Morning Bid: Dire straits for global oil trade

try{ var _=i o; . if(!_||_&&typeof _==="object"&&_.expiry Asia stocks slide as US-Iran strikes batter risk appetite Oil prices surge after US-Israel strikes on Iran, trim early gains Gold prices jump 2% amid widening US-Israel conflict with Iran Middle East tensions rise as Iran promises retaliation (South Africa Philippines Nigeria) Morning Bid: Dire straits for global oil trade By Reuters Economy Published 03/02/2026, 12:35 AM Updated 03/02/2026, 12:36 AM Morning Bid: Dire straits for global oil trade 0 LCO 7.47% CL 7.09% Brent Spot US Dollar 6.76% TNX -1.37% FFc1 0.00% March 2 - A look at the day ahead in European and global markets from Wayne Cole. Suddenly, everyone’s an expert on crude shipping through the Strait of Hormuz. Marine Traffic shows the red dots of tankers piling up each side of the vital waterway that carries a fifth of the world’s seaborne oil trade, a similar amount of liquefied natural gas and apparently a third of its fertiliser. Much of the oil flows to Asia, and particularly China which was the main buyer of Iranian crude. The strait isn’t closed as such, but with three tankers already damaged in the Gulf, shippers are naturally reluctant to risk passage, that’s if they can afford the added war insurance. Charter rates for very large tankers had already ballooned before the attacks and this will only add to costs. The blockage could clear quickly should the shooting stop, but that might not be soon. President Trump told the Daily Mail the attacks may go on for four weeks, or at least until the United States’ "very strong objectives" were reached. What those objectives are, is harder to say. The U.S. strikes - reportedly 1,000 or more - appear to have been right across Iran and on a host of sites, not just air defence and intelligence but warehouses and barracks. Whether there is enough ammunition, especially of advanced missiles, to last a month is unknown. Israel launched a new wave of air attacks on Tehran on Sunday and Iran responded with...