Oil prices rise as Lebanon fighting erupts and Hormuz traffic still slow
Summary
Oil prices rose as fighting in Lebanon and concerns over a U.S.-Iran agreement affected shipping through the Strait of Hormuz. Although some oil tankers have passed through the strait, traffic remains much lower than normal due to safety worries after several attacks on ships.Key Facts
- Brent crude oil price increased by 0.65 percent, crossing $80 per barrel.
- Fighting in Lebanon and attacks on ships have raised concerns about the stability of the region.
- An important U.S.-Iran meeting was canceled due to the recent violence.
- The Strait of Hormuz, a key route for about 20% of the world’s oil, still has reduced ship traffic.
- About 6 million barrels of oil on three Saudi tankers recently passed through the strait.
- Over 500 vessels are waiting to pass through the strait, down from 120-130 daily transits before the conflict.
- Since February, there have been at least 46 attacks on ships near the strait, killing 14 crew members.
- International groups urge clear safety measures for ships to resume normal passage through the strait.
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