Iran–Israel–US War: Crude oil prices may spike as companies suspend shipments

Crude lipid prices could ascent sharply aft respective large lipid companies suspended shipments done the Strait of Hormuz amid escalating tensions involving Iran, the United States, and Israel connected Saturday.

The Strait of Hormuz serves arsenic the superior maritime corridor linking the Persian Gulf to the Indian Ocean, making it 1 of the world’s astir strategical lipid transit routes.

Rising hostilities person heightened fears of a imaginable shutdown of the waterway, a determination that would importantly disrupt the planetary crude lipid market.

According to Reuters, aggregate sources confirmed that respective large lipid firms person suspended cargo movements done the Strait of Hormuz.

“Several large lipid companies suspend lipid shipments done the Strait of Hormuz,” Reuters quoted sources arsenic saying.

“Our ships volition enactment enactment for respective days,” a apical enforcement astatine a large trading table told the quality agency.

As of the clip of filing this report, Brent crude traded astatine $72.87 per barrel, portion West Texas Intermediate stood astatine $67.02 per barrel. Nigeria’s Bonny Light crude was priced astatine $78.62 per barrel.

The improvement follows a coordinated subject onslaught connected Iran by US and Israeli forces connected Saturday. US President Donald Trump con...