Rising attacks on shipping in the Strait of Hormuz by Iran push oil higher as U.S. refrains from military response.
Oil prices edged higher after Iran launched two ballistic missiles toward the Strait of Hormuz, escalating tensions in the critical waterway. The attacks mark a growing pattern of provocations without U.S. military retaliation, according to reports.
The Strait of Hormuz is a key chokepoint for global oil shipments, with roughly 20% of the world’s crude passing through daily. Prior incidents in the region have historically driven price volatility, though recent U.S. policy has avoided direct confrontation.
Markets reacted cautiously, with crude futures climbing modestly as traders assessed supply disruption risks.