Oil Prices Dip Below Week-Ago Levels After Monday Rally Amid US-Iran Conflict Disrupting Middle East Shipments

# Oil Market Disruptions and Price Movements Oil prices are below levels from a week ago despite a rally on Monday. European natural gas prices are also below levels from a week ago despite the Monday rally. -Israeli attacks on Iran triggered disruption to oil shipments in the Middle East.

Tehran closed the Strait of Hormuz to most commercial vessels. Iran has continued to send millions of barrels of crude oil to China since the war began. An oil tanker unloaded crude oil at a terminal at the port in Qingdao, in China's eastern Shandong province, on March 11, 2026.

US Energy Secretary Wright stated that by this summer is an aggressive timeframe now for oil and gas prices to start coming down.

China's Response to Rising Fuel Costs China raised the ceiling prices for retail gasoline and diesel earlier this week.

China limited the increase in ceiling prices for retail gasoline and diesel to about half the usual adjustment.

Strong Growth in China's Industrial Profits China's industrial profits jumped 15.

2% from a year earlier in the January-February period. NBS chief statistician Yu Weining attributed the uptick in industrial profits to accelerated factory activity and rising product prices in the first two months of this year. 3% in December.

7% from a year earlier in the January-February period. Profit growth in China's high-tech manufacturing sector was driven by earnings in companies making unmanned aerial vehicles and semiconductors. 2% in the January-February period.

9% in the January-February period. 6% for the entire year of 2025 from a year ago.