Wars impact fuel oil markets and applications
Fuel oil markets used for ships and electricity generation will face supply shortages in the third quarter of 2026, due to the ongoing impact of wars on refinery operations and oil tanker movements. Attacks and conflicts have disrupted oil flows and reduced refinery output, leading to a decline in fuel oil exports from major regions such as the Middle East and Russia by up to 45%, and a 30% decrease in inventories at key storage centers. As a result, the price of low-sulfur fuel oil has increased by 76% since the start of the conflict with Iran, adding to the burden on the maritime sector and raising operational costs for ships. These shortages are expected to persist, impacting energy markets and maritime transportation.
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