Industry Expert Weighs in on U.S. Blockade of Oil Shipping Channel, How This Affects the Permian Basin

Industry expert weighs in on U.S. blockade of oil shipping channel, how this affects the Permian Basin

ODESSA, Texas (KMID/KPEJ) - This week, oil prices jumped amid continued tensions overseas.President Trump ordered the U.S. Navy to block Iranian ports and create a military blockade in the Strait of Hormuz - which carries roughly 20% of the world's oil supply. The move came after negotiations failed over the weekend. "This could be easily [...]

U.S. blockade threatens Hormuz oil flows

Oil prices jumped as a U.S. naval blockade at the Strait of Hormuz threatened to choke off tanker traffic and risked pulling China into a high-stakes standoff with Washington. The move, centered on the narrow corridor off Iran’s coast, raised alarms across energy markets on Monday as shippers weighed reroutes and importers braced for higher costs. “The U.S. naval blockade of the Strait of Hormuz threatens to halt more tanker traffic, sending oil…