The strikes on Iran show why quitting oil is more important than ever

MELBOURNE: (Mar 3) As Israel and the United States strike Iran, global oil markets are on edge.

Oil prices have begun rising even before any disruption to supply. Oil traders are factoring in the possibility the Strait of Hormuz might close.

Roughly 20% of the world’s traded oil passes through this narrow waterway between Iran to the north and Oman and the United Arab Emirates to the south. One oil tanker has been bombed and traffic has all but halted. In global energy markets, the mere threat of interruption can push prices higher.

Source: PTI News

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