Shipping traffic in Strait of Hormuz nearly halts amid US-Iran tensions: Bloomberg
Bloomberg reports shipping in the Strait of Hormuz has almost stopped as US-Iran tensions escalate for a second week, driving up oil and gas prices.
Key Takeaways
AIBloomberg has reported that observed shipping traffic in the Strait of Hormuz has come to an almost complete standstill as tensions between the United States and Iran escalate for a second consecutive week.
Oil prices surged by more than 3% in early Asian trading on Monday, amid intensifying attacks between the US and Iran and growing concerns over further disruptions to energy shipments through the Strait of Hormuz.
Brent crude futures rose by $2.75, or 3.12%, to $90.85 per barrel as of 22:02 GMT, while US West Texas Intermediate crude climbed $2.56, or 3.1%, to $85.05, according to Reuters.
Brent crude had opened trading with a gain of more than 2% before extending its gains later, Bloomberg reported.
European natural gas prices also jumped 5.3% at the start of the week as the US-Iran conflict intensified.