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Brent crude price jumps as Hormuz disruption bites; traders eye March 5 insurance deadline
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Brent crude price jumps as Hormuz disruption bites; traders eye March 5 insurance deadline
Brent crude rose $4.83, or 6.6%, to $77.70 a barrel as tanker traffic slowed near the Strait of Hormuz after drone attacks and Iran closed navigation, leaving about 150 vessels anchored. Marine insurers began cancelling war-risk cover for Gulf vessels from March 5. Qatar halted LNG output and Saudi Arabia suspended operations at Ras Tanura refinery after separate drone strikes. OPEC+ signaled a modest April output hike but may pause if condition…
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