Top story for the morning: oil at peak since 2008, EU prepares measures against energy crisis

The EU is preparing for a prolonged energy crisis and is considering emergency measures, including fuel rationing and a new release of strategic reserves. Spot prices for physical supplies of Brent crude soared to $141 per barrel - the highest since 2008 - due to disruptions in the Strait of Hormuz. These and other topics - in our review of key events by the morning of April 3.

The EU is considering all options, including fuel rationing and a new release of strategic oil reserves, amid the threat of a prolonged crisis due to war in the Middle East, the Financial Times reports, citing European Energy Commissioner Dan Jorgensen. He warned that energy prices will remain high for a long time and the situation could worsen in the coming weeks. The disruptions are due to the almost complete blockade of the Strait of Hormuz and strikes on the region's infrastructure.

Brussels emphasizes that there is no supply crisis yet, but is preparing for the worst scenarios. At the same time, the EU has no plans to change the rules for fuel imports or refuse to buy Russian LNG this year, the newspaper said.

The spot price for current physical supplies of Brent crude oil rose to $141.36 a barrel, the highest since the 2008 financial crisis, CNBC reported, citing data from S&P Global. The sharp rise reflects a severe supply shortage due to the de facto closure of the Strait of Hormuz by Iran. The cost of near-term supplies is more than $30 above June futures, which were trading at $109 a barrel on Thursday, indicating a strong gap between the real market and investor expectations, the channel said.

Experts explain that futures create a "false sense of stability", not reflecting the scale of disruptions. Chevron CEO Mike Wirth also warned that the market is underestimating the effects of the crisis, while in reality the shortage is already being felt - for example, diesel prices in Europe have approached $200 per barrel.

OpenAI has announced the purchase of media project TBPN (Technology Business Programming Network), Yahoo Finance reports. Co-founders and hosts of the daily stream John Coogan and Jordy Hayes said that the format of the show will not change and the broadcasts will continue. Launched in late 2024, the project has quickly become popular among tech founders and venture capitalists.

The deal was OpenAI's biggest move into media, the publication notes. The terms were not disclosed.

Saudi Public Investment Fund is discussing an anchor investment of about $5 billion in the SpaceX IPO, sources told Reuters. This would help the fund maintain its stake - just under 1% - and support Elon Musk's company's upcoming flotation on the stock exchange. It is looking for big investors in advance and expects to raise a record $75 billion - more than the biggest IPOs of Saudi Aramco and Alibaba.

There is no final decision yet, negotiations are ongoing. SpaceX has already filed confidential documents with the SEC and plans to go public later this year, Bloomberg reported. A substantial portion of the offering may go to wealthy investors through underwriter banks.

Microsoft will invest 1.6 trillion yen ($10 billion) in Japan between 2026 and 2029 to develop AI infrastructure and strengthen cybersecurity cooperation with the government, Reuters writes. The company also plans to train 1 million engineers and developers by 2030, supporting the authorities' commitment to strategic technology development.

As part of the project, Microsoft will partner with SoftBank and Sakura Internet to expand computing capacity in-country to store sensitive data locally and develop Azure. Shares of Sakura Internet soared 20% on the Tokyo stock exchange after the announcement.

- Japan's broad Topix index was up 0.7 percent, while the Nikkei 225 was up 1.1 percent.

- Hong Kong's Hang Seng Index and mainland China's CSI 300 Index were down 0.7 percent.

- In South Korea, the Kospi index jumped 2.8% and the Kosdaq rose 0.6%.

- Australian, European and U.S. on April 3 are closed due to Good Friday.

This article was AI-translated and verified by a human editor