Middle East downstream news

Crude oil and petroleum product prices increased significantly in 1Q26, particularly following military action in the Middle East on 28 February and the subsequent de facto closure of the Strait of Hormuz, reports the EIA.

Wood Mackenzie report that prolonged disruption to Middle East energy supplies could accelerate a structural shift in global energy systems, halving oil and gas import dependence by 2050 and reducing oil demand by 20% and gas demand by 10% relative to the base case.

Daniela Hathorn, Senior Market Analyst, Capital.com, offers commentary on the latest developments in the Middle East, and how this is likely to affect global oil markets.

The US Energy Information Administration published its April Short-Term Energy Outlook this week, examining the implications of the closure of the Strait of Hormuz.

In 2025, the US imported an average of 490 000 bpd of crude oil from the Middle East Gulf region – Bahrain, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE, the US EIA has reported.

Topsoe has signed a front-end engineering and design (FEED) agreement with Hynfra P.S.A. for an advanced green ammonia project in Aqaba, Jordan.

War in the Middle East has triggered severe global supply disruptions in oil and gas, with reported damage and shutdowns affecting LNG trains, refineries, fuel terminals, and critical gas-to-liquids facilities across the region, according to Rystad Energy.

ADNOC and OMV have announced strong progress towards the formation of Borouge Group International AG, including the signing of an Asset Usage Agreement for the Borouge 4 (B4) production complex.

The IEA offers commentary on how recent conflict in the Middle East has impacted global oil markets, with particular focus on the disruption in the Strait of Hormuz and LNG supply.

Wood Mackenzie warns Middle East conflict threatens 200 million tpy of Asian LNG demand growth over next decade as Qatar declares force majeure on shipments.