Oil tops US$100 as Iran war halts Hormuz shipments

ByEnigma 808

Oil blowing past US$100 a barrel for the first time since 2022 is rattling every corner of the global energy market right alongside escalating conflict.

Brent crude spikes dramatically

  • Prices briefly touched US$119 before settling around US$105.
  • Brent jumped over 30 percent in a single day.
  • Strait of Hormuz shipping has effectively ground to a halt.
  • That chokepoint handles roughly one-fifth of global oil flow.

US-Israel strikes triggered the chaos

  • Joint attacks on Iran happened on 28 February.
  • At least five energy-related sites near Tehran got hit.
  • Iraq, the UAE, and Kuwait slashed production afterward.

G7 floats a reserve release plan

  • Finance ministers discussed tapping petroleum stockpiles jointly.
  • Coordination with the International Energy Agency is reportedly underway.
  • Prices dipped slightly on that news alone.

Both sides talk tough publicly

  • Donald Trump brushed off the spike as a minor cost.
  • Iran’s Revolutionary Guard threatened US$200-per-barrel oil.

Author

  • Enigma XO avatar (80x80)

    Besides writing and being a content creator, Enigma 808 sometimes likes to watch paint dry on walls, listening to ASMR while timing snails racing. Such is life.