<span>STORY: Oil prices, which closed at nearly four-year highs before the weekend, look set to rise further on Monday.</span><span>The escalation followed threats by the United States and Iran to target energy facilities.</span><span>The conflict has nearly paralyzed shipping in the Strait of Hormuz, through which nearly a fifth of the world’s crude oil and liquefied natural gas passes.</span><span>ZHDANNIKOV: “This is probably the most important crisis since the Arab oil embargo in the 70s.”</span><span>Dmitry Zhdannikov is the energy and commodities editor for Reuters in London.</span><span>“The main problem for the markets is that Iran has closed the Strait of Hormuz, through which 20 percent of global oil passes. But there is more to it than that; there has been massive damage to oil facilities in Saudi Arabia, Qatar, Kuwait and the UAE. And even if the Strait of Hormuz reopens tomorrow, it will take much longer for normal supplies to resume. We interviewed the chairman of QatarEnergy (CEO, Saad Al Kaabi) who became the boss this week and has actually become the boss in Europe and Asia.” “He said it might not be able to supply gas to its customers, some of its customers in Europe and Asia, for three to five years. That tells you a little bit of what’s going on in the grand scheme of things.”</span><span>On Friday, May Brent futures rose more than three percent to $112.19 per barrel, the highest level since July 2022.</span>
