Air strikes on Iran by Israel and the United States sparked a brief market shutdown, and Brent climbed to a seven‑month peak of $73 a barrel – a $10 gain since the year began. Traders reminded themselves that Iran can still unsettle oil flows despite its exports representing under 3 % of global supply. Uncertainty over the Strait of Hormuz amplified price pressure.

In January the International Energy Agency recorded Iran pumping 3.45 mn barrels per day, barely 3 % of world output, with most shipments destined for Chinese refiners in Shandong. The Kharg Island terminal has recently emptied its inventories, raising fears of a supply gap. OPEC is set to meet Sunday, where members may boost output by up to 137,000 b/d to calm markets.

Energy traders argue that ample Saudi production and strategic storage can absorb a sudden loss of Iranian crude, yet analysts at RBC Capital Markets warn a second round of hostilities could be far more disruptive than the June skirmish. A prolonged shutdown of