Oil Prices Climb Following Iran's Attack on Shipping in the Strait of Hormuz

Deep News08:06

Oil prices increased during early Asian trading following an attack by Iran on shipping in the Strait of Hormuz, a critical waterway that handles the transit of one-fifth of the world's petroleum. The overnight assault on three crude oil supertankers by Iran is causing a halt to the "shuttle" tanker operations that navigate this strait. Concentrated missile and drone strikes targeted vessels specifically engaged in the short-haul voyages in and out of the Persian Gulf, operations known as "shuttle runs." Analysts from ANZ Research noted in a report that the recent attacks on vessels are making transit through the strait increasingly perilous. The front-month West Texas Intermediate crude futures advanced by 0.7% to $79.91 per barrel.

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