Brent rises as Kharg and Jask strikes stoke supply disruption fears
Brent crude settled around $98 and kept climbing after reports of explosions near Kharg. The US military struck targets near Kharg Island and Jask, including Iranian oil tankers. Iran also outlined a new Oman–Strait of Hormuz shipping corridor.
Brent crude settled around $98 and continued to climb after reports said explosions had been heard in the Kharg area. The US military struck targets near Kharg Island and the port city of Jask, including Iranian oil tankers. Kharg is Iran’s key oil export hub and the island handles around 90% of the country’s crude shipments. Saudi Aramco facilities were hit in fresh attacks on Monday, while Iran-backed Houthi militants said they targeted the 400,000-barrel-a-day Jazan refinery and other facilities serving the domestic market.
The US military also struck three Iranian oil tankers on Saturday after Iran launched ballistic missiles at two Navy warships. Iran said Monday it would establish a new shipping corridor with Oman in the Strait of Hormuz, and vessels would have to coordinate with Tehran to enter a new restricted maritime zone around the waterway.