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Summary
Global energy markets faced severe disruption in March as Iran imposed new fees and restrictions on commercial shipping transiting the Strait of Hormuz, a critical chokepoint for seaborne oil and gas. This action, described by Sultan Al Jaber as 'economic terrorism,' caused shipping to nearly halt, sent oil prices soaring above $155 per barrel, and prompted warnings from China and the EU about uncontrollable escalation and supply reassessments. In response, regional actors pursued alternatives; Saudi Arabia initiated oil production cuts due to full storage and promoted a pipeline project, while Egypt highlighted the use of its SUMED pipeline. The volatility directly impacted financial markets, with stocks and currencies mirroring sharp swings in oil prices.
The crisis extended beyond oil, as an Iranian drone attack halted production at Qatar's major LNG export plant, causing European gas prices to surge over 50%. Regional tensions escalated with Gulf Arab states, including Saudi Arabia and the UAE, warning Iran against targeting energy infrastructure, and Bahrain reporting a missile strike on its main oil refinery. Concurrently, Dubai's economy and aviation sector were disrupted by an airport incident involving a drone, leading to extended flight suspensions by major airlines and significant daily economic losses. Throughout the period, market sentiment remained acutely sensitive to geopolitical statements and the fluctuating status of transit through the strait.
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Iran conflict triggers global oil price surge and volatility
BH/KW/OM+2Iran has imposed new restrictions and fees on commercial shipping passing through the Strait of Hormuz, a critical waterway for global oil and gas shipments. Reports indicate Iran is charging fees of up to two million dollars per ship and has at times limited or closed transit, though it has since eased some restrictions. This has caused significant concern in global energy markets and among major economies. Sultan Al Jaber described the closure as an act of 'economic terrorism.' China warned of an 'uncontrollable' escalation, while analysts and Arab chambers of commerce highlighted the severe threat to oil exports, liquefied natural gas supplies, and the global economy, with Asia seen as most at risk. The situation has prompted discussions on alternative routes, including a Saudi pipeline project that could reshape oil markets. The core event remains Iran's actions in the strait, which have created a crisis for a major portion of the world's seaborne oil trade.
Mar 31
Attacks on ships near the Strait of Hormuz have stopped or paralyzed shipping through the critical waterway. This has interrupted oil supply chains from Iraq and other regional producers, causing global oil prices to jump. Governments are responding by planning to secure oil supplies from outside the Middle East to prepare for a possible full closure of the strait. Analysts from firms like JPMorgan say prices are expected to remain high for days as the situation develops. Despite the attacks and disruptions, Iranian officials have stated that the Strait of Hormuz remains open for oil tankers. The focus remains on the security of this key shipping lane and its impact on global oil markets.
Mar 7
Shipping through the Strait of Hormuz, a critical waterway for global oil transport, was disrupted. This caused oil prices to jump and remain volatile, as the market reacted to the uncertainty. Iran issued a warning that the situation in the strait 'cannot be the same,' contributing to the tensions. The White House later stated that oil tankers had 'begun to flow slowly' through the passage again, which led to a brief drop in oil prices in some markets. The overall situation left oil prices unstable, with reports giving an 'unencouraging forecast' for transit through the strait and highlighting the broad economic repercussions of the disruption.
Mar 21
IRThere are growing concerns about oil and gas supplies due to disruptions at the Hormuz Strait, a critical shipping route. The European Union says it will reassess its oil and gas supply situation if the strait remains closed, while Germany acknowledges the risk but believes the economic recovery can withstand it. An expert from OAPEC, an oil organization, highlighted the Hormuz Strait as the most significant current challenge for the gas market. Meanwhile, the United States stated that Iran is increasing its oil exports through the same strait, even as the broader supply shock is creating a gap between future and physical fuel prices.
Mar 27
Oil prices have continued to climb even after the United States and other countries agreed to release emergency petroleum reserves. The focus has shifted to the Strait of Hormuz, a critical waterway for global oil shipments, as a potential source of further price instability. Fitch, a major credit rating agency, told Al Arabiya that oil price volatility is expected to continue into 2026, with the situation around the Strait of Hormuz being a decisive factor. The strait's potential closure is seen as a major pressure point in regional tensions.
