Mar. 5 at 5:23 PM
Iran claimed to have struck an oil tanker w/ a missile
IRGC warned that any US, Israeli or European vessel detected in the Hormuz Strait will certainly be struck.
British Navy reported a large explosion at a tanker at anchor in Iraqi territorial waters. The ship’s master reported seeing a small vessel flee the scene. The crew is safe & no fires were reported.
US Press Sec: The Trump admin does not have a timeline for when the strait will be safe for commercial shipping again
Separately, a drone strike hit oil infrastructure in Bahrain’s Ma’ameer industrial area. Bahrain says a fire broke out at a unit of the Bapco Energies refinery & now contained, no injuries; refinery operations continue
ICE low-sulfur gasoil futures surged more than
$100 per metric ton in early trading
Global crude supply is typically buffered by inventories & spare production capacity, allowing markets time to adjust to supply losses but refining capacity, however, is far less flexible
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