Oil prices set for biggest weekly rise in two years on Middle East tensions

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Financial Times 13h ago

Oil prices set for biggest weekly rise in two years on Middle East tensions - Financial Times

Quick Summary:

Iranian officials have also been discussing the crisis with their energy-exporting Gulf neighbours, with Iranian President Masoud Pezeshkian meeting Qatar’s emir Sheikh Tamim bin Hamad al-Thani and Saudi foreign minister Prince Faisal bin Farhan in Doha this week.

About a fifth of world oil supplies pass through the Strait every day, including production from Opec members Saudi Arabia, UAE, Kuwait and Iraq, in additional to liquefied natural gas from Qatar.

In an interview with Al Mayadeen, a Lebanese TV channel close to Iran and Hizbollah, he said that while Iran had lots of energy infrastructure Israel had much less and it was vulnerable to “a precise and devastating strike”.