Why are we writing about this?
The armed conflict in the Middle East affects the global oil and gas market. After Saturday's attacks by the US and Israel, Iran's Revolutionary Guard announced that no vessels were allowed to enter the Strait of Hormuz. Hundreds of tankers were disabled on both sides. On Tuesday, Iranian drones attacked a port in the United Arab Emirates. China is putting pressure on Iran to keep the Strait of Hormuz open and avoid attacks on oil and LNG shipments as Beijing relies heavily on energy supplies from the Persian Gulf.
