04 Mar As Reported Energy Price, news updates 04/03/26: OPEC $81.00/bb,Bonny Light $81.74/bbl,WTI Crude $75.10/bbl,
(Oilandgaspress) Oil prices rose 3% on Wednesday as the U.S.-Israeli war on Iran disrupted Middle East supplies, but the pace of gains slowed from past sessions after President Donald Trump suggested the U.S. Navy could escort vessels through the Strait of Hormuz. Iraq, the second-largest crude producer in the Organization of the Petroleum Exporting Countries, has cut output by nearly 1.5 million barrels a day, about half its production, due to storage limits and the lack of an export route, officials told Reuters.
They said the country may have to shut its nearly 3 million bpd of output within days if exports do not resume.
Iran has also targeted tankers in the Strait of Hormuz, through which about a fifth of the world’s oil and liquefied natural gas flow. Traffic through the Strait remains effectively closed.. Related News
A Russian-flagged LNG tanker caught fire in the Mediterranean on Monday, according to reports. The vessel, identified as the Arctic Metagaz, was said to be ablaze early on Monday near Malta or the Libyan coast. Images circulating on social media showed flames rising from the ship but there was no immediate word on crew casualties. Russia’s transport ministry said on Wednesday that Ukrainian naval drones were responsible for an attack on a Russian ship carrying gas – Arctic Metagaz – which caught fire in the Mediterranean a day earlier.. Related News
| Oil and Gas Blends | Units | Oil Price | +/- |
| Crude Oil (WTI) Oilprice | USD/bbl | $75.10 | Down |
| Crude Oil (Brent) | USD/bbl | $82.55 | Up |
| Bonny Light 03/03/26 CBN | USD/bbl | $81.74 | Up |
| Dubai | USD/bbl | $68.40 | — |
| Natural Gas | USD/MMBtu | $2.99 | Down |
| Murban | USD/bbl | $84.28 | Up |
| OPEC basket 03/03/26 OPEC | USD/bbl | $81.00 | Up |
| At press time March 04, 2026 . |
Second-quarter projections for Brent prices expected to go up by $10 to $76 per barrel.
J.P. Morgan estimates that crude oil supply from Iraq and Kuwait will be shut down within days if the Strait of Hormuz remains closed, projecting supply losses of up to 4.7 million barrels per day.
ANZ raised its average Brent crude forecast to $90 a barrel and LNG forecast to $17/mmBtu for the first quarter of 2026. Goldman Sachs raised its Q2 2026 average price forecast for Brent crude oil by $10 to $76 per barrel and by $9 for WTI to $71. It also revised its Q4 2026 forecasts for Brent and WTI to $66 and $62, respectively. Both Brent and U.S. West Texas Intermediate crude rose by around 5% or more in the past two sessions. Related News
Climate change has created a “catch-22” for the electric vehicle (EV) transition – but advancements in battery technology could outsmart rising temperatures.Environmental concerns have motivated many to switch to EVs in recent years. According to data from the European Automobile Manufacturers’ Association (ACEA), sales of fully electric cars surpassed those of petrol-only vehicles in the EU for the first time in December 2025. Despite the EU having softened its 2035 car emissions ban, the bloc registered more hybrid electric cars last year too, signalling a substantial shift. By the end of 2025 petrol car registrations fell by 18.7 per cent, with all major markets seeing declines.
However, one of the main “make-or-break” factors putting people off switching to an EV is their ability to cope with extreme weather. Related News
Asian stock markets fell for a third day on Wednesday and oil prices rose on fears the US-Israel war with Iran may drag on, causing an energy shock which could fuel inflation
South Korea and Thailand stock markets were forced to temporarily halt trading on indexes after plunging by more than 8% and triggering so-called circuit breakers, which aim to avoid panic selling. Both oil and gas prices have soared this week after vessels near the crucial Strait of Hormuz shipping lane have come under attack. Gas prices continued to be volatile on Wednesday. South Korea’s benchmark Kospi index closed 12% lower, while the Nikkei 225 in Japan lost 3.6%.
In afternoon trading, Hong Kong’s Hang Seng index was 2.5% lower, while the Shanghai Composite in mainland China was down by 0.8%..The price of gold, which is considered a safe haven asset during economic uncertainty, ticked up to $5,169 in early trading. Related News
CHC do Brazil, part of CHC Helicopter, a global provider of helicopter services to the offshore energy sector and Search and Rescue (SAR) operations, has been awarded a contract by Equinor to provide crew change support for the Bacalhau field offshore Brazil.
The contract commenced at the start of February 2026. Under the agreement, CHC is operating an S 92A helicopter from its Jacarepaguá base to transport offshore personnel. Bacalhau is located approximately 185 km offshore Brazil in ultra deep waters. Offshore operations in this region require reliable aviation services capable of operating over long distances and in challenging offshore environments. Related News
Brussels emphasizes that the US must “respect the commitments made” in the trade agreement signed by both parties last summer and highlights the support for Sánchez expressed yesterday.
