The Iran shock presents two risks to the price of oil, which rose 8 per cent to $74 a barrel on Friday morning, a sizeable jump for a single day. The first is that, in the context of the rising hostilities, Iran’s current crude exports, which have already been softening, could fall further.

Israeli energy company Bazan said its Haifa oil refinery suffered pipeline and transmission line damage during Iran’s overnight missile barrage. Refining core facilities continue to operate at the site,

Israel unleashed airstrikes across Iran for a third day on Sunday and threatened even greater force as some Iranian missiles evaded Israeli air defenses to strike buildings in the heart of the

Market watchers believe a full-scale disruption of global oil flows by closing the waterway is unlikely, and might even be physically impossible.