Oil prices jump as Iran war threatens shipping through strait of Hormuz
📖 Full Retelling
<p>Brent crude rose by 13% during early trading and stock markets came under pressure as US-Israeli strikes on Iran raised fears of disruption</p><p>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.</p><p>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,
Entity Intersection Graph
No entity connections available yet for this article.
Original Source
Oil prices rise as Iran war threatens shipping through strait of Hormuz Brent crude jumped by 13% during early trading and stock markets came under pressure as US-Israeli strikes on Iran raised fears of disruption Oil prices rose 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. In Tokyo, the Nikkei 225 fell by nearly 2.4% as traders in Asia responded to the weekend’s developments. It later pulled back, to trade down 1.5%. Pre-market trading also put Wall Street on course to open lower on Monday. In Sydney the ASX 200 opened down sharply, before recovering, to trade about 0.4% lower. In Shanghai the CSI 300 fell 0.6% Gold, often deemed a safe-haven asset by investors during times of crisis, rose 2.8% to $5,397.10 per ounce. Military strikes by the US and Israel on Iran showed no sign of lessening, with Donald Trump suggesting the conflict could last for four more weeks and saying that attacks would continue until US objectives were met. While oil fell back slightly from its initial highs, Brent remained up 4% during early trading. As prices rallied, all eyes were on the strait of Hormuz – with about a fifth of oil supplies and seaborne gas tankers passing through it. Within hours of Saturday’s US-Israeli strikes, Tehran had reportedly warned tankers in the strait that no ship would be allowed to pass through. Two ships have been attacked in the strait, one off Oman and the other off the UAE, according to United Kingdom Maritime Trade Operations , the British maritime security agency. While Iran has yet to officially confirm that the vital waterway has been blocked, marine tracking sites showed tankers piling up on either side of th...
Read full article at source