisis by far the biggest the region has seen but firm can reroute 70% of exports and tap crude held in storage Business live – latest updates How the Iran conflict could affect energy prices – video explainer Saudi Arabia’s state oil company has warned of “catastrophic consequences” for the world’s oil markets if the US-Israeli war with Iran continues to block shipping in the strait of Hormuz. The world’s biggest oil company expects to be able to export about 70% of its usual crude output despite the stranglehold on the vital trade artery, but its chief executive warned that there would still be “drastic” consequences for the world economy if the disruption continues. Continue reading...

Qatar’s foreign ministry spokesman says years of ignored warnings about unchecked escalation have led to regional war.

As investors appear to hedge their bets on persisting war risks, strikes on Gulf energy infrastructure continued on Tuesday, with a drone hitting the region’s largest single-site oil refinery.

More than 43,000 of the 78,500 scheduled flights in and out of the Middle East have been canceled since the war began Feb. 28, according to flight data firm Cirium.

‘We could still be suffering the ripple effect of this for weeks, if not months’.

Oil and gas are not just fuel, they are raw materials for thousands of products, including fertilisers used in farming.

Iraq seeks new energy export routes after Hormuz Strait disruption: Report Iraqi authorities are exploring alternative routes to export the country's oil after transit through the Strait of Hormuz was disrupted by the war in the region, an oil ministry spokesperson told AFP on Tuesday. "Much like other countries in the region, oil production and marketing have been severely impacted, leaving the government no choice but to seek alternative [export routes]," Saheb Bazoun said, adding that the country has several oil shipments stuck at sea.

Britain working with allies to support shipping through Strait of Hormuz  Reuters

Oil Traffic Through Strait of Hormuz Has Ticked Up, Goldman Says  WSJ

Potential economic impacts of Strait of Hormuz closure  CNN

Ships Claim China Links to Avoid Attacks in Strait of Hormuz  The China-Global South Project

Explosions heard in Doha Reuters reported a boom in Qatar's capital of Doha.

The UK’s largest household energy supplier said it has increased fixed-price tariffs and introduced exit fees amid higher wholesale prices.

UKMTO reports loud bang near vessel 36 natuical miles from UAE An incident was reported 36 nautical miles north of UAE's Abu Dhabi on Tuesday, the United Kingdom Maritime Trade Operations (UKMTO) said.  The master of a vessel reported a splash and a loud bang in close proximity to a bulk carrier.

Only two vessels not linked to Iran or Russia have braved ‘chicken run’ since US president’s promise on Friday Middle East crisis – live updates Only two vessels not linked to Iran or Russia have made the “chicken run” through the strait of Hormuz since Donald Trump said he would “ensure the free flow of energy to the world”, according to maritime records. One of those that braved the journey since the US president’s announcement of emergency measures on Friday went “dark” by switching off its transponder and a second signalled it was Chinese owned and crewed. Continue reading...

Saudi Aramco chief warns of vulnerable global oil markets The head of Saudi Aramco has warned that global energy markets remain vulnerable as most of the world’s spare oil production capacity sits in the Middle East. Speaking amid growing turmoil in the region, Aramco’s chief executive said: “Unfortunately for global markets all spare capacity is in this region.” He added that the company is currently relying in part on existing global stockpiles to continue supplying customers, warning that it "cannot be used for an extended period of time".

Martin Lewis has issued advice for those worried about their energy bills amid fears the war in the Middle East will spark another cost-of-living crisis in the UK, with fuel prices set to soar.