Blockade at Strait of Hormuz pushes Brent crude to $93
Business
A blockade at the Strait of Hormuz, a key route for global shipping, has sent Brent crude oil prices shooting up.
On July 22, oil hit $93 a barrel, jumping nearly 28% in less than a month as worries about Gulf cargo disruptions grew.
Tanker crossings drop, insurance premiums spike
With the blockade in place, daily tanker crossings have dropped from 14 to just four, and other ships are seeing similar slowdowns.
Insurance costs for vessels have spiked as higher marine insurance premiums make it tougher and pricier to move everything from fuel to everyday goods around the world.