United States Energy Secretary Chris Wright said on Thursday that the US Navy is not ready to escort tankers through the Strait of Hormuz, as it is focused on offensive operations. He said the military is “working on it” and predicted that it will likely be ready for escort missions by the end of the month. In an interview with CNBC, Wright insisted that the rising oil prices are “short-term pain for long-term gain” and that the campaign against Iran was a “must” due to Iran’s nuclear threat. Meanwhile, speaking to CNN, he said it is “unlikely” that crude will grow as high as $200 per barrel.
IEA: Iran war caused biggest oil disruption ever…… Two oil tankers catch fire after strike off Iraq coast
The International Energy Agency (IEA) announced in its latest monthly oil report on Thursday that the ongoing conflict in the Middle East has created “the largest supply disruption in the history of the global oil market.” The agency now expects the oil supply growth in 2026 to reach an average of 1.1 million barrels per day (bpd), with global oil supply falling by eight million barrels per https://youtu.be/JdgJkdNWhNYday in March. The report noted that the crude and oil product flows through the Strait of Hormuz sank from around 20 million bpd before the conflict to “a trickle” currently, with the Gulf countries reducing their total oil output by at least 10 million bpd.
Two oil tankers catch fire after strike off Iraq coast
Two oil tankers caught fire after an attack in Iraq’s territorial waters. Flames spread across both vessels in the Persian Gulf as Iraqi authorities launched an emergency response, according to local media. Iranian media outlet Sabereen News said the vessels were burning about 22 miles (~35 kilometers) from Al-Faw Port, Iraq’s southernmost terminal. One tanker may be linked to the United States, while the other flew an Australian flag, Iraq’s Shafaq News reported, citing a source in Arab Republic security forces. That report also said preliminary information suggested Iran carried out the strike. It added that 25 crew members were evacuated from the scene.
IEA launches record 400 million-barrel oil release
The International Energy Agency (IEA) backed the release of 400 million barrels of oil from strategic reserves on Wednesday, taking the biggest emergency supply steps in its history as markets weighed the risk of disruption through the Strait of Hormuz .”The oil market challenges we are facing are unprecedented in scale, therefore I am very glad that IEA Member countries have responded with an emergency collective action of unprecedented size,” IEA Executive Director Fatih Birol . “Oil markets are global, so the response to major disruptions needs to be global too. Energy security is the founding mandate of the IEA, and I am pleased that IEA Members are showing strong solidarity in taking decisive action together.” The coordinated release is the sixth in the IEA’s history since its creation in 1974. The agency said its members hold more than 1.2 billion barrels in emergency reserves, alongside another 600 million barrels of industry stocks held under government obligation. Despite today’s step, the scale of the release is roughly equivalent to 20 days of oil flowing through Hormuz at about 20 million barrels a day, though some exports can still be rerouted through pipelines outside the strait.
NN: Its less then a months supplu from the Gulf… A cheap publicity stunt!
War In Iran Is Creating a Fertilizer Crisis Like Never Before
We all know that the war with Iran has sent oil prices spiking. But it’s also pushing up the cost of all sorts of chemicals, including fertilizers like urea, ammonia and other nitrogen products that are essential for food production. This is all happening at the worst possible time — just before the spring planting season, when fertilizer is most needed. And while farmers have seen higher spot prices for things like urea before, notably back in 2022, there are already signs that this crisis might be worse. So how is fertilizer actually made? And what do higher fertilizer costs mean for farmers and for food prices? On this episode we speak with Alexis Maxwell, senior analyst on Bloomberg Intelligence’s agriculture team.
NN: As i keep telling you no one expect refiners use crude oil. Its beyond a crude oil problem. Its the vast gulf states refiners that not only are not shipping but not producing.. Its the fact they are suffering severe damage due to constant drone attacks from their Islamic brother Iran
UK maritime agency reports ship hit near UAEUK reports second vessel struck in Strait of Hormuz…..
The United Kingdom Maritime Trade Operations (UKMTO) said a container ship reported damage after a “suspected but unknown projectile” struck the vessel about 25 nautical miles northwest of Ras Al Khaimah in the United Arab Emirates (UAE). “Extent of the damage is currently unknown but under investigation by the crew,” the UKMTO said. It added that all crew members are safe and accounted for. The maritime agency urged vessels moving through the area to “transit with caution and report any suspicious activity.”
UK reports second vessel struck in Strait of Hormuz
The United Kingdom Maritime Trade Operations (UKMTO) said on Wednesday that a second vessel has been struck in the Strait of Hormuz, causing a fire on board. The UKMTO noted the vessel was a cargo ship hit by an “unknown projectile” and that the crew were forced to evacuate and call for assistance. Earlier in the day, the agency noted that a container vessel reported damage after being struck by an unknown projectile, but stressed that all crew members were safe.
