Overview

• Israel launched a series of airstrikes on Iranian nuclear and military facilities on Friday, prompting Iran to retaliate with drone attacks.
• Greece and Britain have urged their merchant fleets to avoid the Gulf of Aden and to log all passages through the Strait of Hormuz.
• Brent crude futures jumped over 10% intraday, nearing $74 per barrel as traders braced for potential supply chokepoints.
• Shipping companies are rerouting tankers around Africa to bypass Hormuz, driving up transit times, freight rates and insurance premiums.
• Analysts say a full closure of the Strait remains unlikely because of the risk of military retaliation and economic fallout for Iran, but even limited disruptions could unsettle global energy markets.