Brent crude hits $165 — highest since 1973; ECB calls emergency meeting

Brent crude closed at $165.40/barrel on European markets — a 42% increase from the pre-war price of $116.20 and the highest price since the 1973 OPEC oil embargo crisis. The Haifa refinery strike added a supply-demand shock to an already disrupted market. US WTI crude settled at $162.80. Natural gas prices in Europe hit €180/MWh — 340% above the pre-war baseline. The ECB President convened an emergency board call and announced a 'crisis policy review' meeting for Thursday. The IMF activated its Crisis Response Facility — a mechanism not used since the 2020 COVID shock. Goldman Sachs published a war-scenario note projecting $200/barrel within 3 weeks if Hormuz remains closed. Central banks in Japan, South Korea, and India conducted emergency currency interventions as their import costs spiral. Cargo shipping rates through the Red Sea (alternative Hormuz bypass) have increased 800% as insurers suspend Gulf coverage entirely. The US Strategic Petroleum Reserve drawdown of 1m barrels/day, announced by Energy Secretary Wright, is described by analysts as 'a bucket against a wildfire.'