Mar 14
Global oil and gas prices surge due to Iran conflict and supply disruptions
USIran has largely halted oil and gas exports by shutting down the Strait of Hormuz, a critical waterway for global energy transit. Iran claims control of the strait, and attacks have paralyzed shipping there. This blockade has caused oil prices to make record weekly gains. Diesel prices in Germany have topped $2.33 per liter, and gas prices in Europe have risen sharply. The shutdown has raised fears of soaring oil prices globally, with Asian oil refiners potentially cutting production rates. Countries like Thailand are among the hardest hit in Asia, and Pakistan is rerouting its oil supply due to the crisis. The strait remains shut, escalating the crisis. The situation is impacting global markets and energy supplies, with significant consequences for fuel prices worldwide.
Mar 7
UAE aviation and infrastructure hit by drone attacks and disruptions
Dubai's airports have resumed limited flight operations after severe disruptions. The airports authority confirmed a partial restart of flights from both DXB and DWC airports to help passengers who had been stranded. Travelers were told to wait for their airline's instructions before heading to the airport. Some people paid large amounts for private flights to leave, while a hotel in Dubai offered free stays to stranded passengers. One flight was able to depart for Sydney.
Mar 26
Flights at Dubai International Airport were temporarily suspended after a drone caused a fire in a fuel tank. The airport has since reopened and flights are resuming on a limited schedule. Roads around the airport, including Airport Road, have also reopened. The incident affected thousands of passengers, including many from the UK.
Mar 30
Several major airlines have extended or announced new suspensions of flights to Dubai. British Airways has halted flights until the summer, SWISS has suspended flights until at least March 28, and Cathay Pacific has stopped flights until April 30. Korean Air has also extended its suspension until March 15. Russian airlines have also been banned from flying to Dubai. An expert, Mkrtchyan, said about 72% of Russians who bought tours to Dubai have canceled their trips. Reports also indicate Dubai's airport is losing money every minute due to the operational standstill.
Mar 19
A series of incidents has disrupted shipping traffic in a key area for global oil and trade. Smoke was seen rising from Dubai's main port, a container ship was hit by a projectile off the coast, and a UAE tugboat sank in the nearby Strait of Hormuz, leaving three Indonesian crew members missing. Separately, the United Arab Emirates' crude oil production reportedly fell by more than half. This drop is linked to the closure of the Strait of Hormuz, a vital waterway for oil shipments, which forced some oil fields to shut down.
Mar 18
The U.S. granted a waiver allowing some countries to buy Iranian oil, but major buyers are not rushing in. China's Sinopec is not buying Iranian crude despite the waiver, and Chinese oil companies are rethinking their plans. Meanwhile, Japan's Jera, an energy company, expects that a conflict involving Iran would push global buyers of liquefied natural gas (LNG) to seek supplies from the U.S. and Canada instead.
Mar 30
Strait of Hormuz disruptions threaten global shipping and oil trade
Movement of ships through the Strait of Hormuz has nearly come to a complete halt, according to a maritime information center. This key waterway is a critical route for global oil shipments. Iran's parliament is reportedly studying a project to impose fees and taxes on ships seeking safe passage through the strait. Meanwhile, Egypt's Sisi warned Egyptians about the economic repercussions of a closure, and the Egyptian Suez-Mediterranean (SUMED) pipeline is being used as an alternative route for oil. International efforts are underway in what's described as a race against time to reopen the strait and rescue the global economy, with some expectations the crisis could last around five weeks.
Mar 30
Traffic through the Strait of Hormuz, a critical waterway for global oil shipments, has collapsed. This has caused global oil prices to rise. In response, Saudi Arabia has started to cut its oil production. The state oil company, Saudi Aramco, is making the cuts because the closure of the strait has filled up its storage facilities. Saudi Arabia has also offered rare spot crude oil cargoes for sale.
Mar 13
SAOPEC+, a group of oil-producing countries, has agreed to increase its combined oil output by 206,000 barrels per day. This is a modest increase, and some reports say it was larger than many analysts had expected. The decision comes as a conflict involving Iran has disrupted oil shipments through key supply routes, including the Strait of Hormuz. This disruption is causing significant concern in oil markets, with analysts suggesting the duration of the shipping problems will have a bigger impact on prices than the production increase.
