By DAVID McHUGH, AP Business Writer
FRANKFURT, Germany (AP) — Oil prices rose sharply Monday as disruptions in tanker traffic through the Strait of Hormuz chokepoint raised uncertainty about how U.S. and Israeli attacks on Iran would affect supply to the world economy.
Related Articles
At least 22 people killed in Pakistan as protesters try to storm US Consulate Oil prices rise sharply in market trading after attacks in Middle East disrupt global energy supply Gaza’s ceasefire had some momentum. Now, some fear a new war will distract the world 3 US troops killed and 5 are seriously wounded during Iran attacks, military says White House official: Iran suggests it’s open to talks and Trump says he’s ‘eventually’ willingUS oil traded 7.4% higher at $71.97 per barrel, while international standard Brent was up 7.7% at $78.46 per barrel.
Higher oil prices raise the prospect of costlier gasoline prices for U.S. drivers as well as for other goods at a time when people in many countries have been stung by inflation.
A key focus was the situation around the strait at the southern end of the Persian Gulf, through which 20% of the world’s oil supply passes. Tanker traffic dropped sharply amid disruption of satellite navigation systems, data and analytics firm Kpler said on X, while the UK Maritime Trade Operations Centre reported attacks on several vessels in the area on either side of the strait and warned of elevated electronic interference to systems that show where ships are.
A bomb-carrying drone boat struck a Marshall Islands-flagged oil tanker in the Gulf of Oman on Monday, killing one mariner on board, Oman said. Iran has been threatening vessels approaching the Strait of Hormuz and is believed to have launched multiple attacks.
Saudi authorities reported they intercepted Iranian drones that attacked the Ras Tanura oil refinery near Dammam and the refinery was shut down as a precaution, Saudi state television reported. Market attention has focused on whether the conflict would widen to other oil-producing countries in the region.
FILE- In this Wednesday, June 8, 2011 file photo, sun sets behind an oil pump in the desert oil fields of Sakhir, Bahrain. (AP Photo/Hasan Jamali, File)Monday’s price increase was within the $5-$10 per barrel range expected by analysts based simply on the fear factor associated with the outbreak of war. And some war concerns were already reflected in the price before the conflict started.
However, long-term disruption to ship traffic in the strait could send prices even higher, and so could damage to oil infrastructure in other Gulf countries. Meanwhile, a shorter conflict in which disruptions are easily reversible could mean the current price spike won’t last.
Hence then, the article about oil prices surge as strait of hormuz tanker disruptions rattle global supply was published today ( ) and is available on Los Angeles Daily News ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
Read More Details
Finally We wish PressBee provided you with enough information of ( Oil prices surge as Strait of Hormuz tanker disruptions rattle global supply )
Also on site :
- DYPB vs CB Dream11 Prediction Today Match, Dream11 Team Today, Fantasy Cricket Tips, Playing XI, Pitch Report, Injury Update- DY Patil T20 Cup 2026, Match 21
- Israel And Hezbollah Exchange Fire As Middle East Conflict Widens
- British military base in Cyprus targeted in suspected drone attack