Iran Escalates Hormuz Crisis with Direct Attacks on Infrastructure; Crude Premium Fades

Renewed US–Iran escalation, tanker attacks and blacklisting, threats to Kharg Island, and restricted Hormuz transits continue to threaten crude, LNG, and product flows. Brent neared $96 and WTI topped $90 before easing; bypass flows, mine-clearing claims, a possible Oman–Iran corridor, and Iraq’s recovering exports suggest partial normalization, but Asian physical premiums, delayed cargoes, and fresh US inventory draws show that logistics and near-term balances remain sensitive.