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Brent Opens Below $100/bbl

Brent opens below $100 on de-escalation hopes; Russia's Primorsk and Ust-Luga ports suspend crude and oil product loadings
Published: March 25, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
4 page report
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This morning May'26 Brent crude futures opened lower at $98/bbl and has failed to break through the $100 mark. Prices declined yesterday evening on de-escalation hopes after reports said Washington had sent a peace plan to Iran through Pakistan, while Israel’s Channel 12 reported that Trump suggested a one-month ceasefire. However, renewed negotiation rhetoric come under the backdrop of the US...

...sending thousands more troops to the Middle East for potential land operations, with the Pentagon set to deploy elements of the Army’s 82nd Airborne Division. In the news, the Trump administration is preparing to expand the opportunity for sales of higher-ethanol E15 gasoline by waiving the fuel from US volatility requirements. At the CERAWeek energy conference in Houston, shale executives said oil prices above $100/bbl would not trigger a meaningful production increase unless they stay elevated for more than a quarter. Indian refiners are increasingly settling purchases of Russian oil in alternative currencies, including the UAE’s dirham and Chinese yuan, as they seek to reduce reliance on the dollar amid rising geopolitical tensions and shifts in US policy. Russia's Baltic ports of ‌Primorsk and Ust-Luga, major export terminals, suspended crude oil and oil products loadings on Wednesday after massive Ukrainian drone attacks sparked a blaze which could be seen from Finland, two sources told Reuters. Finally, the May/Jun and May/Nov Brent futures spreads are at $4.20/bbl and $17.42/bbl respectively.

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