"The strait is closed. If anyone tries to pass, the heroes of the Revolutionary Guard and the regular navy will set those ships ablaze. We will also attack oil pipelines and will not allow a single drop of oil to leave the region. Oil price will reach $200 in the coming days."
"As well as attacking US military assets and infrastructure in Middle East countries in retaliation against the US-Israeli campaign, Iran has threatened to attack ships traversing through the Strait of Hormuz, putting the route at severe risk for about one-fifth of the world's oil supply."
"Oil prices had shot up by more than 30 percent by Sunday, when the international benchmark Brent crude at one point topped $119 a barrel. The price of crude has since seen a decline, but remains above the price it was before the war began on February 28."
Oil prices spiked significantly following disruptions to shipments through the Strait of Hormuz during Iran-Israel conflict. The strait serves as the only ocean route for Gulf oil producers, handling approximately one-fifth of global oil supply. Iran's Revolutionary Guard threatened to close the strait and attack ships, causing Brent crude to exceed $119 per barrel, representing a 30% increase. President Trump considered controlling the strait to maintain openness. The conflict extended to LNG production, with Qatar halting operations after Iranian attacks on facilities. Oil prices subsequently declined but remained elevated above pre-conflict levels, hovering around $93 per barrel by the conflict's 11th day.
#oil-prices #strait-of-hormuz #iran-israel-conflict #energy-supply-disruption #geopolitical-tensions
Read at www.aljazeera.com
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