Overview
- Brent and WTI spiked roughly 20–29% intraday, topping about $111 and briefly nearing $120, extending a week-long surge of roughly 50–70%.
- Shipping through the Strait of Hormuz has plunged since U.S.–Israeli strikes on Iran, constricting a route that typically carries about one-fifth of seaborne oil and key LNG volumes.
- Equity markets fell sharply as energy costs jumped, with Germany’s DAX slipping below 23,000 and Japan’s Nikkei and South Korea’s Kospi posting heavy losses.
- G7 finance ministers plan talks coordinated with the IEA on a potential joint release of strategic reserves, and several members have signaled support, according to the Financial Times.
- U.S. Treasury officials say exemptions for additional Russian oil are under consideration, while forecasts warn of further price risk—JPMorgan sees around $120 near term, Qatar’s energy minister cites a possible $150 scenario, and reports note output curbs as storage fills.