Overview
- Brent crude climbed back above $100 on Tuesday after the White House called prospective Iran talks “fluid” and Iranian officials disputed formal negotiations, reversing Monday’s price slide and pressuring stocks.
- A fire at the Port Arthur, Texas, refinery that started Monday knocked part of the plant offline and lifted wholesale diesel and gasoline prices, adding to tight supplies even as officials said the blast appeared accidental.
- The effective closure of the Strait of Hormuz has cut a key artery that normally carries about one‑fifth of seaborne oil and liquefied natural gas, with the IEA calling it the biggest modern supply shock and warning its 400 million‑barrel emergency release cannot fully replace lost flows.
- Asian governments are curbing demand as shortages bite, with measures such as school closures and a four‑day work week in Pakistan, revived QR‑code fuel caps in Sri Lanka, rolling blackouts and gas rationing in Bangladesh, and new price and tax steps in Thailand and the Philippines.
- Business surveys from the United States, Europe and Japan show growth slowing as energy costs jump, and S&P Global warned of stagflation risks, echoing energy chiefs at CERAWeek who said damaged infrastructure and depleted product stocks will take time to rebuild.