Put Hormuz headlines, shipping risk, and energy-market spillovers on one screen.

Iran claims to have attacked 10 ships near strait of Hormuz after US strikes

Oil price rises above $100 a barrel as Tehran responds to US attacks that sunk five Iranian tankers Tehran has said it attacked 10 ships around the strait of Hormuz after the US sunk five Iranian tankers, as escalating strikes between the two countries sent the oil price above $100 a barrel for the first time since July. The attacks were the sharpest flare-up of strikes in weeks, as the two sides struggled to break a deadlock in the six-month-long war. Fighting in recent weeks has largely revolved around who controls the strait of Hormuz, as Iran attempts to close off the waterway and Washington enforces a blockade of Iranian ports. The strait is a critical route for global energy supplies, with up to 20% of the world’s oil and gas transiting it before the US-Iran war. The rising price of oil, above the psychologically significant $100 mark, is likely to raise inflation and the price of goods. Continue reading...