APExplains: How attacks on tanker ships in the Strait of Hormuz in the Middle East could rattle a vital global route for oil.
in the Gulf of Oman, near the strategic Strait of Hormuz, has pushed up the price of crude oil and focused new attention on the region as tensions have risen.WHERE IS THE STRAIT OF HORMUZ?
The incident comes after the U.S. alleged that Iran used mines to attack four oil tankers off the nearby Emirati port of Fujairah last month. Iran has denied being involved. Meanwhile, Iranian-allied rebels in Yemen have increased their missile and drone attacks on Saudi Arabia, which has been at war in Yemen against the rebels since 2015.One third of all oil traded by sea, which amounts to 20% of oil traded worldwide, passes through the strait.
Anything affecting the narrow passage ripples through global energy markets, raising the price of crude oil. That then trickles down to consumers through what they pay for gasoline and other oil products.The U.S. and international benchmarks for crude oil were up over 3% on Thursday. That’s a relatively big daily increase but it also comes after a sustained drop in oil prices.
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