Oil prices jumped more than 7% after the US announced plans to block shipping linked to Iran through the Strait of Hormuz, reviving supply fears and pushing crude back above $100 a barrel amid failed peace talks

The head of the International Energy Agency says the disruption to global energy supplies caused by the Strait of Hormuz blockade is more severe than previous major oil shocks, warning of rising prices and inflation pressures worldwide

Damage to over 40 energy projects across nine countries threatens global fuel supplies, with Asia facing the brunt and urgent international coordination needed to stabilize markets

Move aligns with International Energy Agency plans to ease supply shortages caused by disruptions in the Strait of Hormuz, with phased releases set to begin within 15 days

A coordinated release of 400 million barrels from strategic stockpiles aims to ease soaring prices and supply disruptions linked to attacks affecting energy flows through the Strait of Hormuz

The International Energy Agency will recommend a record 400M-barrel strategic oil release at 1300 GMT (1500 EE) to stabilize markets disrupted by the U.S.-Israeli conflict with Iran, as Japan and G7 nations coordinate emergency measures

Beijing urges stable global energy supplies and condemns use of force after U.S. military actions in Venezuela and Iran, pledging necessary measures to safeguard its energy interests

The pan-European Stoxx 600 fell 1.73%, with losses recorded in every sector except oil and gas.

Gas prices have climbed in recent days as global markets react to escalating conflict, with further increases possible depending on developments in key oil transit routes

Unlike the brief 12-day war of June 2025, the current crisis risks broader regional escalation. If more Gulf states are drawn in, oil prices could remain elevated for an extended period.

Interim President Delcy Rodriguez announced plans to reform Venezuela’s hydrocarbon law, easing foreign investment rules in untapped and underdeveloped oil fields, with revenues aimed at workers and public services under a U.S.-backed reconstruction plan

Russian state firm Roszarubezhneft says its Venezuelan assets belong to the Russian state and will continue operations, countering U.S. assertions of control following Donald Trump’s remarks about Venezuela’s oil reserves

The president says Washington will control Venezuela’s oil revenues for an extended period as it works with the interim government, eases tensions with Colombia, and engages major energy companies on rebuilding the country’s oil sector