Brussels reiterates and strengthens its defense of Spain following what the Commission itself describes as a “commercial threat from President Trump.” In a statement signed by the Trade spokesperson, Olof Gill, the European Commission emphasizes that it maintains “full solidarity with all Member States and all their citizens”.
“And, through our common trade policy, we are ready to act if necessary to safeguard the interests of the EU,” the text adds. This represents a further step from what was indicated yesterday by the spokesperson himself, who stated that “the Commission will always ensure the interests of the EU.” Related News
CRC Evans has announced a major new facility investment that will drive future international growth. The new state of the art 90,000 sq ft facility in Burnley will be one of the largest end-to-end specialty welding, coating, and engineering hubs of its kind across the EMEAA region.
Strategically located in the North West of England, the new supersite will drive a new phase of international growth across Europe, the Middle East, Africa, Asia, and South America.
The Centre of Excellence will position it’s EMEAA region as a central platform within the CRC Evans international operating model, as it meets demand across conventional gas markets and accelerates diversification into nuclear, defence, aerospace, renewables, and critical infrastructure markets. The new site will also provide a headquarters for CRC Evans’ Critical Infrastructure business stream. .Related News
The crisis in the Middle East is complicating Russian oil exports, according to reporting cited by the Polish newspaper Rzeczpospolita. With Indian purchases facing restrictions, Russian companies are increasingly redirecting shipments toward China. That shift requires longer transport routes and the use of the largest tankers, known as VLCCs (Very Large Crude Carriers).
Freight costs for these vessels have surged sharply. Bloomberg reports that even before the U.S. and Israeli attack on Iran, the daily charter price for a VLCC traveling from the Middle East to China had climbed above $200,000..Bloomberg reports that waters near Egypt are increasingly being used for ship-to-ship oil transfers.
The location has gained importance as companies search for safer transfer points north of the Suez Canal and around Greece and Malta.. Related News
Donald Trump has promised cheap insurance for ships travelling through the Strait of Hormuz in a challenge to Lloyd’s of London.
The US president said he had ordered America’s international investment body to insure ships travelling through the Persian Gulf at a “very reasonable price” after the outbreak of fighting in the Middle East led insurers to cancel polices and dramatically raise rates.
Mr Trump wrote on Truth Social: “Effective IMMEDIATELY, I have ordered the United States Development Finance Corporation (DFC) to provide, at a very reasonable price, political risk insurance and guarantees for the Financial Security of ALL Maritime Trade, especially Energy, travelling through the Gulf.”
The pledge is an attempt to calm international oil markets, which have been rocked by conflict in the Middle East. Investors are concerned that the war with Iran could not only disrupt oil production but also halt trade.. Read More
French President Emmanuel Macron on Tuesday ordered a nuclear-powered aircraft carrier from the Baltic Sea to the Mediterranean to help protect allied assets as war in the Middle East showed no signs of de-escalating. Macron also noted that France has defence agreements with several Gulf states as well as commitments to Jordan and Iraq. Related News
Improved Recovery Award
There is still time to propose candidates for the award, but the deadline is quickly approaching. You can nominate production licences, companies, suppliers, individuals or others for their efforts to contribute to improved recovery from fields on the Norwegian continental shelf (NCS).
This prize was first awarded in 1998, when it was called the Norwegian Petroleum Directorate’s IOR Award. In 2024, the prize was awarded to the licensees (Aker BP and Pandion Energy) for the effort with the Valhall and Hod fields in the North Sea. These fields have produced nearly four times more oil and gas than what was estimated in the development plans. Related News
As the conflict in Iran runs into its fifth day and engulfs an ever-widening swath of the Middle East, choking off transit through the critical Strait of Hormuz, oil prices continue to surge higher — forcing reevaluations of previous assumptions about US inflation and the Federal Reserve’s path for interest rates. Treasury yields (^FVX, ^TNX) climbed and expectations for rate cuts pared back this week as traders digested the risk that higher crude prices could slow progress toward the Fed’s 2% inflation goal. As of Wednesday morning, futures on Brent crude (BZ=F), the international pricing benchmark, had gained roughly 15% from Friday’s closing price, while those on US benchmark West Texas Intermediate crude (CL=F) had picked up a slightly slimmer 14%. Related News
Applications opened today for a new program aimed at empowering the next generation of talent. Throughout the program, participants will have the opportunity to complete three six-month rotations across different areas of the group, as well as undertake an international experience. The EDP Global Graduate Program, previously known as the EDP Trainee Program, will last 18 months and is open to candidates from Europe, North America, South America, and Asia-Pacific — regions where the company operates. The global program offers a multidisciplinary experience designed to enhance both professional and personal skills, while also creating long-term career opportunities at EDP. Applications are open until March 29. Related News
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