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American LNG terminals are running flat out as the Strait of Hormuz blockade removes nearly a fifth of global supply, sending European and Asian spot prices to one-year highs.
Brent and WTI plunged more than $30 from overnight highs after G7 ministers signaled a 400-million-barrel reserve release and Saudi Aramco dumped spot crude.
G7 finance ministers held an emergency call with IEA chief Fatih Birol to discuss tapping up to 400 million barrels of strategic stockpiles as crude tops $100.
European gas storage fell to just 46 billion cubic metres by late February, the lowest since 2022, leaving the continent dangerously exposed as the Hormuz blockade cuts off Qatari LNG.
Brent crude topped $107 and WTI surged past $103 on Monday as the Strait of Hormuz blockade entered its second week, cutting off 20% of the world's oil.
The Hormuz crisis is hitting Asian economies hard, but not equally. India has two months of oil reserves and no alternatives. China has Russian crude and a four-month stockpile.
As the Strait of Hormuz blockade drags into its second week, Goldman Sachs warns Brent could top $100 within days while alternative routes can replace only a fraction of lost flows.
Qatar's energy minister told the Financial Times that all Gulf exporters will likely declare force majeure within days if the Iran war keeps escalating.
Oil posted its largest weekly gain in four years as the Strait of Hormuz crisis deepened, with Brent surging 26% and WTI jumping 30% on fears of prolonged supply disruption.
US benchmark crude topped $80 a barrel for the first time since late 2024 as tanker traffic through the Strait of Hormuz remains frozen by the Iran conflict.
The White House directed the DFC to backstop war-risk coverage for Gulf tankers and said the Navy would escort ships through Hormuz, but the fleet warned it lacks capacity.