2026-03-05 08:00:00
OIL PRICE: BRENT NEAR $83, WTI ABOVE $77
REUTERS - March 5, 2026 - Oil prices rose more than 2% on Thursday, extending a rally as the escalating U.S.-Israeli war with Iran disrupted supplies and shipping, prompting some major producers to cut output and others to take measures to ensure supply security.
Brent crude was up $2.25, or 2.8%, at $83.65 per barrel by 1251 GMT, a fifth session of gains. U.S. West Texas Intermediate crude rose $2.56, or 3.4%, to $77.22.
Prompt Brent crude futures' premium to the six-month contract reached its widest since July 2022, indicating supply tightness in the global oil market.
Renewed attacks on tankers in the Gulf, along with Chinese measures to reduce fuel exports, pushed prices higher, said UBS analyst Giovanni Staunovo. The refined product market is also showing signs of stress due to missing Middle East exports, he added.
Some oil refineries in the Middle East, China and India shut their crude units because of the raging conflict in the Middle East.
As a result of a lower supply outlook in fuel markets, European diesel futures reached their highest level since October 2022, at $1,130.
CONTINUED ATTACKS ON OIL TANKERS
Attacks on oil tankers continued on Thursday in the Gulf, as the Bahamas-flagged crude oil tanker Sonangol Namibe reported its hull was breached after a blast near Iraq's Khor al Zubair port.
Around 300 oil tankers remained inside the Strait of Hormuz as vessel traffic in and out of the chokepoint nearly halted following the outbreak of war, according to ship tracking data from Vortexa and Kpler that excludes some of the smallest tankers.
Gas prices also rose on Thursday, after President Vladimir Putin warned Russia could halt its remaining gas flows to Europe, adding to concerns about supply after Qatar announced force majeure on LNG shipments.
European benchmark gas prices were up by 5% at 51.44 euros per megawatt-hour by 1244 GMT, having risen by 8.3% to 52.80 euros/MWh earlier in the session.
Iran launched a wave of missiles at Israel early on Thursday, sending millions of residents into bomb shelters as the conflict entered its sixth day, and just hours after moves to halt the U.S. attacks were blocked in Washington.
On Wednesday, a U.S. submarine sank an Iranian warship off Sri Lanka, killing at least 80 people, and NATO air defences destroyed an Iranian ballistic missile fired towards Turkey.
Crude oil supplies from Iraq and Kuwait could start shutting in within days if the Strait remains closed, potentially cutting 3.3 million barrels per day (bpd) by day eight of the conflict, J.P. Morgan analysts said in a note.
Iraq, the second-largest crude producer in the Organization of the Petroleum Exporting Countries, has cut output by nearly 1.5 million bpd for lack of storage and an export route, officials told Reuters.
Qatar, the biggest liquefied natural gas producer in the Gulf, declared force majeure on gas exports on Wednesday, with sources saying a return to normal production volumes may take at least a month.
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Earlier:
2026, March, 3, 08:00:00
OIL PRICE: BRENT NEAR $80, WTI ABOVE $72
Brent were at $79.44 a barrel, up $1.70, WTI jumped $1.17, or 1.6%, to $72.40.
2026, March, 3, 07:55:00
ОПЕК+ РОССИЯ: ОСТОРОЖНЫЙ ПОДХОД
Страны продолжат внимательно следить за ситуацией. В рамках постоянных усилий по поддержке стабильности рынка они подтвердили важность осторожного подхода и сохранения гибкости для продолжения приостановки или отмены дополнительных добровольных корректировок добычи, включая ранее введённые добровольные корректировки в размере 2,2 млн баррелей в сутки, объявленные в ноябре 2023 года.
2026, March, 3, 07:50:00
OPEC + RUSSIA: CAUTIOUS APPROACH
The eight OPEC+ countries also noted that this measure will provide an opportunity for the participating countries to accelerate their compensation.
2026, February, 27, 08:00:00
OIL PRICE: BRENT ABOVE $71, WTI ABOVE $65
Brent rose 36 cents, or 0.51%, to $71.11, WTI was at $65.59, up 38 cents, or 0.58%.
2026, February, 27, 07:50:00
INDIA WITHOUT RUSSIAN OIL
Millions of barrels of Russian oil stored on tankers at sea could still provide Indian refiners with a quick and cheap solution, provided they get the nod from New Delhi.
2026, February, 25, 08:00:00
OIL PRICE: BRENT ABOVE $70, WTI ABOVE $65
Brent up 6 cents at $70.83, WTI rose 4 cents to $65.67.
2026, February, 25, 07:55:00
RUSSIAN OIL FOR CHINA UP
Deliveries of Russian crude to Chinese ports rose to 2.09 million barrels a day in the first 18 days of February, vessel-tracking data compiled by Bloomberg show. The increase — from 1.72 million barrels a day in the whole of January and 1.39 million in December — has more than offset a drop from India.
2026, February, 20, 17:30:00
OIL PRICE: BRENT ABOVE $71, WTI ABOVE $66
Brent edged down 28 cents, or 0.4%, to $71.38, WTI lost 20 cents, or 0.3%, to $66.23.