Oil prices jump to USD 100 per barrel, stocks sink worldwide with no clear end in sight for Iran war
Crude oil prices jumps to USD 100 per barrel and the stocks sank worldwide with no clear end in sight for Iran war. The S&P 500 fell 1.5 per cent Thursday on and returned to big swings following a couple days of relative calm. The Dow Jones Industrial Average dropped 1.6 per cent, and the Nasdaq composite sank 1.8 per cent. The centre of action was again the oil market, where the price of a barrel of Brent crude got as high as USD 101.59.
Treasury yields climbed in the bond market on worries about higher inflation and fewer cuts to interest rates by the Federal Reserve. On Thursday, the price of Brent crude oil spiked back over $100 as Iranian strikes hit ships in the regions waters and the ongoing American-Israeli war with Iran showed so signs of slowing.
Thursday’s major developments include Iranian attacks against commercial ships around the Strait of Hormuz and Iraq’s port of Basra, escalating a campaign of squeezing the oil-rich Gulf region as global energy concerns mount.
The US campaign of airstrikes in Iran is now in its 14th day. The Israeli military is also striking Iran and its militant ally Hezbollah in Lebanon, where more than 800,000 people have been displaced by the fighting.
At least 19 commercial ships damaged so far in war
At least 19 commercial ships have been damaged so far in the war, figures showed Thursday. Through Wednesday night, there had been at least 16 vessels attacked in the Persian Gulf and the wider region, according to the Joint Maritime Information Center, a coalition overseen by the US Navy.
An oil rig separately was attacked off Saudi Arabia, as well. Overnight, two ships were hit by Iranian fire at a port near Basra, Iraq. Another was attacked Thursday off the coast of the United Arab Emirates.
Japanese-flagged cargo ship damaged in Persian Gulf
Mitsui OS K Lines said on Thursday that a Japanese-flagged container ship One Majesty was damaged while anchored in the Persian Gulf. All crew members on board were safe and the ship is operational. The impact cause and extent of the damage is unknown and under investigation, Mitsui said.
Crew members felt a shock near the stern and later found damages while the ship was anchored about 60 miles (96 kilometers) southwest of the Strait of Hormuz, Mitsui said.
A Mitsui-operated oil tanker also experienced minor damages from unidentified falling objects in the Gulf of Oman. The tanker has left the area and the company is investigating.
