Energy Common Sense: “Even if shipping resumes, nearly three weeks of backlog cannot be cleared quickly. Tankers are delayed, cargoes are floating, and insurance has fundamentally repriced risk. More importantly, production itself has taken hits that cannot be quickly reversed. Wells shut under pressure take time to restart, damaged facilities require repair, and in some cases, production has been curtailed because there is nowhere for it to go. Storage is finite, logistics are broken, and the system is no longer operating as a continuous flow but as a constrained network under stress.”

“This is why this is not a short-lived spike. This is now a multi-month, likely rest-of-year story of elevated prices and elevated risk. The damage is physical, and physical systems take time to rebuild.”

“Iranian attacks have knocked out 17% of Qatar’s liquefied natural gas export ​capacity, causing an estimated $20 billion in lost annual revenue and threatening supplies ‌to Europe and Asia,” Reuters reports.

Oilprice.com: “A month ago, any analyst suggesting international oil prices could soar all the way to $200 per barrel would have been laughed out of the studio. Now, some are beginning to acknowledge that this is a real possibility, and with good reason.”

“Most Americans will likely soon be paying over $4 per gallon as the war in Iran drives one of the sharpest gas price surges in recent history,” Axios reports.

“Qatar said on Thursday that Iranian attacks against its energy infrastructure were continuing, as the price of oil climbed to $114 a barrel and uncertainty grew over how the widening war in the Middle East would affect energy supplies,” the New York Times reports.

Wall Street Journal: “Oil topped $115 and European natural-gas prices surged more than 20% as attacks on Middle Eastern energy infrastructure fueled anxiety over supply.”

“Vice President JD Vance and Energy Secretary Chris Wright will meet this week with top oil company executives in Washington as the Trump administration works to tame spiking oil prices,” Politico reports.

“The meeting comes amid simmering tension between the White House and industry over how to limit the economic fallout from the joint U.S.-Israel attacks on Iran. Sharp swings in oil prices and an unpredictable war have put the energy industry in a tough spot as they weigh how to adapt their business plans to navigate the tense geopolitical situation.”

“Oil prices jumped after Israel struck Iran’s South Pars gas field, the largest such facility in the world and which Tehran shares with Qatar,” the Wall Street Journal reports.

“The attack was designed to cut off an economic pipeline for the Iranian Revolutionary Guard Corps.”

“Iran’s military joint command said it would escalate the war in ‘new ways’ after the attack, while Qatar’s Foreign Ministry condemned the strikes.”

“American oil executives delivered a bleak message to Trump officials in recent days: The energy crisis the Iran war has unleashed is likely to get worse,” the Wall Street Journal reports.

“Really, I’m demanding that these countries come in and protect their own territory, because it is their territory … you could make the case that maybe we shouldn’t be there at all, because we don’t need it. We have a lot of oil.”

— President Trump, talking to reporters, about the Strait of Hormuz.

Energy Secretary Chris Wright said on Sunday there were “no guarantees” that oil prices would fall in the coming weeks, despite President Trump’s having vowed repeatedly that the United States will try to force Iran to stop attacks on oil tankers in the Strait of Hormuz, the New York Times reports.

Said Wright: “There’s no guarantees in wars at all. I can guarantee the situation would be dramatically worse without this military operation to defang the Iranian regime.”

“If the White House hoped tapping 40% of the U.S. Strategic Petroleum Reserve would quickly push down oil prices, it hasn’t worked,” the Wall Street Journal reports.

“News this week that member countries of the International Energy Agency would coordinate to release 400 million barrels of oil from their emergency stockpiles, of which the U.S. will contribute close to half, barely touched the oil price.”

“Big as the number sounds, it isn’t nearly enough to compensate for the loss of barrels passing through the Strait of Hormuz.”

New York Times: “Many of the hallmarks of the 1973 shock were a result of poor domestic policy decisions, and the hit to supply is far greater now, said Bob McNally, president of Rapidan Energy Group, a research firm. Policies like rationing set off panic buying, creating shortages instead of easing the problem.”

“The 1973 embargoed oil accounted for about 7 percent of global oil consumption, and targeted only a handful of nations. That meant the United States could still buy some oil from other countries.”

“Now, closer to 20 percent of the world’s supply is threatened, and the disruption is caused by a war that has no end in sight.”