Mar 2
Tanker traffic through the Strait of Hormuz has ground to a halt, causing a sharp increase in global oil prices. The strait is a critical passage for a large portion of the world's oil and gas shipments. In response, Saudi Arabia says it will redirect its oil exports within days to avoid the strait. The European Commission called the closure "unacceptable" and a threat to global energy security, while Greece called for a durable solution to ensure free shipping.
Mar 24
A drone attack targeted the oil terminal at Fujairah port in the United Arab Emirates, causing a large fire and damaging some crude oil storage tanks. The incident led to a temporary suspension of some oil loading operations at the port. Operations have since resumed, according to industry sources. The attack was claimed by Iran.
Mar 15
Global energy infrastructure attacks and broader economic risks
Iran's supreme leader, Khamenei, has called for the strategic Hormuz Strait to stay closed. This waterway is a critical passage for a large portion of the world's seaborne oil shipments. Separately, China has halted some of its fuel exports. This move tightens global fuel supplies, though it's not explicitly linked to the situation at the strait in the provided headlines.
Mar 14
Several large oil and gas companies are reporting financial struggles even as they pump record amounts of oil. CNOOC, a Chinese state-owned firm, said its record output did not protect it from market volatility. Sinopec, another Chinese energy giant, reported a profit slump for 2025 due to oil prices and its chemicals business. Aker BP, a Norwegian company, also saw its earnings slide, though it is making a big push to grow its operations. Meanwhile, the price benchmark for oil in Asia is shifting, with traders beginning to price U.S. oil against the Brent benchmark due to volatility in the Dubai market.
Mar 31
A series of attacks on energy facilities in the Middle East has disrupted supplies and caused prices to rise sharply. The UAE suspended operations at its Shah gas field after an Iranian drone attack, and a key oil loading port in Ras Tanura was also hit before resuming operations. These disruptions contributed to a significant jump in European gas prices, with one report suggesting a 20% weekly increase linked to an outage at a major Qatari LNG facility. Separately, the Norwegian energy company Equinor announced a new oil discovery near a large field in the Arctic.
Mar 20
A key Iranian natural gas facility, the South Pars field, was attacked, with Bahrain and Qatar saying it sparked a fire. The South Pars field is a major source of gas for Iran and its neighbors. Oil prices jumped following the attacks. Regional countries like the UAE and Oman called the targeting of energy facilities a dangerous escalation and a direct threat to supplies.
Mar 28
Oil prices have risen significantly, which is having widespread effects. Stock markets in places like Malaysia have seen big swings, with one index gaining over 1% on rising oil prices one day, then falling on caution over those same prices and Middle East tensions the next. Higher oil prices are also putting pressure on businesses and governments. The International Monetary Fund (IMF) has warned of an energy shock, and small businesses are bracing for the impact. Meanwhile, a major oil company, PetroChina, reported that its profit decreased from a previous record high.
Mar 31
Qatar LNG facilities attacked, triggering global gas supply crisis
Qatar has halted production at the world's largest liquefied natural gas (LNG) export plant following an Iranian drone attack. This sudden stop in supply from a major global producer caused European gas prices to surge by as much as 45-54%. In response to the disruption, coal prices also jumped as some energy users looked for alternative fuels. The halt also impacted financial markets, with shares of Petronet LNG, a major buyer of Qatari gas, falling sharply.
Mar 7
Qatar Energy, a major global supplier of liquefied natural gas (LNG), has declared force majeure on its supply contracts to four countries. This legal move suspends its delivery obligations due to circumstances beyond its control, specifically citing impacts from the ongoing conflict involving Iran. This disruption has caused LNG exports to fall to a six-month low and is rattling energy markets and executives. A new Qatar-backed LNG plant in the United States has started production, which may help offset some of the global supply shortage caused by the war's effects on Qatar's operations.
