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Bureau: London
Futures hit $102 and the headlines wrote themselves, but European and Asian refiners are paying near $150 for physical crude — a gap that reveals the real market stress.
The US averaged 9.35 degrees above normal in March, the first month ever to exceed nine degrees above baseline.
Two Pakistan-flagged tankers reversed course at the mouth of Hormuz — the blockade is already working before it starts.
March saw the biggest single-month OPEC production drop in recorded history — and it was forced by war, not policy.
IATA's chief says damaged refineries mean jet fuel markets won't normalize for months — oil falling helps, but not enough.
Fuel prices up 40-50% across importing African nations, and 90% of the continent's fertilizer comes from the Gulf.
Salt Lake City broke its winter temperature record by 2.3 degrees — not a nudge, a shove into territory the instrument record has never seen.