Brent Crude Surges 80% Since Feb. 28 as Israel-Iran Strikes Hit Key Energy Sites, Hormuz 97% Closed

Global oil markets face severe strain after Israel reportedly struck Iran's South Pars gas field and Iran hit Qatar's LNG export terminal in a single day, with both facilities described as the world's largest of their kind. The Strait of Hormuz remains 97% closed, and Brent crude has risen 80% since the war began on Feb. 28, despite the International Energy Agency's 400 million barrel emergency stock release. The EU turned down a U.S. request for naval assistance, NATO is still discussing its role, and Russia secured a 30-day U.S. sanctions waiver on energy sales. Iran's foreign minister said today that the economic pain from the conflict "has only just begun."