Oil jumps past $100
Oil futures ripped higher — WTI around $103 and Brent climbed above $115 in early futures as Middle East tensions heat up ( ). Technical targets for Brent now point to $114–$132 and traders are even pricing scenarios up to $150/barrel (or $200 if Iran escalates) — a Kuwaiti tanker strike was reported amid the flare‑up ( ).
Front‑month crude futures climbed by roughly 2–3% in the session as traders priced a fresh geopolitical risk premium after the latest Gulf incidents. (markets.ft.com) The vessel hit was the Kuwaiti VLCC Al Salmi, struck by an Iranian drone while anchored at Dubai port on March 31; Dubai authorities and Kuwait Petroleum Corp. said a fire was contained, there were no reported injuries and no oil leak confirmed. (gulfnews.com) The International Energy Agency has coordinated an unprecedented 400‑million‑barrel strategic stock release, with the U.S. committing 172 million barrels as part of that effort. (iea.org) The IEA says the conflict has triggered the largest supply disruption in market history, with Gulf flows down from around 20 million barrels per day to a trickle and at least a 10 million bpd cut recorded in March. (iea.org) Futures markets have gone into steep backwardation, with calendar spreads expanding sharply and reports of six‑month Brent spreads exceeding $25, signalling acute near‑term tightness in the physical market. (cnbc.com) Maritime traffic has already adjusted: major carriers reported vessels turned back from Hormuz and traders say Gulf producers have pared output and left oil afloat on anchored tankers as exporters and insurers reroute shipping. (cnbc.com)
