
The Daily Energy Report reframes Hormuz Strait risk by emphasizing crude quality over sheer volume, noting medium‑sour grades now dominate exports while light‑sour streams like Murban remain niche. Asia faces the steepest impact from any Hormuz disruption, prompting tighter crack spreads for regional refiners. Iran threatens higher transit fees and insurers are reassessing coverage, raising shipping costs. Meanwhile, China boosts Saudi crude imports, Russia expands LNG sales, Asian coal demand rebounds, propane prices spike, and Petrobras adjusts refining operations.

U.S. President Donald Trump’s remarks that the conflict with Iran is “very complete” sent oil markets tumbling. Crude futures dropped about 6.9%, settling at $84.62 a barrel, the steepest decline in weeks. Trump claimed U.S. forces had neutralized Iranian naval...