📈 Global Energy Shock: Oil Prices Rise as US-Iran Conflict Escalates

• Market Prices & Movements: • Brent Crude: Up 0.55% (+US$ 0.50) to US$ 91.51/bbl following a 5-week high. • WTI Crude: Up 0.36% (+US$ 0.30) to US$ 84.64/bbl in low-volume trading. • Supply & Security Drivers: • U.S. strikes on Iranian military targets continued for the 11th consecutive night, while Kuwait intercepted incoming drones. • Threat of shipping disruptions grew as Houthis threatened Saudi oil vessels in the Bab el-Mandeb Strait and declared a naval blockade. • Traffic through the Strait of Hormuz declined sharply, increasing risks for global crude oil and energy import security. • Fiscal & Inventory Data: • U.S. military operations in Iran have cost US$ 37.5 Bn to date (+US$ 8 Bn from previous estimates). • API data showed a rise in U.S. crude and distillate inventories, alongside a drawdown in gasoline stockpiles.