Mar 30
Qatar says Iran attacked the Ras Laffan industrial city, a major hub for producing and exporting liquefied natural gas (LNG). The country's interior ministry reported that all fires at the site have been extinguished. Qatari officials condemned what they called Iran's 'brutal targeting' of the facility, stating it caused significant damage and is a direct threat to their security. Initial reports suggest the attack may have impacted a large portion of Qatar's LNG production capacity.
Mar 21
Iranian missiles struck the world's largest liquefied natural gas (LNG) plant in Qatar, causing what multiple reports describe as extensive damage. The facility is a critical hub for global gas supplies. Following the attack, European gas prices soared and stock markets were rattled. President Donald Trump issued a warning, stating that if Tehran attacked Qatar's LNG facilities again, the Pars gas field would be destroyed.
Mar 19
Gulf states develop alternative routes and react to Iran aggression
Several Gulf Arab states, including Saudi Arabia and the United Arab Emirates, have issued warnings to Iran against targeting energy infrastructure. Saudi Arabia threatened military action if its oil facilities are attacked. Separately, Bahrain reported that a missile from Iran started a fire at its main oil refinery, which was later contained. The UAE is reportedly considering a multibillion-dollar freeze on Iranian financial assets.
Mar 30
Kuwait and the United Arab Emirates have started cutting their oil production and refining output. This comes after attacks blocked the Strait of Hormuz, a major shipping route for oil. Kuwait's national oil company announced the reduction. The cuts are happening because the strait remains blocked, preventing tankers from moving through the waterway.
Mar 7
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Dubai's economy and safe-haven status tested by regional war
Dubai is experiencing economic disruption due to a conflict involving Iran. Reports indicate Iran has slowed merchant traffic through the Strait of Hormuz, a critical shipping lane, and attacked Dubai's airport, raising fears of a global energy crisis. Analysts say the conflict is a major challenge to Dubai's business model, with one report estimating economic losses of 2,000 crore rupees (roughly $240 million) per day. The situation is impacting key sectors like residential real estate and overall economic activity.
Mar 23
Dubai's status as a secure financial center and luxury market is being tested as tensions rise from the Iran conflict. Some international financial firms, like hedge fund Millennium and Investec, are exploring temporary staff relocations or moving operations to places like Jersey, citing safety concerns. Wealthy individuals, particularly from Asia, are reportedly reconsidering Dubai investments and looking to move assets closer to home. Meanwhile, prominent Dubai developer Mohamed Alabbar has stated the local property market remains strong, offering a contrasting view from within the emirate.
Mar 25
Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, has approved a Dh1-billion economic support package for businesses in the emirate. The package is intended to boost the resilience of Dubai's economy and strengthen its reputation for agility.
Mar 30
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Trump's threats and statements on Iran conflict and energy assets
Oil prices have been moving sharply based on statements from President Donald Trump about Iran. Prices rose when he issued an ultimatum and Iran threatened to close the Strait of Hormuz, a major shipping route. They then fell when he later signaled productive talks and postponed a deadline, causing a market rally and an 8% drop in oil at one point. This created volatility in financial markets, which reacted to each shift in his rhetoric about negotiations and military threats. The changes in Trump's position—from ultimatum to talk of diplomacy—directly led to swings in oil prices and broader market sentiment.
Mar 25
President Donald Trump threatened to destroy Iran's South Pars gas field if Iran attacks Qatar's gas facilities again. This came after an Israeli strike on the South Pars field and a subsequent attack on a Qatari LNG plant, which caused oil prices to surge. Trump denied U.S. involvement in the Israeli strike and issued a warning to Iran.
Mar 19
President Donald Trump threatened to attack the world's largest natural gas field, which is shared by Iran and Qatar, if Iran attacks Qatar again. He stated that Israel had previously struck the Iranian portion of the field without U.S. or Qatari involvement. The warnings come amid rising oil prices and tensions with Iran, with Trump also calling on allies like Japan and NATO to increase pressure.
Mar 20
The Trump administration is weighing a waiver of the century-old Jones Act and tapping the Strategic Petroleum Reserve in response to rising oil and fuel prices. President Trump has stated that the U.S. benefits from high oil prices but that the priority is addressing the situation with Iran. The moves come amid concerns over shipping risks in the Strait of Hormuz.
Mar 13
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