Strait of Hormuz tensions disrupt oil and gas tanker traffic

Tensions in the Strait of Hormuz have escalated, causing a sharp drop in tanker traffic and a surge in oil and gas prices. Navigation in the strait slowed to its lowest level in weeks, with oil and LNG tankers going dark again as the crisis deepens. Iran warned the U.S. that interference could trigger further disruptions to oil and gas supplies. In response, oil prices jumped 4% and European natural gas prices also rose on fears of supply disruptions.