{"id":48482,"date":"2026-03-11T07:18:27","date_gmt":"2026-03-11T07:18:27","guid":{"rendered":"https:\/\/diyhaven858.wasmer.app\/index.php\/crude-prices-surge-after-israel-bombs-iranian-fuel-depots\/"},"modified":"2026-03-11T07:18:27","modified_gmt":"2026-03-11T07:18:27","slug":"crude-prices-surge-after-israel-bombs-iranian-fuel-depots","status":"publish","type":"post","link":"https:\/\/diyhaven858.wasmer.app\/index.php\/crude-prices-surge-after-israel-bombs-iranian-fuel-depots\/","title":{"rendered":"Crude Prices Surge after Israel Bombs Iranian Fuel Depots"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div xmlns:default=\"http:\/\/www.w3.org\/2000\/svg\" data-testid=\"article-body\">\n<div class=\"bodyItems-wrapper\">\n<p class=\"yf-1fy9kyt\"><!-- HTML_TAG_START -->April WTI crude oil (CLJ26) on Monday closed up +3.87 (+4.26%), and April RBOB gasoline (RBJ26) closed up +0.0618 (+2.25%). \u00a0April WTI crude oil on Monday rallied to a 3.75-year nearest-futures high of $119.48 but then fell back to close at $94.77.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1fy9kyt\"><!-- HTML_TAG_START -->Crude oil and gasoline prices rallied sharply on Monday after Israel, on Saturday, bombed 30 Iranian oil depots. \u00a0In addition, Saudi Arabia became the latest Middle East oil producer to curb production as local oil storage facilities near capacity.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1fy9kyt\"><!-- HTML_TAG_START -->Oil prices fell back from even sharper gains after G7 finance ministers met and said they stand ready to coordinate the release of strategic oil supplies, but that the release is not yet needed. \u00a0A statement said, &#8220;We stand ready to take necessary measures, including to support the global supply of energy such as stockpile release.&#8221;<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1fy9kyt\"><!-- HTML_TAG_START -->Meanwhile, there is no end in sight for the Middle East war as Iran&#8217;s Assembly of Experts over the weekend appointed hardliner Mojtaba Khamenei as Iran&#8217;s new supreme leader, the son of Ayatollah Ali Khamenei. \u00a0Iran\u2019s new leader has close ties to Iran\u2019s powerful and entrenched Islamic Revolutionary Guard Corps (IRGC). \u00a0President Trump said he is &#8220;not happy&#8221; with Iran&#8217;s choice of a new leader.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1fy9kyt\"><!-- HTML_TAG_START -->The closure of the Strait of Hormuz has halted most energy shipments from the Persian Gulf and is bullish for energy prices. \u00a0Iran\u2019s Islamic Revolutionary Guard Corps has warned ships not to sail through the passageway, saying that vessels \u201ccould be at risk from missiles or rogue drones.\u201d The closure of the Strait of Hormuz, which handles a fifth of the world\u2019s oil, has forced Gulf producers unable to export their oil to stockpile the crude in storage tanks. \u00a0Goldman Sachs estimates the real-time risk premium for crude oil at $18\/bbl, corresponding to its estimate of the impact of a six-week full halt to tanker traffic in the Strait of Hormuz. <!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1fy9kyt\"><!-- HTML_TAG_START -->In a bearish factor for crude, OPEC+ on March 1 said it will boost its crude output by 206,000 bpd in April, above estimates of 137,000 bpd, although that production hike now seems unlikely given that Middle East producers are being forced to cut production due to the Middle East war. \u00a0OPEC+ is trying to restore all of the 2.2 million bpd production cut it made in early 2024, but still has nearly another 1.0 million bpd left to restore. \u00a0OPEC\u2019s January crude production fell by -230,000 bpd to a 5-month low of 28.83 million bpd.<!-- HTML_TAG_END --><\/p>\n<\/p><\/div>\n<p>   <button class=\"secondary-btn fin-size-large readmore-button    rounded   yf-r7dg9i\" data-ylk=\"elm:readmore;itc:1;sec:content-canvas;slk:Story%20Continues\" data-yga=\"{&quot;yLinkElement&quot;:&quot;readmore&quot;,&quot;yModuleName&quot;:&quot;content-canvas&quot;,&quot;yLinkText&quot;:&quot;Story Continues&quot;}\" aria-label=\"Story Continues\" title=\"Story Continues\"> <span>Story Continues<\/span> <\/button> <\/p>\n<div class=\"read-more-wrapper\" style=\"display: none\" data-testid=\"read-more\">\n<p class=\"yf-1fy9kyt\"><!-- HTML_TAG_START -->Mounting crude supplies in floating storage are a bearish factor for oil prices. \u00a0According to Vortexa data, about 290 million bbl of Russian and Iranian crude are currently in floating storage on tankers, more than 50% higher than a year ago, due to blockades and sanctions on Russian and Iranian crude. \u00a0Vortexa reported Monday that crude oil stored on tankers that have been stationary for at least 7 days fell by -21% w\/w to 88.80 million bbl in the week ended March 6.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1fy9kyt\"><!