"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."
"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."
"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."
"Maersk, the shipping multinational, announced on Sunday that it was halting passage through the strait of Hormuz and the Suez canal, another vital artery of the world."
US-Israeli military strikes on Iran caused significant global market disruption. Brent crude oil jumped 13% to $82 per barrel, a 14-month high, as concerns mounted over potential closure of the Strait of Hormuz, a critical global trade route handling about one-fifth of world oil supplies. Asian stock markets declined sharply, with Tokyo's Nikkei 225 falling 2.4% and Sydney's ASX 200 opening down before partial recovery. Gold prices rose 2.8% as investors sought safe-haven assets. Donald Trump indicated the conflict could continue for four weeks. Reports indicated Iran warned tankers in the strait, with two ships already attacked. Major shipping companies like Maersk halted passage through the Strait of Hormuz and Suez Canal, intensifying supply chain concerns.
#oil-prices-and-energy-markets #geopolitical-conflict-and-iran #global-supply-chain-disruption #stock-market-volatility #maritime-trade-and-shipping
Read at www.theguardian.com
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