Middle East crisis Oil market

Analysis: The clock is ticking – the bill is rising every day

The economic consequences and the situation on the markets could worsen significantly if the Strait of Hormuz is not opened within one to three weeks, writes CNBC's Matt Peterson in an analysis.

After the closure, some oil has been able to be redirected, and the United States, among others, has released historic volumes of oil from strategic reserves, but according to Peterson, the picture among analysts is that in the long run there are no sustainable alternatives other than opening the strait.

One assessment is that the reserve assets will run out in mid-April, he writes.

"The clock is ticking for the American-Israeli war in Iran."

Aftonbladet's Andreas Cervenka shares the analysis and compares it to what happens when a grocery store does not receive any deliveries. First, the shelves are filled with what is in stock. When it runs out, customers are willing to pay more and more for the fresh produce that remains.

Cervenka says that people who are forced to return home hungry are like “the economy is starting to slow down” and lists examples that indicate that the war is about to become more protracted.

“And with each passing day, the economic bill is rising.”

Oil chaos could worsen – “Gate of Tears” is threatened

The fact that the Iran-backed Houthi rebels in Yemen have entered the war risks creating even more chaos in the oil market, writes Bloomberg. The group has not yet said that it intends to target ships in the Red Sea, but the rebels could close what is the world’s fourth largest shipping passage: the Bab al-Mandab Strait.

When the rebels announced that they had fired a missile at Israel, a spokesman pointed to the closure of the strait, known as the “Gate of Tears,” as a “possible option.”

The strait is located off the coast of Yemen and is a bottleneck connecting the Red Sea with several global shipping routes.

Thailand: Has reached an agreement with Iran for free passage

Thailand has reached an agreement with Iran for free passage for tankers through the Strait of Hormuz. This was stated by the country's Prime Minister Anutin Charnvirakul on Saturday, writes TT.

- An agreement has been reached that Thai oil tankers will be allowed to pass safely through the Strait of Hormuz, he says at a press conference.

In the wake of the Middle East war, Iran has effectively closed the important waterway for oil trade.