FacebookTwitterEmailLinkedin The IEA is closely monitoring the situation in the Middle East, warning that while upstream oil production has largely remained stable, disruptions to flows through the Strait of Hormuz have forced some operators to shut in production, significantly affecting regional refined products and LNG. The International Energy Agency (IEA) reports that oil and natural gas prices surged following the outbreak of hostilities. By 3 March, Brent crude futures had jumped 12% since 27 February, while Dutch TTF, Europe’s benchmark for natural gas, soared more than 70%. Markets for key oil products, including diesel and jet fuel, have been particularly hard hit. RelatedNews Iraq and Pakistan strike deal with Iran to move oil and gas through Hormuz Iran expands its operational area in Hormuz var jnews_module_21366867_0_6a04e4539f484 = {"header_icon":"","first_title":"Related","second_title":"News","url":"","header_type":"heading_8","header_background":"","header_secondary_background":"","header_text_color":"","header_line_color":"","header_accent_color":"","header_filter_category":"","header_filter_author":"","header_filter_tag":"","header_filter_cpt_post_tag":"","header_filter_cpt_tribe_events_cat":"","header_filter_cpt_web_story_category":"","header_filter_cpt_web_story_tag":"","header_filter_text":"All","sticky_post":false,"sticky_post_filter":false,"post_type":"post","content_type":"all","sponsor":false,"number_post":"2","post_offset":0,"unique_content":"unique1","include_post":"","included_only":false,"exclude_post":"21366867","include_category":"","exclude_category":"","include_author":"","include_tag":"1783,4346,3436,3666,2647,1582","exclude_tag":"","exclude_visited_post":false,"post_tag":"","tribe_events_cat":"","web_story_category":"","web_story_tag":"","sort_by":"latest","show_date":"","date_format":"default","date_format_custom":"Y\/m\/d","pagination_mode":"disable","pagination_nextprev_showtext":"","pagination_number_post":"2","pagination_scro