Javier Blas

Iran struck two tankers in the Strait of Hormuz, testing a ceasefire that has reduced oil prices. Gulf countries, including Saudi Arabia, have increased oil shipments, but experts doubt the strait's oil flow will fully recover. China's demand and green energy transition are critical factors affecting future crude prices.

Rising fuel prices due to Iran tensions sparked concerns about potential flight disruptions and vacation cancellations this summer. Bloomberg Opinion columnist Javier Blas explains that despite these worries, airlines are expected to continue normal operations throughout the summer travel season.

Oil prices surged to around $100 per barrel after Iran's president Masoud Pezeshkian declared his country would not submit to US pressure. The market jump of approximately 3% reflects ongoing tensions in global energy supplies, though analysts warn the oil market is approaching a breaking point amid declining global supplies and accelerating shifts toward renewable energy and electric vehicles.

Bloomberg's Javier Blas and Irish Farmers Journal's Lorcan Roche Kelly discuss oil and commodity prices on stage at Odd Lots live in London. The event took place at Wiltons Music Hall on May 7, 2026. Joe Weisenthal and Tracy Alloway hosted the discussion.