OPEC emergency meeting deadlocks — no output hike as Brent passes $112

OPEC convened an emergency session in Vienna to address the Hormuz supply shock and left without a communique. Saudi Arabia refused to open the taps unless the U.S. provides written security guarantees for Gulf shipping lanes. The UAE and Kuwait backed the Saudi position. Brent closed above $112, up 7% on the week. The cartel that once managed supply to stabilize prices is now a hostage to naval geopolitics. Oil production capacity exists. The political will to ship it through a war zone does not.