Brent crude prices exceeded $106 per barrel as Middle East conflict persists. The closure of the Strait of Hormuz has blocked one-fifth of global oil supply.
The International Energy Agency (IEA) pledged a record 400 million barrels from emergency reserves. Analysts warn this historic intervention may only provide temporary market relief.
Most major shipping carriers have suspended transit through the region. A US-led naval coalition is currently organizing to restore maritime security. Negotiated passages are emerging for vessels from nations with diplomatic ties to Iran.