As Oil Tankers Come Under Attack, Experts Fear for Global Trade Through Strait of Hormuz

Global oil and gas prices have surged as the Iran war has brought the crucial Strait of Hormuz, a narrow passage between the Persian Gulf and the Gulf of Oman through which around a fifth of global oil production flows, to a halt.

As of Tuesday, brent crude oil prices have risen by around 7%, reaching as high as $83 per barrel. When markets closed on Friday, ahead of the Iran war but amid rising tensions, the barrel cost was just over $73.

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