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March 24 (UPI) — The price of oil climbed back above $100 per barrel on Tuesday as hopes for de-escalation in the Iran war faded after Washington said the situation remained “fluid,” Tehran denied there had been any negotiations and a fire put a major Texas refinery out of action.

Claims by President Donald Trump of “major” progress in talks to halt the conflict on Monday sent oil prices tumbling and rallied stock markets, but benchmark Brent crude futures rebounded to more than $103 a barrel on Tuesday after the White House appeared to walk it back, saying no high-level formal meetings were scheduled and denying reports Vice President JD Vance may attend Pakistan-brokered talks.

“These are sensitive diplomatic discussions and the United States will not negotiate through the press. This is a fluid situation, and speculation about meetings should not be deemed as final until they are formally announced by White House press secretary Karoline Leavitt told the BBC.

Iran has, however, acknowledged there had been some contact between the sides regarding talks, with an Iranian foreign ministry official telling CBS that the regime had “received points from the United States.”

“We received points from the United States through mediators and they are being reviewed,” said the official.

The confirmation came amid claim and counterclaim after Trump walked back an ultimatum to destroy Iran’s power plants and energy infrastructure unless it allowed shipping to flow freely again through the Strait of Hormuz by Monday night.

Trump said he was giving Iran a five-day reprieve after “very good and productive” discussions with Tehran on Sunday and Monday but Iranian Parliament Speaker Mohammad-Bagher Ghlaibaf, who has been named as an interlocutor, described it as “fake news” and said there had been no talks.

With a blaze at the Velero Port Arthur refinery still burning after an explosion on Monday at the plant, 90 miles east of Houston, wholesale gasoline and diesel prices were up 10 cents and 16 cents per gallon, hikes Lipow Oil Associates president Andy Lipow said were due almost entirely to the incident, rather than the war.

The affected part of the plant makes diesel fuel and was likely to be out for an extended period, exerting pressure on diesel prices but gasoline production could come back online in the next few weeks as it was in a different area of the refinery, added Lipow who stressed he believed the incident was an accident and that there was no evidence of terrorist sabotage.

Analysts said the market remained fearful of the risk the Iran conflict could be an extended one with knock-on energy supply disruption impacts caused by associated strikes on critical energy production and storage facilities and shipping being unable to leave or enter the Persian Gulf.

“Despite the exuberance on Wall Street, ladies and gentlemen, oil is well off its lows after Tehran denied conducting any weekend negotiations with Washington,” Interactive Brokers senior economist Jose Torres wrote in a note.

“Additionally, in consideration of the vast number of attacks that have affected critical energy in the Middle East … there’s nervousness that there could be capacity and transportation disruptions that keep costs higher than at the beginning of the year even if there’s a deal,” added Torres.

Gulf oil-producing nations meet a large proportion of global oil and natural gas demand, about 20% of which — 20 million barrels a day — is exported on tankers that pass through the narrow Strait of Hormuz, a natural chokepoint effectively closed by Iran since the United States and Israel launched their airborne offensive on Feb. 28.

Videos show flames and a plume of thick smoke following an explosion at a Valero oil refinery in Port Arthur, Texas. Police have told local media they believe an industrial heater caused the blaze and there are no reports of injuries.

Iran’s paralysis of the Strait of Hormuz has led to major disruption in global oil and gas supply and many countries have begun tapping into their strategic oil reserves to evade an economic crisis.

Since the US-Israeli war on Iran began on February 28, Tehran, whose territorial waters extend into the Strait, has blocked the passage of vessels carrying 20 percent of the world’s oil and liquified natural gas (LNG) from the Gulf to the rest of the world. The strait is the only waterway to open ocean available for Gulf oil and gas producers.

Last week, the price of Brent crude topped $100 a barrel compared to the pre-war price of around $65.

The United States Trump administration has tried and failed to re-open the strait. First, it called on Western nations to send warships to help escort shipping through the strait – an option all have declined or failed to respond to. Then, on Sunday, Trump gave Iran 48 hours to reopen the strait or face US attacks on its power plants.

However, on Sunday, Iran said it would hit back at power plants in Israel and those in the region supplying electricity to US military assets. And, on Monday, Iran said it would completely shut the Strait of Hormuz if US attacks on its energy infrastructure continue.

Following Iranian attacks on energy infrastructure across the Gulf over the past three weeks, countries including Saudi Arabia, UAE, Iraq and Kuwait have also cut their oil output, raising further concerns about global oil and gas supply.

On Monday, Trump appeared to backtrack on his Hormuz ultimatum when he ordered all US strikes on power plants in Iran to be paused for five days and claimed the US was holding talks with Iran. Iran has denied this.

In the face of chaos, on March 11, the 32 member countries of the International Energy Agency (IEA) agreed to release 400 million barrels of oil from their strategic emergency reserves – the largest stock draw in the agency’s history. It is far higher than the 2022 release of 182 million barrels of oil by the group’s members after Russia invaded Ukraine.

What are strategic oil reserves and which countries hold them?

What is a strategic oil reserve?

A strategic oil reserve or strategic petroleum reserve (SPR) is an emergency stockpile of crude oil which is held by the government of a country in government facilities.

This oil reserve can be drawn on in cases of emergencies like wars and economic crises. Governments generally buy the oil through agreements with private companies in order to keep their reserves filled.

According to the IEA, its members currently hold more than 1.2 billion barrels of these public emergency oil stocks with a further 600 million barrels of industry stocks held by private organisations but under government mandate to be available to supplement public needs.

Other reserves are also held by non IEA members like China.

Which countries have strategic oil reserves? Can they withstand the war in Iran?

China

Beijing is not an IEA member, but holds the world’s largest strategic oil reserve.

According to China’s Ministry of Ecology and Environment, Beijing “started a state strategic oil reserve base programme in 2004 as a way to offset oil supply risks and reduce the impact of fluctuating energy prices worldwide on China’s domestic market for refined oil”.

“The bases are designed to maintain strategic oil reserves of an equivalent to 30 days of imports, or about 10 million tonnes,” according to a 2007 report from Chinese state news agency Xinhua.

These strategic oil reserves are primarily located along China’s eastern and southern coastal regions such as Shandong, Zhejiang and Hainan.

China does not officially publish information about its crude inventories so it is not clear how much oil the country has in reserve. However, according to energy analytics firm Vortexa, in 2025, “China’s onshore crude inventories (excluding underground storage) continued to rise… reaching a record 1.13 billion barrels by year-end”.

According to data from Kpler, China bought more than 80 percent of Iran’s shipped oil in 2025. As the war in Iran escalates, therefore, Chinese companies such as refiner Sinopec have begun pushing for permission to use oil from the country’s reserves according to a Reuters report on Monday.

“We basically won’t buy Iranian oil, this is pretty clear,” Sinopec President Zhao Dong told a company results briefing in March, according to Reuters.

“We believe the government is closely monitoring crude oil and refined fuel inventories and market situations, and will advance policies at the appropriate ⁠time to support refinery productions,” he added.

US

Of the IEA members, the US holds one of the largest strategic oil reserves with 415 million barrels of oil. The stores are maintained by the US Department of Energy. It has confirmed that it will release 172 million barrels of oil from its SPR over this year as its contribution to coordinated efforts with the IEA.

On Friday, the Trump’s administration announced that it has already lent 45.2 million barrels of crude from the SPR to oil companies.

The US created its SPR in 1975 after an Arab oil embargo triggered a spike in gasoline prices which badly affected the US economy.

The reserves are located near big US refining or petrochemical centres, and as much as 4.4 million barrels of oil can be shipped globally per day.

The SPR currently covers roughly 200 days of net crude imports, according to a Reuters news agency calculation.

US presidents have tapped into the stockpile to calm oil markets during war or when hurricanes have hit oil infrastructure along the US Gulf of Mexico.

In March 2024, US President Joe Biden announced oil would be released from the reserve to ease pressure from oil price spikes following Russia’s invasion of Ukraine in February 2022 and amid subsequent sanctions imposed on Russian oil by the US and its allies.

