Oil prices rose back above $100 as more ships were attacked in the Strait of Hormuz, which remains effectively closed.
Saudi Arabia is diverting tankers to its southern Red Sea coast, while Oman’s key export terminal was evacuated over safety concerns, disrupting exports, and two tankers were hit in Iraqi waters. The US agreed to release 172 million barrels, more than a third of its reserves, part of a global effort to boost supply; pump prices have risen around 20% since last month.
The growing disruption “[raises] the prospect of a prolonged closure” of the strait, The Wall Street Journal reported, with US attacks failing to curb Iran’s offensive capabilities.