Core Viewpoint - Oil markets are experiencing a bullish trend, with Brent crude nearing $109 per barrel, primarily due to the prolonged closure of the Strait of Hormuz, which has lasted for three weeks, tightening supply despite various policy measures aimed at easing market conditions [1][4]. Price Movements - Brent crude is priced at $109.93, reflecting an increase of $1.28 or 1.18% [2] - WTI is at $96.82, up by $1.27 or 1.33% [2] - Murban crude has seen a significant rise to $139.26, increasing by $15.19 or 12.24% [2] - Natural gas prices have decreased to $3.10, down by $0.066 or 2.08% [2] U.S. Oil Production - U.S. oil production has shown a slight decline, with a decrease of 0.010 million barrels per day from the previous week, now at 13.668 million barrels per day [3]. Geopolitical Developments - The Trump administration is actively trying to alleviate market concerns by waiving the Jones Act and easing sanctions on Russian and Iranian oil, although the closure of the Strait of Hormuz remains a significant factor in the market's bullishness [4]. - Iran has retaliated against Israel's attacks on its gas facilities by targeting key energy infrastructure in Gulf countries, including Qatar and Saudi Arabia, which has raised regional tensions [6][7]. Policy Responses - The White House has denied plans to impose an export ban on oil and gas, although a potential export tax is still under consideration to address rising gasoline prices, currently at $3.91 per gallon [5]. - A 60-day waiver of the Jones Act has been announced, allowing foreign-flagged tankers to transport refined products and fertilizers between U.S. ports, aimed at reducing shipping costs amid rising oil prices [8]. Infrastructure Impact - Damage from Iran's drone attack on Qatar's Ras Laffan liquefaction plant is expected to take 3 to 5 years to repair, affecting 17% of Qatar's liquefaction capacity [9]. EU Energy Policy - The European Union's ban on Russian LNG has entered its first phase, prohibiting European buyers from engaging in spot deals, with further restrictions planned for the future [10].