Oil rises as escalating Middle East military tensions fuel supply concerns
Oil prices climbed sharply today as fears of renewed conflict in the Middle East gripped markets after Iran released footage showing commandos boarding a cargo ship in the Strait of Hormuz, with little sign of progress toward reopening the crucial shipping lane.
Traffic through the strait, which before the war handled roughly a fifth of global oil output, remains effectively shut down. Iran’s seizure of two cargo ships has also underscored the challenges Washington faces in trying to secure passage through the waterway.…