Strait of Hormuz Near-Shutdown Drives Oil Past $100; IEA Releases 400M Barrels

Daily Strait of Hormuz transits have collapsed from 138 to fewer than 5, driving Brent crude above $102/barrel—a 40% surge since the war began. The IEA announced a 400-million-barrel emergency reserve release across 32 member nations, but analysts warn reserves cannot substitute for a functioning shipping corridor. Global oil supplies are projected to drop 8 million bpd this month.