Before the US and Israel bombed Iran, vitality consultants outlined the worst-case state of affairs for oil markets: a halt to delivery by the Strait of Hormuz mixed with Iranian retaliation in opposition to ports, refineries and fuel terminals throughout the Gulf.
Four days into the battle, a lot of that state of affairs has occurred: key vitality amenities within the area have been attacked, shutting down the world’s largest liquefied pure fuel plant in Qatar and one in all Saudi Arabia’s most necessary oil refineries.
Commercial delivery by the strait has stalled, with greater than 150 tankers now ready outdoors Hormuz, as shipowners and insurers balk at sending vessels by dwell fireplace.
However, crude has defied predictions of a fast surge above the symbolically necessary $100 a barrel stage.
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