The retaliatory strikes against its neighbours have also effectively halted shipping through the Mideast Gulf and the strait of Hormuz ꟷ the waterway through which 14mn b/d of crude and 6mn b/d of refined products transited before the war began.
The US military on 11 March signalled plans to attack Iranian ports in the vicinity of the strait of Hormuz that it said are used by Iran’s military to target shipping through the waterway.
The front-month May Ice Brent contract climbed by 8.7pc or $8.03/bl to $100.01/bl at 11:00am Singapore time (03:00 GMT) on 12 March. The contract had earlier climbed to a high of $101.59/bl earlier in the session.
The April Nymex WTI rose by 8.2pc to $94.40/bl, after reaching a high of $95.99/bl in early Asian trading.
Iran has responded by launching missile and drone attacks against a range of targets in neighbouring Mideast Gulf countries
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