Gas Prices Compared to 70's Oil Crisis
A Reddit user compared today’s gasoline prices to the 1973 and 1979 oil crises, noting that inflation‑adjusted prices then averaged about $4.85 per gallon. In contrast, Ohio’s current pump price is roughly $3.25, roughly 50 % lower than the 1970s peak. Commenters highlighted that the 1970s crisis involved actual shortages, rationing, and price controls, whereas today’s higher prices stem from global market dynamics and refinery outages. The discussion also touched on the growing interest in electric vehicles as a hedge against future fuel volatility.
Iran War Flips Brazil Diesel vs Biodiesel Prices
The outbreak of the Iran war has pushed global oil‑derivative prices higher, causing imported 10 ppm (S10) diesel in Brazil to trade above biodiesel for the first time since October 2023. On 6 March, S10 diesel at Paranaguá reached R5.173 /m³, surpassing the R4.656 /m³...
European Jet Hits All-Time High, Cracks over $100/Bl
European jet fuel reached an all‑time high of $1,646.25 per tonne on 12 March, with premiums soaring to $109.72 per barrel over Brent crude and $518.5 per tonne over ICE gasoil. The price surge follows the war in the Middle East,...
Refiners Stick to Maintenance Despite Crack Surge
European refiners are maintaining their spring turnaround schedules despite a sharp surge in crack spreads triggered by the US‑Iran war’s disruption of Strait of Hormuz flows. Jet crack spreads peaked at $109.19 per barrel and diesel cracks at $63.92 per...
Farmers Warn Senate Ag Committee of Iran War Price Shocks
During a Senate Agriculture Committee hearing, lawmakers highlighted how the Iran‑Israel war threatens the Strait of Hormuz, a conduit for up to 30% of global fertilizer exports. Farmers warned that disrupted shipments could push already‑high input costs to record levels,...
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Gas Prices Continue Rising—See What Your State Is Paying Now
Gas prices rose another two cents on Thursday, pushing the national regular‑gas average to $3.60 per gallon – a 62‑cent increase since the end of February. The surge follows higher crude prices driven by the Iran conflict, ending a 13‑week...
Gold Falls Sharply As Iran Vows To Fight Back Harder, Pushing Oil Prices Up Further
Gold prices dropped sharply on Thursday, with front‑month COMEX gold falling $49.8 (‑0.96%) to $5,129.30 per ounce. The decline coincided with crude oil jumping to $94.50 a barrel, up $7.25 (8.31%) as Iran intensified threats and the Strait of Hormuz...
Data Center Surge Could Spike Natural Gas Demand Beyond Forecasts, EIA Says
U.S. data centers, especially those supporting artificial intelligence workloads, are projected to drive a sharp rise in electricity consumption, pushing natural‑gas‑fired power generation beyond the Energy Information Administration’s current forecasts. The EIA’s latest analysis highlights that gas will continue to...
Middle East Conflict Might Create Supply Constraints, Raise in Aluminium Premiums in Mexico
The ongoing conflict in the Middle East has disrupted the Strait of Hormuz, choking the primary aluminium supply chain that relies on Gulf Cooperation Council (GCC) smelters. Force‑majeure notices from Qatalum and Aluminium of Bahrain have driven premiums higher, with...
MidDay Futures: Gas Futures Little Changed as Storage Draw Lands Light, Cold Weather Returns
U.S. natural gas futures were largely flat Thursday, with the front‑month contract up 1.3 cents to $3.222 per MMBtu. The Energy Information Administration reported a 38 Bcf draw from storage for the week ended March 6, near the low end of forecasts....
Time to Take Stock and Prepare
The escalating Middle East conflict is pushing crude oil toward $200 a barrel, straining global markets. The Philippines’ strategic reserves only cover about 45 days, leaving the nation exposed to price shocks. A newly mandated four‑day work week will shift...
The Briefing Room
Donald Trump suggested the US‑Israel conflict with Iran could end soon, but analysts warn the war may linger, keeping oil markets on edge. Prolonged fighting threatens to disrupt the Strait of Hormuz, a critical chokepoint for global oil shipments, which...
