G7 ministers signalled readiness to tap strategic oil reserves through the IEA after crude briefly topped $100, aiming to steady supply, tame inflation and support growth. Markets wobbled as traders priced in stickier inflation, intensifying political pressure over fuel costs.

The US and Israel have intensified military operations against Iran, triggering responses across the Gulf. Some producers have cut or halted output, pushing crude towards $100 and raising shipping risks. Markets brace for further disruption as regional partners seek to contain tensions.

Qatar warns regional turmoil could force the Gulf to halt oil and LNG exports within days, as risks to shipping and storage mount. Iraq and Kuwait have cut output. Prices have jumped to a two‑year high, stoking worries over supply security, trade flows and inflation.

Washington, working with Gulf partners, plans to buy mass‑produced, low‑cost drone interceptors from a European ally to counter one‑way drones used by a regional adversary, as pricey missile stocks dwindle. Talks involve the UAE and Qatar, with rapid scaling to strengthen Western and Gulf air defences.