Brent futures fell 72 cents, or 0.7%, to $102.42 a barrel by 12:39 p.m. EDT (1639 GMT), while U.S. West Texas Intermediate crude fell $2.92, or 3.0%, to $95.79

International News via Reuters:

Oil prices eased about 1% on Monday as U.S. President Donald Trump repeated his call for help to unblock the Strait of Hormuz after some vessels sailed through it,  and on talk of possible additional releases from emergency reserves as part of global efforts to reduce consumer energy prices during the Iran war.

Brent futures fell 72 cents, or 0.7%, to $102.42 a barrel by 12:39 p.m. EDT (1639 GMT), while U.S. West Texas Intermediate crude fell $2.92, or 3.0%, to $95.79.

On Friday, Brent closed at its highest since August 2022 and WTI at its highest since July 2022, putting both crude benchmarks up more than 40% since the U.S. and Israel attacked Iran on February 28.

U.S. President Donald Trump on Monday repeated his call to nations to help unblock the Strait of Hormuz, and appeared to criticize countries he said were not enthusiastic about providing aid.

The Strait of Hormuz between the Persian Gulf and Arabian Sea is a critical waterway for a fifth of global oil and liquefied natural gas (LNG) supplies.  

Earlier Monday, U.S. Treasury Secretary Scott Bessent said the United States is “fine” with some Iranian, Indian and Chinese ships going through the Strait of Hormuz for now, adding that any action to mitigate higher prices would depend on how long the war lasts.

Iran, which has allowed some Indian vessels to sail through the Strait of Hormuz, asked India to release three tankers seized in February as part of talks seeking the safe passage of Indian‑flagged or India‑bound vessels through the strait, three sources with knowledge of the matter told Reuters.

“The (oil) complex is selling off … on reports that some oil tankers are proceeding through the Strait of Hormuz and as Trump appeals for help in escorting tankers through the strait,” analysts at energy advisory firm Ritterbusch and Associates said in a note.

Several U.S. allies, meanwhile, said they had no immediate plans to send ships to unblock the Strait of Hormuz, rebuffing a request by President Trump for military support to keep the vital waterway open. 

Denmark’s foreign minister, however, said Europe should keep an open mind on helping to ensure freedom of navigation for ship traffic in the strait even if the continent did not support the U.S.-Israeli decision to go to war with Iran.

“Hormuz closure makes $100 oil the baseline, not the risk case. Crude prices will stay higher for longer as it will take time to rebuild stocks even if supply improves in April,” analysts from consultancy Eurasia Group said in a note.

SHIELD FROM SOARING ENERGY COSTS

Governments worldwide are trying to shield consumers from soaring energy costs as the disruption to global oil and gas supplies caused by the war ripples through economies, stokes inflation and squeezes household budgets.

 Member countries of the International Energy Agency (IEA) could release more oil into the market later “as and if needed” after they have already agreed to the largest-ever reserve release, Executive Director Fatih Birol said on Monday.

On Sunday, the IEA said more than 400 million barrels of oil reserves will begin flowing to the market soon, a record draw aimed at combating price spikes caused by the war.

THREE MORE WEEKS OF WAR?

Israel said it has detailed plans for at least three more weeks of war as its military pounded sites across Iran overnight. U.S. Energy Secretary Chris Wright said on Sunday he expected an end to the war within “the next few weeks,” with oil supplies rebounding and energy costs falling afterwards.

Over the weekend, Trump threatened further strikes on Iran’s Kharg Island, which handles about 90% of the country’s exports, after hitting military targets there and spurring further retaliation from Tehran. The U.S. is in contact with Iran, Trump said, though he doubted Tehran was prepared for serious talks to end the conflict.

Abu Dhabi state oil giant ADNOC has suspended crude loading operations at the United Arab Emirates port of Fujairah, a source familiar with the situation told Reuters on Monday, after a drone attack triggered fires at the key export terminal.

Some loading at Fujairah, however, restarted, two other sources said. Two of the three single-point moorings, where tankers connect to load, were operational, one source said.

