Overview
- Brent crude spiked to nearly $120 a barrel before sliding back below $100 after presidential remarks signaled a short conflict, underscoring extreme price volatility tied to disrupted Strait of Hormuz traffic.
- G7 finance ministers held a virtual meeting and said they stand ready to support global supply, including potential coordinated releases from strategic reserves, a tool used only a handful of times.
- The White House set up a reinsurance program of roughly $20 billion for voyages through Hormuz and offered naval escorts, while warning of a much larger military response if Iran tries to block navigation.
- Policy makers worldwide are considering short‑term relief such as fuel price caps, subsidies and tax measures to shield households and businesses from higher energy and commodity costs.
- In Spain, Podemos leaders advanced a bill to restrict foreign military involvement and to phase out U.S. troops from Rota and Morón as the government maintains Spain is not at war; regional diplomacy also shifted as President Trump hosted a selective Miami security summit that excluded Mexico, Brazil and Colombia.