economy
Iran Has Largely Halted Oil and Gas Exports Through Strait of Hormuz
At least four tankers have been struck by drones and maritime traffic has dropped by 80%, reports say
TL;DR
- Iran has effectively closed the Strait of Hormuz to oil and gas exports for four days due to drone strikes and resulting fear.
- Maritime traffic has dropped by 80%, with key insurers cancelling cover.
- At least four tankers have been struck by drones.
- The US Central Command claims to have sunk or crippled all 11 of Iran's naval ships operating in the Gulf of Oman.
- Iran has shifted its strategy to bombing infrastructure and ships at ports, damaging Saudi Arabia's Ras Tanura oil refinery and halting Qatar's LNG production.
- Oil and gas prices have surged, with Brent crude rising 15% to $83 a barrel.
- US President Donald Trump is considering proposals to help oil tankers obtain insurance.