Overview
- Tanker traffic through the Strait of Hormuz has largely stopped after Iranian warnings and attacks, with at least 150 tankers at anchor and insurers and major shippers suspending transits.
- QatarEnergy said LNG output at Ras Laffan and Mesaieed is halted after strikes, and Saudi Aramco shut the Ras Tanura refinery as a precaution following a drone attack.
- Brent crude spiked as much as 13% to about $82 before settling in the high $70s, while European natural gas prices jumped roughly 30% to 50% on fears of extended disruption.
- OPEC+ approved a 206,000 barrels‑per‑day increase from April, but limited alternative pipelines and export routes mean much Gulf supply still depends on securing the waterway.
- Equities fell across Asia, Europe and the Gulf and safe‑haven assets strengthened as investors weighed whether shipping can be restored and infrastructure repaired to avoid a deeper energy shock.