Overview

• Israel launched wide-scale airstrikes on Iran’s nuclear research centers, missile production sites and senior military targets on June 13.
• Iran retaliated by firing over 150 ballistic missiles and more than 100 drones at major Israeli cities including Tel Aviv and Jerusalem.
• Brent crude and WTI futures climbed more than 7 per cent in a single session as traders factored in possible supply disruptions despite current market oversupply.
• Iran’s oil export terminals, including the Kharg Island facility responsible for 90 per cent of its crude shipments, remain intact and fully operational.
• The International Energy Agency is prepared to tap strategic reserves and analysts warn that any closure of the Strait of Hormuz could trigger sharper price surges.