The situation is dire for global oil trade as much of the oil flows to Asia, particularly China, which was the main buyer of Iranian crude. With three tankers already damaged in the Gulf, shippers are reluctant to risk risking passage without additional war insurance. The blockage could clear quickly if the shooting stops, but that may not be soon. Israel has launched a new wave of air attacks on Tehran, with Iran responding with missile barrages following the killing of its Supreme Leader Ali Khamenei. OPEC+ has agreed to lift crude oil output by 206,000 barrels per day from April, but this is only 0.2% of global oil demand. The Norwegian krone should benefit from this boost in oil but is little traded in Asia.