Overview
- Brent eased to roughly $101 after topping $106 and WTI fell back near the mid-$90s, reversing early gains that had pushed both benchmarks above $100.
- The IEA’s Fatih Birol said members could deploy additional stockpiles if needed after last week’s record 400 million‑barrel release, with Japan beginning to draw reserves.
- A non‑Iranian tanker transited the Strait of Hormuz with its transponder on and a handful of India‑bound ships crossed, lifting hopes for limited flows through the chokepoint.
- President Trump urged allies to help secure the strait, the U.K. said it is working on a reopening plan, and Germany stressed the conflict is not a NATO matter.
- Strikes continued to threaten Gulf energy assets, with U.S. attacks on Iran’s Kharg Island and Iranian drones disrupting UAE operations, as stocks rallied and central banks prepared to hold rates.