While oil demand destruction deepens with each passing day the Strait of Hormuz remains closed, the longer-term impact of the Iran war may paradoxically work in oil’s favour. Spiking energy security concerns and greater fragmentation could lead to a less efficient, more voracious global energy system. Aggregate worldwide oil consumption is plummeting under the strain of the Iran war, which has reduced global crude supplies by 13 million barrels per day (bpd), or 12%, since the conflict broke out [Read more]

U.S. President Donald Trump said he would indefinitely extend the ceasefire with Iran to allow for further peace talks, although it was not clear on Wednesday if Iran or Israel, the U.S. ally in the two-month war, would agree. Trump said in a statement on social media the U.S. had agreed to a request by Pakistani mediators "to hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal... and discussions are concluded, one [Read more]

Military planners from more than 30 countries will hold two-day talks in London from Wednesday to advance a mission to reopen the Strait of Hormuz and draw up detailed plans, the British government said. More than a dozen countries said last week they were willing to join an international mission, led by Britain and France, to protect ‌shipping in the Strait of Hormuz when conditions permit. The commitment came after some 50 countries from Europe, Asia and the Middle East joined a video [Read more]

China will have to return to buying large volumes of oil within three weeks after being a big seller during the peak of the Iran supply crisis, the head of Mercuria, one of the world's largest energy traders, told the FT Commodities Summit. Marco Dunand said China was selling commercial stocks it had accumulated before the crisis. (Reporting by Dmitry Zhdannikov and Robert Harvey Editing by David Goodman ) [Read more]

Saudi Arabia's crude oil exports rose to 7.276 million barrels per day in February, from 6.993 million bpd in January, while crude output hit its highest level since October 2022, Joint Organizations Data Initiative (JODI) data showed on Tuesday. Saudi production in February was about 10.882 million bpd, the JODI data showed, up from 10.100 million bpd in January. Monthly export figures are provided by Riyadh and other members of the Organization of the Petroleum Exporting Countries (OPEC) [Read more]

President Donald Trump told CNBC in an interview on Tuesday that he did not want to extend a ceasefire with Iran, adding the U.S. was in a strong negotiating position and would end up with what he called a great deal. "I don't want to do that. We don't have that much time," Trump said when asked about the possibility of extending the ceasefire. Washington has expressed confidence that talks with Iran will go ahead in Pakistan, and a senior Iranian official said Tehran was considering [Read more]

Shipping traffic through the Strait of Hormuz remained broadly halted on Tuesday with only three ships passing the waterway in the past 24 hours, shipping data showed. A U.S. blockade of Iranian ports has infuriated Tehran, prompting it to maintain its own restrictions on the strait, which had been typically handling roughly one-fifth of the world's oil and liquefied natural gas supply. The Ean Spir products tanker sailed through Hormuz on Tuesday after previously calling at an Iraqi port, [Read more]