Japan

An IEA member, Japan also has one of the world’s largest strategic oil reserves.

According to Japanese media Nikkei Asia, at the end of 2025, the country held about 470 million barrels of in emergency reserves which is enough to meet 254 days of domestic consumption. Out of this amount, 146 days worth of oil are government-owned, 101 days are owned by the private sector, and the remainder is jointly stored by oil-producing countries.

Japan set up its national oil reserve system in 1978 to prevent future economic disruptions following the global oil crisis in 1973. That oil crisis heightened Japan’s vulnerability and dependence on oil from abroad. The country remains one of the world’s largest oil importers, relying on fossil fuels from overseas for about 80 percent of its energy needs.

Japan’s reserves are primarily located in 10 coastal national stockholding bases with major storage sites in the Shibushi base in Kagoshima in southern Japan.

On March 16, Japan announced that it had begun releasing oil from its emergency reserves amid the global energy crisis sparked by the effective closure of the Strait of Hormuz.

Japanese Prime Minister Sanae Takaichi told journalists the country would unilaterally release 80 million barrels of oil from stockpiles amid supply concerns.

UK

As of February 26, according to the UK Department of Energy Security and Net Zero, the UK holds about 38 million ⁠barrels of crude oil and 30 million barrels of refined products, as strategic reserves. The reserves are thought to be able to last around 90 days.

The country established its reserves in 1974 following the oil crisis of the 1970s and also to meet its IEA obligations. Members of the organisation are required to maintain at least 90 days of net imports in reserve.

The UK’s strategic reserves are largely held by private oil companies, but are regulated by the government. Milford Haven in South Wales and Humber in northeast England are key locations of reserves.

The country is among the 32 IEA nations releasing oil from its reserve to address the oil crisis amid the war in Iran. The UK government will be contributing 13.5 million barrels as a part of the release.

EU

EU member nations including Germany, France, Spain and Italy, all IEA members, also hold strategic oil reserves.

Germany has 110 million barrels of crude oil and 67 million barrels of finished petroleum products which are held by the government and can be released in a matter of days, according to Germany’s economy ministry.

France reported about 120 million barrels’ worth of crude and finished products in reserve at the end of 2024, the most recent data publicly available. About 97 million barrels of that is held by SAGESS, a government-mandated entity, with ‌a breakdown ⁠of about 30 percent crude oil, 50 percent gasoil, 9 percent gasoline, 7.8 percent jet fuel and some heating oil. Another 39 million barrels are held by the country’s oil operators.

On March 16, Spain approved the release of around 11.5 million barrels of oil reserves over 90 days to counter ⁠supply shortages caused by the effective closure of the Strait of Hormuz, Energy Minister Sara Aagesen told reporters. This is the country’s contribution to the IEA release. The country has around 150 million barrels of crude oil reserves in total.

Italy, by law, was holding about 76 million barrels of reserves, representing 90 days of Italy’s average net oil imports, in 2024.

Asian stock markets saw major declines on Monday as gold futures dropped 8% and crude oil prices continued to climb amid heightened uncertainty in the Middle East.

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As the effective closure of the Strait of Hormuz continues to choke global supply, benchmark US crude rose above $100 a barrel on Monday morning in Europe.

Brent crude, the international standard, went up to more than $113 a barrel. The price of Brent crude has zigzagged lately from about $70 per barrel before the war began to as high as $119.50.

European stock indexes opened with losses, with the FTSE in London losing 1.5%, the CAC-40 in Paris being down by 1.6%, and the DAX in Frankfurt dropping by 2% at the opening.

Earlier on Monday, the International Energy Agency warned that the global economy faces a “major, major threat” because of the Iran war and that at least 40 energy assets across nine countries were damaged.

Meanwhile, the de-escalation of the conflict is nowhere near in sight.

Trump warned over the weekend that the US would “obliterate” Iran’s power plants if it does not fully open the Strait of Hormuz within 48 hours, prompting Tehran to say it would respond to any such strike with attacks on US and Israeli energy and infrastructure assets in the region.

“Trump’s ultimatum and Iran’s retaliatory warnings point to a widening conflict that keeps energy disruption and market volatility elevated, with no clear off-ramp in sight,” said Ng Jing Wen, analyst at Mizuho Bank in Singapore.

In Europe, the benchmark natural gas futures were trading above €60 per MWh at the market open.

This follows last week’s gains as escalating threats to Middle Eastern energy facilities heightened fears of deeper supply disruptions.

In Asia, stock markets were also significantly impacted by the uncertainty around the Middle East crisis, with Japan’s benchmark Nikkei 225 dropping 3.5%. In Taiwan, the Taiex shed 2.5%, South Korea’s Kospi dropped 6.5%, Hong Kong’s Hang Seng slipped 3.8% and the Shanghai Composite declined 3.6%.

Higher oil prices, which also shook stock markets on Friday, dashed hopes for a possible upcoming cut in interest rates by the Federal Reserve, analysts said. Before the war, traders were betting that the Fed would cut rates at least twice this year. Central banks in Europe, Japan and the United Kingdom also recently held their interest rates steady.

The S&P 500 fell 1.5% Friday to close its fourth straight losing week, its longest such streak in a year.

The Dow Jones Industrial Average dropped 443 points, or 1%, and the Nasdaq Composite tumbled 2%.

On Wall Street, roughly three out of every four stocks in the S&P 500 fell on Friday.

Stocks of smaller companies, which can feel the pinch of higher interest rates more than their bigger rivals, led the way lower. The Russell 2000 index of smaller stocks fell a market-leading 2.3%.

In the bond market, the yield on the 10-year Treasury finished last week with a jump to 4.38% Friday from 4.25% late Thursday and from just 3.97% before the war started.

The two-year Treasury yield, which more closely tracks expectations for what the Fed might do, rose to 3.88% from 3.79%.

In currency trading, the US dollar rose to 159.53 Japanese yen from 159.22 yen. The euro cost $1.1526, down from $1.1571.

Key indexes in Japan, South Korea and Hong Kong tumble as Iran threatens attacks on energy infrastructure across region.

Stock markets in the Asia Pacific have fallen sharply amid US President Donald Trump’s ultimatum warning Iran to reopen the Strait of Hormuz or face the annihilation of its energy infrastructure.

Japan’s benchmark Nikkei 225 and South Korea’s KOSPI plunged 4 percent and 4.5 percent, respectively, in early trading on Monday.

In Hong Kong, the Hang Seng Index tumbled about 2 percent.

Australia’s ASX 200 dropped about 1.6 percent, while the NZX 50 in New Zealand dipped about 1.3 percent.

Futures on Wall Street, which are traded outside of regular market hours, saw moderate losses, with those tied to the S&P500 and the Nasdaq Composite down about 0.5 percent.

Oil prices remained volatile amid fears of further disruption to global energy supplies.

Futures for Brent crude, the international benchmark, rose more than 1.5 percent to top $114 a barrel, before easing to about $112 as of 02:00 GMT.

Trump on Saturday threatened to “obliterate” Iran’s power plants within 48 hours if Tehran does not end its effective blockade of the strait, through which about one-fifth of global oil and natural gas exports usually transit.

Tehran has pledged to completely close the waterway, which is still being transited by a small number of Chinese, Indian and Pakistani-flagged vessels, and launch retaliatory attacks on energy and water infrastructure across the region if Trump follows through on his threat.

Based on the timing of Trump’s warning on Truth Social, the deadline for his ultimatum is set to expire at 23:44 GMT on Monday.

Trump’s threat has added to fears of a cascading global energy crisis as the US and Israel’s war on Iran approaches the one-month mark with no clear end in sight.

Oil prices have surged more than 50 percent since the start of the war, which began with US-Israeli strikes on February 28.

Analysts have warned that energy prices are likely to rise significantly further if the strait remains effectively closed, with some observers predicting oil to hit $150 or even $200 a barrel.

Trump on Sunday held a phone call with UK Prime Minister Keir Starmer to discuss the situation in the Middle East, including the effective closure of the strait.

