"Brent crude, the most important benchmark for global prices, rose as much as 3 percent on Sunday to top $106 a barrel, before easing somewhat early on Monday. Brent stood at $104.15 a barrel as of 02:00 GMT, up 1 percent. The latest rise came after US President Donald Trump called on other countries to help Washington reopen the Strait, which usually transports about one-fifth of the global oil supply."
"Iran has brought shipping in the strait to a standstill in retaliation for the US and Israel's strikes on the country, resulting in what the International Energy Agency has called the largest disruption to global energy supplies in history. Global oil prices have risen more than 40 percent since the start of the war, pushing up fuel prices and heightening fears of a slowdown in the global economy."
"According to the United Kingdom Maritime Trade Operations (UKMTO) centre, no more than five ships have passed through the strait each day since the start of the war, compared with a historical average of 138 daily transits. At least 16 commercial vessels have been attacked in the region since the war began on February 28, according to the UKMTO."
Brent crude oil prices rose above $106 per barrel due to the effective closure of the Strait of Hormuz, a critical waterway transporting approximately one-fifth of global oil supply. Iran halted shipping through the strait in retaliation for US and Israeli strikes, creating the largest disruption to global energy supplies in history. President Trump called on other nations including China, Japan, France, and the UK to help reopen the waterway, but received muted responses with no public military commitments. Daily transits through the strait dropped from a historical average of 138 to fewer than five ships. Global oil prices have risen over 40 percent since the conflict began, raising concerns about economic slowdown. At least 16 commercial vessels have been attacked in the region.
Read at www.aljazeera.com
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