Energy Escalation — Shipping Halt, Infrastructure Risk and Expanding Military Posture

shipping of oil effectively halted overnight, including transit through the Suez Canal; partial resumption observed this morning (previous reference: 14:00 UTC; current reference: 06:00 UTC)

Reports of attempted and/or confirmed attacks on oil production, storage and transport infrastructure, broadening the operational impact

Iraq shutting down portions of oil production as storage facilities have reached maximum capacity with limited outbound flows

D. Trump reportedly offering insurance support and/or guaranteed safe passage through the effectively closed Strait of Hormuz; market participants and shipping operators currently show limited confidence in deliverability

Oil and gas prices extending gains

Asian equity markets under severe pressure in morning trading

France to deploy its aircraft carrier to the Mediterranean Sea