The two leaders agreed that unblocking the strait is “essential to ensure stability in the global energy market”, Starmer’s office said in a statement.

Trump has provided conflicting messages about the goals of the war and how long it might last.

Hours before issuing his ultimatum on Saturday, Trump said that his administration was “very close to meeting our objectives as we consider winding down” military operations against Iran.

Israeli military spokesperson Lieutenant Colonel Nadav Shoshani last week told reporters that officials had detailed plans for at least three more weeks of war.

HAVANA — Reggaeton boomed in a neighborhood bar in Old Havana on a recent night, when, suddenly, the music stopped and everything went dark.

The customers groaned. Another blackout.

A U.S. blockade on oil shipments to Cuba has plunged the island into its worst energy crisis in modern history. The country’s already cratering economy now teeters on the verge of collapse, with vehicles idled by a lack of gas, hospitals forced to cancel surgeries and millions living without a steady supply of electricity and water.

It is the result of a calculated pressure campaign by President Trump, whose administration is negotiating with Cuba’s leaders over the future of the communist-ruled Caribbean island.

People fed up with rolling blackouts have staged sporadic protests in recent days, banging pots and shouting slogans against the government, rare demonstrations in a country known for repressing dissent.

Some power outages hit isolated areas, but in recent weeks Cuba has experienced three island-wide blackouts. The most recent one struck Saturday night and continued into Sunday.

Two men sell food from a cart in front of the Kempinski hotel Friday night in Havana.

As Havana and Washington hash out a possible deal — which is likely to include some form of economic opening, and perhaps limited changes to Cuba’s leadership — many people here say they feel like pawns in a geopolitical game beyond their control.

Some, like those at the bar, who kept drinking in the dark after the power vanished, say they have little choice but to adjust to a life where flushing a toilet, cooking a pot of rice or riding a bus to work is now considered a luxury.

“The U.S. is trying to punish the Cuban government,” said one customer, named Rolando. “But it’s the people who are suffering.”

Cuba’s struggles long predate the oil embargo. For years, Cubans have complained of food shortages, crumbling public services and political repression. Demographers say Cuba is undergoing one of the world’s fastest population declines — a 25% drop in just four years — as birth rates fall and emigration soars.

Cuban President Miguel Díaz-Canel blames “genocidal” economic, financial and trade restrictions imposed by the United States in the decades since Fidel Castro’s army toppled the U.S.-backed dictator Fulgencio Batista in 1959.

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1. Young people play dominoes in the streets of Old Havana. 2. A woman reacts to her granddaughter at a bar in Old Havana. (Natalia Favre/For The Times)

But many Cubans blame their own leaders for mismanaging the economy — and straying from the ideals of Castro’s revolution. They were raised to believe in an implicit social contract, which maintained that while Cubans might not have luxuries or be allowed all civil liberties, they would always have free education and healthcare, a place to sleep and enough to eat.

“The pact has failed,” said Juan Carlos Albizu-Campos Espiñeira, an economist at the Christian Center for Reflection and Dialogue in Havana.

He faults the government for soaring inflation and a misguided investment strategy that pumped money into the tourism industry while neglecting fundamental sectors like industry and healthcare.

“This is the worst moment in Cuba’s history,” he said. “But things were really bad before this.”

The Vedado neighborhood in Havana.

Life has long been challenging for Pablo Barrueto, 63, who works mornings at a construction site and now spends afternoons filling plastic jugs from a tap on the street and hauling them up narrow stairwells to neighbors who have been without water for weeks.

His two jobs barely enough cover food for him and his partner, Maribel Estrada, 55, who earns $5 monthly as a security guard at a state-run museum.

The pair, who live in a cramped studio apartment in a crumbling colonial-era building, can’t afford butter or mayonnaise, so breakfast is a piece of plain bread. Barrueto said he often goes to bed hungry. It has been years since he has tasted pork or beef.

“I work so hard,” said Barrueto, who on a recent afternoon was cooking beans in a pair of tattered jeans. “But I don’t see the fruits of my labor.”

Pablo Barrueto, center, fills water containers from a public tap after more than 17 days without running water.

Estrada has developed ulcers on her legs, but the doctor who prescribed her antibiotics said she wouldn’t be able to find them on the empty shelves of state-run pharmacies. On the black market, the medication was being sold for more than what Estrada makes in a month.

“If I lived in another country, my legs wouldn’t look like this,” she said, rolling up her pants to show the chronic sores on her calves.

Estrada said she was reaching a point where she would accept anything that would improve her life, even U.S. intervention.

“If things don’t get better, they should just hand over the country to Trump,” she said.

The U.S. has long played a major role in Cuban history, from its involvement in the island’s war of independence from Spain to the heavy hand of American companies in Cuba’s sugar industry. Washington repeatedly backed unpopular leaders who protected U.S. interests, including Batista, whose corrupt and repressive regime sparked support for the Cuban Revolution.

For decades, the island was celebrated by U.S. critics worldwide as a scrappy symbol of anti-imperialism and a utopic experiment in socialism. But in recent years, amid a government crackdown on dissent, some of that support has faded.

A man holds his ration book and cash while waiting to collect his daily bread in Havana.

The Trump administration’s bellicose new push to dominate Latin America with tariffs and military intervention has scared allies who in the past might have come to Cuba’s rescue.

Mexico, Brazil and Colombia, all led by leftists, have declined to provide emergency fuel shipments in recent months out of fear of angering Trump.

The current crisis was set in motion on Jan. 3, when the U.S. launched a surprise attack on Venezuela, killing 32 Cuban security guards stationed there — in addition to scores of Venezuelan troops and civilians — and capturing President Nicolás Maduro.

As the U.S. seized control of Venezuela’s oil industry, the impacts immediately rocked Cuba, which had long relied on subsidized oil shipments from Maduro’s regime.

Cuba’s leaders say the country has not received a single fuel shipment in three months, debilitating an economy that depends on oil to generate the electricity.

There is little relief in sight.

An employee of a MIPYME sells vegetables and other goods to a customer Friday in Havana.

A state-owned Russian oil tanker loaded with 750,000 barrels of crude is currently crossing the Atlantic. It’s unclear whether the U.S. will try to stop the ship from reaching Cuba, where the oil, once refined, could provide Havana with energy for several weeks.

At the same time, the “Nuestra América” humanitarian convoy is in the process of delivering more than 20 tons of critical supplies to Cuba, some of which will arrive by boat in the coming days.

David Adler, a general coordinator of Progressive International, a global leftist group that helped organize the flotilla, said he hoped the delivery of medicine, food, baby formula and solar panels would highlight the severity of Trump’s restrictions on Cuba.

“We’re beginning to come to grips with the fact that there will be mothers and children and elderly and sick people who will die simply as a result of this senseless and cruel and criminal policy,” Adler said. “Why are we inflicting such cruel punishment on a country that does not represent any threat to the United States?”

In Cuba, where many fear the prospect of no electricity come summer, with its muggy heat and swarms of disease-carrying mosquitoes, people are getting creative. With virtually no public transport and few drivers able to find — or afford — gas that costs more than $5 a gallon, many people have resumed riding bicycles. Others have fashioned electric-powered scooters into slow-moving taxis.

Young people talk in the street in central Havana.

One man in the small town of Aguacate made headlines after he modified his 1980 Fiat Polski to run on charcoal, the same fuel many people here are now cooking with.

Camila Hernández, who works at Havana’s airport, had hoped to celebrate her 21st birthday at home with friends, eating and dancing. “It would have been wonderful,” she said.

But it had been weeks without regular electricity in the home she shares with her parents and boyfriend. His family’s home had power — but lacked water.

To avoid yet another night sitting in the darkness, she marked her birthday by strolling to the Paseo del Prado, an iconic boulevard not far from the waterfront cooled by a light sea breeze.

Her boyfriend’s mother, Yusmary Salas, 47, said poor living conditions were testing her patience. “I can’t even go to the bathroom without planning how I will flush the toilet,” she said. She said she is hungry for change, but has no idea what shape it will take.

Trump insists he “can do whatever I want” in Cuba, and recently said he expects to have the “honor” of “taking Cuba in some form.”

