Energy

Oil jumps more than 2% after US attack on Iran's Larak island - Reuters

Source: Reuters

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DW NOTE

The Strait of Hormuz has been effectively closed since February, moving three ships a day instead of eighty-five. Oil is down 26% from its yearly high. A 2% jump after a U.S. strike on Iranian territory isn't a price discovery event — it's the market remembering that the world's most critical energy chokepoint is already shut and the shooting is now overt.

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Kuwait’s crude oil exports have rebounded to about 1 million barrels per day (bpd), recovering to two-thirds of the 1.6 million bpd shipped through the Strait of Hormuz before the Iran war, according to a senior official at state-owned Kuwait Petroleum Corporation (KPC). Kuwait has managed to ramp u

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Oil jumps more than 2% after US attack on Iran's Larak island - Reuters

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