Oil Jumps Above $108 as Hormuz and Saudi Bypass Come Under Pressure
Oil prices jumped more than $3 as fresh attacks hit Saudi Arabia and shipping in Hormuz while the Saudi pipeline designed to bypass the strait remains offline.
Oil prices jumped more than $3 as fresh attacks hit Saudi Arabia and shipping in Hormuz while the Saudi pipeline designed to bypass the strait remains offline.
Donald Trump has suggested the United States could remain in Iran and ‘keep the oil’, raising questions about Washington’s end-state in the war.
A vessel has been struck by a projectile in the Strait of Hormuz as attacks expose vulnerabilities in both the Gulf oil chokepoint and Saudi Arabia’s principal bypass.
Iran says an emerging understanding with Oman does not immediately reopen the Strait of Hormuz and has characterised it as a step towards Iranian sovereignty over the waterway.
President Trump has publicly pointed to Iran as the likely culprit behind the drone attack that shut Saudi Arabia’s vital East-West oil pipeline.