April 13, 2026
United States:
Oil Rallies as US Move to Block Off Iran Heightens Supply Risks
Oil jumped as the US vowed to blockade vessels transiting to and from Iranian ports, reigniting risks to energy supplies in the Persian Gulf region.
Brent leaped as much as 9.1%, and was trading close to $102 later in the session. If successful, a blockade of Iranian shipments would restrict the one Gulf oil flow that has continued throughout the war, while Tehran’s threats to target vessels and ports in response amplifies the risks for other producers.
https://www.bloomberg.com/news/articles/2026-04-12/latest-oil-market-news-and-analysis-for-april-13
Europe:
EU Seeks Energy Tax Cuts as War Adds $26 Billion to Fuel Imports
The European Union’s executive arm is set to propose lowering energy taxes and power grid charges, after the Iran war added urgency to a plan to help the region’s struggling industries.
Since the start of the conflict, the bloc’s bill for fossil fuel imports has increased by over €22 billion ($25.7 billion), European Commission President Ursula von der Leyen said Monday at a press conference in Brussels.
Asia:
OPEC Output Suffers Record Plunge as Iran War Throttles Exports
OPEC crude production registered a record plunge last month as conflict in the Middle East throttled exports from key members, the group’s data showed.
Output from the organization collapsed by 7.88 million barrels a day to 20.79 million a day in March, driven by losses in Iraq, Saudi Arabia, the United Arab Emirates and Kuwait, according to a monthly report from its secretariat seen by Bloomberg News.
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