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U.S. Strikes Iran After Hormuz Ship Attack, Raising Oil Risks
US strikes on Iran after Hormuz ship attack send Brent crude 2% higher and spur shipping insurance surge. Pentagon says more strikes possible.
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The United States launched a new wave of strikes against Iran after Tehran allegedly attacked a commercial vessel transiting the Strait of Hormuz, further escalating tensions in the Gulf.
Brent crude rose 2% in early trading Monday. Traders said the strike raised the risk of a direct confrontation that could disrupt the waterway. About 20% of the world's oil passes through the Strait of Hormuz.
Shipping insurance rates for vessels in the region jumped sharply, brokers said. Some tanker operators halted new bookings for Gulf routes, according to freight market sources.