Commodities
Strait of Hormuz Tensions Spark Global Oil Price Hike
Oil prices have risen for the second consecutive day due to escalating tensions in the Strait of Hormuz, a critical waterway through which one-fifth of global oil supplies pass.
The US-Iran conflict has led to attacks on several vessels, including three Iranian oil tankers struck by US forces on Saturday. The strikes hit one tanker near Kharg Island, Iran's major oil export hub.
Iranian forces also targeted three other US vessels, marking a major escalation in the maritime conflict, according to maritime intelligence firm Marisks.
The attacks have caused a sharp decline in shipping traffic through the Strait of Hormuz, with an average of only 10 commodity ships crossing the strait each day over the past 10 days, the lowest level since May.