News Live

FT: Qatar’s energy minister has warned that war in the Middle East could 'bring down the economies of the world', predicting that all Gulf energy exporters would shut down production within weeks and drive oil to $150 a barrel

Soar Atlas has obtained new very high-resolution satellite imagery of Fujairah Oil Industry Zone in UAE, from Mar 5th. Explore & compare here: tanks are seen engulfed in flames as workers spray water to cool others. One tank is already destroyed

Explosions were reported in Abinsk, Krasnodar Krai

Trump: Venezuela has been "stabilized" and the oil is on its way to Houston. "We have a wonderful person as their president-elect, Delcy Rodríguez; she and her staff have been doing a fantastic job working with us."

Seeing now a wave VLCC / Suezmax oil tankers diverting toward the Red Sea (having previously signalled and/or still signalling Ras Tanura / Fujairah / Zirku Island as destination). Too early to know whether all of them are heading to Yanbu

The national average price of gasoline has risen to $3.262/gal- the highest level recorded during either of Trump’s terms in office, according to live GasBuddy data

Delcy Rodríguez signs agreement with British oil company Shell

Bahraini Interior Ministry: Fire under control at facility in Ma'ameer area targeted in Iranian attack

Bahrain TV: A facility in the Ma'ameer area of Manama was targeted.

Iranian attack reportedly hit Bahrain Petroleum Company site

PM of Hungary Orban: There will be no deals, no compromise. We will break the Ukrainian oil blockade by force. Hungary’s energy will soon flow again through the Friendship pipeline

Reuters, citing Iraqi sources: Initial assessment that an Iranian boat attacked an oil tanker off Khor al-Zubair

This is a significant escalation: @UK_MTO reports an oil tanker that was on anchor offshore Kuwait (and near Iraq too) has been hit by an explosion; oil is spilling and the tanker is tanking on water. ". There is oil in the water coming from a cargo tank

Oman Oil Company: Operations at the site affected by the incident have been temporarily suspended as a precautionary measure.

Oman Oil Company: One of the company's fuel storage tanks was involved in an accident.

Chinese Foreign Minister Wang Yi held a phone conversation with Saudi Foreign Minister Faisal bin Farhan Al Saud, and committed to send Chinese envoys to the Middle East in an attempt to mediate some sort of peace process between nations that are involved in the conflict with Iran

Explosions were reported in Saratov

The entire Iraqi power grid is down: Iraq’s Electricity Ministry says a total blackout has hit the entire national power grid across all provinces. A ministry spokesman says authorities are investigating the cause of the outage

The National News Agency reported that the violent airstrike in Tyre targeted electricity generators, resulting in a number of injuries. The injured were transported to hospitals in the area.

Power outages across Iraq

Qatar will fully shut gas liquefaction, two sources say. Initial estimates suggest it would take about two weeks to restart operations and at least another two weeks to return to full capacity - Reuters

Qatari Energy has stopped production of liquefied natural gas, declares Force Majeure

UK Maritime Trade Operations (UKMTO) says it received a report of an incident 2 nautical miles north of Oman involving a vessel transiting eastbound in the Strait of Hormuz. UKMTO: A container ship has reportedly been hit by an unknown projectile just above the waterline, causing a fire in the engine room.

SPA, quoting an official from the Saudi Ministry of Energy: The Ras Tanura refinery was targeted in a drone attack attempt, but no damage was reported and supplies were unaffected.

Russian LNG tanker ARCTIC METAGAZ (IMO 9243148) struck by a massive explosion in the Mediterranean this morning. Photographed by crew aboard a merchant vessel, via Vanguard Tech

U.S. President Donald Trump: "Effective IMMEDIATELY, I have ordered the United States Development Finance Corporation (DFC) to provide, at a very reasonable price, political risk insurance and guarantees for the Financial Security of ALL Maritime Trade, especially Energy, traveling through the Gulf. This will be available to all Shipping Lines. If necessary, the United States Navy will begin escorting tankers through the Strait of Hormuz, as soon as possible. No matter what, the United States will ensure the FREE FLOW of ENERGY to the WORLD. The United States’ ECONOMIC and MILITARY MIGHT is the GREATEST ON EARTH — More actions to come."

The capacity of the east west pipeline is 7 million bpd. Egypt’s petroleum minister said on Tuesday that Cairo is ready to help Saudi Arabia move crude oil from the Red Sea to the Mediterranean through the Suez-Mediterranean (SUMED) Pipeline

Trump: I expect oil prices to drop once operations against Iran are over.

Revolutionary Guard: We will strike all economic centers in the region

Russia's state nuclear corporation Rosatom halts operations at the nuclear power plant in the Iranian city of Bushehr and is evacuating its nearly 600 personnel