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.
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.
NN: Iran is systematically knocking gulf oil production off line
Iran Warns No Oil Will Leave the Middle East Until U.S. and Israeli Attacks Stop
Iran has warned that “not a litre” of oil will be exported from the Middle East until the United States and Israel stop bombing it. The warning comes on the heels of statements made by President Trump that the war would be over “very soon”, which toppled oil prices from peaks reached on Monday. “We are the ones who will determine the end of the war,” a spokesman for the Islamic Revolutionary Guards Corps said in a statement today, as reported by Reuters. The threat followed remarks made by President Trump that included threats for the attacks to actually intensify if Iran continued to prevent oil from leaving the Middle East. “If Iran does anything that stops the flow of Oil within the Strait of Hormuz, they will be hit by the United States of America TWENTY TIMES HARDER than they have been hit thus far,” the U.S. president said on TruthSocial. “Additionally, we will take out easily destroyable targets that will make it virtually impossible for Iran to ever be built back, as a Nation, again — Death, Fire, and Fury will reign upon them — But I hope, and pray, that it does not happen!” Trump also wrote on his social network, adding that this was a gift from the U.S. to China and all other oil importers that bought Middle Eastern oil. The situation appears to be of the stalemate sort right now, which suggests the recent reversal of the oil rally may end, after traders rushed to sell on Monday, following Trump’s remark about the war ending “very soon”. The selloff pushed Brent crude and WTI below $100. The Strait of Hormuz remains effectively closed, prices will likely start climbing again although more slowly, if Trump goes ahead with the sanction-lifting on “some countries”.
NN: The Straights are closed. The untold story is not only are 25% of the worlds crude oil supplies off line. But 20% of the worlds natural gas, 30% of worlds nitrogen fertilizer. 20% of global phosphate, 50% of the worlds UREA. 15% of global plastic production. 36% of the helium production. 10% diesel fuel, 20% jet fuel, 15% gasoline, LPG exports are down 40% strangling global supplies. 60% Naphtha off line, 50% of world Sulphur production has been cut. And production will take half a year at best to come back. These cuts are scouring at the source before product ever makes it to the stranded ships. Which means that the markets have not yet realized the full damages these attacks by Iran are doing.
IEA warns Strait of Hormuz risks are rising
The International Energy Agency (IEA) said on Monday that it discussed releasing emergency oil stocks with G7 finance ministers amid worsening conflict in the Middle East, which is increasing risks to global crude supplies. IEA Executive Director Fatih Birol said after the meeting, held at the invitation of French Minister Roland Lescure, that oil market conditions had deteriorated in recent days. “In addition to the challenges of transit through the Strait of Hormuz, a substantial amount of oil production has been curtailed. This is creating significant and growing risks for the market,” he said. Birol added that IEA member states hold more than 1.2 billion barrels of public emergency reserves, alongside another 600 million barrels of industry stocks under government obligation.
NN: Emergency reserves are enough to cover at best 24 days of Straights disruptions… A sick joke.
Saudi Arabia IS reducing oil production…..CME energy market hits record daily volume
Saudi Arabia has started reducing oil production as the crucial Strait of Hormuz chokepoint remains at a near-standstill, even as the kingdom rushes to boosts exports through an alternative route. The information on the Saudi cuts, which comes from a person familiar with the operations, follows reductions by other OPEC nations including the United Arab Emirates, Kuwait and Iraq. Analysts estimate Saudi Arabia has larger storage capacity than some of its neighbors, indicating the kingdom may be pre-emptively lowering output to keep oil fields running for longer without having to completely shut them down. The oil-market’s worst fears have been realized this month as the war in the Middle East all-but closed Hormuz to shipping, forcing a swathe of massive projects to lower output and causing oil prices to surge above $100 a barrel. It’s thrown supply chains into chaos, and the longer the hostilities continue bigger the risks of a spike in global inflation. Saudi Arabia produces about 10 million barrels a day of oil and exports about 7 million a day. Aramco has been diverting some of those shipments away from its usual Hormuz route toward Yanbu in the Red Sea. But the pipeline that carries those volumes has capacity to transport 5 million barrels a day, which isn’t enough to fully replace the export volumes.
CME energy market hits record daily volume
Derivatives marketplace CME Group revealed on Monday that its energy complex surpassed the previous daily record of 7.9 million contracts set on March 3, 2026, setting a new single-day volume record of 8.3 million contracts. Additionally, CME Group Refined Products established a new single-day record of 1.25 million contracts traded on March 3, 2026, driven by RBOB Gasoline and New York Harbor Ultra-low Sulfur Diesel (ULSD) futures and options. “As geopolitical shifts drive uncertainty throughout the global energy sector, market participants are turning to CME Group to manage their risk … In these volatile market conditions, clients continue to rely on our liquid markets and benchmark products to discover prices, hedge and adjust exposure within their portfolios,” Peter Keavey, Global Head of Energy Products at CME Group Peter Keavey noted.
WTI up 27%, Brent up 25%
Crude prices continued to soar as markets monitored the latest developments in the Middle East. Oil output in the Persian Gulf fell considerably as the Iran conflict prevented export through the Strait of Hormuz. However, United States President Donald Trump claimed that the “short-term oil prices” will go down as soon as Iran’s threat is neutralized. West Texas Intermediate (WTI) for settlements in April skyrocketed 27.61% at 10:45 pm ET, going for $116.04 per barrel, while Brent for deliveries in May jumped 25.07% and went for $116.74 per barrel.