Oil Prices Surge as US and Iran Exchange Strikes in Strait of Hormuz
5 sources across 5 countries · 1 of them is linked to a state
Who reported this
- The Japan Times
- Al Jazeera
- Business Day
- El Pais
- Al-Monitor
What the colours mean
- Left
- Centre-left
- Centre
- Centre-right
- Right
- A hatched block means the outlet is affiliated with, or controlled by, a state.
Political lean describes where an outlet sits within the politics of its own country. It is never a position on a single global scale.
Political lean is comparable inside one country and not across them, which is why the bar groups by country first. Publicly funded broadcasters are not marked as state-linked.
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Global oil prices have risen toward six week highs following a series of tit for tat strikes between the United States and Iran in and around the Strait of Hormuz. Brent crude futures rose to approximately 97 dollars a barrel, while US West Texas Intermediate crude reached 92.27 dollars. The escalation follows US strikes on three Iranian oil tankers on Saturday; in response, Iran's Islamic Revolutionary Guard Corps reported striking three tankers and three US linked vessels. Additionally, reports indicate that Saudi Aramco's Jizan facilities were struck for the second time in a month.
Shipping traffic through the Strait of Hormuz has declined significantly. Data from Kpler shows an average of 10 commodity ships crossing the chokepoint daily over the last 10 days, which is the lowest level since May. In response to the instability, Iran has warned that US energy assets in the Gulf are vulnerable and announced plans to establish a restricted zone outside the strait. Meanwhile, the UAE is developing alternative export routes to avoid being held hostage by the conflict, and Qatar has warned that the world faces an industrial catastrophe if the crisis persists.
Economic impacts are being felt in the United States, where petrol prices have risen to 4.15 dollars per gallon and diesel prices have reached all time highs. Goldman Sachs has raised its long term crude oil price forecasts, suggesting prices could rally to 120 dollars a barrel if shipping attacks increase.
How each side framed it
- Centre-left
- These reports emphasized the direct economic burden on US consumers and the potential for a global industrial catastrophe.
- Centre
- These reports focused on the strategic vulnerability of energy assets and the resulting slowdown in shipping traffic.
- Centre-right
- These reports highlighted the breakdown of the distinction between military confrontation and commercial shipping while noting the role of Opec+.
Sources
- Centre-left Al Jazeera: Oil prices surge as US-Iran strikes intensify in Strait of Hormuz
- Centre-left Al Jazeera: Iran war live: Qatar warns of ‘industrial catastrophe’ if crisis continues
- Centre Al-Monitor: Hormuz traffic slows after Iran threatens retaliation for US attacks
- Centre-right Business Day: Oil nears $100 after US-Iran strikes escalate
- Centre-left El Pais: Iran claims that the “era of proportional responses” to the United States has ended
- Centre The Japan Times: Iran warns U.S. energy assets in Gulf are vulnerable after latest clashes
100% of the statements in this article were traced back to the source articles listed above.