{
  "id": 7013177,
  "title": "Oil Industry Braces for Years-Long Iran War",
  "url": "https://urgent.news/2026/09/12/oil-industry-braces-for-years-long-iran-war",
  "topic": "world",
  "section": "World",
  "published": "2026-09-12T23:00:00.000Z",
  "source": {
    "name": "OilPrice",
    "slug": "oilprice",
    "url": "https://oilprice.com/Energy/Oil-Prices/Oil-Industry-Braces-for-Years-Long-Iran-War.html"
  },
  "original_language": "en",
  "account": "The oil industry is preparing for a prolonged conflict between the United States and Iran in the Persian Gulf, with little optimism for a swift resolution. This looming war has spurred an atmosphere of pessimism and higher expectations for prices during the Asia Pacific Petroleum Conference, according to Reuters reporter Clyde Russell. Experts suggest that achieving peace in the Middle East is highly unlikely, with the U.S. president and Iran's leadership both unwilling to accept anything less than a complete victory. However, the Asian oil industry hopes for President Trump to withdraw from the region, allowing local countries to manage the situation caused by U.S. and Israeli strikes on Iran.\n\nAs the situation intensifies, oil prices are expected to remain elevated, potentially surpassing $100 per barrel. Russian ESPO blend has surged to a $20 per barrel premium compared to Brent crude, as Chinese refiners struggle with limited alternatives and the U.S. naval blockade of Iranian ports. Tanker rates have skyrocketed to record highs, with a very large crude carrier shipping oil from the Middle East to China now costing nearly $800,000 per day, according to Bloomberg data. Insurance rates have also surged, with a tanker from the Persian Gulf to North Asia now incurring costs of $30 per barrel, up from $6 just a month ago. Industry executives report that refineries are struggling to meet demand, with insufficient capacity to compensate for lost production from the Middle East and Russia.",
  "summary": "Oil producers, traders, and refiners are bracing for a prolonged war between the United States and Iran in the Persian Gulf with little to no hope of a quick resolution. By extension, they are also preparing for higher prices for longer, a theme present at this year’s edition of the Asia Pacific Petroleum Conference. Reuters’ Clyde Russell reported this week that the mood at APPEC was not…",
  "key_points": [
    "Prolonged US-Iran conflict expected in Persian Gulf",
    "Oil prices may exceed $100 per barrel during crisis",
    "Tanker rates surge to record highs amid blockade"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}