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Mar 3, 2026 • Offshore Technology

Iranian attacks prompt Aramco to shut Ras Tanura refinery

Aramco has shut down its Ras Tanura refinery, a major oil processing facility in Saudi Arabia, due to a drone strike attributed to Iran. This shutdown represents a significant escalation in regional tensions and poses a threat to global oil supply.

Mar 3, 2026 • OilPrice

Iran War Pushes Middle East Oil Tanker Rates to All-Time High

The cost to hire a supertanker on the Middle East-to-China route has surged to a record high of over $420,000 per day due to disruptions caused by the war in the Middle East, specifically impacting the Strait of Hormuz. This spike reflects increased risk and uncertainty in the region's crucial oil shipping lanes.

Mar 3, 2026 • OilPrice

White House Prepares Plan to Combat Oil Price Spike

The White House is reportedly preparing a plan to combat a potential oil price spike following U.S.-Israel strikes on Iran, which caused oil prices to jump 10%. This action is in response to escalating tensions in the Middle East and aims to stabilize the global oil market.

Mar 3, 2026 • OilPrice

Qatar’s LNG Blackout Just Broke the Global Gas Market

QatarEnergy, Qatar's state-owned energy company, reportedly halted all LNG production due to Iranian drone strikes. This event has significant implications for global energy markets, particularly LNG supply and pricing.

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