Overview
- Iranian state media said five fuel depots and a petroleum transport hub near Tehran were damaged in overnight strikes, as Iran continued missile and drone attacks on Gulf targets including Kuwait’s airport fuel tanks and a U.S. base in Bahrain.
- Iran’s leadership sent mixed signals, with President Masoud Pezeshkian apologizing to neighboring states and pledging no first strikes if not attacked, while military spokesmen warned U.S. and Israeli vessels would be targeted and claimed Iran can sustain current operations for six months.
- Traffic through the Strait of Hormuz remains severely disrupted, major shippers have rerouted or halted sailings, Kuwait has begun trimming output for lack of storage, and Eni, BP and Total have evacuated foreign staff from fields around Basra.
- QatarEnergy declared force majeure on LNG, and Qatar’s energy minister warned that if the conflict persists Gulf exporters could be forced to halt shipments within weeks and crude could reach $150 a barrel, a risk that pushed Brent into the low $90s after the biggest weekly jump since 1983.
- European leaders coordinated military and diplomatic responses as the U.S. used UK bases and moved additional naval assets, while concerns grew over finite air‑defense stockpiles and European equities shed about €918 billion in value on renewed inflation pressure.