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Brent Rebounds Above $90/bbl

Chris Wright X post triggers flat price chaos; IEA to release over 100mb in month one; Trump announces plan for Reliance-backed US refinery
Published: March 11, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
Reviewed by:
Giovanni Simonetti

Giovanni Simonetti

Junior Data Analyst, Flux
Giovanni Simonetti
4 page report
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Following the volatility triggered by US Energy Secretary Chris Wright’s X post (and subsequent retraction) that the US Navy escorted an oil tanker through the Strait of Hormuz, Brent crude futures saw a V-shaped recovery last night and a gradual rise this morning from $87 to $93/bbl before correcting to $92/bbl by 18:00 SGT (10:00 GMT).

According to Reuters, the IEA ‌is recommending a release of oil from strategic reserves that would exceed 100 million barrels over the first month, two sources with knowledge ‌of IEA discussions said on Wednesday. Australia’s competition regulator will seek explanations from fuel retailers on pricing during the current Middle East crisis, owing to consumer concerns about price spikes and distribution issues in regional and rural parts of the country. Donald Trump announced plans for the first major refinery to be built in the US in almost half a century in the Texas city of Brownsville backed by Indian energy group Reliance Industries. South-east Asian economies are bracing for the oil shock by telling citizens to work from home, implementing four-day weeks, and promising increasing spending on energy subsidies. Some shipowners are avoiding Fujairah, being wary of drone or missile strikes, and citing hesitant insurers, with cancelled cargos potentially being sold at higher spot market prices. Chevron said Argentina must further deregulate its economy and fully remove capital controls to maximise the development of the Vaca Muerta shale basin, though the company remains optimistic and plans to triple its production there by 2035 if reforms continue. Finally, the May/Jun and May/Nov Brent futures spreads are at $3.74/bbl and $14.54/bbl respectively.

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