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Oil Rises After Weekend of Back-and-Forth Strikes by U.S. and Iran
The New York Times • • general
Key Points:
- The ongoing conflict between Iran and the U.S. in the Persian Gulf is increasing risks for ships navigating the strategically important Strait of Hormuz.
- Brent crude oil prices surged nearly 3.5% on Sunday to around $79 a barrel, marking a 9% increase from prewar levels.
- Ship traffic through the Strait of Hormuz has significantly declined, with only 22 vessels passing on Thursday compared to over 130 daily before the conflict.
- The U.S. military reported striking approximately 140 targets in Iran following an Iranian attack on a container ship, while Iran claimed to have retaliated by firing on U.S. targets in the region.
