Global Oil Markets and U.S. Energy Policy

Tit‑for‑tat strikes between Iran and Israel have escalated: an attack hit Iran’s South Pars gas field (Qatar blamed Israel) while an Israeli overnight strike killed Iranian intelligence minister Esmail Khatib amid earlier assassinations of Ali Larijani and Basij commander Gholam Reza Soleimani. Iran has retaliated with strikes across the Gulf — including Saudi Arabia’s Eastern Province, Kuwait, Bahrain, Qatar and the UAE — and has effectively choked traffic through the Strait of Hormuz, helping drive Brent crude above $108 a barrel (about a 50% rise since Feb. 28) as the U.S. eases Venezuela sanctions to bolster supplies.