Oil shipments in Persian Gulf disrupted after Iran attack

U.S. and Israeli strikes on Iran and reported retaliatory actions prompted shipping firms and authorities to advise vessels to avoid the Strait of Hormuz, slowing tanker traffic; oil trading was paused Saturday and markets are scheduled to reopen Sunday evening.

U.S. and Israeli strikes on Iran and reported retaliatory actions have quickly affected shipping in the Persian Gulf. Shipping companies and some governments advised vessels to avoid the Strait of Hormuz, a key route for global oil and gas. Traffic through the strait slowed as commercial operators sought to reroute or delay voyages. Oil trading was paused on Saturday and markets are scheduled to reopen Sunday evening. Key developments: - U.S. and Israeli attacks on Iran were followed by reported retaliatory strikes and official warnings about regional safety. - Shipping traffic through the Strait of Hormuz slowed as companies and the U.S. Department of Transportation advised vessels to keep clear. - Oil markets were closed on Saturday and were reported to be scheduled to reopen Sunday evening; the duration of any disruption is undetermined at this time. Summary: The slowdown affects a corridor that normally carries about one-fifth of the world’s oil and may reduce short-term flows and influence prices. Markets are set to reopen Sunday evening and the duration of any disruption is undetermined at this time.