- Oil spikes: Brent +$5.69 (6.2%) to $97.67, WTI +$5.11 (5.9%) to $92.36.
- What happened: Two Iraqi fuel oil tankers attacked in Iraqi waters by explosive-laden boats, reportedly from Iran.
- Why it matters: Analysts say it may be retaliation for the IEA’s 400M barrel strategic reserve release, led by the U.S.
- Supply risks: Disruptions through the Strait of Hormuz and halted Middle East production could keep prices high.
- Market mood: No signs of Middle East conflict de-escalation — traders remain on edge.
- Punch line: Oil isn’t just rising — it’s racing higher on conflict, strikes, and geopolitical tension.
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