Oil Tops $105 as Tankers Keep Exploding in the Strait of Hormuz
Filling up the tank is about to feel like an expensive luxury subscription nobody asked for, thanks to total mayhem in the Persian Gulf.
Every time someone in the Middle East sneezes near a maritime choke point, fuel prices throw a massive tantrum. Over the last two weeks alone, at least 18 commercial ships have been hit in the Strait of Hormuz. The latest incident involved two oil tankers hitting sea mines and catching fire right after Iran labeled them "non-compliant."
Naturally, crude oil blew past $105 a barrel in the U.S. and cracked $110 globally. Throw in Iran-backed Houthis choking off routes in the Red Sea, and global shipping lanes are starting to look like an obstacle course in a video game.
Trump has reportedly paused military strikes on Iran to prevent gas pump panic from torching Republican midterm odds, but commodity traders already priced in pure chaos.
Geopolitics always finds an efficient way to bill everyday drivers for maritime drone fireworks.
Source: CNBC
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