Overview

• President Trump told reporters his administration will decide on military action against Iran within two weeks, prompting Brent crude to pull back toward $77 a barrel.
• Iran maintained roughly 2.2 million barrels per day by loading one tanker at a time at Kharg Island and moving up to 8 million barrels of floating storage closer to Asian markets.
• India’s petroleum minister confirmed that the country holds several weeks of oil reserves and has expanded its import base beyond the Persian Gulf to reduce disruption risks.
• ICRA warns that a sustained closure of the Strait of Hormuz could push Brent crude above $100 per barrel and swell India’s annual oil import bill by $13–14 billion.
• Freight rates for very large crude carriers have surged over 130% and insurance premiums have jumped, leading some tankers to reroute shipments away from the Strait of Hormuz.