Gasoline’s premium to crude posted its biggest weekly gain on record, a boost for refiners that have been under pressure from high oil prices stoked by the Iran war.
Gasoline’s premium to crude posted its biggest weekly gain on record, a boost for refiners that have been under pressure from high oil prices stoked by the Iran war.
Drivers refuel their vehicles at a Total gas station in Paris, France, on Thursday, March 12, 2026. TotalEnergies raised its diesel price cap by 10 euro cents ($0.12) at French service stations as the Middle East conflict squeezes supplies and drives oil prices higher.
A handful of oil tankers were racing toward the Strait of Hormuz on Friday after Iran declared it open, even as industry groups urged caution and several shipowners and traders said they needed more clarity about the status of the waterway before making any decisions.
A handful of oil tankers were racing toward the Strait of Hormuz on Friday after Iran declared it open, even as industry groups urged caution and several shipowners and traders said they needed more clarity about the status of the waterway before making any decisions.
A mega-refinery owned by Africa’s richest person is becoming an increasingly important source of vital jet fuel supplies to Europe, helping fill a gap left by the impact of the Iran war while boosting profitability.
A mega-refinery owned by Africa’s richest person is becoming an increasingly important source of vital jet fuel supplies to Europe, helping fill a gap left by the impact of the Iran war while boosting profitability.
The Dangote refinery in Lagos is one of the world’s biggest. Photographer: Benson Ibeabuchi/Bloomberg
Prices have now passed $200 a barrel, the highest since 2022.
Petrol and diesel fuel pumps at a petrol station in Prague, Czech Republic, on Saturday, March 28, 2026. The Czech government is considering regulating retail margins at gas stations after Prime Minister Andrej Babis criticized fuel distributors for "outrageous" prices. Photographer: Milan Jaros/Bloomberg
Oil rallied above $110 a barrel after US President Donald Trump vowed an escalation in the war in Iran over the coming weeks, a move that could prolong disruptions to energy flows through the vital Strait of Hormuz.
Oil rallied above $110 a barrel after US President Donald Trump vowed an escalation in the war in Iran over the coming weeks, a move that could prolong disruptions to energy flows through the vital Strait of Hormuz.
Soaring fuel prices from the Iran war are forcing oil traders into longer, stranger journeys, sending cargoes on routes that would normally make little economic sense.
Soaring fuel prices from the Iran war are forcing oil traders into longer, stranger journeys, sending cargoes on routes that would normally make little economic sense.
Europe is expected to have enough jet fuel to avoid shortages in April, according to people directly involved in the aviation fuel market. But that situation could change in May, as the conflict in the Middle East continues to rock global energy markets.
Europe is expected to have enough jet fuel to avoid shortages in April, according to people directly involved in the aviation fuel market. But that situation could change in May, as the conflict in the Middle East continues to rock global energy markets.
An employee attaches a refuelling hose to a passenger aircraft at London Southend Airport in Southend-on-Sea, UK.
President Donald Trump lashed out at allies for not supporting the US war in Iran, arguing Washington will not fight for their interests as they struggle to get jet fuel with the Strait of Hormuz essentially blocked.
President Donald Trump lashed out at allies for not supporting the US war in Iran, arguing Washington will not fight for their interests as they struggle to get jet fuel with the Strait of Hormuz essentially blocked.
One of the world’s largest petrochemical facilities in Saudi Arabia halted production as the Middle East conflict disrupts supply chains and energy operations in the region.
One of the world’s largest petrochemical facilities in Saudi Arabia halted production as the Middle East conflict disrupts supply chains and energy operations in the region.
The aviation crisis starting to grip Asia is threatening to intensify and spread to Europe and beyond, as energy turmoil caused by the Iran war collides with seasonal travel demand.
The aviation crisis starting to grip Asia is threatening to intensify and spread to Europe and beyond, as energy turmoil caused by the Iran war collides with seasonal travel demand.
International travelers queue up for check in at the Ninoy Aquino International Airport, in Manila. Photographer: Daniel Ceng/Getty Images
Russia’s top oil port in the Baltic Sea resumed loading days after it came under attack from Ukrainian drones, although the company that pipes crude there said it is trying to divert barrels elsewhere because of the incidents.
Russia’s top oil port in the Baltic Sea resumed loading days after it came under attack from Ukrainian drones, although the company that pipes crude there said it is trying to divert barrels elsewhere because of the incidents.
The International Energy Agency agreed to discharge 400 million barrels from emergency oil reserves, its largest-ever release, as governments seek to contain a price spike driven by the Middle East war.
The International Energy Agency agreed to discharge 400 million barrels from emergency oil reserves, its largest-ever release, as governments seek to contain a price spike driven by the Middle East war.
Asian energy buyers, eager to secure supplies as the Middle East war enters its second week, are outbidding rivals to lure fuel shipments that were headed to other regions.
Asian energy buyers, eager to secure supplies as the Middle East war enters its second week, are outbidding rivals to lure fuel shipments that were headed to other regions.
The Brest tanker was originally bound for Rotterdam.
Oil producers across the Middle East face a tense countdown as the Iran war blocks the region’s main export artery, filling the countries’ storage tanks and threatening output cuts if the situation persists.
Oil producers across the Middle East face a tense countdown as the Iran war blocks the region’s main export artery, filling the countries’ storage tanks and threatening output cuts if the situation persists.
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