Overview
- Brent surged near $119 before sliding into the $90s as stock markets swung, with volatility spiking and intraday equity recoveries following signals of possible policy backstops.
- Shipping through the Strait of Hormuz remains sharply reduced, with Lloyd’s List Intelligence citing roughly an 80% traffic drop and fresh attacks reported on Gulf energy infrastructure.
- The White House said the price rise is temporary and is weighing U.S. naval escorts for tankers, while G7 energy officials discussed coordinated steps such as potential strategic stock releases.
- Pakistan announced sweeping austerity and conservation moves including nationwide school closures, a four‑day government workweek, 50% remote work, and spending and salary cuts, as Vietnam, Thailand, Bangladesh, India and Sri Lanka rolled out their own fuel‑saving and price‑management measures.
- Analysts warn sustained disruptions could lift inflation, with U.S. gasoline and diesel prices jumping, some forecasters flagging a risk of $150 oil if flows stay constrained, and Saudi Aramco warning of severe market consequences without restored passage.