The war has all but halted shipments of oil and liquefied natural gas through the Strait of Hormuz, which typically carries about one-fifth of the world's LNG and crude supply. The International Energy Agency has called it the biggest-ever oil supply disruption. Russia's Baltic ports of Primorsk and Ust-Luga, major export terminals, suspended crude oil and oil products loadings after massive Ukrainian drone attacks sparked blazes, with smoke visible from Finland. In Venezuela, meanwhile, oil production, including condensate and gas liquids, has reached 1.1 million barrels per day in March. The US EIA said energy firms added 6.9 million barrels of crude into stockpiles during the week ended March 20.

Source: The Star March 26, 2026 02:21 UTC