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Investors fear a further Middle East escalated as oil prices rise by 5%
On Thursday, oil prices increased 5%, reversing the previous session’s decline, amid fears that a long-term conflict in the Middle East could disrupt supply. Brent?futures rose $5.26 or 5.2% to $107.48 per barrel at 10:57 am?EDT (1450 GMT), near the session high of $107,84. U.S. West Texas Intermediate Crude Futures rose $3.53 or 4% to $93.85 per barrel after reaching as high as $94.84. Both benchmarks fell more than 2% Wednesday. Iran has reviewed a U.S. plan to end this war but does not intend to hold talks, said Iran's Foreign Minister on Wednesday. U.S. president Donald Trump warned Iran to "get serious," on Thursday, about a deal that would end almost four weeks of fighting. A day earlier, White House press secretary Karoline leavitt had said the U.S. would hit Iran harder if Tehran refused to accept the fact that it has "been defeated militarily." "There is confusion and frustration over the veracity?of stories coming out of Iran and the United States." Timothy Snyder, Matador Economics' chief economist, said that investors are again moving into safer assets to conserve capital. Sources have confirmed that the Pentagon plans to send thousands more airborne troops into the Gulf in order to give Trump a wider range of options for a possible ground assault. This will be added to two Marine contingents currently en route. A Houthi leader said that the Iran-aligned Houthi Movement in Yemen is ready to strike again the Red Sea waterway as a show of solidarity with Tehran. Soojin Kim, MUFG analyst, said that "ongoing military escalation" - including troop deployments, fresh strikes and limited tanker movements under strict Iranian conditions - continues to strain the global energy markets. TRUMP'S FIVE-POINT PLAN According to three Israeli cabinet members familiar with the plan, Trump's five-point proposal would eliminate Iran's highly enriched uranium stocks, stop enrichment, curtail its ballistic missile programme, and cut funding to regional allies. Conflict has almost stopped shipments through Strait of Hormuz which typically transports about a fifth of world crude oil and LNG. The International Energy Agency called it the "biggest disruption of oil supply ever". Iraq's oil output has dropped, and storage tanks are at critical levels. Three Iraqi energy officials confirmed this on Wednesday. According to data from the U.S. Energy?Administration, Iraq will be the second largest crude producer in OPEC in 2025 behind Saudi Arabia. Sanae Takaichi, the Japanese prime minister, asked Fatih Birol, chief of the IEA on Wednesday for a coordinated release of additional oil stocks as Tokyo sought to protect itself against a prolonged conflict. According to calculations based upon market data, the Russian oil export capacity has been halted by at least 40% following Ukrainian drone strikes and the seizure or tankers. On Thursday, ?Russia's Kirishinefteorgsintez oil refinery, one of the largest in the country, halted processing on Thursday following Ukrainian drone attacks that ?caused fires in some parts of the plant, two industry sources said. Interfax reported Thursday that the head of Russia's oil-pipeline monopoly Transneft would try to redirect oil from Baltic Sea ports damaged by storms. Turkey's transport minister stated on Thursday that a marine drone had struck a Turkish crude tanker leaving?Russia and caused an explosion in the Bosphorus Strait near Istanbul. U.S. crude oil inventories increased by 6.9m barrels, to 456.2m barrels for the week ending March 20. This is the highest level of the last six years and exceeds analyst expectations. (Reporting from Siddharth Cavale in New York, with additional reporting by Ahmad Ghaddar, Yuka Obaashi, in Tokyo, and Siyi Lu in Singapore, and editing by Bernadette B. Baum, Ros Russell, and Paul Simao.
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Mexico announces its support for the motor transport industry
The?Mexican?government announced on Thursday measures to support the motor transport industry in Mexico, particularly heavy vehicle manufacturers and owners. At a recent press conference, Economy Minister Marcelo Ebrard said that the program includes tax incentives for local manufacturers and also aims to promote 'Mexico’s motor transport industry by protecting it against imports. He added that the initial budget for the project was 2 billion pesos ($112,41 million) in tax deductibles and 250 millions pesos of direct investment. The program will "support Mexico's heavy vehicles sector by providing incentives for the purchase of vehicles. The President Claudia Sheinbaum stated that the "measures" will boost the production and use of commercial vehicles. She also said that the "modernization of heavy duty vehicles" would help to reduce pollution levels in the country, as well as improve the conditions of freight transport.
