Tehran says it may establish a new exclusion zone around the Strait of Hormuz following another series of tanker attacks. If tensions continue to escalate, oil prices could rise to $120 per barrel.
According to Splash247, Iran plans to announce the creation of a new exclusion zone beyond the Strait of Hormuz following a series of attacks on oil tankers. According to the head of Iran’s Supreme National Security Council, the zone could cover parts of the Persian Gulf and areas leading toward the strait.
Vessels attempting to enter the designated zone or pass through the Strait of Hormuz could face enforcement measures from Iran.
Tensions in the region have intensified following attacks on tankers. Iran said it had struck three oil vessels traveling along what it called an “unauthorized route.” The United States, in turn, reported that three Iranian tankers had been hit.
Amid the escalating situation, Brent crude has already risen to around $97 per barrel. The impact on shipping and the potential for environmental damage are still being assessed.
The Strait of Hormuz is a key route for global oil trade, meaning any further restrictions on shipping could increase pressure on energy markets.
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