For weeks, traders and analysts have been laying out different scenarios to try and chart the impact of bubbling tensions in the Middle East on oil. Over the weekend, their worst-case scenarios became a reality when the US joined Israel in bombing Iran.
As the US and Israel launched their attacks on the oil major, tankers almost immediately U-turned or stopped at the entrance to the Strait of Hormuz, a crucial shipping lane for about a fifth of the world’s crude.
