Oil Climbs at Week’s Open as US Military Hits Iranian Launchers
· World · LiveMint, BBC News, Bloomberg
Oil prices rose as the US military struck Iranian rocket launchers in the Strait of Hormuz. Brent crude moved toward $90 a barrel, while West Texas Intermediate was near $85. The US action followed an Iranian attack on American forces in Jordan. The US military said it struck the launchers to prevent mines from being placed in the waterway. Iran's semi-official Mehr news agency reported that vessel traffic along a route approved by Tehran was taking place on a limited basis. The Strait of Hormuz links the Persian Gulf to global markets, and its status has been a key concern since the war began in late February.
Why it matters
This escalation in the Strait of Hormuz affects global oil prices and shipping routes. India, which imports a significant portion of its crude oil through this waterway, will see increased oil prices and potential disruptions in supply.
Read the original report — LiveMint
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