President Donald Trump’s decision to topple the Iranian regime is threatening to torch an oil market his administration has been at pains to keep cool since he returned to office.

An oil tanker was attacked off the coast of Musandam in the Strait of Hormuz. Four people were injured and all 20 crew members were evacuated, according to Oman's Maritime Security Centre.View on

Most of Iran's exported oil goes to China and is carried on so-called "shadow ships," tankers that actively conceal their activities to evade sanctions or other restrictions. The U.S. has recently escalated its sanctions enforcement on shadow fleets in an attempt to limit their activities.

Producers' group reacts as the Middle East crisis threatens to fan a geopolitical risk driven oil price spike in a market that seemed pretty well supplied until now.

Oil prices held near seven-month highs on Wednesday as investors weighed up the threat to oil supply from potential military conflict between the U.S. and Iran.

Major combat operations in Iran, coordinated with Israel, are intensifying risk-off sentiment across global markets, impacting equities, crypto, energy, and logistics. Oi

Oil futures will begin trading later on Sunday. Saudi Aramco shares were climbing as trading resumed in Saudi Arabia, possibly hinting that crude is headed for a surge.

Oil prices rose on Thursday as U.S. and Iranian diplomats met in Geneva to discuss the Islamic Republic's nuclear program.