Pablo Barrueto carries a water container up to his home in Old Havana.

Such talk rattles many here who grew up in a country where government buildings still bear the revolutionary motto: “Homeland or death, we will prevail.”

Salas said she hopes that whatever comes next is peaceful, and that Cubans, long a proud people, have their dignity restored. And their power restored, too.

At the darkened bar in Old Havana, workers scrambled to light candles and serve beer that, without refrigeration, would soon go warm. Someone with a battery-powered speaker hit “play” on a song, the 2004 Daddy Yankee hit “Gasolina.”

“Dáme más gasolina!” they sang together. “Give me more gasoline!”

US President Trump, who cut off oil supplies to Cuba after abducting Venezuela’s President Maduro, has threatened to take over the island-nation.

The Cuban government has said it is prepared for any potential United States attacks as the island-nation begins to recover from yet another blackout under a punishing oil blockade imposed by Washington that has pushed its economy to the brink.

Deputy Foreign Minister Carlos Fernandez de Cossio responded on Sunday to US President Donald Trump’s threats this week to take over Cuba, insisting that it had “historically been ready to mobilise as a nation for military aggression”.

“We don’t believe it is something that is probable, but we would be naive if we do not prepare,” de Cossio told NBC’s Meet the Press.

His comments were aired a day after the latest collapse of the country’s ageing nationwide grid that had left millions of people in the dark. Saturday’s outage was the second in the past week and the third in March.

The state-run Electric Union and the Ministry of Energy and Mines said some 72,000 customers in the capital, Havana, including five hospitals, had electricity again early on Sunday. But the number represented only a fraction of Havana’s total population of approximately two million.

The Cuban Electric Union, which reports to the Ministry of Energy and Mines, said the total disconnection of the national system was caused by an unexpected shutdown of a generation unit at the Nuevitas thermoelectric plant in Camaguey province, without providing details on the specific cause of the failure.

Trump, who started blocking oil from reaching the island after abducting Cuba’s ally, Venezuelan President Nicolas Maduro, early this year, has warned potential oil exporters that they could face high tariffs.

According to President Miguel Diaz-Canel, Cuba has not received oil from foreign suppliers for three months. The country produces barely 40 percent of the fuel it needs to power its economy.

On March 16, Trump escalated his rhetoric against Cuba, arguing the leadership was on the verge of collapse and saying he expected to have the “honour” of taking the country.

De Cossio denied that the nature, structure, or makeup of the Cuban government was up for negotiation in what Havana has called a “serious and responsible” dialogue with Washington launched earlier this month. He added that a change of the ruling system was “absolutely” off the table in discussions.

This week, General Francis Donovan, head of the US Southern Command overseeing armed forces in Latin America, told lawmakers at a US Senate hearing on Trump’s military action in the region that troops were not rehearsing for an invasion of Cuba or actively preparing to take over the Communist-run island.

But, he added, the US stood ready to address any threats to the US embassy, to defend its base at Guantanamo Bay, and aid US government efforts to address any mass migration from the island, if needed.

The Cuban government reportedly refused a request by the embassy in Havana to allow it to import diesel for its generators in response to the oil blockade, The Associated Press reported on Saturday, citing two US officials.

President Trump frequently contradicts himself, sometimes in the same speech, social media post or even sentence. On Friday, he sent a torrent of mixed signals about the Iran war that raise more questions about the direction of the conflict and his administration’s strategy.

Within a few hours, Trump said he was considering winding down the war, his administration confirmed it was sending more troops to the Middle East and, in an effort to lessen the economic influence on global energy markets, the United States lifted sanctions on some Iranian oil for the first time in decades — relieving some of the pressure that Washington traditionally has used as leverage.

The confusing combination of actions deepens a sense among Trump’s critics that there is no clear, long-term strategy for the war the U.S. and Israel launched against Iran. Now in its fourth week, the war remains on an unpredictable path and a credible endgame is unclear as the global economy is being roiled.

‘Winding down’ the war

After another rough day in the financial markets, Trump said Friday afternoon on his social media network: “We are getting very close to meeting our objectives as we consider winding down our great Military efforts in the Middle East.”

Trump contended that the U.S. has adequately degraded Iranian naval, missile and industrial capacity and prevented Tehran from acquiring a nuclear weapon.

The president then suggested the U.S. could pull out of the conflict without stabilizing the Strait of Hormuz, the channel through which about one-fifth of the world’s oil supply travels. The strait has been ravaged by Iranian missile, drone and mine attacks during the war.

“The Hormuz Strait will have to be guarded and policed, as necessary, by other Nations who use it — The United States does not!” Trump wrote. But, in another contradiction, he said the U.S. would help if asked, “but it shouldn’t be necessary once Iran’s threat is eradicated.”

While oil that traverses the strait is usually bound for Asia and other places rather than North America, the chaos still affects the United States. Oil is bought and sold globally, so a shortage in oil for Asian countries leads to bidding up prices on oil sold to companies in America too.

That fact, coupled with an Israeli strike on Iran’s gas fields and an Iranian retaliation that crippled a major terminal to ship liquefied natural gas from Qatar, helped tank U.S. equity markets Friday, with the S&P dropping 1.5%. There also was a sharp increase in U.S. fuel prices.

More troops to the war zone

Even as Trump said the U.S. was close to winding down the war, his administration announced it was sending three more warships to the Middle East with about 2,500 additional Marines. It was the second time in a week that the administration said it was deploying more forces to the war zone. The military says some 50,000 are supporting the war effort.

Trump has often said he has ruled out sending in ground troops, but not always, and his administration has hinted at a possible deployment of special forces or similar units.

The Marines being sent to the region are an expeditionary unit designed for quick amphibious landings, but their deployment does not mean a ground invasion is certain. Analysts have suggested the presence of U.S. forces on the ground may be needed to ultimately secure the strait.

The surge in troops came just a day after news emerged that the Pentagon was seeking an additional $200 billion from Congress to fund the war. That extraordinarily high figure does not suggest that the war was winding down.

Lifting some sanctions on Iran

The administration said it would lift sanctions on the sale of Iranian oil, provided it was already at sea as of Friday. The move was an attempt to help lower skyrocketing energy prices by allowing freer sale of oil that Iran has let pass through the strait. It also extends a financial lifeline to the Iranian government that Trump is targeting.

His administration has tried other methods to lower oil prices. It has tapped the U.S. strategic petroleum reserve and lifted sanctions on some Russian oil. Yet Brent crude remained at $112 per barrel Friday, and analysts say oil prices are likely to remain high for months regardless of the next steps in the war.

The Iranian oil eventually would have reached another country, but now the United States and its allies can bid on it as well, Treasury Secretary Scott Bessent wrote on X.

“At present, sanctioned Iranian oil is being hoarded by China on the cheap,” Bessent wrote. “By temporarily unlocking this existing supply for the world, the United States will quickly bring approximately 140 million barrels of oil to global markets, expanding the amount of worldwide energy and helping to relieve the temporary pressures on supply caused by Iran.”

While 140 million barrels may seem like a lot, that is only a couple of days’ worth of oil on the global market.

Patrick De Haan, the head of petroleum analysis at GasBuddy, a U.S. fuel-tracking service, said he does not expect the temporary suspension to have a major influence on gas prices. The de facto closure of the strait has a much greater effect, he said. “Prices will likely still continue to rise so long as the Strait remains silent,” De Haan said.

And the contradictions in the position were obvious in Bessent’s post announcing the move, which labeled Iran “the head of the snake for global terrorism.” He said the administration would take steps to prevent Tehran from cashing in on the sales, but it was unclear how that would be done.

Even among some Republicans, the contradictions triggered rare public skepticism.

“Bombing Iran with one hand and buying Iran oil with the other,” South Carolina Rep. Nancy Mace posted on X on Saturday.

Riccardi writes for the Associated Press. AP business writer Dee-Ann Durbin in Ann Arbor, Mich., contributed to this report.

War, which saw Iran attack Qatar facility, has caused ‘high, volatile’ gas prices that could hit EU storage projections.

