#oil prices

#oil prices

Since US and Israeli airstrikes hit Iran at the end of February, crude oil has soared past $100 a barrel for the first time since Russia's 2022 invasion of Ukraine. The result at Europe's petrol pumps has been immediate and painful. The Iran conflict has effectively shut down shipping through the Strait of Hormuz, threatening roughly one-fifth of global oil supply. The International Energy Agency called it the greatest global energy security challenge in history.

We've had no tankers loading for three days. That's certainly unprecedented since the conflict began.

“The Iran war isn't stopping art shipments into New York-but it's removing flexibility from the global system. Logistics is becoming more fragile, and that's changing how the market plans,” says Robin Eckstein, the regional manager for the Middle East at the logistics firm Hasenkamp. “What used to be flexible is now fragile.”

Consumers are paying $4.52 a gallon for gasoline nationally, while diesel prices have climbed to $5.64 a gallon nationwide and above $6 in some regions. At the same time, food inflation remains stubborn because trucking costs ripple through nearly every aisle in the grocery store.

The US dollar index was relatively volatile on Monday amid renewed concerns about the geopolitical situation in the Middle East. Markets remained focused on the lack of progress in negotiations between Washington and Tehran, after President Donald Trump rejected Iran's latest proposal. The diplomatic deadlock has kept concerns over energy supply disruptions elevated, supporting higher oil prices and reinforcing inflation expectations. This pushed Treasury yields higher across maturities, underpinning the dollar.

Fuel costs, inflation and debt pressures are testing Asian economies. Working from home. Fuel queues. Blackouts. This is the fallout from the war on Iran across Asia. Governments are scrambling to shield their economies from the worst of the energy crisis. Some are rationing fuel. Others are reintroducing subsidies or limiting exports altogether. And the longer the Strait of Hormuz remains disrupted, the worse it gets so much so for vulnerable economies.

London's benchmark index dropped 55 points to 10,222 in early trading, after briefly falling as much as 80 points to touch 10,196, as traders weighed the impact of Labour's bruising local election results alongside escalating tensions involving the United States and Iran.

The May payment, declared April 20, came in at $0.000473 per unit, totaling $5,757 across the entire trust. For context, the January 2026 payment was $0.019386, and as recently as mid 2022, monthly checks ran around $0.10 per unit.

Trump posted on Truth Social that the U.S. will guide ships from 'neutral and innocent' countries out of the Strait of Hormuz, dubbing the effort Project Freedom. He stated, 'The Ship movement is merely meant to free up people, companies, and Countries that have done absolutely nothing wrong - They are victims of circumstance.'