Next Article
Trump's airstrikes on Iran escalate oil market volatility
US airstrikes on Iran's nuclear sites have pushed oil prices up fast—Brent crude jumped 11% and could soon hit $100 a barrel if things escalate.
The big worry? If Iran strikes back, it could disrupt the Strait of Hormuz, a key route for global oil shipments.
Shipping costs from Middle East to China have doubled
All this tension means shipping costs from the Middle East to China have nearly doubled, while insurance premiums have leaped.
Traders are scrambling to hedge against more price spikes, while GPS jamming is making life tricky for about 1,000 ships every day.
With futures contract holdings dropping quickly, it's clear the market is feeling the stress.