G7 ministers support use of oil reserves ‘in principle’
The G7 Energy Ministers said on Wednesday that they are “in principle” in favor of taking proactive steps to address the current Middle East conflict and its impact on oil markets, such as using strategic oil reserves. Following yesterday’s meeting with officials from the International Energy Agency (IEA), the G7 ministers said in a statement that “working alongside the IEA, we are vigilantly monitoring energy market trends and are coordinating within the G7 and with our international partners, IEA member countries, and beyond.” The G7 members also stated that they will carefully consider the suggestions made during the meeting. Additionally, French Finance Minister Roland Lescure said that the final decision on strategic reserves hasn’t been made yet and that the leaders of the G7 will have a meeting later today to discuss the oil stock release.
NN: This is such bullshit! If they completely deplete G7 countries oil reserves it will run out in a month? A nice press release little more. The solution is simple….Wipe out the fanatical Ayatollahs of Iran. They have no right to close international shipping lanes.
Iran mine Strait of Hormuz…. Trump: Hormuz mines must be removed immediately
US intelligence saw indications that Iran was taking steps to deploy naval mines in the Strait of Hormuz, raising new concerns over the security of one of the world’s most important oil shipping routes, according to a report by CBS News. The report, by CBS journalist Jim LaPorta, said the scale of Iran’s mine stockpile is not publicly known, though past estimates have ranged from about 2,000 to 6,000 mines. The report adds to growing concern that Tehran could try to threaten one of the world’s most critical oil chokepoints as the war intensifies.
Trump: Hormuz mines must be removed immediately
United States President Donald Trump warned Iran on Tuesday about the deployment of mines in the Strait of Hormuz. “If Iran has put out any mines in the Hormuz Strait, and we have no reports of them doing so, we want them removed, IMMEDIATELY!” Trump said in a post on Truth. His remark comes minutes after CNB News and CNN reported that US intelligence is aware Tehran has been taking steps to deploy naval mines in the area. “If for any reason mines were placed, and they are not removed forthwith, the military consequences to Iran will be at a level never seen before,” he added.
More to come…
Iran denies US escorted tanker through Strait of Hormuz
The Islamic Revolutionary Guard Corps (IRGC) spokesman Sardar Nayini denied the claims of United States Energy Secretary Chris Wright that the US Navy successfully escorted an oil tanker through the Strait of Hormuz.
“None of the American ships will even dare to approach the Sea of Oman, the Persian Gulf, or the Strait of Hormuz during the war,” Nayini said, according to Iranian state news outlet Tasnim News.
Meanwhile, the US secretary deleted his post on X shortly after posting it.
Oil tumbles 15% as war fears ease…. Wright: US escorted oil tanker through Strait of Hormuz
The prices of oil nosedived on Tuesday as investors moved away from the commodity, reacting to ongoing developments in the Middle East. The International Energy Agency held an emergency meeting to discuss a possible release of stockpiles from its member states. Also, the finance and energy ministers from the Group of Seven (G7) are expected to discuss the same issue today. Additionally, comments from US President Donald Trump suggested the ongoing conflict in the region could be de-escalating sooner than expected.
Wright: US escorted oil tanker through Strait of Hormuz
United States Energy Secretary Chris Wright said on Tuesday that the US Navy successfully escorted an oil tanker through the Strait of Hormuz, following US President Donald Trump’s promise that Washington will offer “political risk insurance” to oil tankers passing through the critical waterway amid the ongoing conflict with Iran.
“We are having restrictions on the flow of energy through the Strait of Hormuz right now. We announced that we will step into the insurance market and ensure tankers to go through. A large oil tanker went through about 36 hours ago. I think you will see more of those coming,” Wright said.
The US president previously warned Iran that any move to block the maritime traffic of oil tankers through the Strait of Hormuz would trigger a “TWENTY TIMES HARDER” response by Washington.
West Texas Intermediate (WTI) for April’s settlements nosedived by 15.68% at 1:06 pm ET to sell for $79.91 per barrel. Meanwhile, Brent for May’s deliveries plunged by 15.23% to go for $83.89 per barrel.
Largest UAE refinery hit in drone strike
The Ruwais refinery, the largest refinery in the United Arab Emirates, was the target of a drone strike on Tuesday, according to the Abu Dhabi Media Office. The extent of the damage is currently unknown and there are no reported casualties. The Abu Dhabi Media Office said emergency services are fighting a fire at the Ruwais Industrial Complex. The UAE authorities said they intercepted 26 out of 35 drones launched at their territory today, as well as eight ballistic missiles.