Oil Prices Soar Past $100 as Strait of Hormuz Crisis Deepens

The Strait of Hormuz crisis has reached a critical point as oil prices surged past $100 a barrel for the first time in months. The conflict, which began in late February, has led to attacks on commercial tankers and a near standstill in shipping through the strait.

Data from analytics firm Kpler showed just one tanker crossed the Strait of Hormuz on July 23, compared with three the day before. Shipping companies are increasingly rerouting vessels onto far longer paths to avoid the waterway altogether.

The US Treasury Department revoked a license that had permitted Iran to sell its previously sanctioned crude oil on the global market. This move was described as consistent with the conditional nature of the agreement between Washington and Tehran.