Oil and gas freight costs soar as Iran threatens Strait of Hormuz
Strait of Hormuz disruption sends tanker and LNG shipping rates to records as U.S.-Iran tensions spike
Global oil and gas shipping costs surged to fresh records as traffic through the Strait of Hormuz slowed to a near standstill after Tehran targeted vessels transiting the key waterway, according to shipping data and industry sources. The choke point between Iran and Oman carries roughly one-fifth of the world’s oil and significant volumes of liquefied natural gas.
The strikes on ships, part of Iran’s retaliation to U.S. and…