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Brent Rangebound at $102/bbl

Donald Trump criticizes allies as Iran tensions escalate, tanker hit near Port of Fujairah and investment retreats.
Published: March 17, 2026
Written by:
Mita Chaturvedi

Mita Chaturvedi

Research Associate, Flux
Mita Chaturvedi
Reviewed by:
Donna Dong

Donna Dong

Research Analyst, Flux
Donna Dong
4 page report
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The May’26 Brent futures contract has been fairly rangebound between $101/bbl and $103/bbl this afternoon, standing at $102.88/bbl at 17:14 GMT (the time of writing).

Israel has reportedly killed Ali Larijani, Iran's security chief, widely viewed as one of Iran's most powerful figures. Meanwhile, Mojtaba Khameini reportedly held his first foreign policy session since being named supreme leader and declared it was "not the right time for peace until the United States and Israel are brought to their knees, accept defeat and pay compensation", as per a source of Reuters. It was not confirmed whether Khameini attended this meeting in person. In other news, US President Donald Trump has described its NATO allies' decision not to get involved with the country's military operation in Iran as "a very foolish mistake" at an Oval Office event. President Trump went on to state, in a Truth Social post, that the US "no longer "need" or desire" NATO assistance alongside Japan, Australia and South Korea. An unknown projectile hit a Kuwait-flagged tanker 23 nautical miles east of the UAE port of Fujairah, causing minor structural damage as per the UK Maritime Trade Operations. Finally, as per Reuters, Macquarie has reportedly withdrawn from bidding for a stake in Kuwait's oil pipeline network worth up to $7 billion due to the uncertain outlook, making it one of the first known investors to pull out of a Gulf deal due to the war in the region. Finally, at the time of writing, the front-month (May/Jun'26) and six-month (May/Nov'26) spreads stand at $4.05/bbl and $19.28/bbl, respectively. 

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