Recent geopolitical developments involving Iran have heightened market sensitivity to oil prices, inflation, and interest rate expectations, according to Lale Akoner, Global Market Analyst.
Aramco offered over 2 million barrels of Saudi crude, including 2 million Arab Heavy and 650,000 Arab Light, in rare tenders as US-Iran tensions disrupted Middle East exports, trade sources reported.
Iran on Monday named Mojtaba Khamenei to succeed his father Ali Khamenei as Supreme Leader, signaling that hardliners remain firmly in charge in Tehran a week into its conflict with the US and Israel, reported Reuters. Meanwhile, the US military confirmed a seventh soldier has died from wounds sustained during Iran's initial counter-attack a week ago,
A water desalination plant and a university building were targeted in a Iranian drone attack this morning, according to the Bahrain's Ministry of Interior. Material damage was inflicted on the university building and three people got injured in the attack.
The Bahrain Defence Force General Command has announced that its air defence systems have successfully intercepted and destroyed 92 missiles and 151 unmanned aerial vehicles from Iran targeting the kingdom since the onset of this aggression on February 28.
Saudi Arabia has told Tehran that continued Iranian attacks on the kingdom and its energy sector could push Riyadh to respond in kind, Reuters said quoting people familiar with the matter.
US President Donald Trump has rejected any negotiations with Iran and raised the possibility that the Iran war would only end once Tehran no longer has a functioning military or any remaining leadership in power.
Israeli forces expanded their bombardment of Iran overnight, striking fuel depots near Tehran as fighting escalated on day nine of the Middle East conflict, while Iranian officials moved closer to naming a new supreme leader despite Israeli threat to kill any replacement for Ayatollah Ali Khamenei, said a report.
Iran said it would halt attacks on neighbouring Gulf states and apologised for recent strikes on the region, even as missile and drone attacks continued to be reported hours later, underlining the fragile security situation as the war with Israel entered its second week.
The US will provide reinsurance covering up to $20 billion in potential losses in the Gulf region to bolster confidence among oil and gas shippers during the conflict with Iran, reported Reuters citing the US International Development Finance Corporation.