-- HTML_TAG_START -->On February 10, the EIA raised its 2026 US crude production estimate to 13.60 million bpd from 13.59 million bpd last month, and raised its US 2026 energy consumption estimate to 96.00 (quadrillion btu) from 95.37 last month. \u00a0The IEA last month cut its 2026 global crude surplus estimate to 3.7 million bpd from last month\u2019s estimate of 3.815 million bpd. <!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1fy9kyt\"><!-- HTML_TAG_START -->The most recent US-brokered meeting in Geneva to end the war between Russia and Ukraine ended early as Ukrainian President Zelenskiy accused Russia of dragging out the war. \u00a0Russia has said the \u201cterritorial issue\u201d remains unresolved with Ukraine, and there\u2019s \u201cno hope of achieving a long-term settlement\u201d to the war until Russia\u2019s demand for territory in Ukraine is accepted. \u00a0The outlook for the Russia-Ukraine war to continue will keep restrictions on Russian crude in place and is bullish for oil prices.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1fy9kyt\"><!-- HTML_TAG_START -->Ukrainian drone and missile attacks have targeted at least 28 Russian refineries over the past seven months, limiting Russia\u2019s crude oil export capabilities and reducing global oil supplies. \u00a0Also, since the end of November, Ukraine has ramped up attacks on Russian tankers, with at least six tankers attacked by drones and missiles in the Baltic Sea. \u00a0In addition, new US and EU sanctions on Russian oil companies, infrastructure, and tankers have curbed Russian oil exports.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1fy9kyt\"><!-- HTML_TAG_START -->Last Wednesday\u2019s EIA report showed that (1) US crude oil inventories as of February 27 were -2.7% below the seasonal 5-year average, (2) gasoline inventories were +4.4% above the seasonal 5-year average, and (3) distillate inventories were -1.9% below the 5-year seasonal average. \u00a0US crude oil production in the week ending February 27 was unchanged w\/w at 13.696 million bpd, just below the record high of 13.862 million bpd from the week of November 7.<!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1fy9kyt\"><!-- HTML_TAG_START -->Baker Hughes reported last Friday that the number of active US oil rigs in the week ended March 6 rose by +4 to 411 rigs, just above the 4.25-year low of 406 rigs posted in the week ended December 19. \u00a0Over the past 2.5 years, the number of US oil rigs has fallen sharply from the 5.5-year high of 627 rigs reported in December 2022.<br \/><!-- HTML_TAG_END --><\/p>\n<p class=\"yf-1fy9kyt\"><!-- HTML_TAG_START --><i> On the date of publication, Rich Asplund did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally\u00a0published on Barchart.com <\/i><!-- HTML_TAG_END --><\/p>\n<\/p><\/div>\n<\/p><\/div>\n<p><br \/>\n<br \/><a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>April WTI crude oil (CLJ26) on Monday closed up +3.87 (+4.26%), and April RBOB gasoline (RBJ26) closed up +0.0618 (+2.25%). \u00a0April WTI crude oil on Monday rallied to a 3.75-year nearest-futures high of $119.48 but then fell back to close at $94.77. Crude oil and gasoline prices rallied sharply on Monday after Israel, on Saturday, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":43022,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_daextam_enable_autolinks":"","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[10],"tags":[4590,4674,215,216,4592],"class_list":["post-48482","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","tag-crude-oil","tag-crude-production","tag-iran","tag-oil-prices","tag-wti-crude-oil"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/diyhaven858.wasmer.app\/wp-content\/uploads\/2026\/03\/be26e7c56ab8991d1d89507f82c52ba0.jpeg","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/diyhaven858.wasmer.app\/index.php\/wp-json\/wp\/v2\/posts\/48482","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/diyhaven858.wasmer.app\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/diyhaven858.wasmer.app\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/diyhaven858.wasmer.app\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/diyhaven858.wasmer.app\/index.php\/wp-json\/wp\/v2\/comments?post=48482"}],"version-history":[{"count":0,"href":"https:\/\/diyhaven858.wasmer.app\/index.php\/wp-json\/wp\/v2\/posts\/48482\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/diyhaven858.wasmer.app\/index.php\/wp-json\/wp\/v2\/media\/43022"}],"wp:attachment":[{"href":"https:\/\/diyhaven858.wasmer.app\/index.php\/wp-json\/wp\/v2\/media?parent=48482"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/diyhaven858.wasmer.app\/index.php\/wp-json\/wp\/v2\/categories?post=48482"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/diyhaven858.wasmer.app\/index.php\/wp-json\/wp\/v2\/tags?post=48482"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}