Oil climbs on tanker incidents and US-Iran tensions

Global oil prices rose today due to renewed attacks on oil tankers and escalating tensions between the United States and Iran, as maritime traffic in the Strait of Hormuz declined—an area through which one-fifth of the world's oil supplies pass. This followed attacks on two Emirati tankers and the closure of the Novorossiysk port in Russia after drone strikes. The United States confirmed that it will continue to impose a naval blockade on Iran and increase economic pressures, raising concerns about the stability of global oil supplies and the suspension of Russian exports at the Novorossiysk port.

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