02 Mar As Reported Energy Price, news updates and expert commentary 02/03/26
(Oilandgaspress) U.S. and Israeli forces also launched hundreds of missile and bomb strikes that affected at least 14 Iranian cities. An Israeli military official told media outlets that this is a much more wide-ranging campaign than the previous U.S.-Israeli attack on Iran in the 12-day war last summer.
Despite the initial success of damaging the Iranian regime significantly, much remained to be done in terms of accounting for additional governmental officials, as well as the Islamic Revolutionary Guard Corps (IRGC). Oil market implications. The short-term effects of military actions in the Middle East are going to push oil prices higher, at least temporarily. Futures prices rose more than 2% on Friday, Feb. 27, in anticipation of eventual hostilities with Brent hitting $72.86/bbl (+2.45%), and WTI reaching $67.02 (+2.78%). How much oil prices gain will depend on how long the military campaign might last, how much the flow of oil out of Iran is disrupted, and the war’s potential impact on the Iranian-controlled Strait of Hormuz. One thing is for certain—in the very short run, average gasoline prices across the U.S. are likely to go noticeably above $3.00/gal, compared to the current $2.98/gal level.
The OPEC+ meeting on Sunday involved only eight members of OPEC+—Saudi Arabia, Russia, the UAE, Kazakhstan, Kuwait, Iraq, Algeria and Oman. OPEC and its allies said early Sunday they would raise daily output by 206,000 bopd after pausing incremental production increases earlier in the year. In the fourth quarter, OPEC had boosted production by 137,000 bopd.
Asian economies, including China and India, would be particularly affected, if the Strait of Hormuz were closed. China imported approximately 1.4 MMbpd of Iranian oil during 2025. It has been responsible for buying more than 80% of Iran’s ocean-borne crude exports. IN turn, Iranian oil represents more than 13% of China’s ocean-borne crude imports, and roughly one-third of China’s total oil imports go through the Strait of Hormuz. China is scrambling to line up oil from other countries. And this could, in theory, send global oil prices even higher. Even if only Iranian crude shipments are affected Related News
Iran has reportedly launched a fresh salvo of air attacks on countries across the region, after Israel struck Hezbollah targets in Lebanon early Monday. Iran’s foreign minister suggested earlier that Revolutionary Guard (IRGC) units were acting independently of central government control, following pre-arranged instructions.. Related News
With tensions escalating in the Gulf and uncertainty surrounding the status of Strait of Hormuz, Pakistan may seek inclusion in Saudi Arabia’s list of preferred countries for crude oil supplies via the Red Sea route if the disruption persists beyond 10-12 days, well-placed sources at the Petroleum Division told this scribe. Pakistan relies heavily on Gulf energy imports. It sources LNG from Qatar, diesel from Kuwait, and crude oil largely from Abu Dhabi National Oil Company (ADNOC) — all typically shipped through Hormuz. Officials confirmed that two crude oil tankers, including one operated by the Pakistan National Shipping Corporation (PNSC) MT Karachi, are currently stranded in the Strait, while another cargo that was at the loading stage is unlikely to sail under the prevailing circumstances. Related News
The European Commission does not expect the widening conflict in the Middle East to have any immediate impact on the European Union’s security of oil supply, it said in an email seen by Reuters on Monday.The Commission has asked EU governments to share their own assessments of the security of oil supplies today Related News
Oil and gas prices (Top figures mid day)
| Oil and Gas Blends | Units | Oil Price | Change |
| Crude Oil (WTI) Oilprice | USD/bbl | $73.02 | Up |
| Crude Oil (Brent) | USD/bbl | $79.91 | Up |
| Bonny Light 02/03/26 CBN | USD/bbl | $77.97 | Up |
| Dubai | USD/bbl | $68.34 | — |
| Natural Gas | USD/MMBtu | $3.01 | Up |
| Murban | USD/bbl | $81.42 | Up |
| OPEC basket 27/02/26 OPEC | USD/bbl | $70.07 | Up |
| At press time March 02, 2026 |
On Sunday, March 1st, a fire broke out in the loading pumps of the SEVIA Unit at the Esmeraldas Refinery. The refinery’s Emergency and Contingency Plan was immediately activated. By 9:35 PM, the fire was fully under control.
