Iran's attacks on ships in Hormuz push US crude above $100
A Singapore-flagged vessel was sunk and two container ships were struck in continuing assaults on shipping. Tanker traffic has slowed, oil prices dipped Thursday, and global inventories are described as dangerously low.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
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What happened
Iran has stepped up strikes on merchant vessels in the Strait of Hormuz, disrupting oil exports from the Middle East. Maritime experts say Singapore ships will keep sailing through the strait despite attacks on two container ships, one of which was sunk. U.S. crude prices jumped sharply on Friday, topping $100 as the Iranian attacks escalated during the week.
Why it matters
Disruption to oil shipments from the region is fueling worries about worldwide energy supply.
Timeline
- Oct 15, 10:00 AM ET: Attacks on vessels in the Strait of Hormuz begin disrupting Middle Eastern oil exports and tanker traffic slows.
- Oct 15, 3:53 PM ET: Analysis says physical oil could cost about $38 a barrel more to deliver as tanker rates surge.
- Oct 16, 12:29 AM ET: Singapore vessels are set to keep transiting the strait despite attacks on two container ships, one of which was sunk.
- Oct 16, 1:15 PM ET: U.S. crude oil prices rise above $100 Friday as Iran escalates its Hormuz attacks.
Coverage
- U.S. crude oil tops $100 as Iran escalates Hormuz attacks, Ukraine vows to hit Russian refineries (CNBC)
- One Singapore ship was sunk, but here's why others are still transiting the Strait of Hormuz (CNBC)
- Brian Sullivan: Why the 'real' price of oil is likely $30-$40 higher than where it is now (CNBC)
- Iranian Ship Attacks Threaten Middle East Oil Exports as Tanker Traffic Slows (ZeroHedge)
- Oil falls as investors assess Mideast tensions, International Energy Agency's report (CNBC)
- Oil Market Tightens as Tanker Attacks and Inventory Draws Mount (oilprice.com)
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