Iranian Aggression Sends Crude Oil Prices Soaring
Crude oil prices surged to new heights on Thursday, exceeding $91.50 a barrel, as tensions in the Middle East escalated following US strikes against Iranian targets.
Kuwait's armed forces reported ongoing Iranian aggression after its air defenses engaged missiles and drones, while Iran retaliated by targeting US regional allies Jordan and Bahrain.
The Strait of Hormuz, a critical shipping lane for global oil supplies, saw a significant decrease in vessel traffic on Wednesday, with six commodity vessels transiting the area compared to 11 on Tuesday and a 10-day average of nearly 13.
Japan's Mitsui O.S.K. Lines, the world's largest tanker operator, warned that disruptions at the Strait of Hormuz are likely to persist beyond this year, citing no normalization in sight following this week's renewed hostilities.