Global Oil Markets and Hormuz

Israel has stepped up strikes in Lebanon against Hezbollah and carried out strikes inside Iran that Israeli officials say killed senior Iranian security figures, while Iran has retaliated with waves of missiles and drones that have hit Israel and Gulf energy sites—including major damage to Qatar’s Ras Laffan LNG complex, Kuwait’s Mina al‑Ahmadi refinery and facilities in the UAE and Saudi Arabia—causing evacuations, widespread displacement and sharp spikes in oil and gas prices. At the same time the U.S. Treasury temporarily eased sanctions on some Iranian oil already loaded at sea (a waiver through April 19 projected to release roughly 140 million barrels) in an effort to calm markets, even as allies resist broader military deployments to reopen the Strait of Hormuz and the fighting continues across multiple fronts.