Saudi Arabia Offers 2 Million Barrels for Sale From the Red Sea
by Charles Kennedy on March 13, 2026 at 8:00 am
Saudi Arabia has opened a tender for two million barrels of its flagship Arab Light grade for loading this month from its Red Sea port of Yanbu, Reuters has reported, citing unnamed traders. This is Saudi Arabia’s fourth oil tender as it seeks to redirect crude supply from the Persian Gulf to the Red Sea. Saudi Arabia has pivoted onshore Arab Light volumes onto the 7 million barrels per day Petroline from the east to Yanbu on its western shores. This has pushed Yanbu’s oil exports to about 2.47 million bpd, a massive 330% surge compared…
Oil Prices Head for Weekly Gain Despite U.S. Waiver on Stranded Russian Crude
by Irina Slav on March 13, 2026 at 6:20 am
Crude oil prices were on course for another weekly gain today, despite a temporary dip following the announcement of a 30-day sanction waiver on Russian crude stuck on tankers as the Trump administration tries to alleviate an increasingly serious-looking supply tightening. Brent crude was trading at $100.2 per barrel at the time of writing, and West Texas Intermediate was trading at $95.03, both slightly down on Thursday’s close but higher on the start of the week. Washington’s sanction waiver follows an admission by the International…
Oil Prices Dip as U.S. Opens Brief Window for Stranded Russian Crude
by Josh Owens on March 13, 2026 at 2:09 am
Oil prices edged lower in early Asian trade on Friday morning after the United States issued a temporary license allowing countries to purchase Russian crude and petroleum products currently stranded at sea. The move, which promises to provide some temporary relief to global oil markets, helped push Brent crude down 0.38% to $100.10 per barrel, while West Texas Intermediate futures dropped by 0.58% to $95.17 per barrel. The 30-day waiver, permitting the purchase of Russian oil cargoes already loaded on tankers but left stranded by sanctions and…
Canadian Crude Cashes In on War Premium
by Irina Slav on March 13, 2026 at 12:00 am
Just a month ago, Alberta’s finance ministry announced a budget featuring annual deficits for three years in a row on the back of low oil prices. Now, Canadian crude oil producers are set to “benefit disproportionately” from the war in the Middle East thanks to the fact that Canadian crude prices follow WTI closely—and WTI is spiking. When Minister Nate Horner presented the budget for Canada’s oil province, he said expectations were that oil prices would bottom out this year and start rising in 2027. Little could Horner…
Only 3 U.S. Airlines Can Remain Profitable at Current Oil Prices
by Alex Kimani on March 12, 2026 at 11:00 pm
Wall Street analysts are warning that U.S. airlines could face a painful earnings squeeze as oil prices surge amid the escalating war with Iran. Crude prices jumped over 9% on Thursday as the conflict rattled energy markets and heightened fears of disruption around the Strait of Hormuz. Many U.S. carriers largely abandoned fuel hedging in recent years, leaving them far more exposed to sudden price spikes and raising the prospect that only a handful of airlines can remain profitable at current oil prices. Airlines and oil producers typically rely…