Oil prices jump after strike on Qatari LNG ship in the Strait of Hormuz
Oil prices rose after a strike on a Qatari liquefied natural gas (LNG) ship in the Strait of Hormuz. Brent crude climbed 1.3% to US$72.94 a barrel as at 3.09pm Singapore time. The attack renewed attention to the risks along the critical waterway.
Oil prices rose after a strike on a Qatari liquefied natural gas (LNG) ship in the Strait of Hormuz. Brent crude climbed 1.3% to US$72.94 a barrel as at 3.09pm Singapore time.
The Strait of Hormuz is a narrow, strategic waterway through which a significant share of the world's seaborne crude oil and LNG passes. As a result, any security incident there can trigger rapid moves in energy prices on fears of supply disruption.
Markets are assessing how the strike may affect shipping traffic and insurance costs. Analysts said prices could remain volatile depending on how tensions evolve and whether further incidents occur. Details of the incident and official statements are being tracked.
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