Brent crude

Brent surged 55% in March, the largest monthly gain on record. Trump told the FT he wants to seize Kharg Island. WTI crossed $100. The war just changed shape.

Iran is charging commercial vessels up to $2 million per voyage to transit Hormuz. There is no tariff schedule. The price is whatever Tehran says it is today.

The US lifted sanctions on 140 million barrels of Iranian oil at sea while bombing Iran. Brent closed at $112.19. The administration has run out of levers.

Brent at $103. WTI at $96. Physical Dubai crude is trading $38 above its paper price. One tanker crossed Hormuz on Monday. The pre-war average was 24 per day.

Vietnam has under 20 days of fuel reserves. The Philippines sources 96% of its oil from the Gulf. Brent is above $100 and the Strait is still closed. Here's the regional damage in numbers.

Brent settled at $100.46 on Thursday, its first close above $100 since August 2022. Iran's new supreme leader vowed to keep Hormuz closed. The Fed is frozen. Here's what actually matters.

The IEA released a record 400 million barrels of emergency oil reserves on Wednesday. Brent still closed above $91. WTI settled up over 4%.

Brent hit $119.50 and crashed to $86 in the same session. Trump said the war is "very complete." Iran said that's nonsense. Here's what the curve is pricing.