WS #5986

The data dump is dominated by routine EIA energy reports, Bank of Japan statistical releases, SEC filings, and historical Fed/BoE policy documents. The only significant market-moving signal is the ongoing Middle East oil supply crisis, which is corroborated by multiple EIA articles. The Strait of Hormuz closure since March 2 has driven crude oil prices sharply higher (Brent from $61 to $118/bbl in Q1 2026), caused record tanker rates, and disrupted ~20% of global LNG supply. The IEA coordinated emergency stock release and the new Golden Pass LNG terminal (first cargo April 22) are counter-signals that partially offset the supply shock. No new developments in this window materially change the prevailing narrative of elevated energy prices and geopolitical risk. The Fed's March 18 FOMC statement (maintaining rates at 3.5-3.75%) is stale but confirms a cautious stance amid Middle East uncertainty.