Commodities
Qeshm Island Explosion Sends Oil Prices Tumbling
An explosion was reported near Qeshm Island in southern Iran's Hormozgan province on Tuesday, according to the official news agency IRNA. The island is located within the Strait of Hormuz and is the largest in the Gulf.
Local authorities have not issued a formal statement explaining the cause or nature of the blast, but officials stated that no rockets or missiles struck the island.
The incident occurred at a time when global oil prices are already volatile. The West Texas Intermediate (WTI) is down 2.35% on the day at $89.48.