Overview
- Brent crude spiked intraday to roughly $82 before easing near $79, with WTI up more than 7% as traders priced a supply shock.
- QatarEnergy halted LNG production after strikes on Ras Laffan and Mesaieed, and Saudi Aramco shut its 550,000 bpd Ras Tanura refinery as a precaution.
- Hundreds of vessels have anchored near the chokepoint, with an EU naval mission reporting IRGC radio warnings and major insurers and shippers restricting transits including a Maersk suspension.
- OPEC+ approved a 206,000 bpd output increase from April, a move analysts say offers little immediate relief given export bottlenecks through the Gulf.
- Global markets swung to risk-off: equities fell, gold and the dollar rose, the UAE closed its exchanges for two days, and analysts cautioned a prolonged disruption could push Brent toward $100 and lift global inflation.