Oil prices jumped on Thursday as Iran stepped up attacks on oil and transport facilities across the Middle East, raising fears of prolonged disruptions at the Strait of Hormuz.
Markets are facing a 'double whammy' of energy volatility and trade tensions flaring up again, says a financial expert amid escalating conflict involving Iran, while the Trump administration simultaneously launches sweeping new trade investigations targeting many of the world’s largest economies.
TotalEnergies has restarted production at Libya’s Mabruk oil field, holding a 37.5 per cent stake. The new 25,000 barrels/day facility, launched in May 2024, began operations on February 28, 2026, ending a halt since 2015.
Saudi Arabia has curtailed its crude oil production by an estimated 2 million to 2.5 million barrels per day, while the UAE has reduced output by approximately 500,000 to 800,000 barrels daily, Bloomberg reported.
Saudi Arabia's oil shipments via the Red Sea are on course to hit record highs in March although they are still far below the levels needed to compensate for the drop in flows from the Strait of Hormuz, shipping data showed.
Aramco reported strong 2025 results with adjusted net income of $104.7 billion, including $25.1 billion in Q4. Operating cash flow reached $136.2 billion for the year and $40.8 billion in Q4, with free cash flow of $85.4 billion.
Markets are already beginning to trade as if the Iran conflict will de-escalate — even though there is no formal resolution yet, says the CEO of one of the world’s largest independent financial advisory and asset management organisations.
Global oil prices fell sharply on Tuesday after surging to their highest levels in more than three years in the previous session, as signals of possible diplomatic progress in the Middle East eased fears of prolonged supply disruptions.
IMF Managing Director Kristalina Georgieva warned the escalating US-Israel-Iran conflict risks pushing global inflation higher, after oil prices surged more than 30 per cent in Asian trading to their highest levels since 2022.
Aramco warned the Strait of Hormuz disruption from the Iran war could have “catastrophic consequences” for global oil markets and trigger ripple effects across shipping, insurance, aviation, agriculture and automotive industries.
