Overview
- Brent crude traded above $100 a barrel and the U.S. average gasoline price reached about $3.60, up roughly 60 cents in two weeks.
- The IEA, calling this the largest oil supply disruption on record, approved a 400 million‑barrel release, with the U.S. drawing 172 million from the SPR starting next week over roughly 120 days.
- Iran’s new supreme leader, Mojtaba Khamenei, said the Strait of Hormuz should remain closed, reinforcing threats to tanker traffic and regional energy infrastructure.
- President Trump posted that the U.S. "makes a lot of money" when oil rises and said stopping Iran from obtaining nuclear weapons is more important than price relief.
- Energy Secretary Chris Wright told CNN $200 oil was "unlikely" but would not rule it out, and the Energy Department deleted an erroneous social post about a U.S. naval escort, underscoring communication strains.