The European Union has urged member states to start early on meeting next winter’s gas storage targets after Iranian attacks on Gulf energy facilities caused prices to surge on global markets.

Energy Commissioner Dan Jorgensen sent a letter Saturday urging the bloc’s members to get to work “as early as possible” in the coming months to “mitigate pressure on prices and avoid [an] end-of-summer rush”, asking them to consider cutting their so-called filling target by 10 percentage points to 80 percent.

The move came days after Iran attacked Qatar’s Ras Laffan Industrial City complex, which provides about 20 percent of global supplies of liquefied natural gas (LNG). The attack, which came amid the US-Israeli war on Iran, was in retaliation for an Israeli attack on the Iranian South Pars gasfield.

State-owned QatarEnergy said that Iran’s attack on Qatar, which has been targeted throughout the duration of the war, knocked out 17 percent of Doha’s export capacity and would affect exports for up to five years.

The slowdown will mainly harm Asian buyers, including China, Japan, and India, which buy some 80 percent of QatarEnergy’s LNG.

But Europe, which only sources around 9 percent of its LNG from Qatar, will nevertheless be exposed to increased competition, with tanker traffic leaving the Gulf via the Strait of Hormuz throttled by the war.

Natural gas prices in the EU have risen by more than 30 percent since the start of the war on February 28, spiking after Israel’s attack on Iran’s critical South Pars gasfield and subsequent Iranian attack on Qatar’s Ras Laffan.

Jorgensen said that the EU’s gas supply, which has mainly been furnished by the United States since the bloc weaned itself off Russian energy over the Ukraine war, remained “relatively protected at this stage”.

“But, as a net energy importer on global markets, the resulting high and volatile global prices may also impact the EU gas storage projections,” he cautioned.

Jorgensen warned that developments “threaten regional and global security”, urging member states to refill stores early over a longer period.

The EU requirement for member countries to maintain gas reserves at 90 percent of capacity to meet winter heating and power demand underpins the region’s energy security.

Having cut that target by 10 percent, the energy commissioner noted that, in case of “difficult conditions” and a commission assessment, the countries could deviate by up to 20 percent.

Oil prices have also soared since the start of the war by more than 50 percent.

Caracas, March 20, 2026 (venezuelanalysis.com) – The US Treasury Department has issued a new sanctions waiver as the Trump administration seeks to deepen US control over Venezuela’s oil sector.

General License 52 (GL52), published on Wednesday, authorizes US entities to engage in transactions with Venezuelan state oil company PDVSA under conditions that limit Venezuelan sovereignty.

An updated FAQ from the Treasury’s Office of Foreign Assets Control clarified that the exemption allows US companies to engage in activities related to the exportation of Venezuelan-origin oil products, export diluents and inputs to Venezuela as well as enter into new contracts for oil and gas production.

However, in line with recent US licenses, GL52 mandates that all tax, royalty, and dividend payments be made into US Treasury-controlled accounts.

Following the January 3 US military strikes and kidnapping of Venezuelan President Nicolás Maduro, the Trump administration has taken control over Venezuelan crude exports while imposing conditions favorable to Western energy conglomerates.

Thus far, Washington has returned US $500 million out of an initial January deal worth $2 billion. US authorities have also confirmed Venezuelan imports of US-manufactured medicines and medical equipment. Trump officials had vowed that US energy revenues could only be used for purchases from US suppliers and that Caracas would need to submit a “budget request” to access its funds.

The White House issued GL52 amid soaring energy prices caused by the US and Israeli war against Iran. Tehran has responded to massive bombings by targeting US military assets in the region and closing the strategic Strait of Hormuz.

Last week, the US Treasury amended licenses to allow US imports of fertilizers from Venezuela, as well as repair works in the South American country’s electric grid. Venezuela’s electrical infrastructure remains in a precarious state after years of US sanctions, and expanded power capacity is a precondition for recovery of the oil industry.

Despite the broadened waivers for corporations hand-picked by the White House to engage with Venezuela, PDVSA and its subsidiaries remain under financial sanctions, while third-country firms risk secondary sanctions should they enter into agreements without a US Treasury special license.

In late January, Venezuelan authorities approved a pro-business overhaul of the country’s Hydrocarbon Law, granting private companies reduced fiscal responsibilities, increased control over production and exports, and the possibility of taking disputes to international arbitration bodies.

Chevron and Shell, with US Treasury approval, were the first companies to take advantage of the new incentives. Chevron’s Petropiar joint venture with PDVSA was granted a new 500 square-kilometer bloc to drill for extra-heavy crude in the Orinoco Oil Belt, while Shell is set to take over light and medium crude and natural gas operations in the eastern state of Monagas.

Last week, European energy giants Eni and Repsol, who were also given the inside track by the White House, announced an agreement with the Venezuelan government for the development of the Cardón IV offshore natural gas project.

Eni and Repsol each own 50 percent stakes in Cardón IV, which has been in operation since 2009. Neither firm nor Caracas offered details on the renewed agreement, though both enterprises had lobbied for improved conditions and mechanisms to recoup accumulated debt due to US sanctions.

According to Bloomberg, ONGC Videsh (India), Maha Capital AB (Sweden), and J&F Investimentos (Brazil) are among the companies likely to receive special licenses for involvement in Venezuela’s oil sector as Washington seeks to counter rising crude prices. Nevertheless, analysts stress that the Venezuelan oil industry does not have the capacity to significantly ramp up output in the near future.

On March 11, the Trump administration formally recognized Acting President Delcy Rodríguez as Venezuela’s “sole authority,” days after Venezuela and the US reestablished diplomatic ties following a seven-year hiatus.

On Monday, Rodríguez appointed new executive boards for PDVSA’s US-based affiliates, including refiner CITGO. Asdrúbal Chávez, who held multiple roles in both PDVSA and CITGO since the 2000s, was picked as president of CITGO and its parent company, PDV Holding. At the time of writing, US authorities have not commented on the proposed new leadership for the companies, which had been run by the US-backed opposition since 2019.

CITGO is currently in the closing stages of a court-mandated auction that will see Venezuela lose ownership of its most prized foreign asset to address creditor claims against the country. The sale to Amber Energy, a subsidiary of vulture fund Elliott Management, is pending authorization from the US Treasury Department.

Edited by Lucas Koerner in Fusagasugá, Colombia.

March 20 (Asia Today) — South Korea’s Industry Ministry has launched an audit of the Korea National Oil Corp. after about 900,000 barrels of crude stored under the country’s international joint stockpiling program were sold overseas without the state oil company exercising its priority purchase right, according to Asia Today and the ministry.

The oil had been owned by a foreign company and stored at a reserve facility in Ulsan under a program that allows overseas suppliers, including oil-producing countries and foreign firms, to use South Korea’s spare storage capacity. In an emergency, South Korea is supposed to have the first option to buy that oil.

The ministry said the Korea National Oil Corp. did not immediately exercise that right before the crude was sold abroad. It added that the audit would determine whether the company violated internal rules or procedures.

The international joint stockpiling program began in 1999 as part of efforts to stabilize domestic oil supply and demand.

The ministry said any confirmed violations would result in strict disciplinary action.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260320010006239

Workers in India’s textile hub Surat are returning home after days without cooking gas, as an LPG crisis linked to Iran war disruptions halts supplies. Industries face shutdowns, while authorities invoke emergency measures to prioritise households.

Russian oil is emerging as a key beneficiary of the US-Israeli war on Iran, as countries scramble to charter tankers following United States President Donald Trump’s decision to temporarily ease sanctions, analysts say.

Following a phone call with Russian President Vladimir Putin on March 10, Trump said the US would waive Russian oil-related sanctions on “some countries” to ease the shortage caused by Iran’s closure of the Strait of Hormuz, which in peacetime carries 20 percent of the world’s oil and gas from producers in the Gulf.

This week, it was reported that a number of tankers carrying Russian oil bound for China had changed course and were heading for India instead.

