Oil prices rose after Iran said it had attacked two tankers passing through the Strait of Hormuz, according to reporting by CNBC. The claim followed U.S.-Iran strikes earlier in the week.
Key facts
- Iran said it attacked two tankers transiting the Strait of Hormuz, according to CNBC.
- Oil prices rose following the announcement, CNBC reported.
- Commonwealth Bank of Australia said in a Friday note that stronger oil flows through the strait had eased market concerns after U.S.-Iran strikes earlier in the week.
- The development follows U.S.-Iran strikes earlier in the week, according to CNBC.
Oil prices rose after Iran said it had attacked two tankers transiting the Strait of Hormuz, according to CNBC. The reported attacks renewed attention on the security of vessels moving through the waterway.
Commonwealth Bank of Australia said in a note on Friday that stronger oil flows through the Strait of Hormuz had eased market concerns following U.S.-Iran strikes earlier in the week.
The reported tanker attacks came after strikes involving the United States and Iran earlier in the week, according to CNBC. Further details of the incident, including independent confirmation of the attacks and any damage or casualties, were not available in the reporting reviewed.
Why it matters
Reported threats to shipping in the Strait of Hormuz can affect oil markets, and the latest claim by Iran has coincided with a rise in prices, according to CNBC. Independent confirmation of the reported attacks was not available in the sourcing reviewed.
Frequently asked questions
Why did oil prices rise?
Oil prices rose after Iran said it attacked two tankers transiting the Strait of Hormuz, renewing concerns about supply through the waterway.
What had the market been expecting before the attacks?
Commonwealth Bank of Australia said in a Friday note that stronger oil flows through the Strait of Hormuz had eased market concerns following U.S.-Iran strikes earlier in the week.
Why is the Strait of Hormuz important?
The Strait of Hormuz is a critical shipping route for global energy supplies, so threats to tankers passing through it can affect oil prices.