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Energy analysts are concerned that if the Strait of Hormuz, a key shipping lane for oil, essentially remains closed prices could go even higher.  facebook.com

Oil Settles Off Highs As G7 Discusses Tapping Reserves  WSJ

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The war reveals Britain’s exposure to volatile fossil fuel prices. More North Sea drilling will not shield households, building domestic green energy will What should Britain do when war in the Middle East sends energy prices soaring? If the strait of Hormuz were blocked for the month of fighting that Donald Trump predicts, British households could face another brutal cost of living shock. Goldman Sachs warns of prices at the pump rising to 2022 levels. That would put more than 50p on each litre in the tank. Prolonged disruption to global gas supplies could see energy bills in the UK rise by £900 to £2,500 a year. Such uncertainty strengthens the case for going big on clean energy. Ed Miliband, the energy secretary, has grasped this reality. By contrast, the Conservatives and Reform UK are doubling down on domestic fossil fuel extraction. The debate is framed around a simple claim of energy security: drill more at home. But the argument is rhetorical. Britain might export a bit more crude and have a smidgen more gas. But it would still need to import refined fuels and liquefied natural gas (LNG). Households would remain exposed to global energy shocks. Clean electricity, by contrast, cuts gas demand and reduces exposure to volatile markets. The political pressures are jobs, tax revenues and the economies of Scotland and north-east England tied to a declining asset. Continue reading...

The economic effects in the Gulf could impact the region’s investments in Syria as Damascus seeks to rebuild after years of its own war and to avoid getting dragged into the conflict.

Putin urges Russian firms to capitalise on energy market turmoil Russian President Vladimir Putin said Russian companies should “take advantage” of the current situation as the war disrupts global oil and energy markets. Speaking at a meeting in the Kremlin, Putin said the US-Israeli has triggered a worldwide energy crisis and warned that oil production relying on transport through the Strait of Hormuz could soon come to a halt. He added that Russia would be ready to supply European buyers if they were willing to engage in “long-term work without politics”. Putin also said Moscow would continue providing energy resources to what he called “reliable partners”.

Iran Says Strait of Hormuz Unsafe Amid Ongoing War  Caspianpost.com

Oil surges amid Iran conflict — how high will gas prices go?  The Hill

Strait of Hormuz re-opening ‘critical’ for lower oil and gas prices: business analyst  CTV News

Continue reading...

French, Greek, and Cypriot leaders announce mission to protect maritime traffic, reopen strait after conflict's 'hottest phase' is over; Dutch send a frigate at Paris's request The post Macron says France, allies preparing ‘defensive’ mission to reopen Strait of Hormuz appeared first on The Times of Israel.

France and its allies are preparing a "defensive" mission to reopen the strategically vital Strait of Hormuz, President Emmanuel Macron said Monday as the Middle East war entered its second week. The French leader landed by helicopter on the Charles de Gaulle aircraft carrier, dispatched to the Mediterranean after US-Israeli strikes on Iran on February 28 triggered a war that has sown regional chaos and which threatens to spill into other parts of the world.

Strait of Hormuz will stay ‘effectively closed harder for longer’ than consensus believes – economist  Seeking Alpha

With crude oil briefly nearing $120 per barrel on Monday before giving up gains, the conflict is poised to reignite inflationary pressures around the world, including for vulnerable economies such as Egypt and Turkey.

There's another energy market that may get hit harder than oil by Strait of Hormuz closure  CNBC

Ships brandish China links to evade Iran’s attacks in Strait of Hormuz  South China Morning Post

Macron orders ‘unprecedented’ naval deployment to Strait of Hormuz  Yahoo

Emmanuel Macron orders ‘unprecedented’ naval deployment to Strait of Hormuz  The Telegraph

Ships change tracking data, boast China links to weave through Strait of Hormuz  The Straits Times

Ships anchored in the Gulf or transiting the Strait of Hormuz are changing their tracking data to boast links to China in an attempt to evade Iranian attacks, according to data from shipping tracker Marine Traffic analysed by AFP. Iran has effectively closed the vital waterway since US-Israeli strikes on it began on February 28, and at least 10 vessels have been attacked since. But by claiming to have an "all-Chinese crew" aboard, or changing their destination to "Chinese owner", vessels are linking themselves to Iran's most important economic partner, Beijing.