Oil prices swing as Gulf shipping disruptions threaten global supply

Oil prices have been volatile, rising sharply after a key pricing agency, Platts, excluded loadings from the Persian Gulf from its assessments. This followed reports that shipments from the Gulf were at a near standstill, with some oil tankers being eyed for floating storage.

Analysts from JP Morgan warn that a prolonged shutdown of the Strait of Hormuz could force major producers like Iraq and Kuwait to curb their oil output within days. The disruptions have already pushed diesel prices in Germany above $2.33 per liter.