Friday, March 06 2026

Oil falls as US may intervene in futures market, issues waiver for Russian purchases
Oil fell for the first time in six days as the US government is considering potentially intervening in the futures market to blunt rising prices and has given waivers to Indian refiners to buy Russian crude to ease supply constraints from the Middle East war. Brent crude futures were down $1.14, or 1.33%, to $84.27 per barrel and West Texas Intermediate down $1.46, or 1.8%, to $79.55 as of 0251 GMT. The US has taken the steps to ease the surge in prices after it, along with ally Israel, started a military conflict with Iran on February 28 that has halted tankers from moving through the Strait of Hormuz, which typically carries roughly one-fifth of the world’s daily oil supply, shut refineries and oil output and shuttered liquefied natural gas plants in the key Middle East energy-producing region.
Related news categories: business economic-indicators oilgas-marketing

Thursday, March 05 2026

Oil prices rise as Iran conflict widens
Oil prices rose on Thursday amid growing concern over the prolonged closure of the Strait of Hormuz, as the US-Iran war ​chokes off vital Middle East oil and gas flows while production facilities limit ‌output. Brent crude was trading up $1.67, or 2.05%, at $83.07 per barrel by 0141 GMT. US West Texas Intermediate crude rose $1.94, or 2.60%, to $76.60. The US–Iran war widened on Wednesday after a US strike hit an Iranian warship off ​Sri Lanka and US Senate Republicans backed President Donald Trump’s military campaign against Iran. They voted ​against a bipartisan resolution aiming to stop the air war and require ⁠Congress to authorise hostilities against Iran. Iraq, the second-largest crude producer in the Organization of the ​Petroleum Exporting Countries, has cut output by nearly 1.5 million barrels a day for lack ​of storage and an export route, officials told Reuters.
Related news categories: business misc oilgas-exploration oilgas-marketing

Wednesday, March 04 2026

Oil rises over $1 as Iran crisis disrupts Middle East supply
Oil prices rose more than $1 on Wednesday as the US-Israeli war on Iran disrupted Middle East output and halted exports from the region. Brent rose $1.11, or 1.4%, ​to $82.53 a barrel, after closing at its highest since January 2025 on ‌Tuesday. US West Texas Intermediate crude rose 79 cents, or 1.1%, to $75.37, after settling at its highest since June. Israeli and US forces struck targets across Iran on Tuesday, prompting Iranian strikes against energy ​infrastructure in a region that accounts for just under a third of global ​oil production. Iraq, the second-largest crude producer in the Organization of the Petroleum ⁠Exporting Countries, has cut output by nearly 1.5 million barrels a day, about half ​its production, due to storage limits and the lack of an export route, officials told ​Reuters. They said the country may have to shut its nearly 3 million bpd of output within days if exports do not resume. Iran has also targeted tankers in the Strait of Hormuz, through ​which about a fifth of the world’s oil and liquefied natural gas flows. Traffic ​remained effectively closed for a fourth day after Iran attacked five ships.
Related news categories: business misc oilgas-exploration oilgas-marketing

Tuesday, March 03 2026

LPG price slightly decreases in March
The Oil and Gas Regulatory Authority (OGRA) on Monday notified a slight decrease in the LPG price for the month of March. The authority states that the LPG producer price is linked with the Saudi Aramco-CP and the US dollar exchange rate. Compared to the previous month, Saudi Aramco-CP has remained unchanged. The average Dollar exchange rate has, however, decreased by 0.11 percent, resulting in a decrease in LPG consumer price by Rs2.52 /11.8kg cylinder (0.09 percent). The per Kg decrease in LPG consumer price is Rs0.21. The domestic 11.8kg cylinder price has gone down by Rs2.52 from Rs2667.40 to Rs2664.88, following Rs213.88 reduction per ton compared with the previous month. It has reduced from Rs226050.87 per ton in February to Rs225836.99 per ton in March.
Related news categories: business economic-indicators oilgas-marketing

Oil rises as expanding US-Israeli conflict with Iran elevates supply risks
Oil prices rose for a third day on Tuesday as the widening U.S.-Israeli conflict with Iran and threats to shipping through the Strait of Hormuz heightened fears of supply disruptions from the key Middle ​East producing region. Brent crude futures were at $78.83 a barrel, up $1.10, or 1.4%, by 0107 GMT. ‌ On Monday, the contract surged to as high as $82.37, its highest since January 2025, though it pared those gains to settle 6.7% higher. US West Texas Intermediate crude jumped 74 cents, or 1%, to $71.97 a barrel. In the previous session, the contract initially climbed ​to its highest since June 2025 before sliding back to still settle up 6.3%. “With no quick ​de-escalation in sight, the Strait of Hormuz effectively closed and Iran showing a willingness to ⁠target energy infrastructure in the region, upside risks remain and they grow the longer the conflict drags ​on,” Tony Sycamore, IG market analyst, said in a note.
Related news categories: business misc oilgas-exploration oilgas-marketing