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Oil and gas majors and traders suspend shipments via Hormuz, sources say
Transit suspensions in the Strait of Hormuz have halved tanker traffic and raised Brent crude prices to a 52-week high of $79.40 per barrel, worsening global supply risks.
- On Saturday, several major oil companies and global carriers suspended shipments through the Strait of Hormuz after VHF broadcasts told vessels `no ship is allowed to pass the Strait of Hormuz`.
- After the US and Israel launched strikes on Iran on Saturday, Iran responded with attacks on Israeli positions and US-linked assets across regional countries.
- Shipping data shows over 200 commercial vessels paused near the Strait of Hormuz while shipping insurers and underwriters warned war-risk and hull cover could surge by up to 50%.
- Market pricing already shows higher risk as financial analysts estimate a full one‑day blockade could push prices from $66 to more than $120 a barrel.
- Regional importers like India are highly dependent on the Strait of Hormuz, sourcing almost 50% of crude and 60% of LNG, while Indian refineries and government stock reserves could last up to 74 days.
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ledauphine.com+2 Reposted by 2 other sources
The blockade of the Strait of Ormuz constitutes an "unprecedented freeze" in world maritime trade, which is mainly affecting petroleum products, but threatens many other industrial sectors.
The Times of Northwest Indiana+3 Reposted by 3 other sources
Oil prices surge amid conflict in Middle East
FRANKFURT, Germany — Oil prices rose sharply Monday as disruptions to tanker traffic through the Strait of Hormuz raised uncertainty about how U.S. and Israeli attacks on Iran would affect supply to the world economy.
·Cherokee County, United States
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Total News Sources376
Leaning Left43Leaning Right64Center72Last UpdatedBias Distribution40% Center
Bias Distribution
- 40% of the sources are Center
40% Center
L 24%
C 40%
R 36%
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