De facto closure of a critical oil chokepoint sends global energy markets higher.
- Tanker traffic through the Strait of Hormuz is effectively stalled amid US–Israel strikes on Iran and Iranian retaliation.
- Brent crude prices jumped 10–13%, WTI up 7–10%, reflecting heightened geopolitical risk.
- Shipping insurers raise premiums; rerouting and idling of tankers reduce supply flows.
- Analysts warn of potential inflationary impact on fuel, LNG, and commodities, affecting global cost of living.
- Diplomatic pressure mounts as Russia and other actors call for de-escalation to stabilize markets.
Source: The Guardian