Brent Jumps to $106 as Iran Tables Counterproposal Demanding Sanctions Relief, Hormuz Rights

Brent crude surged ~6% to $105-106/bbl after Iran submitted a counterproposal via Pakistan demanding compensation, Strait of Hormuz recognition, end to U.S. naval blockade, and sanctions relief, reigniting supply disruption fears. The crisis originated with California's production cuts and import surges on May 5, Gulf output losses of 14.5 million bpd on May 8, and U.S. SPR drawdown to 392 million barrels post-172 million release on May 9, pushing gasoline to $4.55/gal. Global relief featured Australia's 450mn litres diesel secured and A$10bn reserve, plus Malaysia's $1.8bn subsidies, but Trump's May 10 rejection of Iran's demands as 'unacceptable' lifted WLDOIL above $98 before the latest escalation.