Brent Crude Tops $103 as Hormuz Coalition Doubts Grow; Oil Up ~50% Since War Began

Brent crude gained 3.2% to $103.42/barrel as doubts grew over any Hormuz escort coalition materializing. Prices have surged ~50% since February 28, with 150 freight ships stalled in and around Hormuz. Ship movements through the strait have plunged to near-zero for Western-flagged vessels. Japan began releasing strategic oil reserves; IEA previously released 400M barrels but the effect has been transient.