WS #11908
US launches third wave of strikes on 140+ Iranian targets after Iran attacks container ship and claims to close Strait of Hormuz; Iran retaliates against US positions in Gulf states; CENTCOM and Trump assert strait remains open with traffic flowing, but Iran insists on control, creating elevated oil supply risk. Ukrainian drone strikes hit Syzran oil refinery 900km from border, knocking out 8.9 million tons per year capacity; Russian consumer gasoline prices skyrocket as a third of refining capacity is knocked out, forcing Russia to ration petrol and import gasoline from India. IEA monthly report states oil flows through Hormuz recovered after June ceasefire but renewed hostilities revive uncertainty; global oil supply rebounded 4.1 mb/d in June but remains 9.4 mb/d below pre-war levels; benchmark crude fell to ~$68/bbl then climbed back to ~$77/bbl after ceasefire breach.
US-Iran Strait of Hormuz Conflict Escalation
US launches third wave of strikes on 140+ Iranian targets after Iran attacks container ship and claims to close Strait of Hormuz; Iran retaliates against US positions in Gulf states; CENTCOM and Trump assert strait remains open with traffic flowing, but Iran insists on control, creating elevated oil supply risk.
Ukrainian drone strikes hit Syzran oil refinery 900km from border, knocking out 8.9 million tons per year capacity; Russian consumer gasoline prices skyrocket as a third of refining capacity is knocked out, forcing Russia to ration petrol and import gasoline from India.
IEA monthly report states oil flows through Hormuz recovered after June ceasefire but renewed hostilities revive uncertainty; global oil supply rebounded 4.1 mb/d in June but remains 9.4 mb/d below pre-war levels; benchmark crude fell to ~$68/bbl then climbed back to ~$77/bbl after ceasefire breach.