The CEO of Italian energy company Eni said on Wednesday oil markets are signalling that an escalation between Israel and Iran and the closure of the Strait of Hormuz is unlikely.

The Israel-Iran conflict has taken a perilous new turn, with fears mounting that Tehran could choke off global oil supplies by blocking the Strait of Hormuz, the world's most vital oil route. As US President Donald Trump demands Iran's 'unconditional surrender' and ramps up military rhetoric,

The Strait of Hormuz is one of the busiest shipping routes in the world and provides the only sea passage from the Persian Gulf to the open ocean. An average of about 20 million b