12 Mar As Reported Energy Price, News and commentary 12/03/26: OPEC $105.06/bb
(Oilandgaspress) Iranian explosive-laden boats appear to have attacked two fuel tankers in Iraqi waters setting them ablaze and killing one crew member on Wednesday, after projectiles struck three vessels in Gulf waters, said port, maritime security and risk firms. The ships targeted in late-night armed boat attacks in the Gulf near Iraq were the Marshall Islands-flagged Safesea Vishnu and the Zefyros, which had loaded fuel cargoes in Iraq, two Iraqi port officials said. Related News
The oil market resumed its upward rally yesterday, with ICE Brent settling 4.8% higher on the day. This strength has continued into early morning trading today, with Brent moving close to the $100/bbl level. The increase comes despite the International Energy Agency (IEA) announcing a coordinated emergency release of up to 400m barrels. As there are no signs of de-escalation in the Persian Gulf, and no end in sight to the disruptions to oil flows through the Strait of Hormuz. . Related News
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) Oilprice | USD/bbl | $93.36 | Up |
| Crude Oil (Brent) | USD/bbl | $98.61 | Up |
| Bonny Light 11/03/26 CBN | USD/bbl | $91.59 | — |
| Dubai | USD/bbl | $113.55 | Up |
| Natural Gas | USD/MMBtu | $3.17 | Up |
| Murban | USD/bbl | $117.30 | Up |
| OPEC basket 11/03/26 OPEC | USD/bbl | $105.06 | Up |
| At press time(am) March 12, 2026 |
Fresh overnight attacks on tankers off Iraq saw the price surge once more, briefly past $100, while on Thursday morning it has settled at $95 – more than a third (35 per cent) up since before the first strikes landed, something which promises a big impact on people’s finances. That’s despite the International Energy Agency (IEA) saying all 32 members had “unanimously agreed” to bring a 400m barrels of oil to market, from their emergency reserves, to try and balance out the current supply concerns. The UK is contributing 13.5m barrels from its reserves, which currently holds 76.6m barrels. . Related News
There are now concerns about environmental devastation. in the Middle East as it is facing an “unprecedented” catastrophe that could “spin out of control”, The World Health Organisation has warned, as the US, Iran and Israel unleash their heaviest exchange of fire since the war erupted. Donald Trump has repeatedly signalled that the US’s bombing campaign of Iran may end soon, telling Axios on Wednesday there was “practically nothing left” to target.
But together with Israel, the US continued to pound Iran, including strikes on its oil facilities, sending fiery toxic clouds above Tehran on what the US defence secretary Pete Hegseth called “our most intense day of strikes”. Related News
Some commercial ships near or in the Strait of Hormuz and Persian Gulf have declared themselves as China-linked since the Iran war began, marine traffic data show, as their operators apparently try to reduce risks of being targeted in attacks. At least eight vessels in or near the Persian Gulf and the Gulf of Oman changed their declared destination signals to short messages such as “CHINA OWNER” or “CHINA OWNER&CREW,” according to data on the ship tracking platform MarineTraffic analyzed by The Associated Press. Related News
Lloyd’s of London, the heart of maritime insurance globally, emphasises it has not stopped providing contracts to those who ask – although at the right tariff. Fending off criticism over cancelled policies and sharp price rises, Lloyd’s said it still provided insurance cover for hull and cargo for vessels in the Persian Gulf and the Gulf of Oman, including in the strait of Hormuz. However, last week it extended the restricted areas where clients needed to notify insurers to agree an appropriate premium in terms of the risk. Related News
Tesla has been given the green light to launch a household energy supplier in Britain despite Ed Miliband’s fierce opposition Ofgem has granted Tesla a licence allowing it to supply electricity to households and businesses across the country. The licence, granted to its subsidiary Tesla Energy Ventures, took effect on Wednesday following a seven-month assessment by the energy regulator. They will be in direct competition with the likes of Octopus and British Gas. Related News
Most major stock markets in the Gulf fell in early trade on Thursday, with the Dubai index leading losses as Iran escalated attacks on oil and transport infrastructure across the Middle East, fuelling concern over a potentially prolonged conflict.
Iran said the world should be ready for oil priced at $200 a barrel after its forces attacked merchant vessels on Wednesday. Meanwhile, the International Energy Agency called for large-scale release of strategic reserves to cushion what could become one of the worst oil shocks since the 1970s.
