General · 1 March 2026
Three ships attacked near Hormuz, oil prices rise 10%
On Sunday, March 1, 2026, three maritime craft came under attack in the waters adjacent to the Strait of Hormuz. Roughly one-fifth of the global supply of petroleum and natural gas traverses this vital maritime passage. International shipping has mostly stopped, causing Brent crude oil prices to jump about 10% to $80 a barrel in private trades. To mitigate prospective rises in cost, the Opec+ consortium of petroleum-producing nations sanctioned a daily production boost of 206,000 barrels.
Reported by BBC · How we write briefs