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• The U.S. Energy Department announced plans Wednesday to loan an additional 10 million barrels of crude from the Strategic Petroleum Reserve as part of a 172 million-barrel drawdown. • West Texas Intermediate crude prices exceeded $112 per barrel due to ongoing Iran conflict disruptions, prompting the reserve release to curb domestic fuel costs. • Critics warn the extensive SPR drawdown heightens U.S. energy vulnerabilities during prolonged geopolitical tensions and supply chain risks through key chokepoints.

Stock markets in Asia drop sharply, with investors nervous over escalation of Middle East conflictBusiness live – latest newsThe price of oil has risen sharply to $116 a barrel after Donald Trump said he wanted to “take the oil in Iran”, sending Asian stock markets tumbling.Brent crude, the international benchmark for oil, rose by 2% in early trading on Monday, after Trump said that he could seize the Iranian export hub of Kharg Island. Continue reading...

Fuel stocks at same level as when US and Israel launched their war on Iran a month ago, energy minister saysFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastThe federal government is preparing for scenarios where global oil prices spike above US$120 a barrel, as diesel prices nationwide go past $3 a litre and the prime minister, Anthony Albanese, plans another national cabinet meeting to plan petrol supply.The treasurer, Jim Chalmers, said one option under consideration was expanding ethanol mandates across the country, after Guardian Australia revealed the government was analysing increasing the biofuel’s supply. Continue reading...

Affected communities in Queensland and the NT can apply for an Australian government disaster recovery payment from 2pm SaturdayGet our breaking news email, free app or daily news podcastThousands of people are bracing for Severe Cyclone Narelle as it barrels towards the Northern Territory, with winds of up to 195km/h expected from the dangerous storm as it moves west from far north Queensland.Narelle was downgraded from a category four to a two as it moved through the Gulf of Carpentaria after making landfall across Cape York on Friday, forecasted to hit eastern Top End late Saturday. Continue reading...

• Brent crude oil prices rose 3.2% to USD 103.42 per barrel, while US oil prices increased 2.9% to USD 96.21 per barrel due to Strait of Hormuz tensions and reduced vessel movement. • The Trump administration plans to ease sanctions on Venezuela's oil sector by issuing permits for foreign companies, aiming to boost crude production and counter soaring prices. • Global oil markets remain volatile as the Strait of Hormuz, through which 13 million barrels pass daily, faces ongoing disruptions from the Iran conflict.

Crude oil benchmarks hover near $100 per barrel, up 70% since early January, with forecasts of $150 highs if the Strait of Hormuz remains disrupted. U.S. fuel prices have risen nearly 35% from January lows, though domestic supplies prevent shortages. Energy producers like Exxon Mobil and Chevron hit record highs, while the Dow Jones fell 6% in a month amid stagflation concerns. Prolonged conflict could reverse Fed rate cuts and pressure consumer sectors further.

US equity futures fell sharply on March 13, 2026, extending a market slide amid Brent oil prices surpassing $100 a barrel due to escalating tensions from the US-Israel war with Iran. Chevron shares rose 30% year-to-date while ConocoPhillips dipped slightly in premarket trading, reflecting energy sector volatility. The rally in oil prices deepened fears of a global inflation spike, with experts warning it poses the biggest risk to macro sentiment. Markets anticipate further volatility as the Trump administration advances second-round tariff investigations on 60 economies.