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Iranian oil continues to flow through the Strait of Hormuz, even as Gulf neighboring countries' exports are shut
A review of tanker tracking data revealed that Iranian crude oil continued to flow at a near normal pace through the Strait of Hormuz, even though?attacks on ships by the government of Iran in the narrow waterway?have decimated the exports of other Gulf countries. According to an analysis by TankerTrackers.com a maritime intelligence firm that specializes tracking shadow fleets, a network used to transport oil from countries under Western sanctions, Iran has exported 13.7 million barrels since Israel and the U.S. attacked the country on 28 February. Kpler, a vessel tracking service, estimated Iranian exports for the first 11 days in March at 16.5 million barrels. Iran's retaliation against the Israeli and U.S. attack has included attacks on energy infrastructure in the Middle East and ships in the Strait?of Hormuz, bringing non Iranian vessel transits into the main gateway of Middle Eastern oil imports to a standstill. This forced producers in the region to reduce output. Iran's ability continue to export oil without being intercepted contrasts starkly with the U.S.military Campaign in Venezuela which included a naval blockade and seizure of vessels trying to enter or leave Venezuelan waters. David Tannenbaum is a director with Blackstone Compliance Services. He said that he was surprised by the U.S.'s failure to launch a similar campaign before starting this conflict. Matias Togni, an analyst at Next?Barrel Oil and Shipping, said that U.S. efforts against Iranian-linked tankers may lead to more attacks on vessels crossing the Strait of Hormuz. James Lightbourn is the founder and shipping financier of Cavalier Ship, a maritime investment and advisory firm. Lightbourn stated that if the U.S. seizes tankers it would be less of a loss to Iran if the strait was closed completely (such as by using mines). The White House of U.S. president Donald Trump did not respond immediately to a question about whether Washington intends to take any action against Iranian oil exports. IRANIAN EXPORTS SIMILAR TO LAST YEAR'S PACE TankerTracker.com data and Kpler data show that Iran's crude exports ranged between 1.1 and 1.5 million barrels of oil per day from February 28 to March 11, according to the two sources. Kpler data shows that the country exported 1.69 million barrels per day on average last year. In the coming days, it is possible that the pace will increase. According to satellite images reviewed by TankerTrackers.com, multiple very large crude carriers - the largest oil vessels currently in service - are still loading oil on Iran's Kharg Island, export hub. Kpler data shows that Iran increased its exports in anticipation of Israeli and US military action before the 28th February strikes. Data showed that Iran exported a record amount of oil - 3.79 million barrels per day - in the week ending February 16. According to an analysis by Kpler & Lloyd's List Intelligence, six crude oil tankers left Iran between February 28 and March 1, including the U.S. sanctioned vessel Cuma which sailed last week. According to earlier reports, two liquefied gas tankers also subject to U.S. sanctioned sailed from Iran on Friday after loading their cargoes. A separate analysis revealed that at least 11 million barrels of crude oil were shipped out from Iran. Four supertankers, which left Iran with 8 million barrels, arrived in the waters near Singapore. The vessels are sailing in the same pattern within Iran's exclusive zone economic, which extends to up to 24 nautical miles beyond the local territorial limit of 12 nautical mile. Shipping sources say that this is seen as a way to protect the vessels by keeping them in Iranian waters. Reporting by Shariq KHan in New York, Jonathan Saul, Enes Tunagur and Arathy SOMASEKHAR in Houston, with editing by David Gregorio.
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Ecolab will impose a global energy surcharge in response to the rising costs of oil and gas
Ecolab, a water'solutions company, announced on Thursday that it would introduce a 10% to 14% "energy surcharge" to its products and services as the Middle East conflict has driven up manufacturing and logistic costs. The surcharge emphasizes the disruption caused by energy?price fluctuations as the Middle East war?disrupts supply and restricts transport routes. This is especially true for the Strait of Hormuz. On?Thursday, oil prices rose back to $100 per barrel. Ecolab CEO Christophe Beck said that the recent dramatic increase in energy costs requires this surcharge. The company said that the?surcharge would be closely monitored and could be adjusted as market conditions change. Ecolab announced last year that it would impose a 5% surcharge on its products and services sold in the U.S. in order to offset 'rising raw materials costs due to changes in trade policies.
