Strait of Hormuz Shutdown: Global Oil Crisis

0:00Here's more world news from March 1st brought to you by Surfshark simple affordable online privacy links in the episode description The ongoing conflict between the United States and Iran has shut down traffic in the strait of Hormuz a critical choke point for global oil shipments Normally this narrow waterway carries about a fifth of the world's oil Roughly 20 million barrels a day from producers like Iran and others in the Middle East But right now major shipping companies are rerouting tankers to avoid the danger zone Tensions spiked after recent strikes leaving the strait nearly empty compared to just weeks ago satellite tracking shows vessels that were heading in have turned back towards safe ports on either side with activity dropping sharply since late February ship crews and operators are on high alert after an oil tanker attack on March 1st injured four people and forced the evacuation of it's 20 person crew the U.S. Navy has issued strong warnings against sailing through and traders are halting operations altogether

1:01Data for maritime trackers reveals at least five tankers with capacity for around 10 million barrels of oil Reversed course over the weekend One as early as 10 a.m. on Saturday Interference with ship tracking signals has made navigation even riskier This stands still threatens to ripple through world markets driving up energy prices and slowing international trade as everyone watches for the next move