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Italian tax police search multiple office in IT contract probe
Two sources who have direct knowledge of this matter confirmed that the Italian tax police had searched the offices of several state-linked organizations and 'companies as well as an executive's office in Rome, as part of an investigation into the public IT procurement contracts. Sources said that the investigation is an extension of the 2024 probe, which was launched into Sogei (the Treasury's IT firm) in order to investigate a alleged scheme of rigging IT procurement contracts by creating slush fund. The company, Polo Strategico Nazionale, manages cloud infrastructures for the public sector. Sources said that police had also entered a building of the defence ministry and a Telecom Italia executive's office in Rome. The Defence Ministry?said that it would provide its full cooperation and support to the judiciary authorities. Terna, TIM, PSN (which is owned by TIM), Leonardo, CDP Equity, and Sogei were not available to comment. Sources say that Rome prosecutors are 'investigating allegations of corruption and money laundering' linked to certain contracts awarded by the companies searched as well as the environment ministry. Sources confirmed that 26 people are under investigation. (Reporting and editing by Crispio Balmer, Alex Richardson and Crispio Parodi)
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Interfax reports that Transneft, a Russian oil company, wants to divert oil away from ports attacked by terrorists.
Interfax reported Thursday that the Russian oil pipeline monopoly Transneft would try to redirect oil from Baltic Sea ports damaged by drone strikes, according to the head of the company. Calculations based on data from the market indicate that 'at least 40 percent of Russia's export capacity has been halted due to Ukrainian drone attacks and a dispute over an attack on a pipeline. Ukrainian drones have attacked the Baltic Sea ports of Primorsk,?Ust-Luga and other major hubs of Russian oil exports this week, forcing them suspend their loadings. It is hard to move such large volumes in a short time. The CEO of Transneft, Nikolai Tokarev, was quoted by Interfax as saying that these are large amounts. He said, "As far as our company is concerned, we'll do all we can to get things done as soon as possible." Tokarev didn't say if the ports ceased operations. PRIMORSK IS a major outlet for urals CRUDE Primorsk is one of the major outlets for Russia's Urals crude oil and high-quality diesel. Sources claim that Ust-Luga exported 32.9 metric tons of oil products in 2012, while Primorsk shipped 16.8 million. (Reporting and writing by Maxim Rodionov, Anastasia Teterevleva, Editing by Mark Trevelyan & Barbara Lewis).
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Senior diplomat: US support Taiwan in defence and energy
In a speech to senior Taiwanese officials on Thursday, the top U.S. diplomatic representative in Taiwan tried to send a "reassuring" message that the U.S. government supports the island in terms of?both strengthening its defences and assuring energy supplies during Iran's?war. Despite the lack of formal diplomatic relations, the 'United States' is Taiwan's largest arms supplier and international supporter. Raymond Greene, speaking at an American Chamber of Commerce dinner in Taiwan with President Lai Ching te and top officials in attendance, said that U.S. obligations under the Taiwan Relations Act, which mandates, among other things arms sales, remained "rock-solid". "Our goal is to create an environment where the two sides can settle their differences peacefully and without coercion. He said that to achieve this goal, we view dialogue and deterrence both as sides of the same stable coin. Greene said, "In this context we continue to support Taiwan’s efforts to obtain critical?defence capability," pointing out Taiwan's focus to acquire cost-effective systems, such as integrated air and missile defenses, and drones. TRUMP TO MEET XI IN MAY Greene, the head of the American Institute in Taiwan which manages relations when formal diplomatic ties are not present, spoke just a few days after U.S. president Donald Trump announced that he will meet?Chinese leader Xi Jinping mid-May. This trip was postponed because of the Iran War. Beijing, which never renounced using force to subdue the island, demanded that U.S. arms sales be stopped to Taiwan, a democratically-governed country. Greene said that the United States would supply Taiwan with more natural gas and crude oil to "further reduce the effects of ongoing global commodities supply disruptions", though he didn't mention the Middle East war directly. He added that CPC, Taiwan's state owned refiner and U.S. LNG exporter Cheniere Energy, had recently agreed to double CPC's gas imports from the U.S. As I said last summer, America is ready to help Taiwan meet its energy needs using all available technologies and sources. (Reporting and editing by Joe Bavier, Alex Richardson and Ben Blanchard)
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UK authorizes military to board Russian Shadow Fleet Tankers
