ICIS – Strait of Hormuz Shutdown Sends Oil and LNG Prices Surging as Middle East Conflict Escalates in Oil & Companies News 09/03/2026 The US and Israel launched surprise missile strikes on Iran on 28 February, prompting retaliation across the Arab Gulf and heightening fears of a broader regional conflict. With tensions centred on the Strait of Hormuz, a key energy chokepoint, global oil, LNG and chemical supplies are under threat. ICIS experts report that Brent crude surged more than 8% in early Asian trade on 2 March, briefly exceeding $82 per barrel before easing back above $78, while WTI traded around $72. Shipping through the Strait of Hormuz has effectively halted, bringing Gulf oil and LNG exports close to a standstill. LNG tanker crossings have stopped since 28 February, disrupting around 120 bcm per year of supply from Qatar and the UAE, a volume comparable to the gas Europe has lost from Russia since 2021. Petrochemical markets have also reacted, with China’s methanol futures rising more than 6% amid concerns over Iranian supply. Iran is the world’s second largest methanol producer. ICIS analysis highlights that the risk of prolonged Iranian disruption and potential closure of the strait is reshaping market expectations and pricing behaviour, with Brent potentially approaching or exceeding $100 per barrel if the closure persists, although renewed US Iran talks could limit further gains. The strikes, which reportedly killed Iran’s Supreme Leader Ayatollah Ali Khamenei, came amid recent nuclear negotiations in Geneva, adding to already elevated crude prices and heightening uncertainty across global energy and chemical markets. Key highlights US and Israeli strikes on Iran spark retaliation and wider regional instability Strait of Hormuz effectively shut, halting oil and LNG flows Brent briefly exceeds $82 per barrel and remains elevated LNG disruption impacts around 120 bcm per year of supply from Qatar and the UAE China methanol futures rise more than 6% on Iran supply concerns Rising risk of prolonged disruption reshaping pricing behaviour Brent could approach or exceed $100 per barrel if the closure persists We believe this would be of interest to you. Should you wish to speak with an ICIS expert to explore the topic further, please let me know and I would be happy to arrange this. *With developments unfolding rapidly, ICIS experts are available to provide updated insight and discuss the market impact in more detail. Source: ICIS 2026-03-09 hellenicshippingnews... window.___gcfg = {lang: 'en-US'}; (function(w, d, s) { function go(){ var js, fjs = d.getElementsByTagName(s)[0], load = function(url, id) { if (d.getElementById(id)) {return;} js = d.createElement(s); js.src = url; js.id = id; fjs.parentNode.insertBefore(js, fjs); }; load('//connect.facebook.net/en/all.js#xfbml=1', 'fbjssdk'); load('https://apis.google.com/js/plusone.js', 'gplus1js'); load('//platform.twitter.com/widgets.js', 'tweetjs'); } if (w.addEventListener) { w.addEventListener("load", go, false); } else if (w.attachEvent) { w.attachEvent("onload",go); } }(window, document, 'script')); tweet Share