Strait of Hormuz traffic at lowest level in months
The continued cycle of attacks between Iran and the United States in the Persian Gulf has posed fresh risks to ships navigating the Strait of Hormuz, which normally carries a fifth of the world's oil. Daily ship traffic dropped to the lowest level in a month, with only 14 vessels braving the passage on Sunday, according to Kpler, a maritime data firm. Before the war, more than 130 ships passed through daily.
Brent crude jumps as supply fears return
Brent crude, the international oil benchmark, rose 2 percent to between $77 and $78 a barrel, 7 percent higher than its prewar price. The U.S. military said it had hit about 140 targets in Iran after Tehran attacked a container ship in the strait. Iran responded by firing at U.S. military targets in Bahrain, Jordan and Kuwait.
Diplomatic efforts continue amid escalation
Iranian Foreign Minister Abbas Araghchi is expected to travel to Oman to discuss the Strait of Hormuz. Senior U.S. officials said Washington expects Tehran to issue a statement that the strait is open and commercial vessels won't be attacked. Without safe passage assured, a U.S. official said nuclear talks cannot begin.