As a preventive measure, operations at the Esmeraldas Refinery are temporarily suspended while control and technical evaluation work is carried out, after which activities will resume with complete safety. EP Petroecuador reports that the situation is under control and there is no risk Related News
Asia’s jet fuel and diesel cash differentials soared to multi-year highs on Monday, as the markets priced in the risks of supply disruption from a widening conflict in the Middle East, multiple regional trade sources said. Jet fuel cash differentials ended the trading session at a premium of $4 a barrel, LSEG pricing data showed, more than $2 higher than the previous close and at levels last seen in September 2022. Diesel cash differentials were at premiums of around $4.25 a barrel, levels last hit in November 2022, the data showed.
Refining margins for both 10ppm-sulphur gasoil and jet fuel edged up to around $30 a barrel or more, at their highest in nearly four months. . Related News
Iran’s nuclear programme has been among the reasons Israel and the U.S. have given for the attacks, alleging Iran was getting too close to being able to eventually make an atom bomb. At the same time, what remains of Iran’s atomic facilities after the two militaries attacked them in June appears to have been largely spared in this campaign so far.
“We have no indication that any of the nuclear installations have been damaged or hit,” International Atomic Energy Agency chief Rafael Grossi said in a statement to a meeting of his agency’s 35-nation Board of Governors. .Related News
Two tankers were attacked near the mouth of the Persian Gulf, increasing the chances of disruption through the Strait of Hormuz, the world’s most important shipping chokepoint for oil and gas.
One incident occurred just north of Oman with the second further south, UK Maritime Trade Operations Centre, said. Oman’s Maritime Security agency confirmed the Skylight tanker — a small ship that appears to be sanctioned by the U.S. A second, the MKD Vyom, was struck further south, about 50 miles from the Middle East country’s coast, according to a Norwegian rescue service. Related News
A coalition of eight former energy ministers has written to Prime Minister Keir Starmer urging a dramatic reversal of North Sea oil and gas policy. The cross-party group, spanning Labour, Conservative and Scottish Government ranks, includes former Conservative energy secretary Amber Rudd and ex-Labour business and energy secretary John Hutton..They argued: “The premature curtailment of domestic production is not primarily the result of geology but of policy decisions made by both Labour and Conservative Governments.”
The group warned: “Energy security is national security. Without urgent reform we will become increasingly reliant on imported liquefied natural gas.” The former ministers set out three principal demands for the Government in their correspondence. Related News
The Supervisory Board of Fugro N.V. and Barbara Geelen have jointly agreed that Geelen will step down from the Board of Management of Fugro N.V. per the close of the upcoming AGM, to be held on 23 April 2026. She will continue to contribute to Fugro in an advisory role until 1 August 2026, ensuring a smooth transition. Barbara Geelen has held the position of Chief Financial Officer (CFO) and Board of Management member since 2021.
The Supervisory Board will now launch the search for a successor. Related News
Fugro 2025 results: Better positioned for 2026, benefitting from cost measures and focus on cash generation
- Fugro’s performance in 2025 was affected by challenging offshore wind markets, and a temporary slowdown in oil & gas project start-ups during the latter part of the year, as previously indicated
- Execution of cost reductions during the year, with the programme now nearing completion, delivering an annualised benefit of EUR 120 mln, supporting 14.5% EBITDA margin despite EUR 427 mln lower revenue
- Operating cash flow before changes in working capital of EUR 175 mln; free cash flow of EUR -137 mln was driven by capex of EUR 248 mln and higher working capital
- Balance sheet remains robust with net leverage of 1.4x
- Net result, excluding one-off impairments, was EUR 59 mln
- Dividend of EUR 0.15 per share
- 12-month backlog is EUR 1,396 million, down 5.7% on a currency comparable basis
- Outlook 2026:
- offshore wind market is showing early signs of recovery, though it will take some time to materialise
- margin improvement driven by implemented cost savings and operational efficiencies
- to support free cash flow, capex will be reduced to EUR 150-165 mln, well below EUR 248 mln in 2025, along with lower working capital
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