Oil prices have surged as the United States and Iran have reignited their war. The US ruling class revoked a two-month sanctions waiver and renewed strikes against the Islamic Republic after reported tanker attacks in the Strait of Hormuz.
According to the UK Maritime Trade Operations (UKMTO), an unidentified projectile struck a tanker off the coast of Oman, causing a fire on board. The WSJ reported that one of the damaged vessels may have been the Al Rekayyat, a tanker owned by Qatar’s Nakilat. The vessel reportedly sustained damage near its engine room, while all crew members remained safe. Axios said the targeted ships suffered only limited damage. -RT
US Allegations: Iran Fired Missiles At Vessels In Strait of Hormuz
As strikes resume, pressure on the US consumer will also increase. Fuel prices are once again going to rise along with uncertain supply.
The US Treasury’s Office of Foreign Assets Control (OFAC) on Tuesday revoked a two-month sanctions relief license for Iranian oil following reports of attacks on commercial tankers in the Strait of Hormuz, according to a report by RT.
US forces also carried out a new wave of strikes against targets inside Iran overnight into Wednesday, as Washington accuses Iran of violating the ceasefire. The US has also said that Iran is threatening maritime security through attacks on commercial shipping, prompting what Washington officials have described as a military response.
Uncertainty and war in the Strait of Hormuz are bound to raise the prices of oil. September Brent crude futures rose as much as 6% on Wednesday from the previous close to $78.53 per barrel, while August WTI crude futures climbed 5.91% to $74.6 per barrel.
Oil Prices SURGE As US Hits Multiple Targets Across Iran
US President Donald Trump recently announced that the ceasefire agreement has fallen through, and he declared an end to it. Trump added that he wouldn’t prevent diplomats from engaging in peace talks, but doubted they would return any results.