Hormuz Strait crisis spiking oil prices
Just read about the Strait of Hormuz being effectively closed by Iran's actions, causing a major surge in oil prices. Attacks on tankers have halted most shipping through this critical waterway, which carries a fifth of global oil. Prices jumped above $79 a barrel, and shipping traffic is down 80%. While Gulf states had stockpiled oil, this disruption threatens global supplies, especially to Asia. Jet fuel and LNG shipments are also affected. Interestingly, US oil producers might benefit from higher prices, but consumers worldwide will likely pay more. Experts doubt Iran can sustain a long-term closure, but the economic ripple effects are already hitting supply chains hard.
https://www.aljazeera.com/econ