Overview

• Iran has again threatened to blockade the Strait of Hormuz after mutual strikes with Israel left hundreds of casualties.
• OPEC+ under Saudi Arabia plans to boost oil output by 411,000 barrels per day in July to offset potential supply disruptions.
• Brent crude prices rallied about 13% to $78.50 a barrel following Israeli attacks, with experts warning a closure could push prices to $100.
• Insurance premiums for tankers transiting the Red Sea and Hormuz corridor have surged roughly 20% on rising security concerns.
• US Fifth Fleet vessels are patrolling the Gulf of Oman and China has signaled it will pressure Tehran to avoid a full blockade.