Oil storage levels at the Cushing, Oklahoma hub have fallen to approximately 25 million barrels, which is near the bottom of the operational range of 20 million barrels.

Following a hypothetical conflict, it would take at least 3 to 5 years for a portion of Qatar's LNG market to recover due to the need to rebuild infrastructure.

The U.S. Navy has estimated it would take at least three months to clear the Strait of Hormuz of mines in a potential conflict scenario.

Iran has demonstrated the capability to disrupt shipping in the Strait of Hormuz using low-cost, commercially available drones that are difficult to defend against.

Jet fuel prices have recently reached $200 per barrel in Northern Europe, and diesel prices have hit $150 per barrel in the United States.

Exxon dismissed a trader after executing a swap that locked in oil prices around $70 per barrel, causing the company to miss out on significant upside as prices rose to $90 and $100 per barrel.

The United States produces about 14 million barrels of oil per day, exports an average of 4.5 million barrels per day, and imported 6.2 million barrels per day last year.