Brent Price Surges Past $115, South Korea Mulls Driving Curbs
Brent crude jumped above $115 per barrel as Iran war tensions intensified and Pentagon preparations for potential ground operations emerged. South Korea is considering nationwide driving curbs if prices climb further, while Nigeria's Dangote refinery at full output failed to prevent record gasoline prices.
1. Brent Crude Price Surge
Brent crude futures climbed above $115 per barrel as Iran–Israel hostilities escalated, boosting safe-haven flows into energy assets while U.S. equity futures rose and Treasury yields slipped.
2. South Korea Driving Curbs Considered
Seoul officials are exploring nationwide driving restrictions if oil prices continue climbing, aiming to reduce gasoline demand under tightening market conditions.
3. Nigerian Refinery Strains
Dangote Petroleum Refinery operated at full capacity but failed to shield domestic markets from record gasoline prices, underscoring ongoing supply bottlenecks despite local refining gains.
4. U.S. Policy Shifts Raise Supply Concerns
President Trump reversed an effective oil blockade on Cuba, clearing the sanctioned Russian tanker Anatoly Kolodkin to deliver fuel to Havana, while Pentagon planning for potential Iran ground operations further heightened supply risk.