New fears of oil supply disruption as US-Iran hostilities resume
Summary
Fighting has started again between the United States and Iran, raising concerns about problems with oil supply. This conflict threatens the safety of a key waterway, the Strait of Hormuz, through which 25% of the world's oil passes, causing oil prices to increase sharply.Key Facts
- The US-Iran conflict has been ongoing for seven months and has recently intensified.
- The Strait of Hormuz has been blocked since the start of the conflict.
- About 25% of the world’s oil supply moves through the Strait of Hormuz.
- Oil prices have risen by 7.6% in one week, the biggest jump since mid-July.
- The renewed fighting has caused fears that oil shipments might be disrupted further.
- Both the US and Iran have exchanged attacks in recent weeks.
- The situation affects global energy markets and causes concern worldwide.
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