![\"Iran](\"https:\/\/shipandbunker.cdn.speedyrails.net\/a\/img\/_asp_d6afe34881134d19842789dd7a5fe7d4.v.652.jpg\")
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\n\tMeanwhile, Aramco facility is struck by enemy fire on Monday: File Image\/Pixabay<\/p>\n
\u201c<\/p>\n \n\tThe market could price in a much larger supply shock<\/p>\n Priyanka Sachdeva, head of market insights, Phillip Nova<\/p>\n
\n\tAlarmist media headlines about high oil prices aside, crude trading on Monday continued to be fairly restrained<\/a>\u00a0 despite the U.S. and Iran trading strikes over the weekend, with the latest casualty being a Saudi Aramco facility in Jizan.<\/p>\n
\n\tAfter it was reported<\/a>\u00a0that the facility, home to a 400,000 barrel per day (bpd) refinery, was struck and damage was being assessed, Brent rose 1.5 percent to $97.73 per barrel.<\/p>\n
\n\tWest Texas Intermediate climbed 1.8 percent to $93.10.<\/p>\n
\n\tThe weekend\u2019s hostilities included three Iranian oil tankers destroyed by the U.S military, said to be part of the Islamic republic\u2019s shadow network that funds the Revolutionary Guard and its proxies.<\/p>\n
\n\tIran denounced the attacks as a war crime; it also warned<\/a>\u00a0South Korea of \u201cserious consequences\u201d following reports that it is considering sending forces to the Strait of Hormuz.<\/p>\n
\n\tMeanwhile, Anwar Gargash, a diplomatic advisor to the president of the United Arab Emirates, vowed on Monday that \u201cno single state\u201d should control the Hormuz; he made the remark after Tehran said it would release a map showing a new transit route for ships under Iranian supervision.<\/p>\n
\n\tGargash added that the UAE was building alternative routes for its energy exports and trade to ensure they are not \u201cheld hostage\u201d by the ongoing war.<\/p>\n
\n\tAs for Hormuz transit numbers, Kpler on Monday revealed that an average of 10 commodity ships made the passagez per day over the past 10 days, the lowest since May; this inspired Priyanka Sachdeva, head of market insights at Phillip Nova, to remark<\/a>, \u201cIf tanker traffic begins to slow materially, the market could price in a much larger supply shock, and there are already signs that this is happening.\u201d<\/p>\n
\n\tIn other oil news on Monday, media reported that Denis Alipov, Russia\u2019s ambassador to India, said his country will remain a key supplier of crude to India despite U.S. Congress\u2019s attempt to impose 100 percent tariffs on the biggest buyers of Russian oil and gas.<\/p>\n