Oil flows in flux
Tariffs, sanctions and trade conflicts are upending the oil market, impacting crude differentials and shipping rates and creating uncertainty
Oil flows are undergoing significant changes, but their direction is difficult to predict as US tariffs confound the market. While Canada and Mexico might continue to send their oil to the US with or without tariffs, Russian President Vladimir Putin is pinning his hopes on the lifting of oil and gas sanctions against his country. Europe, however, is unlikely to lift sanctions against Moscow soon. Indian and Chinese refiners are expected to keep receiving some discounted Russian oil in the next few months. How US President Donald Trump’s stricter sanctions against Iran and Venezuela could shift sands in the Middle East and Latin America is also not exactly clear. All these changes are likely
Also in this section
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
