For weeks now, global energy and geopolitical markets have been speculating about a possible conflict in the Middle East between Iran and the U.S., but they still seemed unprepared and entirely surprised by what happened this weekend.

Without going into the details that news outlets have already covered extensively, WPI provides below a short recap of the weekend’s events, particularly as they pertain to global energy trade and ocean freight. Some of the key developments were:

The U.S. killed the Iranian Supreme Leader Khamenei as well as the Iranian defense minister. The U.S./Israeli strikes destroyed nine “important” Iranian naval vessels. In retaliation, Iran attacked some 15 countries nearby, including oil facilities...