Oil markets are spooked as Iran-Israel tensions escalate

Greek and UK authorities also issued warnings for merchant vessels using the key trade route of Strait of Hormuz [File: Vahid Salemi/AP]

Israel’s strike on military and nuclear sites, and Iran’s retaliation, have rocked already strained global supply chains.

As airlines suspend flights to Tel Aviv, Tehran and other airports across the region, oil companies, shipping firms, and regulatory agencies are scrambling amid growing concerns that key trade routes like the Strait of Hormuz could be caught in the crossfire.