Watch: Your Oil Questions Answered
ING commodity strategist Warren Patterson discusses the ongoing oil price volatility, with Brent crude intermittently breaching $100 per barrel despite the International Energy Agency’s announcement of record supply releases. He examines how the conflict with Iran, particularly the strategic choke...
Gulf Coast Facing ‘Gas Storage Problem’ as LNG Exports Grow
U.S. natural‑gas storage capacity has remained essentially flat since 2012, while overall demand – driven by domestic consumption and rapidly expanding LNG exports – is accelerating. The Gulf Coast, home to the majority of export terminals, is now confronting a...
The Relationship Among Oil Prices, Food Costs, and Consumer Inflation
U.S. military actions in the Middle East have driven Brent crude sharply higher, reviving scrutiny of oil’s influence on broader price levels. Historical FRED data reveal that oil price movements have consistently co‑moved with the Global Food Price Index and...
Cargo Diversions, Escalating Price War Threaten Latin American LNG Supply
The ongoing Middle East conflict is forcing LNG vessels originally slated for Latin America to reroute to higher‑paying markets in Europe and Asia. Spot prices at key Latin American terminals have risen 15‑20% month‑over‑month, yet remain below the premiums offered...
Iran War Could Leave Lasting Shock on Commodities: Report
The US‑Israel war against Iran has already rattled global commodity markets, tightening supply chains for oil, fertilizers, chemicals and several metals. BMO Capital Markets notes oil prices spiked toward $120 per barrel before settling near $90, while nitrogen fertilizer costs...
Oil Prices Go Up 6% as Hormuz Shipping Crisis Deepens
Oil prices surged on Thursday as Iran intensified attacks on oil and transport infrastructure, reigniting fears of prolonged disruption through the Strait of Hormuz. Brent futures jumped 6.47% to $97.93 a barrel, briefly touching $100, while U.S. WTI rose 6%...
ETS Prices Defy Rise in Gas Prices as Middle East Conflict Continues
European carbon allowances (EUAs) stayed flat around €70 despite a sharp 40‑70% rise in Dutch TTF gas futures triggered by the Middle‑East conflict. Gas prices jumped from €31 to over €45 in early March, normally prompting coal‑fuel switching and higher...
Global Cotton Supply Forecast to Tighten Next Season
The International Cotton Advisory Committee (ICAC) projects global cotton production to fall to 24.8 million tonnes in the 2026/27 season, while consumption is expected to hold steady at 25.0 million tonnes. Lower prices, shifting planting intentions in major producers and weaker demand,...
Middle East War Threatens African Agriculture
The Middle East war and Iran’s blockade of the Strait of Hormuz have driven oil prices to $87‑$120 a barrel and disrupted Gulf fertilizer exports. Fertilizer futures jumped over 10% on the first trading day, with analysts expecting a 17%...
Malaysia Will Keep Petrol Prices at RM1.99 Even as Global Oil Prices Surge: PM Anwar
Malaysia will keep the BUDI95 petrol price at RM 1.99 per litre despite a sharp rise in global oil prices triggered by the West Asia conflict. Prime Minister Anwar Ibrahim said the surge threatens transportation costs and overall price stability, but...
Eurozone Households Are First to Feel the Pain of the Current Oil Price Shock
Eurozone households are the first to feel the impact of the latest oil price shock as retail fuel prices surge across the region. A 50‑litre tank now costs €4.5‑€13 more for petrol and €8.4‑€21.5 more for diesel, with Germany seeing...
Middle East Crisis May Lead to Higher Electricity Prices in Singapore: Minister Tan See Leng
Singapore may face higher electricity tariffs as global oil and gas prices climb amid the US‑Iran conflict in the Middle East. The region accounts for roughly a quarter of seaborne oil and nearly one‑fifth of LNG trade, and any disruption...