Fujairah, outside the Strait of Hormuz, is the outlet for about 1 million barrels per day (bpd) of the UAE’s flagship Murban crude oil – a volume equal to about 1% of world demand.

Reporting by Scott DiSavino in New York, Enes Tunagur in London and Florence Tan and Jeslyn Lerh; Editing by Jason Neely, Bernadette Baum and Keith Weir

Australia had granted humanitarian visas to six players and one support staff member from the Iranian squad after they sought asylum, fearing possible persecution if they returned home

International News via Reuters:

The Iranian women’s soccer team began making their way home from Malaysia on Monday, after five of its players withdrew their claims for asylum in Australia. 

Australia had granted humanitarian visas to six players and one support staff member from the Iranian squad after they sought asylum, fearing possible persecution if they returned home. Concerns over their safety emerged after the players failed to sing the national anthem at a women’s Asian Cup match earlier this month.

Five of the group, however, have since changed their minds and decided to return home to Iran, with Australian media reporting the latest withdrawal on Monday.

They joined the rest of the squad in Kuala Lumpur where the team had been staying since departing from Sydney last week, with just two remaining in Australia. 

‘COMPLEX SITUATION’

Australian Assistant Minister for Foreign Affairs Matt Thistlethwaite told Sky News the government respected the decision of those who chose to return to Iran while continuing to provide support to the remaining two.

“This is a very complex situation,” Thistlethwaite said.

The team was seen at Kuala Lumpur International Airport on Monday evening checking in on an Oman Air flight, though their destination was unclear.

The Asian Football Confederation said earlier on Monday the squad would seek to travel to another country from Malaysia as it cannot immediately return to Tehran due to the war in the Middle East.

TEAM WAITING FOR FLIGHT CONNECTIONS

 “They are just waiting for the flight connections. When they are going… where to, they have to tell us,” AFC General Secretary Windsor John told reporters in Kuala Lumpur.

He said he was unable to verify reports that the players’ families had come under pressure from authorities in Iran, adding that the players had not expressed any concerns over their safety.

“We have spoken to the team officials. We have spoken to the coaches, the head of delegation. They are actually in high spirits,” he said. 

“I personally met them. They are not demotivated, or they didn’t look afraid.” 

The Iranian Football Association said the team was expected to leave Malaysia for Tehran soon “to once again be embraced by their families and homeland.” 

The Iranian team’s campaign in the Asian Cup started just as the United States and Israel launched air strikes on Iran, killing the Islamic Republic’s Supreme Leader Ayatollah Ali Khamenei. They were eliminated from the tournament a week ago.

U.S. President Donald Trump had praised Australian Prime Minister Anthony Albanese for allowing the women to stay, saying on social media the United States was ready to take the players if Australia did not.

Reporting by Renju Jose in Sydney and Mandy Leong, Ahmad Luqman Ismail and Hasnoor Hussain in Kuala Lumpur; Writing by Rozanna Latiff; Editing by Will Dunham, Raju Gopalakrishnan and Sharon Singleton

This month’s 40% surge in oil prices and near 60% leap in wholesale gas prices have evoked comparisons to 2022

International News via Reuters:

The body that advises the world’s central banks has urged policymakers not to rush reactions to the Iran crisis-driven spike in global energy prices, calling it a textbook case of when to “look through” a supply shock, if it proves temporary.

This month’s 40% surge in oil prices and near 60% leap in wholesale gas prices have evoked comparisons to 2022, when Russia’s invasion of Ukraine and the post-COVID reopening of the global economy sent inflation rates soaring.

Leading central banks including the U.S. Federal Reserve and European Central Bank raised interest rates to their highest levels in decades, but were criticised for reacting too slowly after mistakenly judging the impact would be transitory.

This time, financial markets have been quick to reprice expectations, betting central bankers won’t want to make the same mistake again, although the Bank for International Settlements (BIS) used its latest report to urge caution.

“If it’s a supply shock, and certainly if it’s a temporary one, these are the textbook examples where you should look through and not react with monetary policy,” the central bank umbrella group’s top economic advisor, Hyun Song Shin, said.

