11 Mar As Reported Energy Price, news updates and commentary 11/03/26 ¦Oil prices hovering @ circa $90
(Oilandgaspress) The International Energy Agency (IEA) announced member nations would release a total of 400 million barrels from their strategic reserves of oil, as the war in Iran continues to cause the worst disruption to energy markets in decades. The unanimous decision by the members of the IEA, which represents some of the world’s biggest oil-consuming nations, is meant to address the acute disruption in oil trade caused by the war. It’s the largest release of crude oil the IEA has ever coordinated, and only the sixth time the group has released oil to balance crude markets. The group has 32 member countries, including the United States, Canada, Australia, New Zealand, Turkey, Japan, Korea and most nations in Europe. More than a dozen countries are affiliated with the IEA as “association countries,” including China, India, Thailand and Kenya. All together, the IEA estimates that its countries account for 80% of global energy demand. Related News
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) Oilprice | USD/bbl | $86.95 | Up |
| Crude Oil (Brent) | USD/bbl | $91.61 | Down |
| Bonny Light 11/03/26 CBN | USD/bbl | $91.59 | Down |
| Dubai | USD/bbl | $105.13 | Up |
| Natural Gas | USD/MMBtu | $3.14 | Up |
| Murban | USD/bbl | $96.25 | Down |
| OPEC basket 10/03/26 OPEC | USD/bbl | $102.40 | Down |
| At press time(pm) March 11, 2026 |
The standstill in the Strait of Hormuz caused by the Middle East war could hammer some of the world’s most vulnerable people, the United Nations warned Tuesday. The strait is the only sea passage from the Gulf towards the Indian Ocean, through which nearly a quarter of the world’s seaborne oil supplies pass, as well as a significant amount of cargo.
“Higher energy, fertiliser and transport costs , including freight rates, bunker fuel prices and insurance premiums may increase food costs and intensify cost-of-living pressures, particularly for the most vulnerable,”
UN trade and development agency (UNCTAD) added that, in terms of seaborne trade volume, in the week before the conflict 38 percent of crude oil, 29 percent of liquified petroleum gas, 19 percent of liquified natural gas and 19 percent refined oil products went through the strait. Related News
Since 2019, Spain has doubled its wind and solar capacity, adding over 40 GW – more than any other EU country except Germany, whose power market is twice the size of Spain’s.
As a result, Spain’s electricity price is much less influenced by the ever-fluctuating cost of gas, which increased by 55 per cent the day after the Iran war started and has continued to rise..According to Ember’s report, between 2020 and 2024 Spain “cut its power sector import bill more than any other EU country.” It did this by adding new solar and wind farms which “avoided 26 billion cubic metres of gas imports costing €13.5 billion”.
Spain did not use coal-fired power at all in August 2025. A far cry from just 10 years before, when coal accounted for a quarter of Spain’s power. Related News
Chevron and Shell are closing in on the first big oil production deals with Venezuela since the U.S. capture of President Nicolas Maduro in January, five sources close to the negotiations told Reuters..The deals would allow both companies to boost production in coveted oil regions in the South American country, the biggest steps to date toward what U.S. President Donald Trump has said would be a $100 billion effort to rebuild Venezuela’s oil industry Related News
Iran has warned the world to prepare for oil to hit $200 a barrel, after it attacked three cargo ships in the Strait of Hormuz. Iran has all but cut off access to the waterway, a chokepoint in global trade that ordinarily sees around 20% of all oil pass through daily.
Since the start of the war in the Middle East, however, it has established a domineering presence in the Strait, leading to oil prices hitting a peak of nearly $120 a barrel, before dropping to its price at time of publication of $87. Related News
HELLENiQ ENERGY announces the completion and start of commercial operations of two photovoltaic parks in southern Romania, marking a key milestone in the Group’s international renewables growth strategy. The two solar parks, have a combined capacity of 58 MW and represent HELLENiQ ENERGY’s first operational renewable energy assets in the country. The projects form part of the agreement signed in 2023 with METLEN for the development and acquisition of four solar projects with a total capacity of 211 MW. The remaining two projects under the agreement, with a total capacity of 153 MW, are expected to be completed and enter commercial operation in 2026.
The launch of the Romanian solar parks marks the beginning of the Group’s operational presence in Romania’s renewable energy market and confirms the consistent implementation of its strategy to accelerate international growth in green energy. Related News
The war in Iran is rattling the aviation industry, from flight cancellations to rising costs for jet fuel. The war’s effect on travel was sudden and striking, resulting in the cancellation of more than 46,000 flights in and out of the Middle East from Feb. 28 — when the U.S. and Israel began bombing Iran — to March 11, according to Cirium, the aviation analytics company. But even airlines far from the Mideast are facing a sudden surge in a core expense: jet fuel. At the beginning of the year, a gallon of jet fuel cost $2.11; by March 10, the price rose to $3.40, according to the Argus U.S. Jet Fuel Index, a gain of more than 60%. The spike came after tanker traffic through the Strait of Hormuz came to a virtual halt, as Iran announced it would close the waterway that normally handles about 20% of the world’s oil and liquified natural gas.
Mideast refineries had been sending some 470,000 barrels of jet fuel each day through the strait to airports in Europe and elsewhere, says Rick Joswick, who heads the near-term oil analytics team at S&P Global. Related News
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