"This strategic waterway, which carries nearly a fifth of the world's oil, has been largely blocked by Iran since the conflict began. Iran's Islamic Revolutionary Guard Corps has warned that it will not allow "a litre of oil" to pass through the strait unless U.S. and Israeli strikes come to an end."
"Brent crude oil briefly surged to $118.60 (£90) before stabilising just over $100, causing panic in markets around the globe. Markets are concerned about the possibility of a full-blown energy crisis if tensions escalate further."
"The ongoing standoff threatens not only oil markets but also global shipping, trade, and energy security, as the world waits to see if the Strait of Hormuz will become the next flashpoint in an increasingly intensifying conflict in the Middle East."
Tensions in the Middle East escalated as Donald Trump proposed U.S. control of the Strait of Hormuz to address rising oil prices. Iran's Islamic Revolutionary Guard Corps has blocked the strategic waterway, which transports nearly one-fifth of global oil, and threatened to prevent any oil passage until U.S. and Israeli strikes cease. Brent crude oil spiked to $118.60 before settling above $100, triggering market panic. Reports indicate cargo vessels have been struck by unidentified projectiles. The standoff threatens global energy security, shipping routes, and international trade, with investors monitoring developments closely as any further escalation could significantly increase fuel prices worldwide.
Read at London Business News | Londonlovesbusiness.com
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