Global oil prices have sharply risen, though they have fallen slightly from highs seen last week, threatening wider economic instability across the world. Trump has threatened to hit Iran “20 times harder” if it disrupts this vital artery in the world’s fuel supply.
Of the handful of tankers that have braved the crossing, around half belong to a so-called shadow fleet — meaning they are carrying sanctioned oil from Iran, Russia or Venezuela — according to Lloyd’s List Intelligence, another analytics firm based in London. These crossings include suspected “dark transits,” where ships switch off their tracking systems to effectively disappear, Lloyd’s said in an analysis on Monday.
On Wednesday, the United Kingdom Maritime Trade Organization, a monitoring service run by the British navy, reported that a “cargo vessel has been hit by an unknown projectile” 11 nautical miles north of Oman. That caused a fire and the crew was evacuating the
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