Big Oil pivots from Mideast
Major oil firms are accelerating moves into renewables and new geographies as Middle East instability raises operational risk, pushing companies to diversify beyond traditional fields. The shift is already showing in markets — Brent crude is on track for a record monthly rise and aluminium has hit four‑year highs amid regional attacks — investors are watching transition plays like Equinor closely and some insiders are adding exposure to energy names amid sector volatility. (reuters.com) (theguardian.com) (ad-hoc-news.de) (theglobeandmail.com)
Brent crude has climbed roughly 59% so far in March, putting the benchmark on track for the steepest monthly surge on record. (geo.tv) London Metal Exchange three‑month aluminium hit $3,492 per metric tonne on March 30, the highest level since March 2022 after Iranian strikes damaged Aluminium Bahrain and Emirates Global Aluminium’s Al Taweelah plant. (money.usnews.com) Analysts and Reuters reporting put the near‑complete closure of the Strait of Hormuz as having left nearly 15 million barrels per day of crude and about 4.5 million bpd of refined fuels effectively stranded. (boereport.com) Independent Reuters calculations cited in recent coverage estimate the export revenue hit from Hormuz disruptions at roughly $1 billion per day, a figure prompting majors to reassess regional operational risk and logistics. (newsairinsight.com) TotalEnergies’ trading arm bought 69 cargoes linked to the Dubai benchmark in March, a surge in purchases market participants say has tightened physical crude availability. (bloomberg.com) Norway’s Equinor has refreshed its Energy Transition Plan and still targets net‑zero by 2050, even as the group has pared planned renewables spending and trimmed share buybacks after a reported 22% fall in fourth‑quarter profit. (equinor.com) (sahmcapital.com) Sovereign and corporate responses include pipeline routings and longer recovery timelines—analysts point to three major pipeline options from Saudi, the UAE and Iraq to bypass Hormuz while Bloomberg and others warn Gulf energy infrastructure recovery could take years. (aljazeera.com) (bloomberg.com)
