Brent Crude Surges Past $113 as IEA Chief Warns of Energy Crisis Worse Than 1970s Oil Shocks

Brent crude rose to $113.21/barrel (+0.9%) with WTI at $98.81 as Trump's Hormuz ultimatum and Iran's retaliatory threats kept markets on edge. The IEA chief described the situation as a 'very severe' global energy crisis worse than the 1970s oil shocks combined. Goldman Sachs raised forecasts to $110 average for March-April, warning Brent could exceed its 2008 record of $147/barrel if Hormuz remains at 5% capacity for 10 weeks. The Brent-WTI spread widened beyond $14/barrel — the largest gap in years. Natural gas rose 1.5% and RBOB gasoline neared four-year highs.