"Oil prices have again risen above $100 per barrel as energy markets see little relief amid the biggest disruption to global energy supplies in a generation. Brent crude, the international benchmark, surged more than 9 percent on Thursday as traders weighed the prospect of weeks, or even months, of turmoil in energy markets as the United States and Israel wage war on Iran."
"Iran's Supreme Leader Mojtaba Khamenei pledged to maintain the effective closure of the Strait of Hormuz, which normally transports about one-fifth of global oil supplies. In a statement read out on his behalf on Iranian state television, Khamenei described Tehran's threats against shipping in the waterway as a lever that must continue to be used."
"Traffic through the strait has effectively ground to a halt due to Iranian threats, with only a handful of vessels passing through each day, many of them claiming links to China, Iran's key economic partner. According to the United Kingdom Maritime Trade Operations centre, no more than five ships have passed through the waterway each day since the US and Israel launched joint strikes on Iran on February 28, compared with an average of 138 daily transits before the war."
Oil markets face significant disruption as tensions escalate between the United States, Israel, and Iran. Brent crude surged above $101 per barrel, representing the largest energy supply disruption in a generation. Iran's Supreme Leader pledged to maintain effective closure of the Strait of Hormuz, a critical waterway transporting approximately one-fifth of global oil supplies. Daily vessel transits through the strait have collapsed from 138 to fewer than five ships per day since joint US-Israeli strikes on February 28. At least 16 commercial vessels have been attacked in the region. Asian stock markets declined sharply in response to overnight Wall Street losses and escalating oil prices, reflecting broader economic concerns about prolonged conflict.
Read at www.aljazeera.com
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