Iran Crisis Disrupts Hormuz, Sends Oil Prices Surging
Renewed attacks on vessels and U.S.-Iran strikes threaten critical shipping lane, boosting crude prices as Bakken output flows to market.
Global oil prices surged early Wednesday following a major escalation of hostilities between the U.S. and Iran, which included attacks on commercial vessels in the Strait of Hormuz and retaliatory strikes on Gulf nations, according to reports from OilPrice.com and Rigzone. The crisis directly threatens the flow of crude from the Persian Gulf, a key supply chokepoint for global markets.
Iran attacked three commercial ships off the Omani coast on Tuesday, including an oil tanker and a liquefied natural gas (LNG) carrier. In response, the United States overnight struck multiple targets in Iran, including air defense systems, command networks, and more than 60 Islamic Revolutionary Guard
Source
Bakken Wire staff
