When Iran attacked shipping in the Strait of Hormuz, oil prices rose in early trading in Asia. The strait is a key waterway, and one-fifth of the world's oil has to be transported through here. Iran's overnight attack on three crude oil supertankers is causing the “shuttle” tanker operations in the strait to come to a standstill. Dense missiles and drones hit ships dedicated to short voyages in and out of the Persian Gulf, which are known as “shuttle runs.” Analysts at ANZ Research Department said in a research report that recent attacks on ships have made navigation through the strait increasingly dangerous. West Texas Intermediate oil futures rose 0.7% to $79.91 a barrel in recent months.

When Iran attacked shipping in the Strait of Hormuz, oil prices rose in early trading in Asia. The strait is a key waterway, and one-fifth of the world's oil has to be transported through here. Iran's overnight attack on three crude oil supertankers is causing the “shuttle” tanker operations in the strait to come to a standstill. Dense missiles and drones hit ships dedicated to short voyages in and out of the Persian Gulf, which are known as “shuttle runs.” Analysts at ANZ Research Department said in a research report that recent attacks on ships have made navigation through the strait increasingly dangerous. West Texas Intermediate oil futures rose 0.7% to $79.91 a barrel in recent months.