Overview
- Qatar declared force majeure on LNG deliveries after a drone strike damaged the Ras Laffan complex, with officials warning repairs could take weeks or months.
- Security threats in the Strait of Hormuz have effectively halted tanker transits as major carriers such as Maersk and Hapag-Lloyd pause or curtail sailings and insurers raise war‑risk premiums.
- Brent briefly pushed toward $94 and WTI closed near $90.90, while global equities fell and market volatility rose as investors reassessed prospects for interest‑rate cuts.
- The White House is urgently exploring ways to contain rising U.S. gasoline prices, now around $3.25 a gallon, but industry and IEA assessments indicate only about 400,000 barrels per day could be added later this year.
- European Central Bank officials warn a prolonged Gulf conflict could reignite euro‑area inflation and weigh on growth, complicating policy decisions.