Storage tanks filled to capacity, oil tankers idled, and multiple countries forced to cut production! Oil prices surged by 20% at the opening, breaking through $110 per barrel, while the three major U.S. stock index futures collectively declined.

International oil prices surged above $110 per barrel as key shipping lanes were almost completely shut down, more major oil-producing countries cut production, and the United States threatened to escalate the conflict that has already disrupted energy markets.

Zhitong Finance57minutes ago

Mujtaba Khamenei, son of Khamenei, officially assumes the role, marking the beginning of Iran's 'Era of Vengeance'.

With Mujtaba designated as Iran's new Supreme Leader, Tehran has signaled to Washington through a transition of power: confrontation knows no end. As the preferred candidate of the Revolutionary Guard and a long-standing 'mini Supreme Leader,' the 56-year-old Mujtaba assumes office bearing personal and national grievances, locking Iran into a hardline trajectory.

Golden10 Data58minutes ago

The U.S. Considers Further Easing Restrictions on Russian Oil! Is Russian Oil Becoming a Hot Commodity Amid Middle East Supply Threats?

①Just over a week ago, Russia's energy sector was in its worst state in years, with low oil prices and sanctions draining the country’s economy of funds. Millions of barrels of Russian oil were floating at sea, most of it without a destination; ②however, the current conflict in the Persian Gulf has completely reversed this situation.

cls.cn41minutes ago

Express News | Trump responds to the surge in oil prices: In the short term, oil prices will drop rapidly after the Iranian nuclear threat is eliminated.

Breakings06:55

If the U.S. really wants to suppress oil prices, it "has almost only one option": the Strait of Hormuz.

This week, the U.S. government successively announced measures such as providing insurance and escorts for transiting oil tankers, temporarily easing sanctions on Russian crude oil, and boosting Venezuela's oil production. However, most experts believe that only the swift restoration of通行能力 through the Strait of Hormuz can fundamentally reverse the trend in oil prices. Brent crude closed at $93 per barrel this week, with a weekly increase of 28%, reaching a new high since 2023.

wallstreetcnMar 8 10:23

Middle East Crude Oil 'Production Halts': UAE and Kuwait Announce Production Cuts

The UAE announced an adjustment to its offshore production levels to address storage requirements. Kuwait’s production cut is expected to increase from 100,000 barrels per day on Saturday to 300,000 barrels per day on Sunday. The wave of production cuts by Middle Eastern oil-producing countries has pushed Brent crude prices to a two-year high, surpassing $93 per barrel. Trump stated on Saturday that oil prices would quickly fall back.

wallstreetcnMar 8 09:15