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Home›Commodities›Energy›Persian Gulf shipping nears halt as oil prices rise

Persian Gulf shipping nears halt as oil prices rise

Shipping traffic in the Persian Gulf fell to its lowest level in more than a month while energy supply concerns intensified.

Reported · Written up by our desk · Energy

The New York Times Business reports that shipping activity in the Persian Gulf is approaching a halt as the Iran war continues to disrupt energy supply.

The outlet said oil prices climbed alongside the deterioration in shipping conditions.

It also noted that shipping traffic hit its lowest point in more than a month, underscoring how quickly the market impact is showing up for crude supply expectations.

Latest closeWTI crude $79.00 ▼0.8%

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Sources

NYT BusinessShipping in the Persian Gulf Nears a Halt and Oil Prices Rise

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