Overview

• Israel and Iran have traded missile and drone attacks targeting each other’s energy infrastructure, including damage to Israel’s Haifa refinery and Iranian storage depots.
• Brent crude surged about $10 a barrel this week amid fears of a supply shock, and Rystad Energy forecasts prices will stay below $80 if the conflict remains contained.
• Reports of electronic interference in Gulf waters and threats to the Strait of Hormuz have driven supertanker charter rates up by as much as 30 percent.
• India’s government has called a high-level meeting with shipping lines and exporters to evaluate risks to crude, LNG and container flows through the Red Sea and Strait of Hormuz.
• US officials are closely monitoring developments and could intervene diplomatically to contain the conflict and stabilize oil markets.