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The Economic Times

Economy / The Economic Times

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Oil prices surge as Strait of Hormuz tanker disruptions rattle global supply

Oil prices have surged sharply. Disruptions in the Strait of Hormuz are creating uncertainty about global supply. U.S. and Israeli attacks on Iran are a key factor. Tanker traffic has dropped significantly. Attacks on vessels have been reported. Saudi Arabia intercepted Iranian drones. Market attention is on potential wider conflict. Prices are expected to remain high if disruptions continue.

2 Mar 2026 6:51 pm