Oil prices have pulled back from $100 a barrel following several attacks on merchant vessels in the Gulf. Two tankers have been reportedly attacked overnight in Iraqi waters. The IEA announces its largest strategic reserve release of 400m barrels but energy markets remain wary. President Trump and the IEA’s Fatih Birol vow to keep oil flowing. The White House launches a probe into several key trading partners including the EU and China which, under section 301, permit tariffs to counter unfair commerce practices. And in autos news, BMW enjoys a Q4 earnings beat despite tariffs affecting its FY guidance.  

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