Feedgrain Focus: Northern Values Jump as Input Costs Hit
Heavy rain and flooding across central and southern Queensland this week have tightened urea availability and pushed input costs higher, while a 25% rise in diesel prices linked to the Middle East conflict has lifted freight rates by about $5...
China Largely Insulated From Global Energy Price Shocks
China’s economy is largely insulated from the recent global energy price spikes triggered by Middle East tensions. Although oil and gas import bills will rise, long‑term contracts, domestic coal dominance, and sizable strategic reserves limit cost pass‑through. The country’s low...
The Commodities Feed: Record Oil Release Fails to Rein in Prices
The International Energy Agency announced a coordinated emergency release of up to 400 million barrels of crude oil, the largest ever, yet Brent futures surged to near $100 per barrel. Market analysts attribute the rally to ongoing disruptions in the Persian...
Morning Brief Podcast: SPRs to LPG: How Far Will History’s Biggest Oil Shock Reverberate?
The Morning Brief podcast examines an unprecedented oil shock triggered by the effective closure of the Strait of Hormuz, cutting more than 10 million barrels of crude per day—about twice the 1956 Suez disruption. With virtually no spare production capacity, Brent crude...
Oil Jumps Despite Historic Reserve Release as War Fears Tighten Supply
Oil prices climbed on Wednesday even as the International Energy Agency and partner nations prepared to release roughly 400 million barrels of strategic reserves, the largest coordinated drawdown ever considered. Traders, however, priced in heightened geopolitical risk from the escalating Iran‑related...
US to Release 172m Barrels From SPR over 3 Mths as US Intelligence Says Iran Regime Stable
The United States will release 172 million barrels from its Strategic Petroleum Reserve over the next 120 days, joining a 400‑million‑barrel drawdown coordinated by the International Energy Agency. The emergency release aims to ease the sharp rise in crude prices...
Iran Raises Stakes on Hormuz in Oil Price Narrative Battle
Iran has escalated its rhetoric and threats around the Strait of Hormuz, a chokepoint that moves roughly one‑fifth of the world’s oil and LNG. The move is part of a broader narrative battle with the United States amid the ongoing...
Trump’s Iran War Pushes Petrol Past $3.50 in Test of US Voter Patience
President Trump’s decision to intensify military pressure on Iran sparked a sharp rally in global oil markets, pushing U.S. gasoline prices above $3.50 per gallon for the first time in years. The price surge coincided with the lead‑up to the...
Countries Agree to Historic Emergency Oil Reserve Release
The International Energy Agency (IEA) announced a coordinated release of 400 million barrels of oil from the strategic reserves of its 32 member nations, the largest emergency drawdown in its history. The move is designed to offset the abrupt loss of...
Trump Says U.S. Will Tap Strategic Petroleum Reserve As Iran War Surges Gas Prices
President Donald Trump announced that the United States will draw 172 million barrels from the Strategic Petroleum Reserve over the next four months, the first release since 2022. The move comes as the U.S. and Israel’s conflict with Iran has pushed...
IEA Plans to Release 400 Million Barrels of Oil to Curb the Impact of War in Iran
The International Energy Agency announced it will release 400 million barrels of oil from members' emergency reserves, the largest drawdown in its history and more than double the 2022 release for Ukraine. The volume represents roughly 20 days of oil...
West Asia Conflict Could Hurt Agri Input Availability: UPL Executive
Escalating tensions in the Strait of Hormuz have driven global fertilizer prices up 50‑80%, raising the cost of key agricultural inputs. Shipping rates, marine insurance and energy prices have also surged, creating pressure on agro‑chemical supply chains. UPL Group’s COO,...
Cash Dairy Prices Mostly Lower Wednesday
Cash dairy prices on the Chicago Mercantile Exchange were largely lower on Wednesday. Dry whey held steady at $0.64, while 40‑lb cheese blocks fell $0.04 to about $1.51 and cheese barrels slipped to $1.5125 with no trades. Butter declined $0.0425...
