This is now serious. The US Navy say they will not escort ships through the Straights of Hormuz as it is too dangerous. Iran has now mined the straights.
Two ships that tried to run the straight have been attacked. One is badly damaged and on fire. Three crew missing. The other less damaged. But worse, another ship was damaged by Iran in the Arabian sea.
This is now serious as it is not only oil, but container ships going to and from Europe are also in trouble and one has already had to run the straight, but I doubt any more will try it.
The new supreme leader, has been "lightly" injured in an attack. However, he has not been seen, and Putin claims to be in contact with him.
Trump says Iran has no more weapons left, but they have just attacked a refinery in Oman and there is a large fire.
The most worrisome fact is that that we have a demented lunatic in the White House.
Brent Crude right now is $92.51 per barrel and rising fast.
I don't think it will be long before oil goes well over $100 per barrel.
Natural gas prices. What is worse is that it is in short supply and causing problems in electricity generation. Because of emissions most base load electricity generation is from natural gas, especially in Europe.
The green lobby has stopped all gas and oil extraction of the UK North Sea coast and wells are capped.
I think the UK for one is very close to electric supply interruptions.
I expect natural gas prices and electricity prices to spike in the US also. The reason is that the well heads in Texas in particular sell to the highest bidder. Bulk gas carriers bound for the UK, are filling up in texas and not the Middle East at this time.
My view is that Trump's adventure is going to cause massive world wide disruption, which at this time is just at the beginning. If there continues to be degrading of energy infrastructure, then disruption could be prolonged.
STOP PRESS: - Iran now says it will strike oil facilities until oil prices reach $200.00 per barrel.
Trump however claims they have nothing left to fight with. I doubt that is true after attacks today. Stopping these attacks will take boots on the ground in my view.
Meanwhile Putin is "Smacking his chops" as he knows darn well Europe will be forced to buy Russian oil.