Oil prices rise and supplies disrupted as Iran conflict continues

The ongoing conflict involving Iran is disrupting global oil supplies and causing prices to rise. A key concern is the potential shutdown of the Strait of Hormuz, a major shipping route for oil exports from the Persian Gulf.

Countries are responding by opening their strategic oil reserves to try to stabilize the market. The situation is also causing problems beyond oil, with reports of rising costs for items like heating oil and cooking gas, and disruptions for exporters of perishable goods.

Supertankers are being rerouted to alternative ports like in the Red Sea to avoid the conflict zone, as markets and supply chains adjust to the continued instability.