Global oil and gas prices surged on Tuesday as the escalating U.S.-Israeli war with Iran disrupted energy exports from the Middle East, triggering supply fears and sending shockwaves through commodity markets.
Exxon Mobil TotalEnergies and Shell are among the companies with more exposure to disruptions in oil and gas production due to the US-Israel war with Iran, analysts said in research notes.
The gravity of the situation in the Middle East has moved from high to severe and consequently, the potential for events to weaken credit quality across sectors has increased, says an S&P Global Ratings report.
US President Donald Trump warned that the “big wave” of the US attack on Iran is yet to come as he laid out his war objectives for reporters.
Russian Foreign Minister Sergei Lavrov on Friday discussed the possibility of a diplomatic settlement in the Iran war with his Iranian counterpart Abbas Araqchi, taking into account the legitimate interests of all countries in the region, reported Reuters citing senior Russian officials.
US President Donald Trump said he was extending by 10 days a deadline linked to threatened strikes on Iranian energy infrastructure, saying the move followed a request from Tehran and that negotiations were progressing positively.
Global oil prices rose on Thursday, recovering part of the previous session’s losses, as market participants reassessed the outlook for a potential de-escalation in tensions involving Iran and the United States. The conflict has continued to disrupt energy flows across a critical oil-producing region.
An attack on Iran's southern coast or attempt to blockade Kharg Island, its main oil export hub, will lead to Gulf routes being cut with the laying of sea mines, including floating mines that can be released from the coast, the country's Defence Council said on Monday according to state media.
The air cargo spot rates continues to rise sharply amid the highly volatile, unstable and fast-changing situation in the Middle East. As per WorldACD Market Data reports, there has been some recovery in the air cargo markets since the Iran war, with the average spot rates from Gulf countries up 22%.
Indian Prime Minister Narendra Modi held talks with Iranian President Masoud Pezeshkian and Bahrain's King Hamad bin Isa Al Khalifa to discuss the evolving situation in the Middle East. He condemned the attacks on critical GCC infrastructure and emphasised the need to ensure secure maritime routes.
