Updated
Updated · The Guardian · Jul 31
Iran Strikes 2 Tankers in Hormuz as Trump Weighs War With Oil Above $90
Updated
Updated · The Guardian · Jul 31

Iran Strikes 2 Tankers in Hormuz as Trump Weighs War With Oil Above $90

3 articles · Updated · The Guardian · Jul 31

Summary

  • Two oil tankers were halted in the Strait of Hormuz after Iran said it struck vessels traveling under US aerial escort; four other tankers turned back.
  • Iran’s Revolutionary Guard said the ships used an undeclared route, underscoring the US-Iran clash over rival transit corridors and leaving the strait nearly shut to traffic.
  • Crude pushed above $90 a barrel on Thursday after US retaliation strikes on Iran, and Trump convened his cabinet at Camp David on Friday to reassess a war now in its fifth month.
  • The conflict is widening beyond Hormuz: Kuwait said it downed Iranian drones targeting vital and military sites, while Israel carried out a massive blast near Beaufort Castle in south Lebanon.
  • One in three Americans now support the war, according to Reuters-Ipsos, as high fuel and grocery prices squeeze voters ahead of November’s midterm elections.

Insights

With ships avoiding military escorts, will a proposed $40 billion US insurance facility actually save the global oil supply?
As crypto-based transit fees and soaring premiums weaponize the sea, who truly controls the world's most critical energy chokepoint?