Iran Conflict Sparks Global Oil Chaos in Strait of Hormuz

Tehran says it doesn't intend to shut the Strait of Hormuz but digital signals indicate that oil-tanker traffic may have all-but halted due to the Iran war.| Business News

Image source: Internet

Three crude oil tankers were attacked near the Persian Gulf, amid signs that tanker traffic through the vital Strait of Hormuz oil-and-gas chokepoint has halted due to conflict in the region.

Iran's Foreign Minister Abbas Araghchi said his country has no intention of shutting the waterway, but digital signals indicate that oil-tanker traffic through the waterway may have all-but halted.

The Strait of Hormuz handles about a fifth of the world's seaborne oil and a similar proportion of liquefied natural gas, making it a vital chokepoint for traders.

Attacks on ships will add to owner caution, with two of three reported incidents occurring in the Strait of Hormuz, off the Omani exclave of Musandam, while a third happened further south, off Muscat.

A Norwegian rescue service identified a second attacked ship as the MKD Vyom, which was transporting oil products for Aramco, while a third, unidentified vessel was able to extinguish a blaze and continued its voyage.