Overview
- Iranian threats over the Strait of Hormuz have brought traffic to a halt with hundreds of vessels anchored and at least several tankers damaged, effectively closing a route that carries about a fifth of global seaborne oil and major LNG flows.
- QatarEnergy halted LNG output after strikes on Ras Laffan and Mesaieed, Saudi Aramco paused operations at the Ras Tanura refinery, and authorities reported incidents at UAE’s Fujairah and Oman’s Duqm, further straining regional exports.
- Brent crude climbed above $82 and is up more than 15% since Friday, European gas prices jumped roughly 40% on Tuesday after a similar surge Monday, and global freight rates for oil tankers hit record levels.
- Marine insurers including Gard, Skuld, NorthStandard, the London P&I Club and the American Club are canceling war‑risk cover effective March 5, compounding the standstill as shippers face prohibitive costs and mounting security risks.
- OPEC+ approved a 206,000 bpd increase from April but analysts see limited relief while Gulf routes remain constrained; equity markets fell, airlines slid, India began gas rationing, and U.S. officials prepared measures to cushion higher fuel costs.