US Energy Chief: US considers selling oil from strategic reserves
Energy Secretary Chris Wright stated on Monday that the U.S. may consider coordinating oil sales from its Strategic Petroleum Reserve with those of other countries as prices have soared during the war against Iran. Wright said that the U.S. also has "some options" to allow more sales of Russian crude oil in tankers in Asia. Washington, for example, issued a waiver late last week allowing the sale of Russian crude oil currently stranded on sea to continue into India.
Oil majors are still stuck on the sidelines as Iran's war increases oil prices.
Oil prices rose to their highest level since 2022 on Monday, but the shares of major producers such as Shell and Exxon Mobil are still only seeing modest gains'since the U.S. - Israel war on Iran 'broke out last month. This suggests that traders believe the pain in the market could be temporary. The iShares Global Energy ETF, which tracks global energy companies, is up about 2%. Crude oil futures are up more than 40% since Israel launched its joint airstrikes with the U.S. on February 28.
LSEG data shows that Freeport LNG is on the way to resuming full production.
Freeport LNG in Texas will resume full production Monday after an outage Sunday, according to the company. Freeport LNG said on Monday that it was "in the process" of increasing production rates. LSEG data shows that Freeport, which is the third-largest LNG producer in the U.S.?was pulling 1.2 bcf of natural gas on Monday to be converted into LNG. The plant is capable of handling around 2 bcfd and was only using 600 million cubic foot on Sunday.
Venture Global promises on-time LNG delivery amid Middle East conflict
Venture Global LNG, a U.S. developer of liquefied natural gas (LNG), has informed customers that its Plaquemines plant in Louisiana is under construction. The letter was seen by the. Venture Global LNG, a Virginia-based firm, wrote to customers of Plaquemines Phase 1 on Friday and stated that it will begin long-term deliveries on October 31, despite a rise in global gas prices due to the U.S. and Israeli war against Iran. The letter stated that "as of today…
Brazil's sugar mills will reduce production and switch to ethanol due to the energy price spike
Analysts said that the sharp rise in energy prices due to the ongoing 'war' in the Middle East will cause Brazilian sugarcane processors?to produce more ethanol than sugar during the new upcoming?season. The ICE exchange's raw sugar futures jumped over 3% Monday, following gains in oil futures, as the market expects a lower sugar volume from Brazil's middle-south region, which is the world's biggest sugar-producing area. Mills can adjust their plants to produce more sugar or ethanol, depending on the market price for each.
Palm oil prices surge as crude oil rises, boosting biodiesel prospects
Malaysian palm-oil futures jumped more than 9%, before paring gains on Monday. This was the largest jump in three years. It is expected that a rise in crude oil prices will boost demand for biodiesel feedstocks. The benchmark May palm oil contract on the Bursa Derivatives Exchange rose 203 ringgit or 4.65% to $4,570 ringgit (1,154.04) per metric ton after surging earlier in the day to 4,803 ringsgit. This was its highest level?in over a year.
EUROPE GAS-European Gas Prices Rise Back to 2023 High as US-Iran Conflict Enters Second Week
LONDON, 9 March - Benchmark European Wholesale Gas rose again on Monday to its highest level for more than three years, tracking a surge of?oil as the US-Iran Conflict entered its second weeks and shipping?around?the Strait of?Hormuz remained near a standstill. Iran named?Mojtaba?Khamenei as the successor to his father, who was killed in a car accident. This shows that the hardliners are still in control and appears to be closing off any way to an end to the Middle East war.
Middle East conflict may spur demand for palm oil in biodiesel sector
Industry officials have told?that the Middle East conflict, which has pushed up crude oil prices, could boost demand for palm oils in the biodiesel industry and for food use. Asian buyers are looking for quick shipments. Indonesian and Malaysian production reached a new record in 2025. This resulted in a rise of stocks and pressure on prices. The conflict has made palm oil more attractive to biodiesel producers, and prices have risen to their highest levels in over a year.
As oil prices rise, Indonesia could revive its B50 mix of biodiesel
Yuliot Tanjung, the deputy energy minister in Indonesia, said that the rising crude oil prices caused by the conflict in the Middle East may force Indonesia to reconsider its plan to introduce a B50-grade biodiesel. Yuliot said in a weekend email that Indonesia has not yet made a decision. Due to funding and technical concerns, the authorities scrapped their plan to launch B50, a blend consisting of 50% palm-oil-based biodiesel?and 50% conventional fuel?this year. Instead, they stuck with B40.
