Business & Economics

Hormuz Nearly Shut: Brent Rockets to $119 then Slides to $90 as World Scrambles for Oil Fix

Iranian mining and drone attacks cut Strait of Hormuz tanker traffic from ~50 a day to near-zero, yanking 15-20 million bpd off the market, spiking Brent to $119 on Monday before diplomatic jaw-boning and talk of a record IEA stockpile release dragged it back under $90 by mid-week.