“It really depends on how long the conflict lasts and how long the rise in the oil price will be sustained.”

The comments come at the start of a crucial week for markets with the Federal Reserve, European Central Bank, Bank of England and Bank of Japan all holding their first meetings since the Middle East crisis erupted on February 28.

Shin added the rapid shift in market interest rate pricing was perhaps a “sign of the times” given the still-raw memories of 2022.

Money markets have already halved the number of Fed rate cuts they expect this year to one and are now fully pricing in an ECB hike by July, along with an 85% chance of a second increase by year-end.

“It’s a kind of a knee-jerk reaction,” said Shin, highlighting too that key inflation gauges hadn’t yet moved to the same extent, making it “a very confusing picture” overall.

LONGER WAR, LARGER IMPACT

A prolonged conflict, or one that spirals wider, would threaten a further rise in interest rates that could amplify the economic damage, hit “rich” asset prices and compound the worries about ballooning government debt levels.

“That is something which is going to be a very important topic for us to keep under review,” Shin said.

“The impact of a sustained rise in energy prices will have an effect on the real economy and the longer it lasts, of course, the larger that impact. And there will also be an impact on fiscal balances if the economy sees a downturn.”

The BIS’ report, which it publishes four times a year, also included a number of studies, including one on how central banks have changed the way they communicate with markets and the public following the various recent global crises.

It showed more are now using scenarios to illustrate the implications of specific risks, in addition to traditional tools such as fan charts and qualitative risk discussions.

Many have also tried to shift away from so-called forward guidance on where rates are likely to go and instead publishing their own rate projections, often in the context of alternative scenarios.

The BIS’ view of the current market risks also touched on other bouts of volatility seen this year, including some sharp selloffs in artificial intelligence-linked stocks and some troubles in the private credit market.

“We have to watch this,” Frank Smets, the deputy head of the BIS’ monetary and economic department, said. “But we don’t see any major disruptions at this point.”

Reporting by Marc JonesEditing by Keith Weir

The move could ripple through Northern Europe’s electricity market

International News via Reuters:

Sweden has threatened to restrict electricity exports to neighbouring countries if disagreements with the European Commission over the use of national funds for EU energy projects are not resolved, Deputy Prime Minister Ebba Busch said on Monday.

The move could ripple through Northern Europe’s electricity market. Sweden exports excess power from its fleet of nuclear, hydropower and renewable energy generators via cables to countries including Germany, Denmark and Finland.

“If it comes down to this, then we will take drastic measures,” Busch, who is also Sweden’s energy minister, said in an interview.

Asked if Sweden was considering restricting flows on its existing power interconnectors with other countries, Busch said: “That is one of the measures that we have been discussing, and that would have support in Sweden.”

The warning comes in opposition to an EU proposal to earmark 25% of congestion revenues collected by national power grid operators be allocated to EU-backed cross-border energy infrastructure projects.

Congestion revenues arise when grid constraints prevent electricity from flowing to high-demand areas, resulting in substantial earnings for network operators.

National network operators can now spend this money on their own infrastructure.

Sweden has abundant hydropower in the north, but tighter electricity supplies in the south – a dynamic which generates substantial congestion revenues as power attempts to flow across the country. Sweden’s power grid operator collected 30.5 billion Swedish kronor ($3.26 billion) in congestion revenues in 2025.

Busch said Sweden had forewarned the affected countries before raising the issue at a meeting of EU ministers in Brussels on Monday. 

During that meeting, EU Energy Commissioner Dan Jorgensen said Brussels would work with governments negotiating the EU proposals to address concerns around “the national control of this money”, without specifying further.

A leaked EU negotiating document, seen by Reuters, showed governments are considering letting countries keep congestion revenues collected inside their borders, and only earmark for EU projects the revenues they collect from cross-country power trading. 

($1 = 9.3459 Swedish crowns)

Reporting by Kate Abnett, Alexander Chituc; additional reporting by Simon Johnson, edititng by Andrei Khalip