Oil Prices Surge Amid Fears of Hormuz Strait Disruption
Oil prices jump over 13% as US-Israeli strikes on Iran raise concerns about global trade disruption through the Strait of Hormuz
Oil prices soared and stock markets came under pressure on Monday after intense US-Israeli strikes on Iran prompted fears of significant global economic disruption. Brent crude jumped by as much as 13% during early trading – to hit $82 per barrel, a 14-month high – as the effective closure of the Strait of Hormuz, one of the most important arteries for global trade, intensified concerns over oil supplies.
The Strait of Hormuz is a critical chokepoint, with an estimated 20% of the world's oil supply passing through the narrow waterway between the Persian Gulf and the Gulf of Oman. Any disruption to shipping through the strait could have widespread economic consequences, as the region is a major source of oil and natural gas.
{{IMAGE_PLACEHOLDER}}Source: The Guardian
