WS #16268
Crude oil prices jumped more than $2 as hopes for an Iran deal faded and the US announced the end of the Iranian blockade by October 31. The IEA reported that Gulf oil shipping costs have skyrocketed to $37 per barrel, five times pre-war levels, driven by attacks near the Strait of Hormuz and stranded Iranian vessels. This physical supply disruption is lifting energy producers while punishing airlines and shipping companies reliant on stable fuel costs.
Middle East Energy Shock
Crude oil prices jumped more than $2 as hopes for an Iran deal faded and the US announced the end of the Iranian blockade by October 31. The IEA reported that Gulf oil shipping costs have skyrocketed to $37 per barrel, five times pre-war levels, driven by attacks near the Strait of Hormuz and stranded Iranian vessels. This physical supply disruption is lifting energy producers while punishing airlines and shipping companies reliant on stable fuel costs.