Oil prices rise as Middle East conflict deepens supply fears and Iran threatens Strait of Hormuz
The new Straits of Hormuz corridor agreed by Oman and Iran, which Iran is now accused of using as cover while striking tankers far beyond the strait, pushing oil prices above $110 a barrel.
Gas prices have surged 140% since the US and Israel launched their war against Iran, and EU gas storage stands at 74%, the lowest since 2011. Ireland, which holds the Council presidency, wants energy ministers to consider EU-wide demand cuts when they meet on 29 October. Gas operators warn of a 12% to 15% shortfall if a severe cold snap hits this winter.
Shiptracker Kpler recorded at least 18 vessel attacks in just two weeks.
Iran's Mohsen Rezaei: 'Not a single gram of enriched uranium will be removed from Iran.'
Tehran claims two tankers carrying 2 million barrels caught fire after hitting Hormuz mines.