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US energy chief: Oil unlikely to reach $200 per barrel
U.S. Energy Secretary Chris Wright stated on Thursday that global oil prices are unlikely to reach $200 per barrel, even though?crude?tankers remain stalled in Strait of Hormuz while the U.S.-Israeli war against Iran has widened. Wright said that he thought it unlikely but was focused on the military operations and the solution of the problem when asked if oil prices would hit $200 per barrel. This is a price level which could be reached if the war escalates, according to an Iranian official on Wednesday. The spokesperson for Tehran's Khatam al-Anbiya Military Command HQ, Ebrahim Zolfaqari said, "Get ready for oil barrels to be $200 because oil prices depend on regional security, which you have destabilized." Oil prices rose 6% on Thursday to almost $100 after two tankers caught fire in an Iraqi harbor following a suspected Iranian attack by explosive-laden boats. The increase came despite the fact that more than 30 countries from the International Energy Agency announced a day before the largest-ever coordinated withdrawal of?global oi l reserves of 400 millions barrels. About 40% of this will be coming from the U.S. as the world's biggest?oil producers. The Middle East Gulf states have been forced to cut their total oil production by 10 million barrels a day. This is about 10% of the world's demand. The IEA'said Thursday that this is the largest oil supply 'disruption ever experienced by the global market. Wright told CNBC Thursday that the U.S. Navy could not escort vessels?through Strait of Hormuz? at the moment, but that it was "quite probable" that this would happen by the end of next month.
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Senators from both parties agree that the US needs to fix its anti-drone system.
The top Democrat of the U.S. Senate Commerce Committee stated on Thursday that recent incidents involving a 'laser-based system to combat drones in Texas, put 'the flying public at risk. Government agencies must address these serious issues. In a letter to the Pentagon and the Department of Homeland Security, Senator Maria Cantwell said that "These incidents exposed serious process failures which expose the flying public in unacceptable safety risks". She added, "It is unacceptable that this system has been deployed without adequate coordination between FAA and the law." U.S. Military accidentally shot down a government-owned drone on?February 25 with a laser anti-drones system, leading to the FAA expanding an area around Fort Hancock in Texas where flights are prohibited. The incident occurred after the FAA had halted all flights at the El Paso airport for 10 days on?February 18, an order that was lifted within eight hours. Cantwell said that the 2026 FIFA World Cup as well as the 2028 Los Angeles Olympics could face drone threats. She added that each U.S. Government agency with "counter-drone" responsibilities must be ready to act quickly in the face any such threat, without jeopardizing the aviation safety. She also said that she would like to receive a briefing by the agencies on March 25, detailing the steps they will take to ensure coordination and how the?counter-drone effort would be implemented in the state and local level. She said: "We need leaders?at each of your agencies to allocate resources and attention without delay to fix these coordination issues before a tragedy can happen." The Pentagon and FAA didn't immediately respond to the letter, but they did say a week ago that they were planning to test high energy lasers to counter drones in order to address FAA safety concerns. Steve Bradbury, the U.S. Deputy Secretary of Transportation, said that better coordination is needed. He told? He told? (Reporting and editing by Sharon Singleton, Pooja Deai and David Shepardson)
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Consultancy says that the exports of iron ore from Ukraine have fallen by 41% in 2026.
Analysts at GMK Center - Consultancy reported on Thursday that the?exports of iron ore from Ukraine in January and February fell by nearly?41% compared to last year, totaling 3.3 million metric??tons. GMK Center expects Ukraine's exports of iron ore to decline by 5% in this year, to 29 million tons. After grain, iron ore is the second-largest export of Ukraine. GMK stated in a'report' that the decline of exports is likely primarily attributed to internal production constraints versus external market conditions. GMK Center stated that the main cause of the shutdowns was the disruptions in power supply following the attacks on the grid. This caused the mining and processing facilities to be unable to operate, resulting in temporary closures and production limitations. Russia has increased its strikes against Ukrainian energy infrastructure and'seaports', causing widespread blackouts in entire regions. The annual exports of iron ore from Ukraine will fall by?8% to almost 31 million tonnes in 2025. The majority of the iron ore exported by Ukraine is to China. (Reporting and editing by Tomaszjanowski)
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Webuild's revenue guidance disappoints, shares down
Webuild, Italy's largest building company, reported a 18% increase in its core profit for 2025. However disappointing revenue guidance for 2026 caused the stock to drop as much as 10%. The company reported that its core profit (EBITDA), which is the amount of money it will earn in 2025, would be 1.16 billion euro ($1.34 billion). The company's adjusted full-year net?profit grew 13% to 280 millions euros. Revenue grew?15%, to 13.6 billion euro. In a conference call with analysts after the results, Pietro Salini said: "We do not give precise targets for 2026. Not because we see risks but because I think it would be unprofessional. Analyst Matteo Bonizzoni of brokerage Kepler Cheuvreux said that the company's shares have fallen to their lowest level since the end 2024, dragged down by "vague" guidance for 2026 revenue in line with this year. The analyst added that the exposure of the company to the Middle East was "not beneficial". BUSINESS IS RUNNING AS USUAL IN THE MIDDLE-EAST Webuild confirmed its Middle East activities were proceeding normally, and that both its group?and its subcontractor personnel are safe. Webuild has proposed a dividend per share of 0.08 euros, and?0.26 per saving shares. Its 2025 order backlog stood at 58.4 billion euros.
