Indonesia will increase crude oil imports from ​the United States to replace some supply from the Middle ‌East amid an escalating war in the region, its energy minister said on Tuesday.

After lots of saber-rattling in recent weeks, the U.S. and Israel launched military strikes against Iran over the weekend. The escalating conflict could significantly impact the oil market. Several analysts are predicting that oil prices could surge to $100 a barrel following the attacks (oil was in the low-$70s before the strikes).

Iran produces 3% of global oil but controls the Strait of Hormuz, carrying one-fifth of global crude — giving it significant leverage over energy markets. Tankers are avoiding the strait and shipping companies suspending deliveries as three LNG carriers from Qatar pause voyages, signaling market jitters over potential disruption.

LyondellBasell Industries (NYSE:LYB) is positioned to potentially benefit from wider spreads between oil and natural gas following Iran related tensions affecting crude prices. The shift in commodity pricing is drawing attention to the company’s feedstock mix and how it might affect margins in its core petrochemicals and plastics operations.

What Is Murban Crude Oil? Murban is a crude oil grade produced in the UAE, primarily from ADNOC’s onshore concessions. It typically has an API gravity around ~39.9° API and sulfur content ~0.79%, which makes it readily refinable into light products.

Stocks saw heavy volatility on Tuesday, with the Dow down as much as 1,200 points before clawing back much of that loss as traders assessed Iran war updates.