Oil climbs 5% as Iran, US both demand compensation and Hormuz hopes fade
· economictimes.indiatimes.com
Oil prices rose significantly as Iran and the United States exchanged compensation demands. Prospects for reopening the Strait of Hormuz dimmed due to these escalating tensions. Ukraine continued to strike Russian refineries and tankers, further impacting supply. Saudi Aramco postponed a refinery restart after recent Houthi attacks. US Strategic Petroleum Reserve stocks reached their lowest level since 1983.
Agencies
ADNOC, a state-owned oil company in the United Arab Emirates, said on Friday that 15 of its vessels had been attacked while transiting the Strait ...