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Asian oil buyers assess stockpiles, Middle East alternatives as Iran conflict escalates

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Published02 MAR 26 - 08:51 Reading time  minutes
June Goh, senior analyst at Sparta Commodities, said oil prices would likely trade higher, with the impact tempered by an expected increase in production from the OPEC+ producers group.
She noted that oil infrastructure was not yet affected.
“The industry is currently grappling with a slowdown in shipping activity via the Strait of Hormuz due to insurability, not an outright blockade,” she said.

Reuters, March 2, 2026 – Asian oil buyers are reviewing stockpiles and seeking alternative supplies as conflict involving Iran disrupts shipping through the Strait of Hormuz, a key route for global crude flows. While infrastructure remains intact, shipping and insurance constraints are slowing trade, prompting expectations of higher oil prices, with possible OPEC+ output increases helping to limit the upside.

Author

June Goh

Senior Oil Market Analyst

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