Global fuel shortages amid conflicts
The maritime market is facing a severe shortage of bunker fuel used in ships and power plants during the third quarter of 2026, due to disruptions in oil supplies caused by Iran's war and its impact on global refineries. Bunker fuel prices have risen by over 70% since the start of the conflict, as demand for refined products intensifies and struggles to meet global consumption, resulting in an estimated deficit of approximately 218,000 barrels per day—the largest shortfall since 2025. Attacks on refineries and restrictions on vessel movements have reduced production and depleted stocks, leading to higher shipping and energy costs, particularly in Asia, which heavily relies on importing fuel from the Gulf. This shortage is expected to persist throughout the third quarter, threatening increased costs and affecting the transportation and energy markets.
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