"The attacks, which marked a major escalation in the 10-day-old conflict, sent fresh fears throughout global energy markets, with Brent crude reaching $119.50 a barrel. The worsening conflict raises the risk to energy infrastructure across the Middle East, where producers are already grappling with damaged sites from Iranian attacks and the closure of the world's most critical oil shipping route."
"Iran drew Gulf states into the conflict by launching strikes on energy facilities, airports, hotels and residential areas, as well as US military sites in the region. These moves sparked accusations of treacherous behavior and the threats of potential military retaliation."
"Iran's de facto closure of the Strait of Hormuz—a narrow waterway between Iran and Oman that connects the Persian Gulf to the Gulf of Oman and the Arabian Sea—has halted nearly all commercial traffic. Hormuz carries about one-fifth of the world's oil supply, making it a critical chokepoint in energy trade, and its closure is considered a worst-case scenario for global energy markets."
Oil prices surged to nearly $120 a barrel following Israel's strikes on Iran's energy infrastructure and Iran's announcement of a new Supreme Leader. The escalating conflict between Israel and Iran directly threatens Gulf oil-producing states including Saudi Arabia, UAE, Qatar, Kuwait, and Bahrain. Iran's de facto closure of the Strait of Hormuz, which carries approximately one-fifth of the world's oil supply, has halted nearly all commercial traffic. This critical chokepoint closure represents a worst-case scenario for global energy markets. Gulf producers face mounting pressure from damaged energy facilities, Iranian attacks, and blocked shipping routes, with diminishing storage capacity for exports raising concerns about potential production shutdowns within days.
Read at www.dw.com
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