US and Iran exchange strikes across the Middle East

Key takeaways:

• Markets are watching whether the United States and Iran can reach a final agreement, rather than reacting only to daily confrontations and headlines.

• Time remains an important asset, as the gradual pace of developments gives energy players some room to adjust and prepare.

• Energy flows in the Middle East are undoubtedly under pressure, but it is not a complete loss. On the contrary, in addition to some diversion that the Saudis and Emiratis have successfully achieved, we are also seeing higher traffic across the Hormuz Strait despite the blockade.

• Volatility is part of energy markets, especially during periods of geopolitical tension and uncertainty around major supply routes.

• Current price levels suggest caution rather than panic, although the wider global economy could still feel the impact if uncertainty continues.