Global oil prices fell sharply on Tuesday after surging to their highest levels in more than three years in the previous session, as signals of possible diplomatic progress in the Middle East eased fears of prolonged supply disruptions.
Aramco warned the Strait of Hormuz disruption from the Iran war could have “catastrophic consequences” for global oil markets and trigger ripple effects across shipping, insurance, aviation, agriculture and automotive industries.
Iran’s retaliatory strikes across the Gulf have disrupted some business activity in one of the world’s most trade-dependent regions, forcing temporary airport closures, interrupting port operations and unsettling financial markets , while the private sector remains resilient according to authorities.
Iran's Revolutionary Guards warned on Saturday that no vessel would be allowed to pass through the Strait of Hormuz, a chokepoint through which nearly a fifth of the world’s oil supply passes.
An Iranian Jamaran-class corvette was struck by US forces during the start of Operation Epic Fury, said US Central Command. The ship is currently sinking to the bottom of the Gulf of Oman at a Chah Bahar pier, it said.
Bahrain international airport was targeted by drone, Reuters quoted Interior Ministry as saying. The ministry said the drone only caused material damage.
Iran's Supreme Leader Ayatollah Ali Khamenei was killed in his office on Saturday morning during US-Israeli air strikes, Iran's state media has confirmed.
Oman, which was spared retaliation on Saturday, today reported its Duqm commercial port was targeted by two drones, wounding one worker.
Israel and the United States have launched strikes on Iran on Saturday morning with explosions being reported in multiple Iranian cities including capital Tehran.
At least one person has been killed in Abu Dhabi, the capital of the United Arab Emirates, in multiple missile launches by Iran that targeted US bases across the Gulf region.
