Oil Market Faces Shock as War Widens, Ex-US Energy Official Says

The global oil market is “in for a shock” as the Middle East conflict will likely extend for a prolonged period with Iran leveraging control of the Strait of Hormuz, said Randa Fahmy, a former US associate deputy energy secretary.

The conflict’s expansion to include Iran-backed Houthi militants in Yemen is “incredibly concerning” and presents additional risks to global energy supplies, she said, particularly through their potential control of the Bab el-Mandeb Strait, another critical choke point for energy flows.