War in Iran
Iraqi Oil Tanker Explosion Caught on Camera
Published
An attack on two Iraqi oil tankers prompted the country’s authorities to suspend all oil terminal operations … as the oil market is experiencing a historic level of disruption across the globe.
According to The New York Times, Iran claimed responsibility for attacking one of the vessels, which is owned by an American company. The outlet reports the other tanker is also believed to have been hit by Iran.
These attacks come after the International Energy Agency announced the world is in the middle of the “largest supply disruption in the history of the global oil market.” Adding to the crisis … Ayatollah Mojtaba Khamenei, the new Supreme Leader of Iran, announced the Strait of Hormuz will remain closed as a “tool of pressure.”
The Strait of Hormuz is a critical passage for global trade, with wide-reaching consequences for many markets … especially oil.
Global crude oil prices have spiked above $100 a barrel since Operation Epic Fury commenced on February 28. At the pump, the national average gas price has risen 67 cents to $3.61 per gallon since the war began.
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