Oil prices extended gains after the US launched strikes on targets in Iran in response to attacks on shipping in the Strait of Hormuz, according to Bloomberg Markets. The move came after oil had already climbed nearly 3% on Tuesday, bringing fresh geopolitical risk back into crude and tanker markets.
For tanker flows, the Strait of Hormuz remains one of the world’s most critical chokepoints for seaborne crude exports. Any escalation tied to attacks on commercial shipping can quickly affect voyage risk, freight sentiment, routing decisions and loading programs across the Gulf.