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Senator says US must deal with issues regarding anti-drone system
The Senate's top Democrat said that the recent occurrences involving the government's use of a laser anti-drone system put flying public in danger and the government must take serious measures. Senator Maria Cantwell sent a letter to the Pentagon, the Federal Aviation Administration, the Department of Homeland Security, and other agencies, saying that these incidents revealed "serious failures in the process" which exposed the flying public to unacceptable safety risk. It is unacceptable that the system was installed without proper coordination with FAA. This 'likely' violated law. Cantwell said that the 2026 FIFA World Cup and the 2028 Los Angeles Olympics will 'face potential drone threats.' He added that each U.S. Government?agency 'with counter-drone responsibility needs to be ready now to act quickly in the face of any such threat, without jeopardizing aviaton safety. (Reporting and editing by Sharon Singleton; Reporting by David Shepardson)
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TSX futures fall as Mideast tensions drive oil higher and fan inflation fears
The futures linked to Canada's major stock index fell on Thursday as signs of Middle East tensions shook risk sentiment. Crude prices also rose, adding to inflation concerns. As of 7:01 a.m., March 'futures' on the TSX composite index slid 0.1%. ET, and futures for Wall Street’s main indexes fell as well. Crude prices soared after Iran intensified its attacks on oil and transportation facilities in the Middle East. This fueled fears of a prolonged conflict that would worsen inflation. Meanwhile, oil flow through the Strait of Hormuz was still obstructed. Oil prices have surged, causing risk assets to fall globally. Canada's benchmark index is also down by 3% compared to levels before the conflict began on February 28, 2009. The information technology sector was the hardest hit, while energy performed better due to crude's strength. Canadian equities, which are heavily weighted in commodities, were among the top performing assets on developed markets before the U.S./Israel war against Iran. The index closely tracked the record rise in precious and base metals. The benchmark TSX index closed lower on Tuesday as escalating tensions 'in the Middle East' weighed on sentiment. Two tankers caught fire in Iraqi water on Thursday, an indication that the conflict may worsen. Washington also announced that it would launch?two?new?trade inquiries into excessive industrial capacity and forced labor in 16 major trading partner countries, re-establishing?tariffs after the Supreme Court threw out a large part of U.S. president Donald Trump's tariff plan last month. RBC has upgraded its rating of?Canadian gold miner Kinross Gold? to "outperform", from "sector-perform". CLICK CODES TO GET CANADIAN MARKETS NEWS TSX Market Report Canadian Dollar and Bond Report Global Stocks Poll for Canada Canadian Markets Directory (Reporting and editing by Diti Pjara in Bengaluru, Rashika Singh)
Ukrainian drones strike oil hub in Russia’s Krasnodar Region
An official from Ukraine's SBU security service said that Ukraine had struck an oil pumping facility in the 'Krasnodar Region' of Russia. This was the latest target for Kyiv's campaign to attack Russian strategic infrastructure.
Officials said that the Tikhoretsk hub was one of the biggest oil points in southern Russia, and the only route to supply petroleum products into the port of Novorossiysk.
This month, Ukrainian drones attacked the Sheskharis Oil Terminal in Novorossiysk. The attack led to a temporary suspension of oil loads.
SBU officials added that a large fire broke out following the drone strike on Tikhoretsk.
Kyiv has launched regular long-range attacks on Russia to destroy oil refineries and depots, as well as pipelines, to cripple Moscow’s main funding source for its war against Ukraine. Since its invasion of Ukraine in February 2022, Russia has repeatedly struck Ukraine's energy infrastructure.
Andriy KOVALKO, the head of Ukraine's Centre for Countering Disinformation (CCDC), said that Ukrainian forces have attacked several chemical plants in Russia which produce explosives just within the last month.
He added that these included two strikes on Metafrax Chemicals as well as attacks?on Dorogobuzh UralKhim Akron KuibyshevAzot.
Kovalenko stated?on Telegram, the messaging app.
The Ukraine attacked the Kremniyel factory in Bryansk, a border region near Russia that produces missile components.
(source: Reuters)