Overview
- Brent and WTI traded above $100 after an early surge toward $120, with prices hovering near $104–$107 as volatility gripped energy markets.
- Tanker movements through the Strait of Hormuz have largely halted, and ships near Iran’s coast reported threatening radio calls as oil flows stalled.
- Supply is tightening as Kuwait declared force majeure and cut output, Iraq’s southern production slumped, and mounting storage constraints trigger further curtailments.
- Finance chiefs from G7 nations are holding emergency talks to consider an International Energy Agency–coordinated drawdown of oil reserves to ease the shock.
- Natural gas prices jumped after strikes on Qatar’s LNG facilities disrupted output, global equities fell sharply, and pump prices climbed in the US and UK with airlines under pressure from higher fuel costs.