Iran Halves Strait of Hormuz Oil Transit to 54% as Attacks Push US Energy Prices Higher
Updated
Updated · CNN International · Oct 14
Iran Halves Strait of Hormuz Oil Transit to 54% as Attacks Push US Energy Prices Higher
3 articles · Updated · CNN International · Oct 14
Summary
Oil and fuel transits through the Strait of Hormuz fell to 54% of pre-war levels over the past seven days, reversing a near-full recovery after a fresh wave of attacks.
At least 18 vessels in and around the Middle East were attacked in the past two weeks, and a Tuesday strike appeared to hit Saudi Aramco headquarters, deepening disruption in Hormuz and Bab al-Mandeb.
September US inflation accelerated on energy costs: gasoline rose 9.1% in the month and 34% from a year earlier, while fuel oil climbed 15.3% monthly and more than 74% annually.
The price shock is spreading into services and housing, with all services up 0.4% in September, adding to pressure on bond yields, Fed rates and borrowing costs.
Trump’s tanker-protection effort and a sanctions-relief deal to import some Russian diesel have been undercut, leaving consumers facing about $2,000 in added annual costs three weeks before midterms.