Trading sources said on Saturday that several tanker owners, oil majors and trading houses have suspended crude oil, fuel and liquefied natural gas shipments via the Strait of after the US and Israel and Tehran said it had closed navigation.
Some 20% of global oil, including from producers Saudi Arabia, the United Arab Emirates, Iraq, Kuwait and Iran, passes through Hormuz
along with large volumes of liquefied natural gas from Qatar.
The Russian foreign ministry said that the news of the assassination of Ayatollah Ali Khamenei, members of his family and some high-ranking Iranian officials was met with resentment and deep regret in Russia.
With Russian allies ousted in Syria and Venezuela, the fall of Khamenei poses a challenge for Moscow, though the Kremlin has shown little appetite to date for challenging US President Donald Trump over Iran and has been more successful than the West predicted in negotiating with Syria’s new rulers.
“The Russian Federation resolutely and consistently condemns the practice of political assassinations and the ‘hunting’ of leaders of sovereign states, which contradicts the fundamental principles of civilized interstate relations and grossly violates international law,” the ministry said in a statement.
The ministry also called for urgent de-escalation, and end to fighting and a return to political and diplomatic efforts.
US and Israeli strikes against Iran and the repercussions in the Middle East are expected to send oil prices soaring when markets open, and a prolonged conflict could hit the global economy.
The oil market opens at 2300 GMT on Sunday, with analysts expecting a sharp rise in prices into Monday.
“I expect oil prices to be between $85 and $90,” said Amena Bakr, head of Middle East and OPEC+ research at analysts Kpler.
That would mark a significant jump in the price of a barrel of Brent — the international benchmark for crude oil, which had gradually factored in a geopolitical risk premium to trade at more than $72 on Friday, compared with $61 at the start of the year.