Dubai’s main share index declined 2.8%, hit by declines of 4.9% in blue-chip developer Emaar Properties and 3.5% in top lender Emirates NBD. Related News
Eurozone households are first to feel the pain of the current oil price shock Even before oil prices reached this week’s painful highs, the jump in retail fuel prices had already pushed the cost of a standard 50‑litre tank of petrol to levels last seen in 2022 in several major eurozone economies. Compared with the week before the joint US‑Israeli strike on Iran, the price of a tank of unleaded petrol has risen by between €4.50 in Italy and €13.00 in Germany. For diesel, the increase has been even steeper, ranging from €8.40 in Italy to €21.50 in Germany. Relative to the 2025 annual average, German households have been hit particularly hard: they are now paying roughly €17.00 more per tank of unleaded petrol and around €28.00 more for diesel than they did on average last year. Dutch households are facing a similarly sharp increase in fuel costs. Related News
Shell Plc, is reportedly declaring force majeure on customers across Asia due to the shutdown at the world’s largest export plant in Qatar, according to people with knowledge of the matter. Oman trading house OQ has also declared force majeure to its customer in Bangladesh due to halted Qatari supply, a person familiar with the matter said, asking not to be named discussing private matters.
It’s a sign that supply disruption is now extending beyond customers with direct contracts with Qatar — illustrating the importance of the country in the global gas market. Related News
Vestas initiation of a share buy-back programme, cf. Company Announcement No. 02/2026. The programme is implemented in accordance with Regulation No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (MAR) and the Commission Delegated Regulation (EU) 2016/1052 (the “Safe Harbour Regulation”).
Prior to the share buy-back, Vestas held 19,449,943 treasury shares, equal to 1.9 percent of the share capital.
Under the programme, Vestas will buy back shares for an amount up to DKK 1,120m (approx. EUR 150m) in the period from 6 February 2026 and until no later than 5 May 2026. Read More
The 32 Member countries of the International Energy Agency unanimously agreed to make 400 million barrels of oil from their emergency reserves available to the market to address disruptions in oil markets stemming from the war in the Middle East. The decision to take emergency collective action was made following an extraordinary meeting of IEA Member governments yesterday, convened by the IEA Executive Director to assess market conditions amid the conflict in the Middle East and consider the options to address supply disruptions.
“The oil market challenges we are facing are unprecedented in scale, therefore I am very glad that IEA Member countries have responded with an emergency collective action of unprecedented size,” said IEA Executive Director Fatih Birol. “Oil markets are global so the response to major disruptions needs to be global too. Energy security is the founding mandate of the IEA, and I am pleased that IEA Members are showing strong solidarity in taking decisive action together.”
The emergency stocks will be made available to the market over a timeframe that is appropriate to the national circumstances of each Member country and will be supplemented by additional emergency measures by some countries. Related News
UK inflation could hit three per cent by the end of the year if oil and gas prices remain at current levels, the government’s official economic forecaster has warned. Professor David Miles, a member of the Office for Budget Responsibility (OBR’s) budget responsibility committee, told MPs on the Commons Treasury select committee that he believes inflation could now be one percentage point higher than the two per cent estimate in last week’s spring statement. Related News
Maersk reportedly stated on Wednesday it is redistributing fuel to ensure supplies for its vessels as the Iran war disrupts the flow and storage of maritime fuel in the Middle East.
The Danish carrier, one of the world’s biggest container shipping groups, has 10 ships stranded in the Gulf. U.S. “We are proactively redistributing fuel to ensure vessels can continue to bunker where needed and keep our ocean network running without interruptions,” a Maersk spokesperson said. Bunkering is the maritime industry’s term for refueling. Related News
Restaurant and hospitality associations across India have warned that disruption to liquefied petroleum gas (LPG) supplies due to the US-Israeli war against Iran could lead to widespread closures of businesses. The National Restaurant Association of India (NRAI) warned that the industry was heavily dependent on commercial LPG cylinders for daily operations. India relies heavily on imported LPG, much of which normally travels through the strategic waterway linking the Gulf to global markets. Related News
A further escalation in the Middle East could lead to a “stagflation shock” for the European economy, EU Commissioner Valdis Dombrovskis told Euronews in an interview as the bloc ponders measures to cushion the impact of higher energy prices..Related News
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