Global oil and gas prices surged on Tuesday as the escalating U.S.-Israeli war with Iran disrupted energy exports from the Middle East, triggering supply fears and sending shockwaves through commodity markets.
Saudi Arabia's East-West pipeline, which circumvents the Strait of Hormuz, is pumping oil at its full capacity of 7 million barrels a day, Bloomberg News reported, citing a person familiar with the matter.
Qatar National Bank (QNB) said China's economic growth outlook remains broadly resilient despite mounting geopolitical tensions and volatility in global energy markets, citing structural factors that mitigate the impact of rising energy prices.
Global oil prices rose on Thursday, recovering part of the previous session’s losses, as market participants reassessed the outlook for a potential de-escalation in tensions involving Iran and the United States. The conflict has continued to disrupt energy flows across a critical oil-producing region.
The Japanese government started releasing state-held oil to stabilise supplies amid the ongoing US-Israeli war with Iran, as part of the largest-ever drawdown of reserves stockpiled in the country.
The International Energy Agency (IEA) urged demand-side measures to ease consumer impacts from Middle East war disruptions. Reduced Strait of Hormuz flows tightened markets, cutting supply, pushing oil above $100 per barrel and raising refined product prices sharply.
Aramco, the world's top oil exporter, has cut crude supply to Asian buyers for a second month in April, two sources with knowledge of the matter said, after the US-Israeli war with Iran disrupted trade via the Strait of Hormuz.
Japan will begin releasing oil from state reserves on March 26, 2026, Prime Minister Sanae Takaichi said, following a similar move last week, aiming to ensure adequate nationwide petroleum supply and stabilize energy availability.
At least 150 tankers, including crude and LNG vessels, dropped anchor in open Gulf waters beyond the Strait of Hormuz and dozens more were stationary on the other side of the chokepoint, shipping data showed, after US and Israeli strikes on Iran plunged the region into turmoil.
Global oil prices surged on Monday as escalating hostilities in the Middle East rattled energy markets, raising fears of a prolonged supply disruption from one of the world’s most critical oil-producing regions.
