Bapco Energies, Bahrain’s integrated energy company, hereby serves notice of force majeure on its group operations which have been affected by the on-going regional conflict in the Middle East and the recent attack on its refinery complex.
Oil prices surged nearly 30% to more than $119 a barrel on Monday, hitting levels not seen since mid-2022, as some major producers cut supplies and fears of prolonged shipping disruptions gripped the market due to the expanding US-Israeli war with Iran.
Recent geopolitical developments involving Iran have heightened market sensitivity to oil prices, inflation, and interest rate expectations, according to Lale Akoner, Global Market Analyst.
Aramco offered over 2 million barrels of Saudi crude, including 2 million Arab Heavy and 650,000 Arab Light, in rare tenders as US-Iran tensions disrupted Middle East exports, trade sources reported.
Oman’s oil exports recorded a 3 percent increase by the end of January 2026, reaching 26,600,200 barrels compared to 25,821,300 barrels during the same period in 2025.
Crude oil supplies from Iraq and Kuwait could start shutting in within days if the Strait of Hormuz remains closed, potentially cutting 3.3 million barrels per day (bpd) by day eight of the Middle East conflict, JP Morgan analysts said in a note.
Oil prices turned lower in Asian trading on Tuesday as markets reacted to reports that Donald Trump had indicated to aides he was prepared to bring the conflict with Iran to an end without insisting on the immediate reopening of the Strait of Hormuz.
US President Donald Trump has said in an interview with Financial Times that he wanted to "take the oil in Iran" and could seize the export hub of Kharg Island.
Oil prices continued their upward climb on Monday, as markets focused on escalating geopolitical risks in the Middle East despite renewed assertions by US President Donald Trump that talks with Iran remain under way and could still lead to a diplomatic breakthrough.
Investors must prepare now for higher interest rates due to the escalating Iran conflict, warns the CEO of one of the world’s largest independent financial advisory organisations.
