Economy / Markets
An energy shock that refuses to resolve
Oil tells the story of the quarter in one number: Brent near $102 a barrel, some 40% above its prewar level, with the Strait of Hormuz disputed-closed for a seventh month. This week brought both a partial recovery — Gulf exports back near prewar volumes via pipelines — and fresh tanker strikes near Oman and inside the strait, while Iran restated seven conditions for reopening. The G7's 100-million-barrel reserve release is a buffer, not a fix, roughly one day of world consumption spread over four months. The risk is higher fuel costs feeding inflation and borrowing costs.