Overview
- Brent briefly neared $120 before settling near $106 and WTI hovered around $103, while global equities slid with Japan’s Nikkei down 5.2% and South Korea’s Kospi off 6%.
- Tanker traffic through the Strait of Hormuz has largely halted under Iranian threats, with Bahrain declaring force majeure after a refinery fire and its desalination plant reportedly struck.
- Gulf producers including Iraq, Kuwait and the UAE have cut output as regional storage fills, and analysts warn further curtailments are likely if bottlenecks persist.
- Iranian strikes on LNG facilities in Qatar disrupted output, driving sharp natural‑gas price spikes in Europe and leaving UK wholesale prices elevated as storage constraints amplify exposure.
- G7 ministers met to discuss potential coordinated strategic oil releases, Germany set up an energy task force, South Korea moved to cap domestic fuel prices, and the White House signaled no immediate SPR draw as U.S. gasoline rose to about $3.46–$3.48 a gallon.