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Brent Bounces Back to $83.01/bbl

Iran proposes end of war, Aramco refinery hit by projectile, Russia and Hungary to discuss over Druzhba pipeline
Published: March 4, 2026
Written by:
Giovanni Simonetti

Giovanni Simonetti

Junior Data Analyst, Flux
Giovanni Simonetti
Reviewed by:
Donna Dong

Donna Dong

Research Analyst, Flux
Donna Dong
and
Martha Dowding

Martha Dowding

Research Associate, Flux
Martha Dowding
4 page report
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The May’26 Brent Futures contract initially rallied to $84.38/bbl at 08:44 GMT before sharply falling to $82.24/bbl at 10:09 GMT. Prices have since recovered to $83.01/bbl at 10:30 GMT (time of writing).

The rapid decline in price came after a Bloomberg headline reported that Iran operatives had made offer to discuss terms of ending the war. In the news, Saudi Aramco’s Ras Tanura complex, home to its largest domestic refinery and a major export terminal, was struck again by a projectile on 4 March, two days after a reported drone attack shut the refinery. Saudi authorities said the latest strike caused no damage and did not disrupt supplies. Aramco is attempting to reroute crude exports via the Red Sea to reduce reliance on the vulnerable waterway. In other news, Russian President Putin is set to meet Hungarian Foreign Minister Peter Szijjarto to discuss oil supply disruptions via the Druzhba pipeline, which carries Russian crude to Hungary and Slovakia. Kyiv says the Ukrainian section of the pipeline was badly damaged by fire after a Russian attack. However, Hungary and Slovakia accuse Ukraine of deliberately delaying repairs for political reasons due to their continued purchases of Russian oil. The Kremlin claims the issue amounts to “blackmail” by Kyiv and says it has not received requests from other European countries to resume energy supplies. Finally, the front-month May/Jun’26 and six-month May/Nov’26 spreads are at $3.89/bbl and $11.73/bbl respectively.

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