US-Iran conflict escalates: Middle Eastern oil shipping costs soar to record highs.

According to AFP on March 3, data from the LSEG shows that the cost of chartering supertankers to transport oil from the Middle East to China has skyrocketed to a record high, exceeding $400,000 per day. This surge comes amid escalating tensions between the US and Iran, with Tehran targeting ships transiting the Strait of Hormuz.

Analysts believe that India, a leading oil consumer, will be most severely affected by crude oil supply shocks if conflicts in the Middle East lead to prolonged transportation disruptions. This is primarily due to the country's relatively low oil reserves.

Although both China and India (Asia's two largest energy consumers) import about half of their crude oil from the Middle East, India's oil reserves are significantly lower than its neighbor's. At the same time, India's dependence on crude oil from the region is currently at its highest level in over three years.

Meanwhile, explaining the "preemptive" attack on Iran, US Secretary of State Marco Rubio said on March 2 (Washington time) that the US only carried out the attack on Iran after receiving information that its ally Israel was about to attack and fearing that Tehran would retaliate against US forces.

Speaking to reporters, Rubio asserted: "We knew for sure that Israel would act. We also knew that it would trigger an attack on American forces. If we hadn't launched a preemptive strike before they could deploy, our casualties would have been far greater."

Rubio, who is preparing to brief key U.S. lawmakers on the incident, further revealed that Iran had ordered its field commanders to automatically retaliate against U.S. forces should any attack occur.

"If we had simply waited for the attack to fall before responding, the human cost would have been far greater. Therefore, the President made a very wise decision to coordinate the attack with Israel," the US Secretary of State emphasized.