Overview
- Crude prices whipsawed, surging above $120 a barrel before falling back toward $90 after U.S. signals and G7 assurances.
- The Strait of Hormuz remains largely halted, with 157 ships—98 tankers—idled and just 2 transits in 24 hours versus a typical 60.
- G7 governments, working with the IEA, are weighing a coordinated release of roughly 300–400 million barrels from strategic reserves, while Gulf producers reroute flows via Red Sea pipelines.
- President Donald Trump said the war will end soon, signaled waivers on some oil sanctions to cool markets, and warned of tougher action if Iran tries to choke supplies, including potential naval escorts through the strait.
- Iran’s Revolutionary Guard threatened to block tankers bound for the U.S., Israel or partners and declared it would decide when the war ends, as markets swung and officials flagged renewed stagflation risks.