Overview
- Iranian forces and IRGC radio warnings have brought transits through the Strait of Hormuz to a near standstill, with hundreds of vessels, including more than 150 tankers, anchored offshore.
- QatarEnergy halted LNG output after strikes on Ras Laffan and Mesaieed, and Saudi Aramco shut the 550,000 bpd Ras Tanura refinery, while new incidents were reported at Fujairah in the UAE and Duqm in Oman.
- Brent climbed above $82 to a multi‑month high and European gas jumped another 40% on Tuesday after a similar surge Monday, while global freight rates for supertankers hit records and U.S. gasoline topped $3 per gallon.
- Major marine insurers, including Gard, Skuld, NorthStandard, the London P&I Club and the American Club, have canceled war‑risk coverage effective March 5, further deterring voyages through the Gulf.
- OPEC+ approved a modest 206,000 bpd increase for April that offers limited relief while shipping remains constrained, and U.S. officials signaled plans to outline measures to cushion consumers from rising energy costs.