"The upheaval, now in its ninth day, shows no sign of imminent resolution, meaning a strip of water that normally handles a fifth of the world's oil is impassable. Saudi Arabia is diverting record amounts of crude to its Red Sea coast for export, helping to alleviate at least some of the pressure."
"Iran has vowed not to back down in the face of US and Israeli strikes that began on Feb. 28. President Donald Trump responded on Saturday by saying the US would now consider targeting areas and groups of people in Iran that were not previously aimed for. The attacks will continue "until they surrender or, more likely, completely collapse!""
"For oil analysts, executives and traders, that has meant ever-louder warnings that the war is bringing crude to a tipping point, and closer to the psychological $100-a-barrel threshold. Brent already climbed 30% last week - its biggest jump in six years, putting it just dollars from that mark."
The Iran-US conflict has severely disrupted global oil markets, with the Strait of Hormuz effectively closed to tanker traffic, normally handling one-fifth of world oil supply. The United Arab Emirates, Kuwait, and Iraq have reduced production as storage capacity fills and empty tankers become scarce. The conflict, now nine days old, shows no signs of resolution. Saudi Arabia is diverting record crude volumes to the Red Sea for alternative export routes. President Trump escalated tensions by announcing expanded US targeting in Iran. Oil prices have surged dramatically, with Brent crude climbing 30% in one week and approaching the $100 psychological threshold, while regional crude benchmarks have already exceeded this level.
Read at Fortune
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