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Brent Trades Around $103/bbl

Brent crude stabilises around $103; port of Fujairah suspends oil loadings; US diesel above $5/gal for first time since 2022
Published: March 17, 2026
Written by:
Vincent Wu

Vincent Wu

Research Associate, Flux
Vincent Wu
Reviewed by:
Mita Chaturvedi

Mita Chaturvedi

Research Associate, Flux
Mita Chaturvedi
4 page report
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Brent crude futures opened around $2 higher from Monday’s levels around $102.80/bbl, trading up to $105 before retreating to the $103 level by 18:00 SGT (10:00 GMT).

Even as the prospect of the SPR release weigh on sentiment, the geopolitical risk premium remains elevated as President Trump struggles to build a naval coalition to reopen the Strait of Hormuz. In the news, the port of Fujairah has suspended oil loadings, a change from Monday evening where the terminals were partially operational. Operations at the UAE’s Shah gas field remain suspended on Tuesday following a drone attack. The field, operated by ADNOC in a joint venture with Occidental Petroleum, supplies at least 500 million cubic feet of gas daily to the domestic grid. Iraq said it is in contact with Iran to allow some oil tankers to pass through the Strait of Hormuz. Meanwhile, a Pakistani tanker sailed out through the Strait by hewing closely to the Iranian route, suggesting an approved route tied to Tehran’s approval of specific ships. US diesel rose above $5/gal for the first time since December 2022, according to the AAA. Trading arms under Chinese majors Sinopec and PetroChina have this week made inquiries with suppliers for possible purchases of Russian oil, which would be their first since November, especially as Russian oil remains cheap against supplies from Brazil and West Africa. Finally, the May/Jun and May/Nov Brent futures spreads are at $4.18/bbl and $18.93/bbl respectively.

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