Washington signalled imminent, far more intense military action against Iran, even as the US president hinted an end could be near. Oil prices whipsawed after a false report of tanker escorts. Aramco warned a prolonged conflict would be catastrophic, while Tehran urged ships to avoid the Strait of Hormuz.

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.