WS #13838
Oil prices surge ~5% as Trump and Iran trade escalating reparations demands, with no deal to reopen the Strait of Hormuz in sight, driving energy prices and inflation expectations higher. Ukraine launches a deadly drone strike 600 miles inside Russia, hitting the Taneco oil refinery and killing 13, escalating conflict and adding to oil supply risk. Libya's National Oil Corporation declares maximum emergency after drone attacks on Zawiya refinery, hitting blending plant and causing fuel tank fire, adding to oil supply disruptions. US Strategic Petroleum Reserve falls below 300 million barrels, lowest since 1983, limiting US ability to counter oil price spikes. Ukraine agreed to avoid targeting certain tankers and Black Sea oil infrastructure, a counter-signal that could ease some oil supply concerns.
Strait of Hormuz deadlock escalates
Oil prices surge ~5% as Trump and Iran trade escalating reparations demands, with no deal to reopen the Strait of Hormuz in sight, driving energy prices and inflation expectations higher.
Ukraine launches a deadly drone strike 600 miles inside Russia, hitting the Taneco oil refinery and killing 13, escalating conflict and adding to oil supply risk.
Libya's National Oil Corporation declares maximum emergency after drone attacks on Zawiya refinery, hitting blending plant and causing fuel tank fire, adding to oil supply disruptions.
US Strategic Petroleum Reserve falls below 300 million barrels, lowest since 1983, limiting US ability to counter oil price spikes.
Ukraine agreed to avoid targeting certain tankers and Black Sea oil infrastructure, a counter-signal that could ease some oil supply concerns.