Middle East refineries reportedly shut in 2.35mln BPD of crude (prev. 1.9mln).

Newsquawk Staff · 12 Mar 2026, 15:43 UTC

What it means

The reported shutdown of Middle East refineries affecting 2.35 million BPD of crude output indicates a significant supply disruption, larger than the previous 1.9 million BPD. This tightening in available crude could lead to upward pressure on oil prices like WTI and Brent, especially as the market assesses the potential duration and broader implications for supply and inflation pressures.

What our latest note said

US Market Open, 28 Oct, 10:34 UTC · what it led with

NQ futures outperform following SK Hynix's upbeat earnings.
DXY flat; NZD hit after the RBNZ unexpectedly held rates steady.

Read the whole note Free to read.

Newsquawk Daily

Get the next one free, by email.

What moved overnight, where stocks, bonds, currencies and oil stand, and what’s due today. Written by our analysts.

Both market-open notes, EU and US, every weekday. No account needed. Unsubscribe any time.

If you trade

This headline was on the Newsquawk live feed at 15:23 UTC.

Use the Platform opens our news terminal in your browser, with the live headline feed. It’s news, not a broker.

Use the Platform

Free. No signup, no card.

Case studies

Headlines that moved markets

Energy headlines from our feed, and what the market did next.

Iran and US talks continue, and reports that the deal is close are wrong.
WTI crude+1.5%
Mediation efforts said that "Qatar and Pakistan presented a 'compromise proposal' that meets the demands of both the American and Iranian sides", Al Araby Al Jadeed reports citing sources.
WTI crude−4.6%
"A breakthrough is expected to be announced this week to halt the escalation between Washington and Tehran", Al Araby Al Jadeed reports citing a source.
WTI crude−1.1%

See all 193

More on this story

Make Newsquawk a preferred source on GoogleSelect this to see Newsquawk more often in Top Stories when you search Google.

What it means

More on this story

Related headlines