Commodities
Hormuz Uncertainties Send Oil Prices Soaring
The conflict between the US, Israel, and Iran has reached an economically critical period as uncertainties surrounding the Strait of Hormuz persist.
Brent oil prices have surged 44% this year to around $87.84 per barrel on Tuesday, while US West Texas Intermediate oil prices were at around $82.20.
The Strait of Hormuz is one of the most strategic chokepoints of energy in the world, with about a fifth of all oil moving through it before the conflict began.
Maritime operations continue to be at a very low level, with as few as six tankers passing through the strait on Monday compared to the daily average of 130-140 vessels before the conflict started.