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Business News›Industry›Energy›Oil & Gas›Oil markets survived the Iran war sprint. Now comes the marathon

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Oil markets survived the Iran war sprint. Now comes the marathon
Synopsis

The Iran war is increasingly looking like a prolonged threat to global energy markets, rather than a short-term supply shock. Crude has risen back above $100 a barrel as disruptions spread to Yemen and Saudi Arabia.

ANI

The widening of the Mideast conflict into Yemen and drone strikes on a critical Saudi oil pipeline highlight an uncomfortable reality: the Iran war is no longer a short-lived energy supply shock, but a prolonged, unpredictable test of global economic endurance.



With crude oil back above $100 a barrel, markets are adjusting to a new and more volatile phase of the conflict, one in which many of ​the safeguards that cushioned the initial blow nearly seven months ago have disappeared.



ALSO READ |Crude oil jumps 3% to near $108/barrel as Middle East tensions escalate

U.S. President Donald Trump predicted last week that the conflict would end only after the U.S. midterm elections on November 3. This is a notable shift in tone from an administration that initially suggested the war would last weeks, not months.



Whether this new forecast proves correct is impossible to know, but recent developments at two of the world's most important energy arteries suggest it may be very optimistic.




THE GATE OF TEARS

Yemen's Iran-aligned Houthis have made rapid advances over the ‌past week, tightening their grip on ⁠the Bab ⁠el-Mandeb Strait at the southern entrance to the Red Sea. The group announced a naval blockade of the shipping route in July and has reiterated that transit remains safe for all vessels except those belonging to Saudi Arabia.

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Iran waroil prices todayoil pricesoiloil market volatilitySaudi oil pipeline attacksHouthi advances

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