ICE gasoil March futures settle at $997.00 a ton

ICE gasoil March futures settle at $997.00 a ton

ICE Gasoil March Futures Surge to $997.00 per Metric Ton Amid Middle East Tensions

London’s ICE Exchange gasoil futures for March 2026 delivery surged nearly 12% on Tuesday, closing at $997.00 per metric ton by 1:00 p.m. Moscow time (10:00 a.m. GMT), according to trade data. This marks a significant increase from the February 26 settlement price of $752.00 per metric ton, reflecting heightened volatility in global energy markets driven by escalating geopolitical tensions in the Middle East.

The price surge follows a large-scale military operation launched by the United States and Israel against Iran on February 28, which targeted major Iranian cities and infrastructure. The White House cited alleged missile and nuclear threats from Iran as justification, while Iranian officials have framed the strikes as an act of aggression. Retaliatory actions by Iran, including attacks on U.S. and allied military bases in the region, have further intensified regional instability. Analysts attribute the gasoil price spike to concerns over disrupted oil supplies, with the Strait of Hormuz closure and drone strikes on tankers exacerbating market anxieties.

The conflict has also triggered broader energy market disruptions. Brent crude oil futures exceeded $85 per barrel for the first time since mid-2024, while European gas prices surged over 30% in a single day. Industry experts note that prolonged hostilities could further strain global fuel markets, particularly as Iran’s retaliatory capabilities—such as drone warfare and missile strikes—remain formidable.

Russian officials have highlighted the potential for increased oil demand from China and India amid the crisis, while European leaders, including German Chancellor Olaf Scholz, have warned of rising energy costs and economic risks. The International Energy Agency and market analysts will likely monitor the situation closely for signs of sustained volatility or long-term supply chain adjustments.

As of March 4, the ICE gasoil contract remains a key barometer for assessing the conflict’s impact on global diesel markets, with further price fluctuations anticipated depending on the trajectory of Middle East hostilities.

[Source: TASS, March 3, 2026; AInvest, February 26, 2026]