Bloomberg News Now March 8, 2026: UAE and Kuwait Cut Oil Output, Trump: Progress in Iran, More
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Mar 8, 2026 Coverage of UAE and Kuwait cutting oil production amid Strait of Hormuz tensions. Discussion of U.S. Strategic Petroleum Reserve hesitation. Recap of President Trump's comments on Iran, military actions, and escalation warnings. Reports on dignified transfer of U.S. service members and rising wagers on the Iran conflict. Updates on U.S. Latin America cartel strategy and unrest in New York.
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Gulf Producers Cut Output As Hormuz Disruption Raises Prices
- UAE and Kuwait cut oil output due to near closure of the Strait of Hormuz that clogged Persian Gulf exports and pushed Brent to about $93 a barrel.
- Abu Dhabi National Oil cited managing offshore production for storage needs while Kuwait lowered field and refinery output after Iranian threats to shipping.
Strategic Petroleum Reserve Release Unlikely Short Term
- The U.S. currently has no plans to release Strategic Petroleum Reserve despite higher prices and supply risk, partly because it's underfilled after prior releases.
- Bloomberg's Mike McKee noted usage risks running the reserve dry early in a potentially lengthy supply problem.
Trump Claims Progress And Threatens Escalation
- President Trump posted on Truth Social saying the U.S. doesn't need British carriers and claimed the U.S. made "a lot of progress" against Iran, citing a B-2 strike called Midnight Hammer.
- He warned on social media of escalating with very hard strikes unless Iran surrenders.