According to figures from the Centre for Research on Energy and Clean Air (CREA), Russia earned an additional 672 million euros ($777m) in oil sales in the first two weeks of the war on Iran, which began on February 28 when Israel and the US launched strikes on Tehran, killing Ayatollah Ali Khamenei and other senior Iranian officials.

Iran has since struck back, launching thousands of missiles and drones towards Israel as well as US military assets and infrastructure in neighbouring Gulf countries. The war stepped up a level this week, when Israel bombed Iran’s critical South Pars gasfield, and Iran hit back with strikes on Gulf energy assets, including Qatar’s Ras Laffan Liquefied Natural Gas (LNG) facility – the world’s largest.

This week, the average price of Urals oil – the Russian benchmark – was significantly higher than the pre-war price of less than $60, at around $90 per barrel.

Here’s more about who is buying Russian oil and which other nations might benefit from the oil crisis.

Why is Russian oil benefitting from the Iran war?

Iran’s effective closure of the Hormuz Strait, which is the only sea route from the Gulf to the open ocean, has “walled in” 20 million barrels of Gulf oil per day, George Voloshin, an independent energy analyst based in Paris, told Al Jazeera.

This has prompted the US to, at least temporarily, ease sanctions on shipped Russian oil to slow the ensuing energy crisis and potential global price collapse. The price of Brent crude, the international benchmark, has risen to above $100 a barrel since the closure of the strait, compared with about $65 before the war began.

Many analysts say a price of $200 is no longer “far-fetched”.

“Russia has emerged as a primary beneficiary of the Middle East conflict due to the massive supply vacuum created by the closure of the Strait of Hormuz,” Voloshin said. “Global refiners are desperate for alternative medium-sour crudes, a need that Russia’s Urals grade specifically meets.”

He added that the US decision to grant a temporary reprieve for shipped Russian oil “has provided Moscow with a critical window to maximise export volumes and oil revenues, essentially allowing Russian crude to act as the world’s primary swing supply during the Iranian blockade”.

How has the price of Russian oil been affected so far?

The price of Russian Urals has surged significantly, experts say. As a result of US sanctions, the oil had been trading at below $60 a barrel for some time. However, while “Urals historically traded at a significant discount to Brent due to Western sanctions”, Voloshin said, “that gap has narrowed as demand outstrips supply”.

“Since the beginning of the year, the price of Russian oil is estimated to have risen by nearly 80 percent – most recently close to $90 per barrel – and consistently trading well above the G7 price cap of $60 as buyers prioritise energy security over regulatory compliance in a high-volatility environment,” he added.

Are ships changing course to deliver Russian oil to new buyers?

Earlier this week, Bloomberg reported that at least seven tankers carrying Russian oil had changed course mid-voyage from China to India, citing data from Vortexa, the data analytics group.

Then, Indian media quoted Rakesh Kumar Sinha, special secretary in the Ministry of Ports, Shipping and Waterways, confirming that the Aqua Titan, a Russian oil-laden tanker originally destined for China, is now expected to arrive at New Mangalore port on March 21 having been chartered by Mangalore Refinery and Petrochemicals Limited (MPCL).

India was the first country to receive a time-limited exemption from the US Treasury to import Russian oil that is already at sea, Voloshin said.

“There is clear evidence of a massive logistical redirection of Russian oil cargoes mid-voyage. Several tankers originally bound for Chinese ports have, indeed, switched trajectory to India. This shift is driven by India’s aggressive pursuit of discounted distressed cargoes to fill its strategic reserves and meet domestic demand, as well as the increased risk and insurance costs associated with long-haul shipments to East Asia via contested waters.”

Until recently, Trump had been strongly pressuring India to stop buying Russian oil, even slapping additional 25 percent trade tariffs on India last year in punishment for doing so. This was lifted earlier this year when Trump claimed he had received assurances from India’s Prime Minister Narendra Modi that India would start buying US oil, or even Venezuelan oil seized by the US, instead.

Which countries are buying Russian oil now?

Indian media has reported that India’s purchases of Russian crude have surged in the past three weeks, since the war on Iran began and the Strait of Hormuz was closed.

“The primary buyers of Russian oil continue to be India and China, who together now account for the vast majority of Russia’s seaborne exports,” Voloshin said.

Turkiye is also a significant buyer, he added, now using Russian crude to stabilise its domestic market amid the gas shortages caused by the Israeli strikes on Iran’s South Pars field.

“Additionally, a shadow fleet of ageing tankers continues to move Russian oil to smaller, less-regulated refineries across Southeast Asia and the Middle East, often through complex ship-to-ship transfers designed to obscure the origin of the crude,” he added.

He said this shadow fleet is becoming the primary delivery mechanism for oil in several contested regions, meaning more buyers could appear. “Additionally, the degree of cooperation between the US and its European allies remains a wild card. If the EU continues to refuse participation in military operations near Iran, the diplomatic and economic pressure on the US to maintain the Russian oil reprieve will likely increase.”

Will Russian oil remain in demand if the US re-imposes sanctions?

If there is nowhere else to readily source oil, countries may continue to seek Russian crude even if the US reimposes sanctions, Voloshin said. The International Energy Agency (IEA) says the closure of the Hormuz Strait has caused a shortage of 8 million barrels of oil per day.

If that persists, “major importers like India may feel they have no choice but to continue buying Russian oil to prevent domestic economic collapse”, Voloshin said.

If secondary sanctions on Russian oil are reintroduced, he added, buyers may demand much lower prices to compensate for the increased legal and financial risks of dealing with Moscow. “At the same time, in the presence of a continued severe market disruption, the US is very likely to roll over [extend] current exemptions,” Voloshin said.

Which other energy-producing nations could benefit?

Two other major non-OPEC energy producers that could benefit are Norway and Canada, experts say. However, this will largely depend on their capacity to increase production.

“Norway has already signalled its intent to maintain maximum gas and oil production to support European energy security, primarily selling to EU nations seeking to replace lost Iranian and Russian volumes,” Voloshin said. “Canada is exploring ways to increase its export capacity to the US Gulf Coast. However, like Russia, its ability to significantly ramp up production in the short term is constrained by pipeline throughput and infrastructure bottlenecks.”

An Iranian missile struck an oil refinery in the Israel city of Haifa. The plant produces half of Israel’s domestic fuel supplies. Power was briefly disrupted before being restored, with no casualties reported. Iran’s Revolutionary Guard said it targeted refineries and military sites in the attack.

WASHINGTON — U.S. companies will be allowed to do business with Venezuela’s state-owned oil and gas company after the Treasury Department eased sanctions, with some limitations, on Wednesday as the Trump administration looks for ways to boost world oil supplies during the Iran war.

The Treasury issued a broad authorization allowing Petróleos de Venezuela S.A, or PDVSA, to directly sell Venezuelan oil to U.S. companies and on global markets, a massive shift after Washington for years had largely blocked dealings with Venezuela’s government and its oil sector.

Separately, the White House said President Trump would waive, for 60 days, Jones Act requirements for goods shipped between U.S. ports to be moved on U.S.-flagged vessels. The 1920s law, designed to protect the American shipbuilding sector, is often blamed for making gas more expensive.

The moves highlight the increased pressure that the Republican administration is under to ease soaring oil prices as the United States, along with Israel, wages a war with Iran without a foreseeable end date. Global oil prices have since spiked as Iran halted traffic through the narrow Strait of Hormuz, where one-fifth of the world’s oil typically passes through from the Persian Gulf to customers worldwide.

The Treasury’s license is designed to incentivize new investment in Venezuela’s energy sector and is intended to benefit both the U.S and Venezuela, while increasing the global oil supply, a Treasury official told the Associated Press. The official was not authorized to discuss the matter publicly and spoke on condition of anonymity.

Since the ouster and arrest of Nicolás Maduro as Venezuela’s president during a U.S. military operation in January, Trump has said the U.S. would effectively “run” Venezuela and sell its oil.

The U.S. license provides targeted relief from sanctions, but does not lift the penalties altogether. The license allows companies that existed before Jan. 29, 2025, to buy Venezuelan oil and engage in transactions that would normally be banned under American sanctions, reopening trade for a major oil producer to global markets.

