24 Mar As Reported Energy Price, news and expert commentary 24/03/26: OPEC $145.24/bbl
(Oilandgaspress) Oil prices fell after President Donald Trump said discussions to end the Iran conflict were underway, though Tehran denied any talks. Tanker traffic through Hormuz is still severely constrained, with shipowners reluctant to resume transit amid ongoing security concerns. European natural gas prices also fell sharply. Energy markets are generally expected to remain volatile.
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) Oilprice | USD/bbl | $90.34 | Up |
| Crude Oil (Brent) | USD/bbl | $101.70 | Up |
| Bonny Light 23/03/26 CBN | USD/bbl | $124.65 | — |
| Dubai | USD/bbl | $131.97 | Down |
| Natural Gas | USD/MMBtu | $2.91 | Down |
| Murban | USD/bbl | $116.10 | Down |
| OPEC basket 23/03/26 OPEC | USD/bbl | $145.24 | Up |
| At press time March 24, 2026 |
Orbital Marine Power Ltd (Orbital), the Scotland-based floating tidal stream technology pioneer, and operator of the world’s most powerful tidal turbine was awarded a further Contract for Difference (CfD) in the UK Allocation Round 7 (AR7) process, resulting in our UK CfD project portfolio increasing to 17MW.
The current UK capacity will join Orbital’s existing 2MW O2 turbine, which has been providing electricity to the UK grid since 2021, in the waters off the Orkney Islands.
In November, Orbital was successful in adding to its growing UK project portfolio with power purchase agreements from the Canadian province of Nova Scotia that equate to an order for a further 6 turbines (c.15MW) to be installed in the Bay of Fundy, one of the world’s largest tidal stream sites. Related News
Ministers have said expanding North Sea drilling would put the UK at further risk from volatile fossil fuel markets, amid calls from the Conservatives and some Labour MPs to breach the manifesto pledge of no new oil and gas licences. The energy minister Michael Shanks said the UK was “learning the right lessons from this conflict so that we’re not exposed to fossil fuels in the same way again, because this isn’t the first time that households across the country have paid the price of our exposure to gas”.
The chancellor, Rachel Reeves, is expected to set out plans in the Commons on Tuesday for the government to protect people from higher energy bills caused by the US-Iran conflict.
The Conservatives plan to use their opposition day debate to argue for scrapping the windfall tax on oil and gas, ending the ban on new oil and gas licences and approving the Rosebank and Jackdaw fields in the North Sea. Related News
Ukrainian defense tech firm lands first US-Ukraine ‘minerals fund’ deal
The first of three investments planned this year by the fund — officially known as the U.S.-Ukraine Reconstruction Investment Fund — will go to Sine Engineering, a Ukrainian dual-use military technology company, two people familiar with the deal told the Kyiv Independent. The deal is expected to be formally announced by Ukraine and the U.S. Development Finance Corporation (DFC) that jointly created the fund with Kyiv this week, a source said. The DFC is currently in Kyiv to discuss the fund with its Ukrainian counterparts. The size of the investment is not yet known. Related News
Ukrainian forces targeted the Transneft oil terminal at the port of Primorsk in Leningrad Oblast and the Bashneft-Ufaneftekhim refinery in Ufa, Bashkortostan, overnight on March 23, the General Staff confirmed. Primorsk handles around 60 million tons of oil annually and is Russia’s main oil export hub on the Baltic Sea. The port lies approximately 1,087 kilometers (675 miles) from Ukraine’s nearest border point. A fuel tank and oil-loading infrastructure were hit, causing a fire a break to break out at the facility in Primorsk, according to the General Staff. Related News
National Gas and Industrialization Holding Co. (GASCO) signed on March 16 an equity interest purchase agreement with the owner of JACKO Gases to acquire a 50% stake in the limited liability company, following a 100% capital increase. The agreement value JACKO at SAR 125 million on a pre-acquisition basis, after completing all valuation procedures and due diligence studies through the company’s financial and legal advisors, GASCO said in a statement to Tadawul.
Based on the agreement, GASCO will inject SAR 125 million into JACKO Gases in exchange for the new shares, with the full investment intended to fund expansion plans, support business growth, and strengthen JACKO’s operational position. Related News
Arabian Internet and Communications Services Company (solutions) announces the signing of a contract with Saudi Arabian Oil Company (Saudi Aramco) The project involves building advanced computing infrastructure to support the digital capabilities of Saudi Aramco in areas such as Oil and Gas exploration and reservoir analysis. The project includes two high-performance computing systems that will work together to process very large volumes of data quickly and efficiently, Leveraging advanced technologies provided by global leaders in high-performance computing.
