•The Trump administration announced a $20 billion reinsurance program through the U.S. International Development Finance Corporation to cover oil tanker losses.
•U.S. crude oil prices surged more than 12%, topping $90 per barrel.
•Tanker traffic in the Persian Gulf has reached a standstill due to the ongoing war with Iran.
•Iraq has already begun shutting in production as exports through the Strait of Hormuz become increasingly constrained, with roughly 1.5 million bpd offline.
•The production shut-in could reach 3 million bpd if disruptions persist, representing a massive supply shock.
•China and India together account for roughly two-thirds of Iraqi oil flows, making Iraq a critical supplier for Asia.
•The Trump administration launched military strikes on Iran dubbed 'Epic Fury'.
•Bill Kristol criticized the administration for 'inventing imminent threats' to justify war, despite his long history of advocating for regime change in Iran.
•Reports indicate Americans are stranded in conflict zones as a result of the military escalation.
