Home›Commodities›Energy›U.S. and Iran escalate over Strait of Hormuz as shippi…

U.S. and Iran escalate over Strait of Hormuz as shipping risks grow

Oil prices were lower across major benchmarks early Thursday, with WTI at 71.6 and Brent at 75.8.

Reported · Written up by our desk · Energy

OilPrice reports that U.S. and Iranian forces continued trading strikes as tensions over the Strait of Hormuz escalated, with U.S. officials telling Axios the United States is prepared for a prolonged exchange tied to Tehran’s attacks on commercial vessels in the chokepoint.

According to the U.S. official, the U.S. response could last from a day or two to multiple weeks, and the severity and duration will depend on Iran’s next moves, the outlet said.

OilPrice adds that U.S. Central Command said it completed an additional round of strikes late Wednesday or early Thursday to further reduce Iran’s ability to attack commercial shipping and civilian mariners in the Strait of Hormuz.

In response, Iran said it retaliated with strikes at Bahrain, Kuwait, and Qatar, and Iran’s top negotiator, Mohammad Bagher Ghalibaf, said on X that any strike would be met with retaliation, while also arguing that the Strait would open only with “Iranian arrangements” rather than U.S. threats.

More like this

Sources