Top oil companies’ chief executives alerted over rising Israel-Iran conflicts, warning about the result of attacks on major energy infrastructure. On Friday, Israel’s shocking attack on Iran’s military and nuclear infrastructure is the reason behind the four days of coiling warfare between regional enemies. In recent days, some oil and gas facilities have been affected in both countries, and there’s no harm to major energy infrastructure and crude flows
In this critical situation, we must consider the worst-case scenarios, such as Iran blocking the highly strategic Strait of Hormuz or causing major disruptions to supply chains.
These last 96 hours are very crucial for both the region and more broadly in terms of where the global energy system is going, given the uncertainty and the backdrop that we see right now and the geopolitical volatility,” Shell CEO Wael Sawan told CNBC’s JP Ong on Tuesday.
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On Tuesday, oil prices increased, trading at higher levels. For oil traders, the Israel-Iran conflict is the milestone geopolitical event significantly Russia launched its full-scale invasion of Ukraine in 2022.
