The military conflict between Iran on one side, and the US and Israel on the other, reached a new, threatening level over the weekend. According to reports, Tehran reacted to the targeted killing of its Supreme Leader, Ayatollah Ali Khamenei, with massive rocket and drone attacks on targets across the region. US military bases and civilian infrastructure in the Gulf states were particularly hit.
The strategically important Strait of Hormuz is considered practically blocked. Although the passage is not technically completely closed, leading shipping companies like Hapag-Lloyd and MSC have stopped their voyages through the strait for safety reasons. Insurers reportedly withdrew policies for tankers, which almost brought ship traffic to a standstill. As a result, the price for the crude oil grade Brent temporarily rose by up to 13 percent, while analysts warn of a sustained supply crisis and triple-digit oil prices.
The attacks also hit important energy facilities in neighboring countries. An oil refinery in Saudi Arabia and gas facilities in Qatar were reportedly damaged, leading to a temporary production stop. On the international financial markets, the uncertainty caused significant price losses for stocks, while assets like gold were in demand as a 'safe haven'. Experts fear that a longer blockade of trade routes could severely affect the global economy and act as an inflationary driver.
