Strait of Hormuz: Iran’s attacks on shipping worsen economic concerns

The price of Brent crude oil surged above $100 a barrel, following a significant spike near $120, as concerns over supply intensified due to Iranian attacks on commercial shipping in the Strait of Hormuz. These attacks represent an escalation in Iran's ongoing campaign, which aims to exert economic pressure on the United States and Israel amid a conflict that has persisted for 12 days (Primary Source). In response to the escalating situation, Iraq has paused operations at all of its oil ports after two tankers were attacked in Iraqi waters. Additionally, Oman has evacuated all ships from its main oil export terminal as a precautionary measure (Deutsche Welle). The attacks have led to a notable increase in oil prices, with reports indicating that prices rose by more than 9% as a result of these developments (Reuters). The Iranian strikes have targeted multiple vessels, with at least 16 ships reported to have been hit in the strategic Strait of Hormuz. Recent incidents included two oil tankers being set ablaze off the coast of Iraq, further highlighting the severity of the situation in the Gulf region (France24). The ongoing attacks have raised alarms about the stability of oil supplies, contributing to the volatility in global oil markets (Reuters).