Overview
- Brent and WTI reversed an intraday surge to nearly $120, falling roughly 10% in early Asian trading and briefly slipping into the high $80s.
- President Trump told CBS the war was "very complete" and said it could end "very soon," later floating waivers on some oil sanctions and possible US Navy escorts for tankers through the Strait of Hormuz.
- The Kremlin said Vladimir Putin discussed proposals with Trump for a quick settlement, a development that helped ease fears of a prolonged supply outage.
- Physical risks remain acute as the Strait of Hormuz stays effectively closed, the IRGC warned it would block regional oil exports if strikes continue, and energy facilities across the Gulf face ongoing threats.
- Gulf producers including Iraq, Kuwait and Saudi Arabia have cut output and some declared force majeure, while extreme market volatility persisted with record energy volumes reported by CME and global equities staging a rebound on the oil pullback.