Oil Prices Rise After Iran Escalates Attacks in Hormuz Strait
Prachachat
Key summary
Crude oil prices increased following reports that Iran has intensified attacks in the Hormuz Strait, where a Singapore-flagged cargo ship sank after being struck. The Islamic Revolutionary Guard Corps (IRGC) stated that any vessel disabling navigation systems in the strait will be treated as a hostile target and responded against six commercial ships last Sunday. Meanwhile, global oil demand is projected to decline by 2.6 million barrels per day in 2026 compared to 2025, according to the International Energy Agency (IEA). Additionally, US inflation data suggests the Federal Reserve may raise interest rates, which could further pressure future oil demand.
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Source report
Prachachat
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