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Prolonged Strait of Hormuz closure would cause oil prices to surge, experts warn

Home - CBSNews.com·@Cbsnews·2 months ago
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The U.S. and Israel attacks on Iran are focusing attention on the Strait of Hormuz, a narrow but strategically vital waterway in the region that serves as a key artery for global oil shipments.Marine traffic through the strait has slowed to a trickle since the outbreak of hostilities last week, heightening concerns that the conflict could constrain oil supplies and sharply drive up energy costs, Wall Street analysts said on Monday. The U.K. Maritime Trade Operations Center reported attacks on several vessels in the area on either side of the strait and warned of elevated electronic interference to ship navigation systems. "Infrastructure is at risk throughout the region, and it's not just at risk because of deliberate attacks, but also inadvertent attacks," said Kevin Book, managing director at Clearview Energy Partners.…

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