Oil Prices

• Crude oil prices have climbed to their highest levels since 2022, driven by geopolitical tensions from the ongoing Iran war and uncertainty over shipping through the Strait of Hormuz. • President Trump extended his self-imposed deadline to "obliterate" Iran's power plants to April 6, contingent on Iran allowing oil tankers to freely exit the Persian Gulf through the Strait of Hormuz. • The elevated oil prices are contributing to market volatility, with Wall Street experiencing daily fluctuations as investor sentiment shifts between hopes for war resolution and renewed concerns.

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...

Iran Guards said they fired missiles at Israel and US forces in bases in Kuwait, Jordan and Bahrain; crude oil prices fall sharply in early tradingTrump’s rehashed 15-point Iran plan unlikely to appease TehranDisruptions to international fertiliser supplies caused by the closing of the strait of Hormuz will cause food scarcity and high prices, the World Trade Organisation’s deputy director general, Jean-Marie Paugam, told Agence France-Press.A third of the world’s fertilisers normally transit the strait, which has been virtually closed by Iran since the start of the war. Continue reading...

• S&P 500 dropped 0.80%, Dow Jones fell 0.83%, and Nasdaq 100 declined 0.98% in early trading on March 24, 2026, amid Middle East tensions. • Crude oil surged over 4% to $91.80, up $3.67, as Iran's parliament speaker Mohammad Bagher Qalibaf denied US negotiations, contradicting President Trump's claims of productive talks. • Citi analysts warn prolonged conflict could push oil to $200 per barrel, heightening inflation fears and pressuring equities.

• Brent crude oil prices showed modest gains of approximately 1% despite elevated geopolitical rhetoric, indicating potential underestimation of conflict escalation risks by the energy market. • Energy price volatility is creating supply chain pressures and financial stress for corporations, with rising energy costs cited as a major factor in corporate capacity reduction decisions and market-wide weakness. • The US government's expanding influence over global energy markets reflects efforts to manage price stability and geopolitical risks, with EPA Administrator Lee Zeldin discussing energy policy responses on financial media.

IEA makes 10 recommendations to help households and businesses prepare for a drawn-out disruption to energy marketsThe world’s energy watchdog has advised governments to reduce highway speeds and encouraged workers to carpool or, ideally, work from home to combat soaring oil prices and impending fuel shortages caused by the Middle East conflict.It has also recommended countries consider limiting car access to designated zones in large cities, by giving vehicles with odd-numbered plates access on different weekdays to those with even-numbered plates.Work from home where possible to save petrol.Reduce highway speed limits by at least 10km/h to reduce fuel usage.Encourage public transport to reduce oil demand.Limit car access to roads in large cities through a number-plate rotation scheme.Increase car sharing.Encourage efficient driving for commercial vehicles through load optimisation and vehicle maintenance.Divert LPG use from transport to preserve it for essential needs like cooking.Avoid air travel where possible.Encourage electric cooking and other options to reduce reliance on LPG.Help industrial facilities switch between different petrochemical feedstocks to free up LPG. Continue reading...

Samoa and Tonga raise supply concerns with foreign partners as businesses and residents in Papua New Guinea grapple with higher fuel prices amid the Iran warThe leaders of some Pacific countries have appealed for help with oil supplies while others urge against “panic buying” as the import-reliant nations grapple with fears over possible fuel shortages and escalating costs caused by war in the Middle East.Oil prices have surged to nearly $110 a barrel after strikes against energy infrastructure in Iran and the Gulf states. Continue reading...