Renewed Iran Fighting Raises Risk of Another Global Oil Shock
Lloyd's List Intelligence said just over 30 vessels crossed daily last week, far below the 138-vessel prewar average.
- On Wednesday at a NATO summit in Ankara, President Donald Trump declared the ceasefire with Iran "over" following renewed attacks near the Strait of Hormuz. Oil prices surged more than 5% as markets reassessed energy shock risks.
- The renewed fighting followed Islamic Revolutionary Guard Corps fire on ships in the Strait of Hormuz. The U.S. responded by striking more than 80 targets along Iran's coast, prompting Iranian drone and missile launches at Bahrain and Kuwait.
- Shipping traffic in the Strait of Hormuz slowed to just over 30 vessels daily last week, down sharply from the historical average of 138. U.S. commercial crude inventories rose by 3 million barrels, according to the Energy Information Administration.
- Higher energy prices have reignited inflation, spurring expectations the Federal Reserve will raise interest rates later this year. The International Energy Agency warned the market could hit a "red zone" if global stockpiles become depleted.
- Research firm ClearView Energy Partners warned that even "confined and episodic" skirmishes could limit shippers' willingness to transit the Strait of Hormuz. Renewed fighting risks a supply chain disruption rippling throughout the global economy.
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Renewed Iran fighting raises risk of another global oil shock
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