March 19th, according to Reuters citing sources, the Yanbu port in Saudi Arabia has resumed oil loading operations. Previously, the Yanbu port suspended crude oil loading after the Saudi Ministry of Defense stated that it intercepted a ballistic missile over Yanbu city. After Iran effectively closed the Strait of Hormuz, Yanbu port became one of the two remaining main export channels for Gulf Arab countries' oil. The Saudi Ministry of Defense earlier stated that a drone crashed at the SAMREF refinery, and the damage is currently being assessed.

The UAE's state-owned oil giant, Abu Dhabi National Oil Company, has been forced to implement widespread production shutdowns, causing the country's daily crude oil output to drop by more than half.

In its latest monthly report, the International Energy Agency (IEA) stated that the global oil market is facing the most severe supply disruption in history due to ongoing conflicts in the Middle East. Shipping through the Strait of Hormuz has nearly halted, and oil storage facilities are nearing capacity, forcing Gulf countries to cut oil production by at least 10 million barrels per day; over 3 million barrels per day of refining capacity have already been shut down.

On March 11, international oil prices continued to rise, with U.S. oil surging nearly 6% and Brent crude oil increasing by more than 5%.

According to informed officials,The International Energy Agency (IEA) has proposed releasing the largest oil reserve in history to curb the sharp rise in crude oil prices during the US-Iran war.Officials stated,This release will exceed the total 182 million barrels of oil released by IEA member countries in two batches following the outbreak of the Russia-Ukraine conflict in 2022.The proposal was circulated at the emergency meeting of energy officials from IEA's 32 member countries on Tuesday.Countries are expected to decide on the proposal on Wednesday.If no country objects, the proposal will be adopted; however, if even one country raises an objection, the plan could be delayed.

The midday closing of the domestic futures main contracts showed mixed performance. Caustic soda, Container Freight Index Europe, and PET all rose more than 7%, while PVC, butadiene rubber, and paraxylene rose more than 5%. On the downside, SC crude oil fell more than 9%, lithium carbonate fell more than 5%, and fuel oil fell more than 4%.

The International Energy Agency has proposed releasing more than 182 million barrels of oil, and relevant countries are expected to decide on the proposal on Wednesday.

SC crude oil main contract fell 15% on the day, now at 642.00 yuan per barrel.

  March 9 — As the Middle East conflict continues to escalate, driving up global oil prices, the South Korean government has taken emergency action. President Lee Chan-min, at an emergency economic meeting on Monday, called for the “swift introduction and bold implementation of a maximum oil price system” to curb excessive price hikes. He made these remarks as international oil prices neared $120 per barrel—reaching their highest level since 2022. Production cuts by Middle Eastern oil-producing countries, the ongoing blockade of the Strait of Hormuz, and escalating U.S. threats of deeper involvement in the conflict have continued to strain energy markets. South Korea relies almost entirely on imported energy, with approximately 70% of its oil imports passing through the Strait of Hormuz. This proposed oil price cap mechanism would mark the first time in nearly 30 years that South Korea has employed such a measure, aimed at mitigating the impact of geopolitical turmoil on the nation’s domestic energy supply chain.

Brent crude oil futures fell below $108 per barrel, with the intraday gain narrowing to 16%. WTI crude oil futures fell below $104 per barrel, with the intraday gain narrowing to 14%. Reports said G-7 will discuss jointly releasing emergency oil reserves.

WTI crude oil futures surged over 30%, reaching $118.7 per barrel.

WTI crude oil continues to rise, breaking through $117 per barrel, up 28.10% on the day.

Brent crude futures rose nearly 24%, poised to set a record for the largest single-day gain; WTI crude futures surged over 26%.

International oil prices surged at the opening of the latest trading day, with both New York crude futures and London Brent crude futures exceeding $100 per barrel for the first time in over three years.

French President Macron spoke with the Italian Prime Minister and the Greek Prime Minister on Thursday morning. The three leaders agreed to coordinate the delivery of military supplies to Cyprus and jointly safeguard freedom of navigation in the Red Sea. Currently, the Strait of Hormuz is blocked, forcing multiple oil-producing countries—whose storage tanks are full—to cut production; Saudi Arabia has accelerated oil exports via the Red Sea.

Iran claims its drones struck the U.S. Navy’s aircraft carrier USS Abraham Lincoln and its missiles hit a U.S. oil tanker; Iran’s Foreign Minister stated that Iran is waiting for a U.S. ground invasion, expressing confidence in its ability to repel such an assault—calling it a “huge disaster” for the U.S. and asserting there is “no reason” for further negotiations. Iran’s Permanent Mission to the United Nations dismissed claims of a potential closure of the Strait of Hormuz as “baseless and absurd.” The Israeli military stated it is entering the next phase of operations, intensifying efforts to undermine Iran’s regime foundations and military capabilities. The U.S. is reportedly allocating additional resources to sustain the war for “at least 100 days, possibly until September.” Donald Trump stated he must be involved in determining Iran’s Supreme Leader, and reports indicate he is seeking Kurdish assistance for operations inside Iran. Italy stated it has no intention of joining the conflict; the United Kingdom is assisting Gulf states in defending against Iran; Qatar reported it has been attacked by Iran.

At the morning session closing, domestic futures main contracts saw more gains than losses: SC crude oil rose nearly 13%, containerized freight rates for the Europe route surged nearly 8%, pure benzene and styrene hit the daily trading limit-up, caustic soda, fuel oil, and synthetic rubber rose over 6%, PX gained nearly 6%, PTA rose over 5%, lithium carbonate climbed nearly 5%, and apples and PET chips rose nearly 4%. On the downside, methanol, liquefied petroleum gas (LPG), and coking coal each fell nearly 1%.

The SC crude oil front-month contract surged 12% intraday, now trading at RMB 699 per barrel.

According to Xinhua, citing the Islamic Republic News Agency, Iranian Revolutionary Guard commander Jabari said in a live TV program that any ship trying to pass through the Strait of Hormuz would be destroyed, "we will not allow a drop of oil to flow out of the region."

Today during trading, PetroChina (601857.SH) saw its market capitalization rise by over RMB 2 trillion, hitting a near 11-year high. Its intraday market capitalization of over RMB 2 trillion exceeded the combined market capitalizations of the other two “oil giants”—Sinopec (600028.SH) and CNOOC (600938.SH).