Oil prices rise again after civilian vessel shelling in the Strait of Hormuz
Kyiv • UNN
Global oil prices rose after an attack on a civilian cargo ship in the Strait of Hormuz. The incident heightened concerns about the safety of shipping through a key oil supply route.
World oil prices rose after an attack on a civilian cargo ship in the Strait of Hormuz. The incident has again heightened concerns about the safety of shipping through one of the world's most important oil supply routes, UNN reports, citing Bloomberg.
Details
American West Texas Intermediate (WTI) crude rose more than 2% and traded above $71 a barrel. Brent also recouped losses and approached the $75 a barrel mark after earlier nearly fully losing the price gains triggered by the war in the Middle East.
The change in market sentiment was triggered by the shelling of a civilian vessel by an unknown projectile off the coast of Oman while passing through the Strait of Hormuz.
The market is again concerned about the safety of shipping
After reports of the attack emerged, traders began assessing the risks to global oil supplies. Additional concern was caused by the decision of the UN International Maritime Organization to temporarily suspend the evacuation of vessels through the strait.
According to Bloomberg, the US administration is currently investigating the circumstances of the attack. At the same time, The Wall Street Journal reported that Iran may be involved in the strike, but there is no official confirmation of this yet.
Iran shelled a cargo ship near the Strait of Hormuz – Reuters25.06.26, 23:31 • 2194 views