Oil Markets Brace for Major Disruption as Strikes Threaten Iran's Crude Exports

Despite years of sanctions, Iran remains one of the world's major oil producers, with much of its crude exported to China. The military strikes threaten to disrupt global energy markets at a time of already elevated prices, raising fears of a broader economic shock if the conflict spreads to the Strait of Hormuz — through which a fifth of the world's oil passes daily.