Midday Cash Livestock Markets
Midday cash livestock markets showed modest declines in live and dressed cattle prices, with live cattle at $235 and Nebraska dressed cattle at $372, each down $5‑$8 from the prior week. Calf and heifer prices were mixed, favoring lighter weights...
World’s Top Bauxite Producer Considers Export Curbs After Supply Glut Leads to Price Slump
Guinea, now the world’s largest bauxite producer, is weighing export curbs as a glut has driven prices down roughly 50% since January 2025. Export shipments surged 25% to 183 million tonnes last year, far exceeding licence‑based production plans. The government is...
Teck, Korea Zinc Agree Benchmark Zinc Concentrate TCs at $85 per Tonne
Teck and Korea Zinc have set the benchmark zinc concentrate treatment charge (TC) at $85 per tonne, a $5 increase from the previous level. The agreement introduces a payable for germanium and revises the silver payable, though sources disagree on...
World Leaders Will Release 400 Million Barrels of Oil to Stabilize Prices
World leaders agreed to release 400 million barrels from strategic reserves, the largest coordinated IEA drawdown ever, to counter a sharp Brent price surge after the Iran war began. Despite the announcement, Brent crude rose to about $91 per barrel, indicating...
Fuel Prices up by as Much as 80 Sen per Litre Amid Global Oil Surge
Malaysia will raise fuel prices from tomorrow, with RON97 climbing to RM3.85 per litre (up 60 sen) and diesel to RM3.92 per litre (up 80 sen). Unsubsidised RON95 will increase to RM3.27 per litre. The new rates apply until 18 March, while the...
Italy to Ask for Immediate EU ETS Suspension
Italian Prime Minister Giorgia Meloni announced that Italy will request an immediate suspension of the EU Emissions Trading System for fossil‑fuel‑fired power generators, arguing the scheme adds roughly €30/MWh, or about a quarter of household electricity costs. The move is...
Iran Attacks Oil Facilities and Dubai Airport as Concerns Mount over Global Energy Supplies
Iran escalated its campaign against Gulf allies by launching drones that struck Dubai International Airport, wounding four people, and by hitting commercial vessels in the Strait of Hormuz. The Iranian military also announced plans to target banks and financial institutions...
World Briefs | Russian Oil Output Dips Slightly in February Despite Sanctions Pressure
Russian crude output slipped 0.6% in February, falling to 9.184 million bpd, as sanctions pressure persisted but a U.S. waiver helped Indian imports rebound. Saudi Arabia simultaneously boosted production to over 10.1 million bpd, citing a contingency plan amid escalating U.S.-Israeli strikes...
How Will This Energy Shock Play Out?
The recent US‑Israeli war against Iran has ignited a fresh energy shock, pushing crude oil prices above $100 per barrel and tightening natural‑gas markets. Jim O’Neill draws parallels with the 1979‑1982 oil crisis, warning that producers cannot rely on sustained...
Softs Report 03/11/2026
The Softs report shows speculative buying lifting cotton and Florida orange‑juice (FCOJ) futures while global production remains robust. Coffee markets are under pressure as Brazil’s exports fell 23.5% year‑over‑year, pushing the most‑active ICE contract down over 17% YTD. Sugar prices...
Can the IEA Put a Lid on the Price per Barrel by Releasing Oil Stockpiles?
The International Energy Agency announced a historic release of 400 million barrels of emergency crude, the largest drawdown in its history and about one‑third of members’ total reserves. The move aims to temper soaring oil prices triggered by the U.S.–Israel conflict...
Government to Review Planned Fuel Duty Rise as Iran War Causes Price Surge at Pumps
The UK government will review its planned September removal of the fuel‑duty freeze after the Iran war drove crude oil prices to about $90 a barrel, pushing petrol up 6p and diesel up 12p in a week. Prime Minister Keir...
Opec Keeps Forecasts Unchanged Despite Supply Outages
OPEC’s latest Monthly Oil Market Report leaves its global supply, demand and economic forecasts unchanged despite major supply disruptions in the Middle East Gulf following the US‑Iran conflict. The organization notes that geopolitical developments warrant close monitoring, but any impact...