Energy companies stand to gain as Iran war drags on

The US military on Wednesday launched fresh strikes after President Donald Trump said he believed an interim ceasefire with Iran to be finished, triggering Iranian attacks on Kuwait and Bahrain.

That means the energy shock the conflict has delivered is far from over. Last week, shipping had only recovered to around a third of what it was before the war, and has ground to a near-halt again since Iran's attacks on vessels on Tuesday.

Gasoline and diesel markets have rallied sharply this week, as investors price in the impact of renewed conflict in the West Asia as well as a supply crisis in Russia caused by Ukrainian attacks on Russian refineries and other energy infrastructure.

Global oil majors and regional refiners are set to get a big earnings boost because of the disruption.

LSEG estimates show European energy earnings growth in the STOXX 600 index surging past other sectors in the second quarter; those estimates have ticked upward as the Iran war has dragged on.�" Reuters