23 Mar As Reported Energy Price, news and updates: Oil Prices fall again
(Oilandgaspress) Oil prices plunged and the FTSE 100 is up after Donald Trump suggested the US and Iran were close to ending the war in the Middle East. .Trump had issued a 48-hour ultimatum to the Iranian regime on Saturday night, where he called for the full re-opening of the Strait of Hormuz. The President wrote on Truth Social that the US would “hit and obliterate” Iranian power plants if the strait was not fully reopened by 23:44 GMT on Monday. Iran’s Revolutionary Guards responded to Trump’s ultimatum stating the Strait would “be completely closed and will not be opened until our destroyed power plants are rebuilt” should Trump strike.
But in a post today, Trump said “productive” talks had led to a delay.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) Oilprice | USD/bbl | $89.54 | Down |
| Crude Oil (Brent) | USD/bbl | $101.50 | Down |
| Bonny Light 23/03/26 CBN | USD/bbl | $124.65 | — |
| Dubai | USD/bbl | $134.07 | — |
| Natural Gas | USD/MMBtu | $2.93 | Down |
| Murban | USD/bbl | $137.90 | Down |
| OPEC basket 20/03/26 OPEC | USD/bbl | $142.86 | — |
| At press time (15:14 GMT)March 23, 2026 |
India-flagged carriers loaded with liquefied petroleum gas (LPG) were passing through the Strait of Hormuz on Monday close to the Iranian coastline, in a sign that Iran is allowing some Indian vessels to transit the world’s most vital chokepoint for energy flows Gas carriers Jag Vasant and the Pine Gas on Monday traveled from the UAE’s coast to the Iranian islands of Qeshm and Larak, which sit on the northern section of the Strait of Hormuz, according to vessel-tracking data compiled by Bloomberg. Related News
Trump has reportedly suggested the Strait of Hormuz could be jointly run by himself and the Ayatollah when it fully reopens to the world following talks to end the Iran war. The President also claimed Tehran may agree to give up its nuclear ambitions in any deal to put an end to the conflict in his first remarks since announcing a halt on strikes to Iran’s energy infrastructure earlier today.
Trump said if upcoming talks go well the war could end within a week, before later adding: ‘Otherwise, we’ll just keep bombing our little hearts out.’. Related News
Ukrainian forces have attacked strategic Russian energy facilities, the Transneft–Port Primorsk oil terminal, and the Bashneft-Ufaneftekhim oil refinery, according to the General Staff of the Armed Forces of Ukraine and the Security Service of Ukraine’s (SBU) sources. A fire on the facility’s grounds has also been confirmed. Approximately 60 million tons of oil pass through the Primorsk port annually.
The Armed Forces of Ukraine also struck the Bashneft-Ufaneftekhim oil refinery in Ufa; a fire on the plant’s grounds has been confirmed. The Bashneft-Ufaneftekhim oil refinery is a key link in the fuel supply chain for the Russian armed forces. Its crude oil processing capacity is approximately 6–8 million tons per year. The refinery is located 1,400 km from the border with Ukraine.. Related News
Iran could trigger a global energy crisis by destroying the Middle East’s biggest oil factories, after the country’s state media published infographics of power plants in the region that its forces could target.
One infographic reportedly titled ‘Say goodbye to electricity!’ and showed potential targets in Saudi Arabia, the UAE, Qatar and Kuwait, as other maps showed Orot Rabin and Rutenberg, Israel’s two largest power plants.
Tehran could also topple the water supply for millions of people in the Middle East and unleash a humanitarian catastrophe, if it follows through on earlier threats to pummel the region’s desalination plants.
The military has already threatened to deploy ‘naval mines’ in the Gulf if the US and Israel were to attack any of its coasts or islands, with reports indicating Iran has already begun laying mines in the strait.
As Tehran has successfully strangled the Persian Gulf, it might go further still in its attacks on the global economy by enlisting its terrorist Houthi allies to shutdown shipping in the Red Sea. Related News
Speaking in Canberra on Monday, IEA executive director Fatih Birol said the growing crisis could worsen further because of interruptions to “vital arteries of the global economy”, including fertilisers, petrochemicals, and sulphur.
Mr Birol added that the full impact of the US and Israel’s attack on Iran and Tehran’s subsequent closure of the Strait of Hormuz was not initially understood by world leaders. Mr Birol noted that even if the conflict were to end, it would take time to restore energy supplies to pre-war levels, saying at least 40 energy assets in the Gulf had been severely or very severely damaged. Mr Birol said the current crisis in the Gulf has cut oil output by about 11 million barrels per day and removed 140 bcm from markets. “This crisis, as things stand now, is two oil crises and one gas crisis put all together,” Birol reportedly said. “The single most important solution to this problem is opening up the Hormuz Strait.” Related News
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