Oil prices experienced historic volatility, surging to $115 a barrel before a potential release of emergency stockpiles and comments from US President Donald Trump offered some relief, though prices remain elevated and supply chains are in disarray.

• A coordinated release of 300 million barrels of emergency oil stockpiles was considered by the G7 finance ministers.
• US President Donald Trump's comments suggesting a pivot away from a long-run war appeared to significantly impact oil prices.
• Despite market calm, significant havoc remains in supply chains and damage to energy infrastructure, with key consumers like China, India, and South Korea being crucial for Gulf oil and gas supply.

Oil prices experienced a significant drop following US President Donald Trump's strong warning to Iran against blocking the Strait of Hormuz, a vital shipping route for global energy supplies.

• Brent crude fell 6% to $93.05, and Nymex Light Sweet was down 6.1% to $88.96.
• The price decrease follows fears of supply disruptions due to US-Israeli conflict with Iran, though Trump's comments suggested a potentially short conflict.
• The Strait of Hormuz is critical, with approximately a fifth of the world's oil passing through it daily.

Saudi Aramco CEO Amin Nasser has warned that regional military escalation is causing significant shipping and insurance disruptions, impacting global oil markets and the economy. The company is working to maintain customer service despite these challenges.

• Nearly 17 percent of global oil supply normally transits the affected region.
• Saudi Aramco is leveraging its operational capabilities and the East-West pipeline to serve customers.
• The company's Ras Tanura oil refinery was temporarily shut down as a precaution due to attacks but is now restarting.