Energy Insider | Middle East Situation Pushes Oil Prices Higher, Multiple European Countries Implement Price Stabilization Measures; US-Iran Conflict Impacts Asian Energy Markets, Bangladesh Closes Universities to Save Electricity

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Caixin News

Middle East Tensions Push Oil Prices Higher; Several European Countries Implement Price Stabilization Measures

According to Xinhua News Agency on March 10, due to ongoing tensions in the Middle East and disruptions in shipping through the Strait of Hormuz, energy supply risks have increased, leading to a sharp rise in international oil and gas prices. Several European governments took measures on the 9th local time: Serbia announced a suspension of crude oil and fuel exports; Hungary announced price caps on retail gasoline and diesel; Croatia issued a notice stating a two-week price cap on gasoline and diesel.

US-Iran Conflict Impacts Asian Energy Markets; Bangladesh Closes Universities to Save Electricity

Caixin News, March 10 — The ongoing US-Iran conflict continues to affect global oil and gas prices and supply chains, which has already impacted the Asian energy market. On March 9, Bangladesh announced the closure of universities nationwide and an early start to the Ramadan holiday to alleviate energy supply tensions caused by the US-Iran conflict.

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