, Columnist
Don’t Overthink the Gulf Oil Tanker Attacks
The assault near the Strait of Hormuz will not divert too many vessels from a crucial waterway for oil shipments.
They can keep sailing.
Photographer: Atta Kenare/AFP/Getty Images
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Four oil tankers, two of them Saudi-owned, were attacked Sunday near the Strait of Hormuz, the entrance to the Persian Gulf. Any assault on shipping is a cause for concern, but it becomes particularly worrying when it happens in, or close to, the world’s most important chokepoint for oil.
Crude oil rose by as much as 2.8% after London markets opened Monday. Though it is easy to see how the incident would add upward pressure on oil prices, it is far from certain that the incident will create any serious or lasting impact on shipments or the cost of crude.