Crude oil markets caught fire, what happened in Hormuz that Brent crude crossed 76 dollars?

Crude Oil Price Hike After Attack In Hormuz: The situation in the Strait of Hormuz has once again worsened. On Tuesday, Saudi Arabia’s crude oil tanker and Qatar’s ALNG tanker were attacked. After which the price of Brent crude increased by 2.75 percent to reach $ 76.22 per barrel. Angered by the latest attacks in Hormuz, America has again banned the sale of Iranian oil. Earlier on Tuesday, an increase of 3 percent was seen in oil prices. West Texas Intermediate (WTI) crude rose above $72 a barrel, while Brent crude closed above $74. This Wednesday morning the prices have increased once again.

According to a Bloomberg report, the El Rekayat tanker carrying LNG was attacked on its left side. Another source said there was a danger of the tanker exploding due to a fire in the engine cabin. The crew was safe and were being evacuated. Qatar’s Foreign Ministry said Tehran bears full legal responsibility for the attack and summoned Iran’s deputy ambassador to register its protest over the attack on the tanker.

Big impact on America-Iran talks

These attacks in the Strait of Hormuz have dealt a major blow to the talks between America and Iran that have been going on since the end of June. It was during these talks that Washington and Tehran agreed to reopen the vital waterway after a three-month long conflict that had severely affected fuel supplies around the world.

America again imposes sanctions on Iran

Hurt by these attacks, America warned Iran that its actions in the Strait of Hormuz are completely unacceptable and will have to bear the consequences. It is noteworthy that in the agreement signed between the two countries in the month of June, America had relaxed the decades-old sanctions imposed on Iran, so that the long-closed Strait of Hormuz could be reopened.

Talks between Iran and US on nuclear issue

Even after fighting the war for more than three months America and Iran Talks are still going on between the two regarding the nuclear issue and their desire to control Hormuz. From the very beginning, America has been trying to stop Iran from becoming a nuclear capable country. The first round of talks between the two countries was completed last week. However, it could not reach any better results. This is the reason that till now no permanent agreement has been reached between America and Iran.

The US Navy-led Joint Maritime Information Center (JMIC) on Tuesday raised the threat level from critical to severe following the attacks. He said that in the current situation, deliberate hostile action may take place. For the first time since June 15, the threat level has been raised so high.

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Will the Strait of Hormuz be closed again?

It is not clear whether these attacks will completely stop the movement of cargo ships on the waterway or not. Before the US-Israel attacks on Iran on February 28, about one-fifth of the world’s oil and gas supply passed through this route.