Asian Oil Markets Open Late Afternoon Sunday

If you didn’t get your cars filled up on Saturday, go do it today. That’s the best advice I can offer you right now, because the only thing we know for sure is that oil prices and gas prices will be going higher. Everything else is up in the air.

Though Iran has zero capability of forming any real blockade on tanker traffic through the Strait of Hormuz, its military does still have the capability of firing missiles at traffic transiting through that choke point. After the government under the dead ayatollah (they were still pretending he was alive) warned it would do just that, the companies which insure the cargoes (Lloyd’s of London, Aon, others) advised their customers to halt traffic and enter into new, upgraded agreements.

As if to prove its point, the Iranian military did strike a small oil products tanker off the coast of Oman on Saturday.