Hormuz and Red Sea shipping, oil and gas, aviation, and market moves.
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Brent crude fell as much as $9.02 to $103.17 a barrel and U.S. crude slid to $90 after Trump's announcement, while S&P 500 futures rose 2.6%. Moves faded after Iran denied talks, but Brent ended back below $100 and the S&P 500 closed 1.1% higher, its best day since the war began.
Iran's Khatam al-Anbiya military command said that if U.S. threats against Iran's power plants were carried out, the Strait of Hormuz would be completely closed until the plants were rebuilt, and that Israel's power and energy infrastructure and power plants in countries hosting U.S. bases would be struck. Iran's Foreign Ministry separately said safe passage remained possible for vessels not linked to the U.S., Israel or other "participants in the aggression."
Energy Minister Saad al-Kaabi said the missile strikes on Ras Laffan reduced Qatar's LNG export capacity by about 17% and would cost about $20 billion a year in lost revenue, with repairs to the two damaged LNG units taking three to five years. He said buyers in China, South Korea, Italy and Belgium would be affected.
Brent crude rose to near $114 a barrel, and to $116.38 later in the morning, up from under $73 on the eve of the war, while Europe's TTF gas benchmark traded 24% higher. Brent briefly topped $119 before receding, and U.S. stocks recovered most of their early losses by the close.
Kuwait said a drone attack started a fire at the 730,000-barrel-a-day Mina Al-Ahmadi refinery, followed by a second blaze at the nearby Mina Abdullah refinery; no injuries were reported. Saudi Arabia's Defense Ministry said a drone hit the Aramco-ExxonMobil SAMREF refinery in the Red Sea port of Yanbu.
QatarEnergy said further Iranian missile attacks early Thursday caused "sizable fires and extensive further damage" at several liquefied natural gas facilities, after Wednesday's strike on Ras Laffan had already extensively damaged the Pearl GTL plant. No casualties were initially reported.
Abu Dhabi shut down operations at the Habshan gas facility and the Bab field after interceptions over the sites and called Iran's attacks on them a "dangerous escalation." Saudi Arabia, which also reported downing drones aimed at its gas facilities, said after a Gulf ministers' meeting in Riyadh that "what little trust there was before has completely been shattered."
Qatar said Iran fired five ballistic missiles and one got through, striking Ras Laffan Industrial City, the world's largest LNG export facility, and starting fires that QatarEnergy said caused extensive damage; no casualties were reported. QatarEnergy said early Thursday that several other LNG facilities had also been attacked.
White House press secretary Karoline Leavitt said the waiver lets oil, natural gas, fertilizer and coal move between U.S. ports on foreign ships for 60 days to mitigate short-term oil market disruptions from Operation Epic Fury.
Iranian state media said facilities linked to the offshore South Pars field at Asaluyeh were attacked, and state TV said Phases 3 to 6 were shut to stop a spreading fire. A person familiar with the matter told AP the U.S. knew of Israel's plan but did not take part; Qatar, which shares the reservoir, called the strike 'dangerous and irresponsible.'
Iraq's North Oil Company said it began pumping Kirkuk crude to the Turkish port of Ceyhan at an initial 250,000 barrels a day after a deal with the Kurdistan regional government, whose natural resources ministry said the Sarlo pumping station started at 6:30 a.m. Before the war Iraq shipped about 3.5 million barrels a day from Basra through Hormuz.
AAA data showed U.S. diesel averaging $5.04 a gallon, up from $4.78 a week earlier and $3.65 a month before, the highest since December 2022. Regular gasoline averaged $3.79 later Tuesday, up from $2.98 before the war and the highest since October 2023.
Fujairah's media office said a drone targeted the Fujairah Oil Industry Zone, causing an 'advanced' fire with no casualties reported. It followed a Saturday blaze in the same oil zone sparked by debris from a drone interception, and WAM reported another tank-farm fire there early Tuesday.
The Dubai Media Office said a drone struck a fuel tank at Dubai International Airport early Monday, starting a fire that civil defense crews contained with no injuries reported. Flights were suspended as a precaution and later partially resumed.
West Texas Intermediate traded at about $101.02 shortly after the Chicago Mercantile Exchange reopened Sunday evening, up 2.3% from Friday's close, while Brent was at $106.39. Both benchmarks were up more than 40% since the war began.
