Oil prices continued to climb as concerns persisted over the closure of the Strait of Hormuz and its impact on global energy supplies.
At least 16 commercial vessels have been attacked in the region since the war began on February 28.Oil prices continued to climb as concerns persisted over the closure of the Strait of Hormuz and its impact on global energy supplies.
The global benchmark Brent crude rose by as much as 3 percent on Sunday, briefly moving above $106 per barrel before easing slightly early Monday. As of 04:30 GMT, prices stood at $104.63 a barrel, roughly 1.5 percent higher on the day. The increase followed remarks from Donald Trump, who urged other nations to join the United States in efforts to reopen the strategic waterway. The strait normally carries about one-fifth of the world’s oil supply, making it one of the most critical routes for global energy trade. Countries mentioned by Trump including China, Japan, France and the United Kingdom have not publicly committed to sending naval forces to secure the passage. In an interview with Financial Times, Trump said that the future of NATO could be “very bad” if his proposal receives no support or is rejected. Meanwhile, Japan and Australia said Monday that they currently have no plans to deploy ships to the area. Shipping through the Strait of Hormuz has largely stopped after Iran moved to block the route in response to strikes carried out by the United States and Israel. The disruption has been described by the International Energy Agency as the largest shock to global energy supplies on record. Since the conflict began, oil prices have surged more than 40 percent, driving up fuel costs and increasing concerns about potential damage to the global economy.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Iran threatens US-linked oil targets after Kharg Island bombedIran's armed forces threatened on Saturday to destroy US-linked oil infrastructure after President Donald Trump said the United States had bombed Iran's oil hub Kharg Island.
Read more »
112 killed in attacks on Iran's Kurdistan as Tehran threatens US-linked oil targetsIran's armed forces threatened on Saturday to destroy US-linked oil infrastructure after President Donald Trump said the United States had bombed Iran's oil hub Kharg Island.
Read more »
امریکا آبنائے ہرمز کھلوانے کے لیے چین سے بھیک مانگ رہا ہے، ایرانی وزیر خارجہ کا دعویٰIran FM Says US ‘Begging’ China to Reopen Strait of Hormuz
Read more »
Rising oil prices jolt Pakistan’s fragile economyPakistan’s fragile economy is facing new challenges as global oil prices continue to rise and tensions in region disrupt supply routes.
Read more »
Trump demands others help secure Strait of Hormuz, Japan and Australia say no plans to send shipsWith the conflict creating turmoil across the Middle East and shaking up global energy markets, Trump insisted that nations relying on oil from the Gulf have a responsibility to protect the strait
Read more »
PSX starts week in the red as investor cautious amid Middle East tensionsPSX opened lower as Middle East tensions hit investor sentiment, dropping 1,180 points; Asian markets mixed, oil prices high, while Strait of Hormuz coalition offers cautious optimism
Read more »