Iran War Escalation: Tankers Attacked in Strait of Hormuz Amid Oil Price Surge
The ongoing Iran War has led to another escalation on Friday, as two tankers were attacked in the Strait of Hormuz. The Iranian government claimed responsibility for one of the attacks, stating that it was a response to an 'illegal passage' by the Togo-flagged vessel.
In related news, Saudi Aramco, the state-owned oil conglomerate of Saudi Arabia, announced that it would be pausing oil shipments to some customers next month. This decision comes after recent attacks on Saudi oil infrastructure, including a strike that shut down the East-West pipeline last week.
The Strait of Hormuz is a vital waterway for global oil trade, and disruptions here can have far-reaching consequences for energy prices. The current price of Brent crude oil is around $104 per barrel, while the average price of regular gasoline in the United States is $4.47 per gallon, nine cents below the highest level reached this year.