Oil prices jump on tanker attack and slowing flows through Strait of Hormuz

Oil prices have surged due to a recent tanker attack and a significant drop in transit through the Strait of Hormuz, a crucial route for global oil shipments. Although transit reached nearly 90% of prewar levels last month, it has since plummeted, heightening fears of a potential supply crunch. This development underscores the vulnerability of global energy markets to geopolitical tensions in this critical region, likely impacting everything from fuel costs to economic stability worldwide.