Overview

• Former Iranian economy minister Ehsan Khandouzi announced that oil and LNG ships will need Tehran’s permission to transit the strait for the next 100 days.
• G7 leaders issued a joint statement calling for de-escalation in the Israel-Iran conflict and pledging to coordinate measures to safeguard global energy markets.
• Brent crude prices have risen above $76 a barrel and tanker freight rates have surged about 40 percent over five days on fears of a potential blockade.
• Eni CEO Claudio Descalzi cautioned that Iran would likely avoid closing the strait to sidestep self-inflicted economic harm and a possible U.S. military response.
• Major importers such as India have already boosted purchases from Russia and the United States to hedge against disruptions to Gulf oil supplies.