Daily brief
On September 2, 2026, oil prices continued to climb above $95 amid US-Iran tensions and supply concerns, with Saudi oil exports diving as tankers face risks from Hormuz to the Red Sea. Diesel cracks hit record highs as the global fuel squeeze deepens, and Qatar and UAE have turned to rare LNG ship-to-ship transfers outside the Strait of Hormuz as the crisis drags on. OPEC is set to hold output steady despite the Iran war disrupting supply, while the U.S. SPR depletion threatens further volatility.
Kazakhstan plans to double its oil refining capacity by 2040.
A new Al Taawun tunnel between Dubai and Sharjah is set to cut waiting times by up to 85%.
Ryanair warned that some airlines could struggle with a jet fuel price spike, as Europe joins a global bond selloff amid Middle East hostilities lifting oil prices.
India boosts Far East Russian oil imports as the war upends trade routes, while Thailand braces for higher oil prices with its fund deficit topping THB80bn.
by WorldBrief & Maksim Micheliov | AI-generated summary