Oil execs are growing more concerned over the Israel-Iran conflict

The Street

Oil prices have climbed steadily since tensions have increased.

Transcript

00:00Oil prices continue to rise amid escalating conflict in the Middle East.

00:04As of early trading on June 17, U.S. crude prices were up more than 2 percent, trading

00:09above $73 per barrel and adding to recent gains.

00:13Energy facilities in both Israel and Iran have been hit by missile strikes, but so far

00:18major oil and gas infrastructure and flows have been spared from any substantial impact.

00:24Still, Iran is a major oil producer, so the fighting raises concerns about supplies and

00:29the potential disruptions of flows through the Strait of Hormuz, a major global oil shipping

00:34route that's considered a worst-case scenario.

00:37Top oil executives are warning about the consequences of further attacks on key energy infrastructure,

00:42given their significant footprint in the Middle East.

00:45Shell CEO YL Sawan told CNBC that the last 96 hours have been very concerning, both for

00:52the region, but more broadly in terms of where the global energy system is going, given the

00:57uncertainty and the geopolitical volatility.

01:00Meanwhile, U.S. President Donald Trump left the G7 meeting in Canada a day early amid the

01:05Middle East tensions, though later said his return to the U.S. was for something, quote,

01:10much bigger than a ceasefire.

01:12He also said early Tuesday that he had not reached out to Iran for peace talks in any way,

01:17shape or form.

01:19That'll do it for your daily briefing from the New York Stock Exchange.

01:21I'm Caroline Woods with The Street.

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