Oil Prices Soar as Iran Attacks Shut Strait of Hormuz

0:00On March 2nd, markets aren't edged for a big jump in oil prices after Iran's attacks nearly shut down the straight-of-form moves, a key shipping lane for. Global oil This all stems from the death of Iran's leader Ayatollah Ali Khamenei in a U.S. Israel operation on Saturday, prompting reprisals by Iran's. Revolutionary Guard Ships in the Persian Gulf got hit, including two struck yesterday morning, one caught fire injuring four crew members who were later evacuated from, the vessel skylight, a third incident saw a projectile explode near another ship off the United Arab Emirates coast, but everyone there was safe. Shipping giants like Meir's and CMAC GM have halted traffic through the narrow 24 mile-wide straight, leaving at least 150, tankers anchored, insurers are refusing coverage amid reports of heavy military activity, and the U.S. says it can't ensure safe passage. In the U.K., driver-space warnings of record fuel prices at the pumps, potentially topping the peak scene after Russia's invasion of Ukraine in 20.

1:0222. When Petro hit 191 pence per liter, it's now around 133 pence. Economist fear this could tip shaky economies into recession within weeks, with oil-bent marks like Brent Crude already up 13% to $73 after climbing 20% this year.