A commercial vessel in the Strait of Hormuz was attacked again on Saturday local time, according to a New York Times report cited by BlockBeats, and the U.S. then launched a new round of strikes on Iranian targets. The latest escalation has increased the chance of sharp moves in international oil prices after Sunday’s market open.
Shipping traffic through the chokepoint has already fallen sharply. Data cited in the report showed average daily vessel transits in the Strait of Hormuz had dropped to 22, down from more than 130 a day before the conflict. Brent crude finished the week near $76 a barrel, about 5% above the level seen before the conflict began.
The report said Iran has continued to demand that merchant ships use routes it designates, while some vessels sailing under U.S. naval escort and choosing paths closer to Oman’s coast have remained targets of attacks. Analysts said oil prices are still well below the near-$120-per-barrel levels seen during wartime, but Iran has shown it still has the ability to affect global energy markets through developments in the Strait of Hormuz.
According to a New York Times report cited by BlockBeats on July 12, a commercial ship in the Strait of Hormuz was attacked again on Saturday local time. The U.S. then launched a new round of strikes on Iranian targets, raising the risk of sharp volatility in international oil prices after markets reopen on Sunday.
Data in the report showed average daily vessel traffic through the strait has fallen to 22 ships, far below the more than 130 vessels a day seen before the conflict. Brent crude ended the week near $76 a barrel, about 5% higher than before the conflict broke out.
The report said Iran continues to require merchant ships to use routes designated by Tehran. Some vessels sailing under U.S. military escort and choosing routes closer to Oman’s coast have remained targets of attacks.
Analysts said oil prices are still well below the near-$120-a-barrel highs seen during wartime, but Iran has demonstrated that it still has the ability to influence global energy markets through developments in the Strait of Hormuz.
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