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Strait of Hormuz Disruption Sparks Global Oil Crisis
Tanker traffic through the Strait of Hormuz dropped 90% amid Iran's blockade following US-Israeli airstrikes, pushing Brent crude above $100 per barrel, Kpler data shows.
- Kpler's data shows tanker traffic through the Strait of Hormuz plunged roughly 90 percent, and Brent crude jumped 17 percent to trade at $107 a barrel.
- Earlier this month, a senior commander in Iran's Revolutionary Guards warned Iran would 'burn any ship' attempting to cross the strait and would halt all Gulf oil exports, fueling the blockade.
- The Strait of Hormuz normally carries about 20% of global oil and LNG, and last week US President Donald Trump said he was open to US Navy escort for fuel tankers.
- On Monday, oil prices skyrocketed above $100 per barrel, nearly hitting $120 after Israel bombed fuel depots outside Tehran as the late Supreme Leader's son was named head of the Islamic Republic.
- This disruption is the worst since 2022, yet Abbas Araghchi, Iran's foreign minister, insisted on Thursday that Tehran has 'no intention' of closing the Strait of Hormuz.
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What We’re Watching today
Depot bombing, Strait of Hormuz constraints send oil prices surgingOil prices skyrocketed above $100 per barrel on Monday – nearly hitting $120 at one point – after Israel bombed fuel depots outside Iran’s capital of Tehran and data showed oil production along the Persian Gulf tanking due to the near-closure of the Strait of Hormuz. US President Donald Trump said last week he was open to having the US Navy escort all fuel tankers through the Str…
Following the US and Israeli attacks on Iran, tensions remain high in the Middle East. This is impacting the global energy market. This is because shipping has been disrupted in the Strait of Hormuz. Learn why the Strait of Hormuz is important.
Oil, gas prices spike as Iran war thrusts Strait of Hormuz into crisis
The continuation of the closure of the Strait of Hormuz and the fall in production of several major producers in the Gulf gave additional impetus to the quotations
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