Overview
- Israel’s military said it began a wave of attacks on targets in Tehran and struck Hezbollah positions in Beirut, as Gulf states reported intercepting missiles and drones and energy sites in the region came under fire.
- Commercial shipping through the Strait of Hormuz remains highly curtailed, with only isolated tankers reported transiting, forcing Gulf producers to trim output and tightening global crude and gas supplies.
- Brent traded around $103–$105 and WTI near $96–$97 after brief Monday declines, even as the IEA moves up to 400 million barrels from strategic stocks and Japan starts releases, with Bank of America and RBC warning of larger shocks if the conflict persists.
- Argentina’s financial stress deepened as international reserves fell about US$871 million in a day, the JP Morgan country‑risk gauge rose above 600 points, banks posted official retail dollars near ARS 1,410–1,420, and a private survey estimated fuel prices up roughly 8.7–9% since late February.
- Fuel costs are climbing across North America, with Mexico reinstating a diesel tax subsidy as diesel rose about 7% and U.S. average gasoline and diesel prices jumping to the highest levels in nearly two years, while U.S. stocks rebounded modestly despite the supply risk.