Weaponising the Strait of Hormuz is an act of economic terrorism with global impact far beyond energy markets, said Dr Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology, ADNOC Managing Director and Group CEO, Chairman of Masdar and Executive Chairman of XRG.
Aramco, the world's top oil exporter, has cut crude supply to Asian buyers for a second month in April, two sources with knowledge of the matter said, after the US-Israeli war with Iran disrupted trade via the Strait of Hormuz.
The US military is deploying a large amphibious assault ship with thousands of additional Marines and sailors to the Middle East, three US officials told Reuters on Friday, as Iran's new supreme leader hailed Iran's "unity" and "resistance".
Oil price reporter S&P Global Platts has suspended bids and offers for Middle East refined product price assessments that require transit through the Strait of Hormuz due to shipping disruptions from the US-Iran conflict, the firm told subscribers.
At least 150 tankers, including crude and LNG vessels, dropped anchor in open Gulf waters beyond the Strait of Hormuz and dozens more were stationary on the other side of the chokepoint, shipping data showed, after US and Israeli strikes on Iran plunged the region into turmoil.
Global oil prices surged on Monday as escalating hostilities in the Middle East rattled energy markets, raising fears of a prolonged supply disruption from one of the world’s most critical oil-producing regions.
Escalating tensions in the Middle East have sent shockwaves through global markets, pushing oil and gold sharply higher and raising questions on near-term outlook for regional equities, said a financial expert. Brent crude surged by 13% to $82 a barrel driven by fears of disruption in Strait of Hormuz.
Oil prices rebounded on Tuesday, recovering part of the previous session’s losses as renewed supply concerns around the Strait of Hormuz lifted sentiment in global energy markets.
Oil prices rose on Monday as investors weighed renewed geopolitical risk despite US President Donald Trump urging other countries to join efforts to secure the Strait of Hormuz, while Iran said the strategic waterway remained open only to countries that are not directly involved in attacks against it.
US President Donald Trump threatened further strikes on Iran's Kharg Island oil export hub and urged allies to deploy warships to secure the Strait of Hormuz, an artery for global energy supplies, as Tehran vowed to intensify its response.
