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IPC Index — Mexico MarketHeating oil futures climbed past $3.61 per gallon as an intensifying Middle East conflict and President Trump’s demand for unconditional Iranian surrender triggered the sharpest supply risk since 2022. WTI crude oil surged over 14% to exceed $92 per barrel after Qatar warned that Gulf energy exporters could shutter production if tankers remain blocked from the Strait of Hormuz. While the US administration explores strategies like tapping strategic petroleum reserves and allowing temporary waivers for Russian crude shipments the market remains focused on the structural fragility of global energy trade. Supply concerns are amplified by Saudi Arabia redirecting shipments through Red Sea ports as Iran continues to target regional energy infrastructure. Although recent EIA data showed a modest build in distillate stocks the market is pricing in a severe supply premium that reflects the potential for a total closure of a route that handles 20 million barrels of petroleum products daily.
