UNITED STATES – Global oil markets are shaken up once again as Iran’s parliament reviews a controversial proposal to block U.S. and Israeli vessels from navigating the Strait of Hormuz. The local Iranian news outlet report that a bill aims to enforce strict transit penalties, including heavy fines of up to 20% of a ship’s cargo value for non-compliance is in discussion. With roughly about a fifth of the world’s petroleum flows through the Strait of Hormuz, this new restriction immediately raffled traders, sending Brent crude futures climbing past USD 82 per barrel.
Meanwhile, regional supply chains faced another challenge in the Eastern Europe after Ukrainian drones struck Russia’s Slavneft-YANOS refinery, adding pressure to the already strained global energy market.
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(Source: The Star, Reuters)
