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Saudi Arabia Joins Cuts
Saudi Arabia officially initiates production reductions as storage fills.
Storage Warning
Reports indicate regional storage tanks are nearing 'tank top' levels.
Regional Cuts Begin
UAE, Kuwait, and Iraq start reducing output as shipping slows.
Market Spike
Oil prices jump 8% as trading opens following the weekend attacks.
Military Escalation
U.S. and Israeli strikes on Iran; retaliatory strikes on Gulf installations and vessels.
Market Close
Brent crude finishes the week at $72.87, then a seven-month high.
Hormuz Military Drill
Iran temporarily shuts parts of the Strait, causing a 6% price jump.
The Strait of Hormuz remains effectively closed to non-Iran-linked maritime traffic as regional conflict enters its second week. This unprecedented disruption to the world's most critical oil chokepoint is forcing a massive rerouting of global energy supplies and stoking fears of a prolonged price shock.
Saudi Arabia has joined regional peers in slashing oil production as a near-blockage of the Strait of Hormuz forces a pivot to storage management. With tanks reaching capacity across the Persian Gulf, the move marks a significant escalation in the global energy supply crisis.
Oil prices spiked as U.S. and Israeli strikes on Iran, followed by retaliatory attacks on Gulf installations, disrupted global energy supply chains. With the Strait of Hormuz—a transit point for 20% of the world's oil—facing active threats, Brent crude jumped to $79 per barrel amid fears of a prolonged regional conflict.