Hormuz Attacks Send Oil Prices Soaring Amid Worsening Disruption
Oil prices surged on Monday as fresh attacks in Hormuz and Saudi Arabia deepened concern over global energy supplies. The war between Iran and its adversaries has led to a worsening disruption of oil exports, causing gas prices to rise.
The Strait of Hormuz, the world's most important oil transit route, remains a hotspot for violence, with a vessel struck by a projectile on Sunday. Iranian officials said one person was killed and four crew members were wounded aboard an Iranian commercial vessel struck off its coast.
Saudi Arabia has kept its key 745-mile east-west pipeline closed since Friday's drone strikes, which damaged the pipeline. The damage is estimated to jeopardize up to 4% of global oil supply if it remains shut for more than a week, on top of the millions of barrels already lost due to traffic disruptions in Hormuz.
US President Donald Trump said the war with Iran will end soon, but gas prices continue to rise. The politically sensitive retail price of diesel fuel in the United States has reached an all-time high above $6.20 a gallon.