There are some limits.

Payments cannot go directly to sanctioned Venezuelan entities such as PDVSA, but must be sent instead to a special U.S.-controlled account. In other words, the U.S. will allow the oil trade but will control the cash flow.

Additionally, deals involving Russia, Iran, North Korea, Cuba and some Chinese entities will not be allowed. Transactions involving Venezuelan debt or bonds will not be allowed.

The license is expected to give a massive boost to Venezuela’s oil-dependent economy and help encourage companies that have been apprehensive to invest. The decision is part of the Trump administration’s phased-in plan to turn around Venezuela. But critics of the acting Venezuelan government argue that the move rewards Venezuela’s leadership — all loyal to Maduro and the ruling party — while repression, corruption and human rights abuses continue.

Many public sector workers survive on roughly $160 per month, while the average private sector employee earned about $237 last year, when the annual inflation rate soared to 475%, according to Venezuela’s central bank, and sent the cost of food beyond what many can afford.

Venezuela sits atop the world’s largest oil reserves and used them to power what was once Latin America’s strongest economy. But corruption, mismanagement and U.S. economic sanctions saw production steadily decline from the 3.5 million barrels per day pumped in 1999, when Maduro’s mentor, Hugo Chávez, took power, to less than 400,000 barrels per day in 2020.

A year earlier, the Treasury Department under the first Trump administration locked Venezuela out of world oil markets when it sanctioned PDVSA as part of a policy punishing Maduro’s government for corrupt, anti-democratic and criminal activities. That forced the government to sell its remaining oil output at a discount — about 40% below market prices — to buyers such as China and in other Asian markets. Venezuela even started accepting payments in Russian rubles, bartered goods or cryptocurrency.

The new license does not allow payments in gold or cryptocurrency, including the petro, which was a crypto token issued by the Venezuelan government in 2018.

Meantime, White House press secretary Karoline Leavitt said the Jones Act waiver would help “mitigate the short-term disruptions to the oil market” during the Iran war and would “allow vital resources like oil, natural gas, fertilizer, and coal to flow freely to U.S. ports.”

Hussein and Cano write for the Associated Press. Cano reported from Caracas, Venezuela. AP writer Seung Min Kim contributed to this report.

Published on 18/03/2026 – 16:20 GMT+1•Updated
16:25

Brent crude oil prices reached $110 a barrel on Wednesday afternoon, after Iranian state media reported that part of the South Pars gas field, the largest plant in Iran, and the Asaluyeh oil facility were struck by Israel.

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Moreover, the US oil benchmark WTI also rose and is trading at $98 a barrel at the time of writing.

In response to the latest Israeli attacks, the IRGC announced that some Gulf energy sites are once again “legitimate targets”.

The prospect of escalation and prolongation of the conflict in the Middle East, resulting in further destruction of energy infrastructure, and consequently disruption to global markets, has sent oil prices higher once again.

The climb occurs despite other positive news that would normally have a dampening effect on energy markets.

Saudi Arabia confirmed on Wednesday that its biggest oil refinery, Ras Tanura, restarted operations on 13 March.

Additionally, the Trump administration officially announced a 60-day waiver of the Jones Act, a century-old maritime law that restricts the movement of cargo between US ports to vessels that are American-built, American-owned, American-flagged and crewed.

However, in the face of increased tensions and more attacks on oil infrastructure, these potentially mitigating developments have not had any effect in taming prices.

Trump administration confirms Jones Act waiver

The White House Press Secretary, Karoline Leavitt, confirmed the Trump administration’s decision to issue a 60-day waiver of the Jones Act.

The measure lifts the restriction on the movement of cargo between US ports, allowing foreign tankers temporarily and cheaply to transport vital resources such as oil, gas and fertilisers along the US coastline.

In a post on X on Wednesday, Leavitt explained that the decision is “just another step to mitigate the short-term disruptions to the oil market as the US military continues meeting the objectives of Operation Epic Fury.”

The last Jones Act waiver was issued in October 2022 for a tanker supplying Puerto Rico after Hurricane Fiona.

Before that, the Biden administration temporarily eased the law in 2021 for refiner Valero Energy, after a cyberattack crippled a major East Coast fuel pipeline.

Trump renews pressure on allies to secure the Strait of Hormuz

In a separate development, US President Donald Trump has renewed pressure on allies to join a naval escort mission in order to secure the Strait of Hormuz and normalise the circulation of vessels in the region.

In a post on Truth Social, President Trump argued that allied countries need to use the Strait of Hormuz while the US does not, and warned that they could be left managing it on their own in the aftermath of the war.

Since President Trump’s original request, no firm commitments have emerged, but on Monday, the Wall Street Journal reported that the White House plans to announce as early as this week that multiple countries have agreed to join the escort mission.

The report also stated that officials are still deliberating whether such an operation would start before or after the war ends.

After meeting in Brussels, EU foreign ministers discussed extending the bloc’s Aspides naval mission to the Strait of Hormuz, but ultimately declined to participate.

The national power grid comes back on after Cuba’s 10 million people were plunged into darkness overnight.

Cuba has reconnected its power grid and brought online its largest oil-fired power plant, energy officials said, putting an end to a nationwide blackout that lasted more than 29 hours amid a United States move to choke off the island’s fuel supply.

After the country’s 10 million people had been plunged into darkness overnight, the Caribbean island’s national power grid had fully come back online by 6:11pm (22:11 GMT) on Tuesday. However, officials said power shortages may continue because not enough electricity is being generated.

In addition to cutting off oil sales to Cuba, US President Donald Trump has escalated his rhetoric against the Communist-run island, saying on Monday he could do anything he wanted with the country.

A US State Department official blamed the Cuban government for the grid collapse, calling blackouts a “symptom of the failing regime’s incompetence”.

Cuban President Miguel Diaz-Canel fired back at Washington, criticising its “almost daily public threats against Cuba”.

“They intend to and announce plans to take over the country, its resources, its properties, and even the very economy they seek to suffocate in order to force us to surrender,” Diaz-Canel wrote on social media on Tuesday night, shortly after power returned nationwide.

Cuba has yet to say what caused Monday’s nationwide grid failure, the first such collapse since the US cut off the island’s oil supply from Venezuela and threatened to slap tariffs on countries that ship fuel to the nation.

By midday on Tuesday, grid workers successfully fired up the Antonio Guiteras power plant, a decades-old behemoth that underpins the country’s power grid.

Daily blackouts

Electricity generation, hampered by dire fuel shortages and antiquated power plants, is still far below what is necessary to meet demand, providing scarce relief for Cubans already exhausted from months of blackouts.

Most Cubans, including those in the capital, Havana, were seeing 16 or more hours of blackout daily even before the latest grid collapse.

“It affects every aspect of our lives,” said Havana resident Carlos Montes de Oca, noting that the outages had thrown simple necessities such as food and water supply into disarray. “All we can do is sit, wait, read a book… otherwise the stress gets to you.”

Much of Cuba was overcast through the afternoon on Monday as a cold front neared the island, casting shadows on the solar parks that account for a third or more of daytime generation.

Cuba has received only two small vessels carrying oil imports this year, according to LSEG ship tracking data seen by Reuters on Monday. On Tuesday, a Hong Kong-flagged tanker that could be carrying fuel to Cuba resumed navigation after suspending its course weeks ago in the Atlantic Ocean, the data showed.

Cuba and the US have opened talks aimed at defusing the crisis, among the most acute since 1959, when Fidel Castro forced a US ally from power on the island.

Neither side has provided details of the ongoing negotiations, although Trump has portrayed Cuba as desperate to make a deal.

Cubans, no strangers to hardship, saw little choice but to stay calm.

“We still don’t have power at my house,” said Havana resident Juana Perez. “But we’ll take it in stride, as we Cubans always do.”

SACRAMENTO — As gas prices surge in California and nationally due to the war in Iran, two Democrats running for California governor are calling for the state to temporarily suspend its fuel tax or ease refinery regulations in an effort to lower costs.

