Iran's discussions with Oman regarding a payment system for ships in the Strait of Hormuz are raising alarms about potential long-term disruptions to global oil supplies. The International Energy Agency warns of a looming oil supply crisis as tensions escalate following the US-Israeli conflict with Iran, which could lead to significant impacts on energy markets worldwide.

• 01The International Energy Agency (IEA) warns that global oil markets could enter a 'red zone' if disruptions in the Strait of Hormuz continue.
• 02Iran is exploring a payment system for shipping through the Strait of Hormuz, potentially solidifying its control over this critical energy route.
• 03The European Union has expanded sanctions against Iran to include individuals undermining freedom of navigation in international straits.
• 04US military and intelligence personnel have canceled holiday plans, indicating heightened readiness for potential military action against Iran.
• 05Negotiations between the US and Iran show slight progress but remain hindered by disputes over uranium enrichment and control of the Strait of Hormuz.

The ongoing tensions and potential disruptions in the Strait of Hormuz could lead to increased oil prices and supply shortages, affecting consumers and businesses globally.