crude oil News Updates

Maersk will temporarily halt its FM1 Service, which connects the Far East to the Middle East, and its ME11 Service, which links the Middle East to Europe, according to a notice to customers on March 6.

A review of shipping signals have confirmed only two commercial transits in the past 24 hours, the Joint Maritime Information Center said in a note on March 6.

The Trump administration is weighing a range of options for addressing the spike in oil and gasoline prices amid the war in Iran, Interior Secretary Doug Burgum said.

Venezuela and the U.S. are scrutinizing dozens of confidential oil contracts signed during the reign of ousted strongman Nicolas Maduro, according to people familiar with the situation.

Airlines and other large fuel buyers have been loading up on oil derivatives contracts in recent days to keep their bills from spiraling as the U.S.-Iran war pushes prices to multiyear highs.

With ships unable or unwilling to transit the Strait of Hormuz, producers cannot export, supertanker costs are skyrocketing and storage at many Persian Gulf refineries is filling up fast. 

President Donald Trump said the U.S. would provide insurance guarantees and naval escorts to ensure safe passage for oil tankers and other vessels through the Strait of Hormuz.

A decision to tap the Energy Department’s Strategic Petroleum Reserve could help stanch price spikes, at least temporarily. The reserve currently holds about 415 million barrels.

Oil producers jumped on a chance to lock in prices for future sales as the crude market soared, opening a window that had been scarce before the U.S. and Israel launched strikes on OPEC member Iran. 

“It’s the rockets and feathers effect,” said Christopher Knittel, professor of energy economics at the Massachusetts Institute of Technology. “When things are going up — they go up fast.”