The United Arab Emirates and Kuwait have already started reducing oil production as storage runs down, joining Iraq. Others may be forced to follow, as oil tankers continue avoiding the narrow waterway, rapidly reducing the number of empty ones available for loading. Futures tied to Abu Dhabi’s flagship Murban crude closed at $103 (€92) a barrel on Friday, while Oman crude futures were at $107. Chinese crude oil futures on the Shanghai International Energy Exchange ended, in US dollar terms, at $109. Other US moves to dampen oil price increases include allowing India to access Russian oil currently held in floating storage in the region.

Source: Irish Examiner March 08, 2026 16:54 UTC