Two Oil Tankers Set Ablaze Near Iraq’s Key Export Terminals
by Josh Owens on March 12, 2026 at 1:25 am
Two oil tankers carrying Iraqi oil products caught fire Wednesday after being struck in Iraqi territorial waters near the country’s southern export terminals, according to Iraqi port officials and multiple media reports. The vessels, Vishnu, a Marshall Islands-flagged tanker chartered to an Iraqi company, and Zefyros, a Malta-flagged tanker transporting condensate from the Basra Gas Company, were operating near Iraq’s Al-Faw port area close to Basra when the incident occurred. Iraq’s director general of the General Company for…
Russia Emerges As The Biggest Winner In Middle East War
by Alex Kimani on March 12, 2026 at 1:00 am
Oil markets continue to experience heightened volatility as the Middle East conflict escalates, with oil prices trending north on Wednesday, shortly after U.S. President Donald Trump signaled that the war in the Middle East is nearly complete. In remarks made a couple of days ago, Trump described the conflict as a “short-term excursion” that is ahead of schedule and is nearing its final phase. At 3.55 p.m. ET on Wednesday, Brent crude for April delivery was up over 5% to trade at $92.21 per barrel, while the corresponding WTI crude contract was…
Europe Faces Jet Fuel Price Surge and Supply Shortages
by Natalia Katona on March 12, 2026 at 12:00 am
The closure of the Strait of Hormuz since March 1 has triggered an unprecedented distortion in global jet fuel markets, pushing European aviation fuel prices to historic extremes and exposing the continent’s structural dependence on Middle Eastern supply. In a market where diesel has traditionally commanded a premium over jet fuel, the sudden disruption of Gulf exports has inverted long-standing price relationships, leaving Europe desperately searching for alternatives that are either geographically distant, commercially unattractive, or…
Oil Prices Surge Despite Record-Breaking Strategic Reserve Release
by Josh Owens on March 11, 2026 at 11:59 pm
Oil prices climbed sharply on Wednesday even after the International Energy Agency announced the largest coordinated release of strategic oil reserves in its history, underscoring the scale of supply concerns stemming from escalating tensions in the Middle East. At the time of writing, WTI crude was trading at $93.96, up 7.69%, while Brent crude stood at $91.98, up 4.76% on the day. The price surge came as shipping disruptions in the Strait of Hormuz intensified fears of a prolonged supply shock, offsetting any downward pressure from the IEA’s…
The Strait Is Closed, the Story Keeps Changing, and You’re Paying for It All
by Michael Kern on March 11, 2026 at 11:00 pm
There’s a particular kind of dread that sets in when you’re watching an official tweet get deleted in real time. On Tuesday, the Energy Secretary posted that the U.S. Navy had successfully escorted an oil tanker through the Strait of Hormuz. Markets moved on it… Brent crude swung 17 percent in a single session, briefly crashing below $80. The White House press secretary then clarified: no armed escort had actually taken place. The tweet disappeared. Brent recovered toward $90. And somewhere, a few hundred traders made a lot of money…