Overview
- Brent crude climbed nearly 6% to about $114 on Monday after a drone strike set fire to a Fujairah energy site and vessels were hit, then eased slightly Tuesday in volatile trading.
- President Trump launched “Project Freedom” to guide commercial ships through the Strait of Hormuz, and the U.S. Navy said two U.S.-flagged vessels passed as escorts began.
- CENTCOM said U.S. forces destroyed six Iranian speedboats and intercepted drones and cruise missiles, a claim Iran denied in a dispute that underscores the risk of further clashes.
- Most shipping remains stalled through the strait as companies hold back from transits, with the IMO reporting up to 20,000 seafarers stranded on roughly 2,000 vessels.
- Stocks fell and bond yields rose following Monday’s oil spike, and UBS warned the supply shock could last for months as markets may be underestimating how long disrupted flows persist.