"Brent crude, the primary benchmark for oil prices worldwide, rose by nearly 6 percent on Monday to $114.44 a barrel, reflecting the market's response to escalating tensions in the Strait of Hormuz."
"The market is pricing oil higher as it factors in the risk of more oil infrastructure damage and the likelihood that the Strait of Hormuz will be shut beyond the timeline that the Trump administration has laid out."
"While the US military reported that two US-flagged merchant ships crossed the strait, there have yet to be any signs of a substantial resumption of maritime traffic in the region."
"Freedom of navigation must be restored in full accordance with international law, but it must be done in a way that is coordinated, transparent and puts seafarers' safety first."
Brent crude oil prices increased nearly 6% to $114.44 a barrel amid rising tensions in the Strait of Hormuz. The US military's destruction of Iranian boats and missile attacks on the UAE heightened concerns over oil infrastructure damage. Despite President Trump's announcement of military guidance for commercial vessels, shipping companies remain cautious due to safety issues. The International Transport Workers' Federation emphasized the need for guaranteed safety and adherence to international law for navigation in the strait.
Read at www.aljazeera.com
Unable to calculate read time
Collection
[
|
...
]