Standing in front of a gas pump in a video posted to social media, San Jose Mayor Matt Mahan said the costs are “becoming an emergency for working families, and I think we ought to act like it.”

The moderate Democrat called on state lawmakers to suspend California’s gas tax, which at 61 cents per gallon is the highest in the nation.

Former Los Angeles Mayor Antonio Villaraigosa also called for an “immediate moratorium” on regulations that he blamed for “overburdening” California refineries and working families.

“These failed policies are not only hurting tens of millions of Californians, they are terrible for the environment because they have forced California to depend on imported foreign oil from the Middle East,” Villaraigosa said in a statement.

The cost of living in California, including the price at the pump, remains a pivotal issue for voters in the state, and has become central to the moderate-leaning campaigns of Mahan and Villaraigosa as they attempt to distinguish themselves in the tightly contested race for governor.

According to AAA, the average price for a gallon of regular gasoline in California on Monday was $5.52, the highest in the nation and more than 50 cents higher than any other state. The national average was $3.71, up from the previous month’s average of $2.92.

Gasoline prices in California are often among the highest in the country for a number of reasons, including environmental rules that require a unique blend of cleaner-burning fuel.

The state also relies mostly on crude oil imported from other countries including Brazil, Iraq and Guyana and processed at in-state refineries. In 2025, 61% of oil processed at California refineries was imported, compared with 23% that was produced in the state, according to data from the California Energy Commission.

A greater reliance on foreign oil has made California more susceptible to price spikes during global conflicts and other disruptions.

Republicans have long supported suspending the gas tax and cutting regulations in order to lower prices at the pump.

Steve Hilton, a GOP candidate for governor and former Fox News host, outlined a plan to lower California gas prices to $3 per gallon by slashing regulations including the low-carbon fuel standard, the rule that requires cleaner-burning gas in order to reduce tailpipe emissions.

The other major Republican in the race, Riverside Sheriff Chad Bianco, supports suspending the gas tax, according to his website.

The current price spike echoes 2022, when Russia invaded Ukraine and disrupted global oil markets.

As prices eventually fell around the rest of the country that year, they remained high for months in California, leading Gov. Gavin Newsom to wage war against oil and gas companies. He accused them of price-gouging drivers and backed laws requiring companies to report their profit margins and keep a supply of fuel on hand to prevent shortages and price spikes.

The governor backed off his battle with the oil companies last year after two refineries announced plans to close. In September, he signed legislation to permit 2,000 new oil wells in Kern County, reflecting an acknowledgement that his war on oil companies threatened to send California’s gas market spiraling.

Republican state lawmakers in 2022 pushed for a temporary suspension of California’s excise tax on gasoline, arguing that it would provide immediate relief to California drivers. That effort was rebuffed by Newsom and Democratic lawmakers, but they later approved $9.5 billion in tax refunds to Californians, providing as much as $1,050 to families as financial relief from record-high gasoline prices and other rising costs.

In 2017, the Democratic-controlled Legislature passed Senate Bill 1, which then-Gov. Jerry Brown signed into law, levying the state’s first gas tax increase in 23 years to fix California’s roads and bridges in disrepair. Under the law, the tax increases each year on July 1 based on the growth in the California Consumer Price Index.

California voters remain conflicted on the state’s regulation of the oil industry, according to an August survey by the Public Policy Institute of California. It found that more than 60% of adults support goals to reduce greenhouse gas emissions and generate electricity from renewable energy sources.

But majorities also said the costs of gasoline and utility bills is a major problem for them personally, according to the poll.

Mahan and Villaraigosa are the only two Democrats who have publicly called to roll back regulations on the state’s oil and gas market, illustrating the political murkiness at the nexus of California’s climate and affordability challenges.

Still, Democratic lawmakers – who hold supermajorities in the state Senate and Assembly – continue to shut down proposals to pause the gas tax, arguing that the state would lose out on much-needed money for roads.

“If anyone has a proposal about how to backfill (transportation) revenues, I’m up for that conversation, but so far, it’s just a bulls— political talking point,” said Assemblymember Cottie Petrie-Norris (D-Irvine).

Petrie-Norris chairs the Assembly Utilities and Energy Committee and has helped lead legislative efforts to stabilize California’s fuels market without retreating from goals to achieve carbon neutrality.

”When I ask people, ‘Do you want affordable gas, clean air or safe roads?’ they say yes. So they want us to do all three of these things,” she said. “We’ve got to be honest with Californians about trade-offs so that we can have real conversations.”

Mahan pushed back on the importance of collecting gas tax revenue.

“The truth is we have the highest taxes in the country and a $350-billion budget, and we ought to be able to pave our roads and enable working families to put food on the table,” he said in an interview. “I just reject the notion that the sky is going to fall if we provide temporary relief to working families who are being pushed to the brink by a war that they didn’t ask for.”

The San José mayor said the state should suspend the fuel tax “for the duration of the war” in Iran “or as long as gas prices are over $5 a gallon” in the state. He also called for “massive regulatory overhaul that brings down costs across the board,” including rules on refineries.

If elected governor, Villaraigosa said he would “reform and overhaul” the California Air Resources Board, which enacts many of the state’s environmental laws — including the low carbon fuel standard and cap-and-invest program.

“We can no longer allow bureaucrats who live in a bubble — with no accountability for the harm they are causing our economy and our people — to have so much power over the lives of every Californian,” Villaraigosa said in a statement.

March 16 (UPI) — Emergency services in the United Arab Emirates were battling a major blaze at the country’s strategically key Fujairah oil export hub on Monday morning after the second drone strike on the facility in two days.

Emirate of Fujairah authorities said in a post on X that no one had been hurt in the attack on the Fujairah Industrial Petroleum Zone and that efforts were ongoing to bring the fire under control. They appealed to people to refrain from spreading misinformation.

“Civil defense teams in the Emirate immediately responded to the incident and are continuing their efforts to control it. The competent authorities call on the public not to circulate rumours and to obtain information only from official sources,” wrote the Fujairah Media Office.

The facility is strategically important because it is the only oil export terminal on the UAE’s eastern coast, located on the Gulf of Oman, the “good” end of the Strait of Hormuz.

Critically, it means oil tankers servicing the port do not need to run the gauntlet of the 21-mile-wide sea lane that Iran has effectively closed.

An approximately 250-mile-long cross-country oil pipeline from Habshan, a key onshore field 80 miles southwest of Abu Dhabi, feeds as much as 1.8 million barrels per day of crude into Fujairah.

However, Iran’s Islamic Revolutionary Guard Corps threatened ports, docks, military facilities and other “legitimate” U.S. targets in the UAE while the state media uged workers and residents in and around Fujairah, Jebel Ali and Khalifa ports to evacuate due to the presence of U.S. military forces.

Monday’s incident, following on from a separate strike and fire on Saturday, highlighted how exposed Fujairah — one of the world’s key crude oil and fuel storage hubs — was to Iranian threats.

The UAE has been repeatedly targeted by Iranian drones and missiles since the United States launched its airborne offensive against Iran on Feb. 28.

A drone attack earlier Monday that forced the temporary grounding of all flights at Dubai International Airport after a fire erupted in a fuel tank close by and an announcement by Israel that it was nowhere near done with hitting Iran indicated the war was likely headed into a third week.

Israel also announced plans for an expansion of its ground offensive in Lebanon against Hezbollah operatives and strongholds after the Iranian proxy group attacked Israel with rockets and missiles on March 2, two days into the war.

An Israeli bombing campaign and targeted actions by ground forces has already forced hundreds of thousands of civilians in the country to flee their homes and killed more than 850, more than 170 of them women and children, according to the Lebanon Health Ministry.

European Union foreign ministers were set to meet on Monday in Brussels to discuss the situation in the region as oil prices continued their upward trajectory with the benchmark Brent crude futures briefly hitting $106 per barrel during trade on Monday.

Shipping of oil, gas and all cargo through the Strait of Hormuz remains stalled despite calls by U.S. President Donald Trump at the weekend for countries that get their oil from Gulf producers to step up and help restart movement of ships in and out of the Persian Gulf.