Name: Concerns high over oil price as Gulf countries come under attack
Uploaded: 2026-03-05T09:08:37.347Z
Duration: 1 min 15 s
Description: Oil markets economist Julien Mathonniere joins i24 to discuss the current status of the oil industry amid the ongoing war in Iran.

Oil markets economist Julien Mathonniere joins i24 to discuss the current status of the oil industry amid the ongoing war in Iran.

Tehran

Recent attacks in the Gulf region have led to the suspension of war risk coverage for tankers passing through the Strait of Hormuz, causing shipping rates to surge and halting the movement of approximately 150 tankers. This disruption has resulted in major oil exporters, including Iraq, Kuwait, Qatar, Saudi Arabia, the UAE, and Iran, being unable to export oil, effectively pausing about 20% of the global oil supply.

The situation is further complicated by ongoing military actions, with the US and Israel targeting Iran's military capabilities and Iran retaliating against regional targets. The market is closely monitoring developments, seeking assurance that safe passage through Hormuz can resume, as the instability continues to impact global energy markets.

Concerns high over oil price as Gulf countries come under attack

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Breakdown