WTI $92 · DXY 100 · VIX 22 · GPR 117
Brent at $101.04 – up 49.9% in a month – reflects a 12 mb/d physical supply gap that no reserve release can close; meanwhile, allied governments from Berlin to Tokyo have refused Washington’s Hormuz coalition, the EU is moving to fill the naval vacuum Kallas called real, Iran’s last pragmatic interlocutor is dead, Rus…