Oil spikes again
Brent crude jumped to $108.78/barrel on March 18 — a one‑day rise of $5.80 that leaves prices roughly $38 higher year‑over‑year, driven by Middle East tensions and shrinking spare capacity. (instagram.com) OPEC+ production cuts and reports the UAE has slashed output, plus Strait of Hormuz risks, are tightening supply — analysts warn prices could hit $120–$150 if the conflict drags on. (instagram.com) Markets are watching technical resistance and headlines closely as oil’s volatility ripples through equities. (benzinga.com)
Reuters reported that Abu Dhabi’s state oil company ADNOC implemented widespread production shut‑ins in mid‑March, cutting UAE crude output by more than half as tanker loadings at Gulf terminals fell sharply. (energynow.com) The International Energy Agency’s March oil market report said crude and product flows through the Strait of Hormuz plunged from roughly 20 million barrels per day to a trickle, and that Gulf producers have cut at least 10 million bpd because storage at export terminals is filling. (iea.blob.core.windows.net) Industry tallies and broker notes put regional offline volumes in the 7–10 million bpd range, a shortfall equivalent to roughly 7–10% of global oil demand according to analysts cited in recent trade coverage. (energynow.com) OPEC’s own March 1 statement disclosed a technical production adjustment and a planned 206,000 barrels‑per‑day change to be implemented in April as part of the group’s management of voluntary measures. (opec.org) Brent futures kept climbing into the next session, moving above $110 a barrel on March 19 as the futures curve showed tightness, while U.S. equity indexes slipped on the same day amid Fed rate guidance and the energy shock. (tradingeconomics.com) Major carriers and ports curtailed bookings and operations around Gulf transits, with shipping lines pausing bookings and some terminals effectively closed, constraining rerouting options and amplifying the physical tightness in supply chains. (maritime-hub.com)
