While crude oil transport has not been affected directly, concerns remain that Iran could move to block the Strait of Hormuz, a crucial passage for oil tankers.

Several top oil executives have reportedly expressed their fears over energy infrastructure in the Middle East as Israel and Iran continued to strike at each other.

According to a CNBC report, the top executives at Shell, Total Energies, and EnQuest have warned that if the two belligerent nations continue to attack critical energy infrastructure, it could severely impact global supply and prices.

Oil refineries and gas storage have been targeted by the two countries ever since Israel struck Iranian nuclear facilities on Friday.

While crude oil transport has not been affected directly, concerns remain that Iran could move to block the Strait of Hormuz, a crucial passage for oil tankers.

According to the report, Shell CEO Wael Sawan described the conflict as “very concerning” for the region and global energy security.

He reportedly said that the situation in the Middle East will remain at the top of the mind for the London-listed oil major’s executives as it has a “significant footprint” in the region, both in terms of operated assets and shipments.

Benchmark crude oil prices scaled back on Wednesday, paring gains from earlier in the session. U.S. President Donald Trump issued a stern warning to Iran, asking Tehran for an “unconditional surrender.”

The United States Oil Fund (USO) has gained 7.1%, while ProShares Ultra Bloomberg Crude Oil (UCO) is down 2.7% this year.

TotalEnergies CEO Patrick Pouyanné reportedly said the company’s priority remains its regional employees. He also hoped that the oil infrastructure would be left unaffected, as it could become a “real problematic hit” to global markets.

EnQuest CEO Amjad Bseisu reportedly said the market is well-supplied in the short to medium term, but the conflict must be resolved soon.
Oil prices have remained extremely volatile this year, amid concerns over tariff threats and oversupply.

According to CNBC, oil traders view the Israel-Iran conflict as the most significant geopolitical event since Russia’s full-scale invasion of Ukraine in 2022.

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