MarineTraffic said the Aframax tanker Karachi, carrying Abu Dhabi's Das crude, crossed the strait with its AIS transponder broadcasting, the first non-Iranian cargo to do so since the war began. It said the ship entered Iran's exclusive economic zone at 11:33 UTC and crossed at 14:43 UTC, suggesting select shipments may be getting negotiated safe passage.
India's Foreign Ministry said the gas carriers Shivalik and Nanda Devi had passed through the strait, after Iran's ambassador to India said some Indian vessels were being allowed through. Reuters, cited by CBS, reported 22 Indian-flagged gas carriers were making the passage.
Two tankers, the U.S.-owned, Marshall Islands-flagged Safesea Vishnu and the Maltese-flagged Zefyros, were attacked and caught fire near Basra, killing an Indian sailor; Iraq's ports authority said 38 crew were rescued and halted operations at all of the country's oil terminals while commercial ports stayed open.
Fire crews battled a blaze at fuel storage tanks at Oman's Port of Salalah, the Oman News Agency said, with videos showing thick black smoke and large flames. Kuwait's Foreign Ministry condemned what it called Iran's targeting of the port and its fuel tanks as a "dangerous escalation" that threatened global trade.
The International Energy Agency said its member countries would release 400 million barrels from emergency reserves, the largest release in its history, a move G7 leaders backed. Energy Secretary Chris Wright said the U.S. share would be 172 million barrels from the Strategic Petroleum Reserve, starting next week and taking about 120 days to deliver.
The Thai-flagged bulk carrier Mayuree Naree was hit by two projectiles about 10 nautical miles off Oman in the Strait of Hormuz, damaging its engine room and starting a fire; Oman's navy rescued 20 of its 23 Thai crew and three were believed trapped. Iran's Revolutionary Guard claimed the attack, saying the ship ignored its warnings, hours after a container ship was hit off the UAE's Ras al-Khaimah.
Press secretary Karoline Leavitt said the U.S. Navy had not escorted any tanker through the Strait of Hormuz, contradicting a quickly deleted post by Energy Secretary Chris Wright that had moved oil markets, though she said escorts remained "an option." The U.S. International Development Finance Corp. said it was providing $20 billion in reinsurance on a rolling basis to cover ships in the Gulf against political-risk losses.
Abu Dhabi authorities said a drone attack caused a fire at a facility in the Ruwais industrial complex, with no injuries. ADNOC shut the Ruwais refinery, which can process up to 922,000 barrels a day, as a precaution while other operations at the complex continued, a source told Reuters.
Oil whipped from nearly $120 a barrel back toward $90 on Monday and the S&P 500 erased a 1.5% drop to close up 0.8% as Trump told CBS News the war was "very complete, pretty much" and "very far ahead of schedule," and said he was "thinking about taking over" the Strait of Hormuz.
International Maritime Organization Secretary-General Arsenio Dominguez said at least seven mariners had been killed and several others gravely injured in recent attacks on merchant ships around the Strait of Hormuz. He did not assign blame and urged shipping companies to use "maximum caution."
Brent crude traded at $101.19 as futures reopened Sunday evening, up 9.2% from Friday, then spiked to $119.50 early Monday before easing; U.S. crude peaked at $119.48. Japan's Nikkei 225 fell more than 6% soon after the open and South Korea's Kospi sank more than 8% at one point, triggering a trading halt.
Flames lit up the night sky over Tehran after strikes hit an oil storage facility near a key refinery, Iran's IRNA news agency said, adding the refinery was not damaged. Israel's military later confirmed striking several fuel storage complexes it said supplied Iran's military, and Iranian state media threatened to hit refineries in Haifa.
Foreign Minister Abbas Araghchi said the United States struck a freshwater desalination plant on Qeshm Island in the Gulf, affecting the water supply of 30 villages, and called it a "blatant and desperate crime." The U.S. did not comment.
Kuwait Petroleum Corporation said it was making a precautionary reduction in crude oil production and refining, citing Iranian attacks on the country and threats to the Strait of Hormuz. It did not say how much output was cut and said it would restore production when circumstances permit.
At least two drones struck energy infrastructure and a compound housing foreign oil company offices and warehouses in Iraq's Basra province, setting fires at facilities linked to U.S. energy-services firms, two Iraqi security officials told AP. Casualties were not immediately clear.