US EditionOil Prices up 1% as Iran Crisis Disrupts Middle East Supply
Iraq halted nearly 1.5 million barrels per day of oil output due to full storage and export stoppages as the Strait of Hormuz remains closed amid regional conflict.
- On March 4, 2026, Iraq said it cut nearly 1.5 million barrels daily due to halted exports following the Strait of Hormuz closure.
- Escalating U.S. and Israeli strikes widened tensions, and Iranian retaliatory strikes on regional energy infrastructure paralysed shipping through the Strait of Hormuz.
- Around 300 oil tankers remained inside the Strait after vessel traffic nearly halted, Qatar declared force majeure on gas exports Wednesday, and refineries in the Middle East, China and India shut crude units.
- Oil prices rose to multi-month highs, with Brent crude settling at $81.40 per barrel, while U.S. President Donald Trump said the U.S. Navy could escort tankers and the U.S. International Development Finance Corporation offered risk insurance.
- About 13 million barrels per day moved through the corridor in 2025, and JPMorgan analysts warned supplies from Iraq and Kuwait could start shutting within days, leaving Japan highly exposed.
14 Articles
14 Articles
Shafaq News - Follow-up: Basra Heavy and Basra Medium crude prices remained stable on Thursday, despite rising global oil prices. Basra Heavy crude prices dipped slightly by one cent, or 0.01%, to $74.03 per barrel, while Basra Medium crude prices also fell by one cent, or 0.01%, to $75.98 per barrel. Global oil prices rose amid escalating tensions between the US and Israel on one side and Iran on the other, fueled by growing supply concerns fol…
Oil prices cross USD 83 per barrel as Middle East tensions escalate
New Delhi: Amid escalating Middle East tensions, crude oil prices went up more than 2 per cent on Thursday, March 5, over supply constraints as Strait of Hormuz was closed by Iran. In the early morning trade, the April contract of the benchmark crude on the Intercontinental Exchange was trading at $83.26 per barrel, up by almost 2.43 per cent from its previous close. The April contract of West Texas Intermediate on the NYMEX went up 2.63 per cen…
The U.S. and Israeli aggression against Iran turns the global trade in hydrocarbons upside down. 84% of the oil and 83% of the Persian Gulf gas, now closed to ships, are destined for Asia. China is the main affected.Main Topics: IranRead full article
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