Iran has halted most maritime traffic in the narrow channel – through which about 20 million barrels per day (bpd) of crude and related products would normally transit – forcing many countries including Kuwait, Qatar, Iraq, the UAE and Saudi Arabia to reduce daily hydrocarbon production, News.Az reports, citing foreign media.
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Brent crude was down 0.5 percent at $103 a barrel as of 13:28 GMT, having topped $106 in early Monday trading. Even with its subsequent decline, Brent is still up 43 percent – or $31 – since the US and Israel launched strikes on Iranian civil and military infrastructure on February 28.
