Oil prices surged by 13% in the initial trading sessions following a joint US-Israeli attack on Iran, which significantly impacted the security of oil supply through the Strait of Hormuz, a vital energy corridor. Futures contracts for oil reached multi-month highs above $82 after the assassination of Iran's Supreme Leader Ali Khamenei, which was met with retaliation from Tehran through attacks targeting Israel and at least seven other countries.

The military developments have affected oil tankers, causing major shipping companies, along with oil and gas firms, to suspend operations for transporting crude oil and liquefied natural gas through the Strait of Hormuz, where more than 20% of the world's oil supply transits. Iranian Foreign Minister Abbas Araghchi warned that Khamenei's assassination would complicate and heighten the danger of confrontations, although he reassured that Iran would not shut down the Strait of Hormuz for the time being.

Analysts at Citibank forecast that Brent crude could trade between $80 and $90 per barrel in the coming days, with potential downturns to around $70 if supply conditions stabilize. This situation illustrates the intricate balance of geopolitical tensions and oil market dynamics, making it critical for global economies to monitor developments closely, especially given the significance of the Strait of Hormuz for international oil shipments.