Oil Surges Past $103/Barrel as Hormuz Blockade Chokes Global Supply; IEA Releases 400M Barrels

Brent crude closed Friday at $103.14 per barrel after spiking near $120 earlier in the week, the highest since 2022. The IEA's 32 member countries unanimously agreed to release 400 million barrels from strategic reserves, but that covers only ~20 days of normal Hormuz flow (20M bbl/day). Daily transits through the strait have collapsed from 138 to fewer than 5 ships per day. Iran's IRGC vowed not 'a litre of oil' would pass.