High impact
Iranian officials said seven oil tankers were attacked or struck mines overnight in the Strait of Hormuz, disabling them, and warned the US military against forcing through an escort route; oil prices rose intraday and shipping insurance costs rose notably.
Jin1010/22, 03:02 PM
Key points
- Oil prices rose intraday and shipping insurance costs rose notably, according to the report.
Jin10
Market impact
Which way this story pushes each asset. An inference from the story, not a measured move.
Brent
Would push up
DaysLow confidence
Direct attacks on tankers in the Strait of Hormuz raise geopolitical risk premium on crude
WTI
Would push up
DaysLow confidence
Same Hormuz escalation threatens a key global oil transit route
Gold
Would push up
DaysLow confidence
Escalating Middle East tensions can lift safe-haven demand
What could change this
If the US military avoids forcing an escort route and tensions de-escalate without confirmed supply disruption, the risk premium could fade.
WTI before and after this story
103.44+3.99%vs previous close
+3.55%
since this story
Measured from the price when this story was posted to the latest stored price, so it can lag the live price.
This story
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FirstSquawk10/24, 07:28 AM
FirstSquawk10/24, 07:12 AM
Attacks on ships in the Strait of Hormuz have surged to record levels in October.
Jin1010/24, 04:56 AM