Oil spikes, gas prices poised to rise as Iran conflict disrupts Gulf shipping routes
Newsy
Oil prices rose sharply 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.
Oil prices rose sharply on Monday as disruptions to tanker traffic through the Strait of Hormuz chokepoint raised uncertainty about how U.S. and Israeli attacks on Iran would affect supply to the world economy.
U.S. oil traded 7.6% higher at $72.12 per barrel, while international standard Brent was up 8.6% at $79.11 per barrel. Natural gas futures in Europe jumped more than 40% after Qatar, a major supplier, halted production due to the conflict.
Higher oil prices raise the prospect of costlier gasoline for U.S. drivers as well as increased prices for other goods at a time when people in many countries have been stung by inflation.
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A key focus was the strait at the southern end of the Persian Gulf, through which 20% of the world's oil supply passes. Tanker traffic dropped sharply amid disruption of satellite navigation systems, data and analytics firm Kpler said on X, while the UK Maritime Trade Operations Centre reported attacks on several vessels in the area on either side of the strait and warned of elevated electronic interference to systems that show where ships are.
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