Prime Minister Keir starmer announced on Thursday that he had authorized the military to board and arrest Russian vessels in British waters. This was to disrupt what his government claims is a network of vessels which enables Moscow to continue to export oil, despite Western sanctions. Other European nations such as France, Belgium, and Sweden have increased efforts to arrest Russia's shadow fleet of oil tankers that Moscow uses to fund its four year war against Ukraine. Starmer said he had approved of the more aggressive actions against the vessels, because Russian President Vladimir Putin "rubbed his hands" at the sharp increase in oil prices caused by the U.S. and Israel war against Iran. Starmer, who spoke at the Joint Expeditionary Force Summit held in Helsinki, said: "I strongly believe that we should pursue the shadow fleet with even greater intensity." "Together, we must shut off crucial sea routes for this vital trade in order to 'keep up the pressure against Putin. This year, Britain provided intelligence support and logistical assistance to the French military and U.S. forces who held Russian vessels. Starmer's announcement marks the first time that British forces were authorized to board Russian vessels. MOVE COULD FORCE RUSSIAN HIDES TO TAKE LONGER TRAVELS Downing Street has said that British law enforcement and military officials are preparing to board Russian vessels which do not surrender or use high-tech surveillance systems to avoid capture. Downing Street has said that criminal charges may be brought for violations of the sanctions legislation against owners, operators, and crew once the ships have been boarded. An official in Britain said that at least 12 Russian-sanctioned vessels passed through the Channel, the narrow waterway separating Britain from France, each month on average over the last year. Officials said that the British authorization to board Russian vessels could mean that these ships will avoid the Channel - one of the most important shipping lanes in the world - and take longer, costlier journeys. Russia's reliance on its shadow fleet allows it to continue exporting oil despite Western restrictions imposed after the full-scale invasion of Ukraine in 2022. The European Union's efforts to maintain pressure on Russia have been undermined by President Donald Trump and his administration, which gave countries a 30 day waiver to purchase?sanctioned Russian goods currently stranded in the sea. This was done to stabilize global markets for energy that were roiled due to the Iran War. The UK has imposed sanctions on 544 Russian shadow-fleet vessels. According to estimates by Britain, these vessels transport about three-quarters (75%) of the crude oil produced in Russia. British forces assisted the United States in January to'seize' a Russian flagged oil tanker off the coast of the North Atlantic. Later that month, they provided tracking and monitoring support for the French operation in order to board an sanctioned Russian tanker on the west Mediterranean. The shadow fleet of Russian vessels is characterized by opaque ownership and has raised concerns about the environmental risks. They are poorly regulated and ageing, and are prone to leaks, mechanical failures, and spills. This poses a threat to marine ecosystems. (Reporting and editing by Kate Holton, Andrew Heavens and Andrew MacAskill)
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Hapag-Lloyd to incur weekly costs of $40 to $50 Million due to Middle East conflict
Hapag-Lloyd, the German shipping company, is facing additional costs of $40 to $50 million per a week because of the conflict in the Middle East. Chief Executive Rolf Habben Jansen said that this burden was "not sustainable" for a very long time. Habben Jansen, speaking at an online conference, said that the company is facing "a big challenge" because six of its vessels with 150 crew remain stranded on the Persian Gulf. He confirmed the crews were 'being provided with food and drinking water, and that efforts are being made to secure the release of the ships. 2026 OUTLOOK STILL UNCHANGED AFTER CHALLENGES Habben Jansen expressed confidence that the additional expenses would be balanced out in the months to come. The company expects earnings before interest tax, depreciation and amortization (EBITDA), to range between $1.1 billion and $3 billion. The outlook for "earnings prior to interest and taxes (EBIT)," ranges from a $1.5 billion loss to a $0.5 billion profit. Habben Jansen warned about the potential long-term effects of the conflict, particularly if it weakened demand. Hapag-Lloyd responded by implementing cost-saving measures, and leveraging synergies from its collaboration with Maersk. The Strait of Hormuz remains closed to commercial shipping since late February due to increased hostilities between the U.S., Israel and Iran. (Reporting and writing by Elke Ahlswede; editing by Matthias Williams, Louise Heavens, and Kirsti Knolle)
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Yemen's Houthis are ready to join the Iran war if necessary, raising new shipping risks
