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Oil prices jump as Hormuz tensions raise fears of wider shipping fees
Energy markets are also watching the Strait of Malacca as a potential target for similar transit fees or restrictions after the Hormuz flare up, OilPrice reported.
Oil prices rose again on Wednesday amid renewed Middle East tensions, with investors focused on how disruptions around the Strait of Hormuz could spread to other key shipping chokepoints, according to OilPrice.
OilPrice said the latest move came after U.S. President Donald Trump declared that the ceasefire deal with Iran is over and vowed to strike again, following Iran attacks on three commercial vessels in the Strait of Hormuz while they used an alternate route near Oman's coast.
The outlet also tied the renewed volatility to Iran threats to fully close the Strait of Hormuz again and to retaliatory language following U.S. strikes that it said hit more than 80 targets inside Iran, including air defense and radar assets.
Beyond Hormuz, OilPrice pointed to growing anxiety in energy markets about potential copycat shipping levies in Southeast Asia, highlighting the Strait of Malacca and noting a CNBC report that fees proposed for Hormuz could set a precedent for other routes.