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Oil prices may face another round of severe volatility due to further attacks on merchant ships in the Strait of Hormuz

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ME News, July 12 (UTC+8): A merchant vessel in the Strait of Hormuz was attacked again on Saturday local time. The United States then launched a new round of strikes against Iranian targets, and the escalating situation in the Middle East may cause international oil prices to swing violently again after Sunday’s open. Data shows that the number of ships transiting the Strait of Hormuz per day has fallen to 22, far below the level of more than 130 ships per day before the conflict. Brent crude settled this week at around $76 per barrel, up about 5% from before the outbreak of the conflict. Reports say that Iran insists that merchant ships must transit along its designated routes, and some ships that—under U.S. military escort—continue to choose the route closer to Oman’s coast remain targeted for attacks. Analysts believe that although oil prices are still far below the war-time peak of nearly $120 per barrel, Iran has demonstrated that it still has the ability to influence the global energy market through the situation in the Strait of Hormuz. (Source: BlockBeats)
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