Totalenergies Se

European natural gas prices whipsawed, settling lower despite a persistent supply shock from Qatar. Italy is securing alternative supplies as Cheniere Energy reports operating at maximum capacity.

Brent crude oil settled at $112.19 per barrel, its highest level since July 2022, after Iraq invoked force majeure on foreign-operated fields amid escalating regional tensions. The S&P 500 energy sector rose 2.8% as global equities fell on supply shock concerns.

Oil prices jumped sharply as Iran threatened strikes on Gulf energy infrastructure, pushing Brent crude up 5% to $108.56 a barrel. The escalation offset a large U.S. crude inventory build, with traders focused on geopolitical risks.

Oil prices surged over 8% Thursday after Iran confirmed the Strait of Hormuz would remain closed, exacerbating supply fears. The IEA warns of a record 8 million barrel per day drop in March output.

Taiwan's stock market suffered a severe weekly decline, with the TAIEX dropping over 1,800 points as foreign capital fled and chip stocks like TSMC tumbled on Middle East conflict and inflation concerns.

Exxon Mobil is sending its first fuel cargo from the U.S. Gulf Coast to Australia since December to address Asian supply shortages caused by the Strait of Hormuz closure. Brent crude surged 4.7%.

Shell plc climbed roughly 3% in London trading Monday, tracking a sharp rise in oil prices driven by escalating tensions near the Strait of Hormuz. European gas prices surged as much as 28% amid shipping disruptions.

OPEC+ has agreed to increase production by 206,000 barrels per day, but the decision collides with major shipping disruptions in the Strait of Hormuz following Iranian warnings. Markets reopen Monday with traders bracing for significant volatility.

BP shares declined approximately 1% to 474 pence in early London trading as investors positioned for the upcoming dividend. Oil prices remained near six-month highs, with Brent crude trading at $71.99 per barrel.