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Oil Rises as Expanding US-Israeli Conflict with Iran Elevates Supply ...
Shipping through the Strait of Hormuz has dropped 70%, halting tanker traffic and causing Brent crude to surge up to 13%, raising concerns over prolonged supply outages.
- On Tuesday, oil prices rose for a third day, with Brent futures at $79.44 a barrel, up $1.70, and U.S. WTI at $72.40, amid Middle East tensions.
- On Monday, the U.S.-Israeli air war widened with Israel striking Lebanon and Iran responding by targeting Gulf energy infrastructure and at least four tankers near the Strait of Hormuz.
- Saudi Arabia shut its biggest domestic refinery after a drone strike, Qatar stopped liquefied natural gas production, Israel halted some gas fields, and refined fuel futures rose sharply with European gasoil at $925 a metric ton and gasoline at $2.49 a gallon.
- Insurers canceled coverage and commercial tankers and shippers avoided the Strait of Hormuz, where vessel traffic plunged 70% on Saturday, risking roughly 21 million barrels daily.
- Analysts expect elevated oil prices over the coming days, with Bernstein raising its 2026 Brent assumption to $80 and warning of upside risks with prolonged conflict.
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Oil prices continue to fly away on Tuesday, the market fearing that the war will last longer than initially anticipated, causing significant supply disruptions with the impractical Ormuz Strait and affected energy infrastructure.
·Montreal, Canada
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Iran controls and has effectively closed the Strait of Hormus, which is important for shipping. One-fifth of the world's oil production is usually transported via this trade route - the oil price is going up.
Coverage Details
Total News Sources14
Leaning Left3Leaning Right4Center3Last UpdatedBias Distribution40% Right
Bias Distribution
- 40% of the sources lean Right
40% Right
L 30%
C 30%
R 40%
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