Overview
- - Crude briefly neared $120 a barrel on Monday before falling after President Trump suggested the war may end soon and on talk of reserve releases, then rebounded Wednesday with Brent and WTI trading near $90 and $85.
- - The International Energy Agency has proposed its largest-ever coordinated draw, with reports of a roughly 400 million‑barrel request; Germany and Japan said they will tap reserves and G7 ministers signaled readiness to act.
- - The Strait of Hormuz remains hazardous, with fresh attacks on commercial ships and Iran vowing to block exports; the U.S. said it destroyed more than a dozen Iranian minelaying vessels and officials are considering tanker escorts.
- - Energy costs are climbing for consumers and companies: average U.S. gasoline rose to $3.48 a gallon and diesel to $4.65, and airlines including Qantas and Hong Kong Airlines moved to raise fares or add surcharges as jet fuel prices surged.
- - Markets remain volatile as investors reassess interest‑rate timing; Asian stocks mostly gained, Europe slipped, and analysts cautioned that reserve releases can only temporarily offset disrupted Gulf flows.