Crude oil prices climbed sharply in international markets following the closure of the Strait of Hormuz and a series of attacks on oil tankers, raising concerns over global supply disruptions.
US West Texas Intermediate (WTI) crude rose by $3.59 to settle at $105.53 per barrel, while Brent crude, the international benchmark, gained $5.88 to reach $114.05 per barrel. The global benchmark Abu Dhabi Murban crude climbed $2.74 to $106.50 per barrel.
Strait of Hormuz incidents
Meanwhile, a South Korean vessel caught fire after an explosion in the Strait of Hormuz. A spokesperson for the South Korean shipping company HMM told a media organisation that a fire had been reported in the engine room of the bulk carrier, and the cause is under investigation.
South Korea’s Ministry of Foreign Affairs of South Korea also confirmed the explosion and fire on the vessel. It stated that the ship was carrying 24 crew members, including 18 foreign nationals and six South Koreans.
On the other hand, Iranian state media has reported that a missile attack was launched on a US warship that had entered the Strait of Hormuz. According to a report by Fars News Agency, two missiles struck a US vessel near Jask Island. The report claims that the U.S. ship ignored warnings issued by Iran’s Revolutionary Guards, after which it was targeted.
Read more: SC rejects appeals of ‘Choto gang’, maintains death penalty
