Brent crude futures jumped 3% to $98.36 per barrel, while WTI rose 2.3% to $89.44 amid US‑Iran tensions.
Iran labeled the US naval blockade an “act of war” after the US seized an Iranian‑flagged vessel and closed the Strait of Hormuz.
US Vice President JD Vance’s planned Pakistan visit was halted, and President Trump warned of possible bombing if the cease‑fire ends without a deal.
Saudi Arabia and UAE increased bypass loading to 6.5 million barrels per day via Yanbu and Fujairah, up from 5.0 million bpd pre‑war.