This infrastructure will help enhance subsurface imaging and data analysis, enabling faster and more accurate insights to support exploration and development activities.
solutions will deliver the end-to-end solution, including system deployment, software licensing, support, and managed services over the lifecycle of the Cluster. The project further strengthens the long-standing strategic partnership between solutions and Saudi Aramco in enabling advanced digital infrastructure for the energy sector.. Related News
QatarEnergy expects the damage to its Ras Laffan Industrial City caused by missile strikes, which occurred on Wednesday 18 March 2026, and in the early hours of Thursday 19 March 2026, to cost about $20 billion a year in lost revenue and to take up to five years to repair, impacting supply to markets in Europe and Asia. Providing an update on the damage to the facilities at Ras Laffan Industrial City, His Excellency Mr. Saad Sherida Al-Kaabi, the Minister of State for Energy Affairs, the President and CEO of QatarEnergy, said “I am relieved to confirm that no one was injured by these unjustified and senseless attacks, which weren’t just an attack on the State of Qatar but attacks on global energy security and stability. This was an attack on all of us who stand for development and human progress that is sustained by a fair, reliable, and secure access to energy.”
The attacks damaged two liquefied natural gas (LNG) producing Trains 4 and 6 totaling 12.8 million tons per annum (MTPA) of production, representing approximately 17% of Qatar’s exports. Train 4 is a joint venture between QatarEnergy (66%) and ExxonMobil (34%), and Train 6 is a joint venture between QatarEnergy (70%) and ExxonMobil (30%). His Excellency Minister Al-Kaabi said: “The damage sustained by the LNG facilities will take between three to five years to repair. Related News
An explosion at an oil refinery near the Texas coast on Monday sent plumes of smoke billowing into the sky, prompting local residents to shelter in place. The incident occurred at the Valero refinery in Port Arthur, situated approximately 90 miles east of Houston. Officials confirmed that, despite the dramatic scenes, no injuries were reported. Related News
European Commission president Ursula von der Leyen has declared the time has come for negotiations with Iran to reopen the blocked Strait of Hormuz given the perilous energy situation around the globe. Speaking in Australia at the conclusion of a new free-trade agreement between the EU and Australia, she said: ‘The situation is critical for the energy supply allies worldwide. ‘We all feel the knock-on effects on gas and oil prices, our businesses and our societies, but it is of utmost importance that we come to a solution that is negotiated, and this puts an end to the hostilities that we see in the Middle East.’. Related News
Aramco Europe showcases its partnership with Fondazione Politecnico di Milano through the STEAMplay project. The initiative forms part of Aramco Europe’s citizenship program which supports a wide range of educational partnerships across Europe. Bringing digital learning to life in the classroom
STEAMplay brings creative, hands-on digital learning into the classroom and encourages students aged 11-14 to explore science, technology, engineering, arts and mathematics (STEAM) subjects in an interactive environment. The initiative uses a game-based learning approach developed with Italian start-up CodersKids. Students explore coding, storytelling, graphics and music creation through practical workshops, reflecting UNESCO’s theme for this year’s awareness day: “Building digital futures for public education.” The success of STEAMplay, with its blend of coding, scientific storytelling and game design, demonstrates how hands-on digital learning can spark curiosity and creativity in young students. This is an ambition shared by both Aramco Europe and Fondazione Politecnico di Milano, brought to life through the partnership. Related News
More Energy, Oil & Gas Stories !!! �News straight from the source �
OilandGasPress Energy Newsbites and Analysis Roundup | Compiled by: OGP Staff, Submit your Releases or contact us now!, victor@oilandgaspress.com
OilandGasPress.com is a website that provides news, updates, and information related to the oil and gas industry. It covers a wide range of topics, including exploration, production, refining, transportation, distribution, and automotive market trends within the global energy sector. Visitors to the site can find articles, press releases, reports, and other resources relevant to professionals and enthusiasts interested in the energy, oil and gas industry.
Disclaimer: News articles reported on OilAndGasPress are a reflection of what is published in the media. OilAndGasPress is not in a position to verify the accuracy of daily news articles. The materials provided are for informational and educational purposes only and are not intended to provide tax, legal, or investment advice.
Information posted is accurate at the time of posting, but may be superseded by subsequent press releases
“Stay informed with Oilandgaspress.com—your independent source for global energy, oil, gas, EV, and automotive industry news and analysis.”
Follow us: on Twitter | Instagram
Your Daily Source for Oil, Gas, Renewables & EV Market Insights :
latest oil and gas updates
Sorry, the comment form is closed at this time.