Norway has reported record-high revenues from crude oil exports as the closure of the Strait of Hormuz in the wake of the Iran war drove up prices.

Government agency Statistics Norway says export revenues in March soared to nearly 200 billion kroner ($21 billion) last month, up more than 28% from the same month last year.

Exports of natural gas from the Nordic country shot up 19% in March from the level a year earlier to over 69 billion kroner, marking the highest level since February 2023.

“The closure of the Strait of Hormuz has caused a significant supply shock in the oil market, which contributed to the high oil prices in March, and thus the highest export value ever,” said Jan Olav Rørhus, a senior adviser for the agency.

The geopolitical unrest in the Middle East "effectively led to a halt in deliveries of liquefied natural gas through the Strait of Hormuz” in March, which affected prices, he said.

South Korea Secures Fuel Deals with Gulf States
South Korea says it secured 273 million barrels of crude oil and 2.1 million tons of naphtha in agreements with Gulf states and Kazakhstan as it looks to mitigate an energy crunch caused by the war.

Kang Hoon-sik, chief of staff to President Lee Jae Myung, said Wednesday the agreements were reached during his visits last week to Kazakhstan, Oman, Saudi Arabia and Qatar.

Most of the crude secured for delivery later this year will come from Saudi Arabia, with some shipments routed through the Red Sea to avoid the Strait of Hormuz, Kang said.

Oman will supply about 1.6 million tons of naphtha, a key petrochemical feedstock used in plastics manufacturing that South Korea has largely sourced via the strait.

War-related shortfalls of naphtha have raised concerns about industrial disruption and shortages of medical supplies such as IV bags and syringes.