The Houthis are known to disrupt international shipping Leader of Iran-aligned group says that the group is ready to fight if war breaks out, * Bab al-Mandab, a choke point of importance By Emma Farge and Mohammed Ghobari ADEN/GENEVA - A Houthi leader said that the Iran-aligned movement in Yemen, which attacked the Red Sea during the Gaza War, is ready to strike again the 'key waterway, as a show of solidarity with Tehran. This would exacerbate the global economic and oil crisis caused by the Middle East conflict. The Houthis could open a new front of conflict, and the Bab al-Mandab Strait, off the coast of Yemen would be a clear target. It is a critical shipping chokepoint, and a narrow passageway, that controls sea traffic to the Suez Canal, after Iran closed the Strait of Hormuz. Iran's Shi'ite ally in Iraq and Lebanon has joined the regional war triggered by U.S. and Israeli airstrikes on Tehran. Yemen's Houthi Rebels, who are heavily armed, capable of attacking Gulf neighbours, and disrupting maritime navigation in the Arabian Peninsula have yet to join the war. "We are fully prepared militarily with all options." "We are fully prepared militarily with all options," the Houthi leader said. "Until now, Iran is doing very well. It is defeating its enemy every day. The battle is moving in the right direction. If anything goes wrong, we will be able to assess. OPENING A NEW FRONT? Analysts and diplomats say that the Houthis have been waiting for the right moment to join the conflict in coordination with Iran to exert maximum pressure. This could be an opportunity if the Strait of Hormuz is effectively closed to Gulf Arab hydrocarbons exports, and the Red Sea becomes a major source of oil. Iran could open a second front in the Bab Al-Mandab strait if an attack is made on Iranian territory or its islands. This was stated by an unnamed Iranian source to Iran's semiofficial Tasnim on Wednesday. The Houthis have launched previous attacks in the area. Bab al-Mandab (or the Gate of Tears) is the southern outlet of the Red Sea. It lies between Yemen and Djibouti on the Arabian Peninsula, and Eritrea and Djibouti on the African coast. The Suez Canal is one of the world's major seaborne routes, especially for crude oil and fuels from the Gulf, bound for the Mediterranean through the SUMED Pipeline on?Egypt?s Red Sea Coast, as well commodities headed for Asia including Russian oil. Bab al-Mandab, at its narrowest part, is only 18 miles (29 km). This limits traffic to just two channels. The Houthis fired on international shipping on the Red Sea after the attack by Hamas on Israel on October 7, 2023. This attack triggered a devastating Israeli campaign in Gaza. In October 2025, the Houthis, an armed, political, and religious group, stopped their attacks after a ceasefire brokered by the United States between Israel and Hamas. Amr Al Bidh, senior leader of the separatist Southern Transitional Council in Yemen, said at a Geneva conference: "When they realize that Iran needs them most, they will act." (Editing by Keith Weir).
Sources say that the Kirishi oil refinery in Russia has ceased operations following a drone attack.
Russia's Kirishinefteorgsintez oil ?refinery, ?one of the largest in the country, halted processing on Thursday following Ukrainian drone attacks that caused fires in some parts of the plant, two industry sources said. This stoppage will exacerbate Russia's current oil supply problems as 40% of the country's crude oil exporting capability has already been closed due to drone attacks, tanker seizures and the Druzhba Pipeline?closure in Ukraine.
Sources said that two primary and some secondary units caught fire following repeated drone attacks. One source said that it was difficult to predict the time for repair of the damaged units.
They were not allowed to be named as they had no authority to speak?to the media.
The refinery is controlled by Russian oil major Surgutgeftegaz. They did not respond to an immediate request for comments.
GOVERNOR: MORE THAN 20 DRONES SHOT DOWN
Alexander Drozdenko said earlier on Thursday that more than 20 drones had been shot down in the area, including Kirishi where the refinery was located.
"The attack has been?repelled in the Kirishi District. Drozdenko stated on Telegram that there was damage to the industrial area. Drozdenko did not say which part of the industrial area was damaged. Ukraine repeatedly attacked the refinery last year.
According to industry sources, the refinery will process 17.5 million tons of oil (350 000 barrels per day), which is 6.6% of Russia’s total oil refining volume.
The country produced a total of 2 million tonnes of gasoline, 7.9 million tons diesel, 6.9 million tons fuel oil, and 600,000 metric tons bitumen. Two sources say that Russia's Baltic Sea port of?Primorsk? and Ust-Luga?, which are major export outlets?, suspended crude oil and oil product?loadings on Wednesday after Ukrainian drone strikes.
Russian officials claimed earlier Wednesday that a fire had broken out in Ust-Luga following a drone attack by Ukraine. Reporting by Guy Faulconbridge; Editing by Jamie Freed, Barbara Lewis and Guy Faulconbridge
(source: Reuters)