Oil markets are spooked as Iran-Israel tensions escalate | Oil and Gas News

Israel’s strike on military and nuclear sites, and Iran’s retaliation, have rocked already strained global supply chains.

As airlines suspend flights to Tel Aviv, Tehran and other airports across the region, oil companies, shipping firms, and regulatory agencies are scrambling amid growing concerns that key trade routes like the Strait of Hormuz could be caught in the crossfire.

Merchant shipping is still passing through the Strait of Hormuz, but with increased caution. Iran has…