Head of opposition party says Japan should use nuclear power to counter Iran crisis
Yuichiro Tamaki, leader of an opposition party in Japan, said that Japan should run all its nuclear?power stations to offset the impact the Iran war has had on electricity bills. Japan imports around 11% of liquefied gas and 95% of oil from the Middle East. Around 70% of these are imported via the Strait of Hormuz which is now effectively closed because of the war. Tamaki, the leader of the Democratic Party for the People on X…
Bangladesh closes early its universities to save energy amid energy crisis
Bangladesh will close its universities on Monday as part of an emergency measure to conserve fuel and electricity amid a worsening energy crisis related to the conflict in the Middle East. The authorities said that the decision would apply to all private and public universities in the country. They also stated that the move will reduce electricity consumption as well as traffic congestion which results in fuel waste. Officials stated that university campuses "consume large quantities of electricity for residence halls…
Head of opposition party says Japan should use nuclear power to counter Iran crisis
Yuichiro Tamaki, the leader of an opposition party in Japan, stated on Monday that Japan should use all its nuclear 'power plants to offset the impact of a war with Iran on?electricity?bills. Around 95% of Japan's oil and 11% of its gas imports come from the Middle East, with 70% and 6% coming through the Strait of Hormuz. This is a?closed Strait due to the conflict. In a recent statement, Tamaki, the leader of the Democratic Party for the People…
US-Israeli War on Iran Causes Major Oil, Gas Disruptions
Kuwait announced?cuts at the weekend due to the U.S. and Israel war against Iran. Analysts predict the United Arab Emirates (UAE) and Saudi Arabia, which are running out of oil storage, will have to reduce their output as well. Here are the main energy disruptions that have occurred so far. Three industry sources reported on March 8 that the Iraqi production has collapsed: "the country's oil output from its southern oilfields is down 70%, to 1.3 million barrels a day (bpd), from 4.3 millions barrels a day (bpd), before the war.
US-Israeli War on Iran Causes Major Oil, Gas Disruptions
The U.S. and Israeli war against Iran has caused oil and gas exports to be disrupted from the Middle East. Production was stopped from Qatar all the way up to Iraq. Kuwait announced cuts this weekend. Analysts predict the United Arab Emirates (UAE) and Saudi Arabia, too, will have to reduce their output as soon as possible when they run out of oil storage. Kuwait Force Majeure: Kuwait Petroleum Corporation cut oil output and declared force majeure March 7, due to the war that shut down exports through the Strait of Hormuz.
Iran War threatens to hit global energy markets for a long time
Even if the U.S. and Israel's war against Iran ends soon, consumers and businesses around the world could face weeks or even months of higher fuel costs as suppliers deal with damaged facilities and logistics and increased shipping risks. This outlook is a threat to the global economy and to President Donald Trump's political position as he heads into midterm elections. Voters are concerned about energy costs and do not like foreign involvement.
The Iran War threatens to have a long-lasting impact on global energy markets
Even if the conflict with Iran ends soon, consumers and businesses could face weeks or even months of higher fuel prices. This is because suppliers are dealing with damaged facilities, disrupted logistic, and increased risks in shipping. This outlook is a greater threat to global economic stability and a political vulnerability to U.S. president Donald Trump as we approach the midterms. Voters are sensitive to energy costs and do not like foreign involvement.
India increases cooking gas prices after Iran war affects supply
Indian 'companies' have increased the price of liquefied petrol gas, mainly used as a cooking fuel for the first time in about a?year, due to the global price surge caused by the U.S./Israel war against Iran, which has disrupted Middle East supplies. Indian Oil Corp., the country's largest refiner and LPG supplier, increased its prices for a 14.2-kg LPG in Delhi by 7%, to 913 Rupees ($9.93), as per their website. The state refiners Bharat Petroleum Corp, Hindustan Petroleum Corp, and?IOC all raised prices in tandem.
Oil derivatives indicate traders view Middle East shocks as short-lived
Oil futures and options are signaling that the Middle East conflict could be short-lived as traders rush to?structures which profit from a decline in prices following the initial spike. The options and futures market?often provides the earliest indication of whether traders view a supply shock?as fleeting or structural. This creates opportunities to profit from sharp swings in price. Israel and the United States' attack on Iran has caused shockwaves in energy markets.
Asian Oil Refineries, Petrochemicals Cut Runs as MidEast Conflict Escalates
Several Asian refineries and petrochemical companies were forced to cut runs and declare force majeure as the U.S.-Israel war on Iran disrupted crude and feedstock exports from the Middle East.Asian steam crackers, which source more than 60% of their naphtha feedstock from the Middle East, have been quick to declare force majeure on petrochemical supplies to customers.Three operators told Reuters they are curtailing run rates…
Bangladesh restricts fuel purchases due to Middle East conflict
Bangladesh imposed daily fuel sales limits in response to a 'panic buying' and a'stockpiling of fuels, which raised concerns over supply as the Middle East war roiled the global energy markets. These'measures' follow U.S., israeli, and other airstrikes against Iran, as well as retaliatory strikes by Tehran in the Middle East, which has caused oil shipments to be disrupted through the Strait of Hormuz - a vital energy route - and driven energy prices sky-high.