Oil prices jump after sharp drop in Strait of Hormuz shipping
Commercial shipping through strategic waterways falls sharply after recent attacks: Brent crude approaches 79 dollars a barrel amid market concerns:
Global crude oil prices rose again after commercial shipping traffic through the Strait of Hormuz declined following the recent attacks on Iran, the 24NewsHD TV channel reported on Tuesday.
The report said that only five commercial vessels passed through the strategic waterway during the past 24 hours, reflecting a significant reduction in maritime traffic and raising fresh concerns over global energy supplies.
The United States military claimed that Iran does not control the Strait of Hormuz. The statement came as tensions in the Gulf continued to affect international shipping and financial markets.
As a result, crude oil prices recorded another increase in global trading. Brent crude rose to 79 dollars per barrel, while West Texas Intermediate (WTI) reached 74 dollars per barrel. UAE Murban crude was trading at 75 dollars per barrel.