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At least seven tankers carrying Russian crude changed course mid-voyage from China to India after the US Treasury issued a 30-day sanctions waiver to ease global supply pressures.
Slovenia imposed a 50-liter daily cap on fuel purchases, the first EU rationing during the Iran war. Spain, Germany and France rolled out billions in emergency aid.
The national average hit $3.98 a gallon on Wednesday, up from $2.98 before the strikes on Iran began. Diesel jumped 44% to $5.38, adding pressure to food and shipping costs.
Brent crude jumped back above $107 a barrel on Thursday after Iran dismissed the US 15-point peace plan and demanded sovereign control over the Strait of Hormuz.
Shell's Wael Sawan told CERAWeek that jet fuel is already tight in Europe, with diesel and gasoline squeezes expected before summer driving season.
A US ceasefire proposal delivered through Pakistan demands Iran dismantle its nuclear sites and reopen Hormuz. Tehran rejected the terms within hours.
Iran says non-hostile vessels may transit the Strait of Hormuz under its rules. Shipping firms are not rushing back. Only five ships crossed on Monday.
Trump claims Iran sent a gift "worth a tremendous amount of money" related to oil and the Strait of Hormuz. Nobody knows what it is. $580M in trades hit before he spoke.
An explosion ripped through a diesel hydrotreater at Valero's Port Arthur refinery Monday night, forcing a full shutdown of one of the largest US refineries.
Brent crude swung in a $17 range Monday alone. Over 24 days, oil has gone from $68 to $119 and back to $100 on little more than presidential posts and war headlines.
Brent crude crashed below $99 a barrel after Trump delayed power plant strikes for five days. Tehran denies any talks are happening.