Reuters reports:
At least two supertankers made U-turns near the Strait of Hormuz following U.S. military strikes on Iran, shiptracking data shows, as more than a week of violence in the region prompts vessels to speed, pause, or alter their journeys.
Washington’s decision to join Israel’s attacks on Iran has stoked fears that Iran could retaliate by closing the strait between Iran and Oman through which around 20% of global oil and gas demand flows.
That has spurred forecasts of oil surging to $100 a barrel. Both Brent and West Texas Intermediate crude hit fresh five-month highs on Monday in choppy trade as investors weighed the potential risks to supply.
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BREAKING: In a major escalation, Iran’s parliament approved closing the Strait of Hormuz. That decision will likely require approval from Iran’s top security body, the Supreme National Security Council.
About 20% of global oil consumption passes through the Strait of Hormuz. pic.twitter.com/VtYECa3ade
— Jon Cooper
(@joncoopertweets) June 22, 2025