Global oil prices have risen to their highest levels in over a month, as shipping is targeted in the Strait of Hormuz and explosions are reported in Iran. Explosions in an Iranian port city have been reported by Iranian state media, after Iran targeted two UAE tankers in the Strait of Hormuz and US regional allies, as the conflict between the US and Iran escalates following a night of strikes by the US military.
US Central Command says it will restart its naval blockade starting at 4 p.m. ET yesterday, and President Donald Trump says the US will impose a 20% fee on cargo moving through the strait. An Iranian security source also says Tehran will deliver a “devastating response” if the US attacks suspected underground nuclear site Pickaxe Mountain.
Global oil prices are up sharply following the collapse of the ceasefire and the threat to resume the blockade. The benchmark Brent crude rose by its highest level since June 12. Israeli Prime Minister Benjamin Netanyahu warned Iran on Tuesday, “this will be a different event” if Israel comes under attack as the US-Iran ceasefire breaks down.
Speaking at the Negev Conference in Dimona, Netanyahu said, “Do not count on it being quiet if you attack us. Do not count on a rerun. Because it will not be a rerun, and that was already powerful enough. This will be a different event, much more powerful.”
Credit: cnn.com
