Conflict between Israel and Iran has rekindled fears of a disruption to a narrow waterway key to the global economy. Skyscraper-sized tankers ferry roughly one-fifth of the world’s petroleum, as well as massive cargoes of natural gas,

Israeli aerial bombardment has wiped out much of Iran’s ballistic missile capability and decapitated its military command, but Supreme Leader Ali Khamenei has refused to stop fighting, even promising “irreparable damage” to the US if it intervenes in the conflict in support of its staunch ally.

The CEO of Italian energy company Eni said on Wednesday oil markets are signalling that an escalation between Israel and Iran and the closure of the Strait of Hormuz is unlikely.