Trade sources said most tanker owners, oil majors and trading houses had suspended ⁠crude oil, fuel and liquefied natural gas ​shipments through the strait after Tehran warned ships against moving through the waterway. More than a fifth of global oil is moved through the ‌strait. [ Iran’s supreme leader Ali Khamenei confirmed dead following US-Israeli attacks ]Middle ⁠East leaders have warned ​Washington that a war on Iran could lead to oil prices jumping to more than $100 a barrel, RBC analyst Helima Croft said. The Iran crisis also prompted Asian governments and refiners to assess ​oil stockpiles and alternative shipping routes and supplies. Kpler analysts said in ​a webinar on Sunday that India might turn to oil from Russia to make up for potential Middle East supply loss.

Source: The Irish Times March 01, 2026 18:23 UTC