Squawk Box Europe Express

Oil settles about $100 per barrel for the first time since 2022 after Iran’s new Supreme Leader Mojtaba Khamenei pledges to keep the Strait of Hormuz closed. U.S. Energy Secretary Chris Wright and Treasury Secretary Scott Bessent say the U.S. Navy will be helping to escort tankers out of the Gulf once military conditions are met. The U.S. government has sought to further ease prices by lifting sanctions on Russian oil already in transit. Russia’s ambassador to the United Kingdom, Andrey Kelin, tells CNBC that Russia stands by Iran and that the U.S. and its allies are solely to blame for the Gulf crisis. Rate cut expectations are dampened as concerns over a prolonged conflict send the dollar and yields higher while equities fall into the red.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oil prices have pulled back from $100 a barrel following several attacks on merchant vessels in the Gulf. Two tankers have been reportedly attacked overnight in Iraqi waters. The IEA announces its largest strategic reserve release of 400m barrels but energy markets remain wary. President Trump and the IEA’s Fatih Birol vow to keep oil flowing. The White House launches a probe into several key trading partners including the EU and China which, under section 301, permit tariffs to counter unfair commerce practices. And in autos news, BMW enjoys a Q4 earnings beat despite tariffs affecting its FY guidance.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oil prices swing after the White House says the U.S. Navy did not escort a tanker through the Strait of Hormuz. The denial corrected a now-deleted social media post by Energy Secretary Chris Wright. The IEA reportedly proposes the largest-ever release of oil reserves as the Iran conflict continues to restrict the movement of global supplies. In autos news, Porsche narrowly misses FY sales expectations and says it will now streamline itself, pivoting away from EVs and overhauling its product line-up. Meanwhile, Renault Group CEO, François Provost, tells CNBC he still believes electric cars are the future.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

U.S. President Donald Trump hails the war effort in Iran as ‘very complete’ and has suggested some oil sanctions could be eased to shore up confidence in the market. However, Trump warned Iran could be struck even harder should it attempt to further disrupt supply. G7 energy ministers are set to discuss a potential release of strategic oil reserves. The U.S. is reportedly planning for up to 3-4 million barrels to be made jointly available. Aramco CEO Amin Nasser has warned of ‘catastrophic consequences’ should the conflict continue to disrupt supply. And in autos news, Volkswagen falls short of FY sales expectations but predicts margin improvements in 2026.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Oil prices surge to almost $120bbl overnight before falling back to $108bbl. President Trump says he does not believe the market shock will be prolonged. The G7 reportedly considers a joint release of oil from strategic reserves while reports suggest that Saudi Aramco may offer oil on the spot market. The Nikkei and Kospi lead Asian equity losses while Europe and Wall Street look set for continued sell-off pressure. Iran has chosen Mojtaba Khamenei to succeed his father, Ali, as the country’s Supreme Leader to defy President Trump selection wishes.
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.