4 Hrs
Source:
CNN Arabic
Strait of Hormuz impact on oil shipping
Oil prices experienced sharp fluctuations over the past few months. Brent crude reached $100.69 per barrel in July before declining due to escalating tensions, particularly related to the conflict with Iran, which resulted in the loss of 2.6 billion barrels of global supplies and a drop in shipping through the Strait of Hormuz to less than ten percent of pre-conflict levels. At the same time, stock markets showed notable gains, with the Dow Jones increasing by 800 points (1.5%), the S&P 500 rising by 1.2%, and Nasdaq gaining 1.7%. Saudi Aramco confirmed that closing the Strait of Hormuz reduces flows by more than 100 million barrels per week. Meanwhile, the U.S. president indicated plans to reopen the strait soon, accompanied by threats of attack if necessary, while negotiations with Iran and other governments continue, despite denying that there are direct talks between Washington and Tehran.
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