by Michael Snyder,The Economic Collapse Blog:
If you have not already done so, I would recommend filling up your vehicle, because it looks like the price of gasoline is going to go much higher. At the very beginning of this war with Iran, the price of oil didn’t rise too much because many investors were anticipating a quick victory over Iran. But now it has become exceedingly clear that there will be no quick victory, and the price of oil is spiking dramatically. Unless something really crazy happens, this is going to be an extended conflict, and that means that the flow of oil out of the Middle East will not return to normal for quite some time.
TRUTH LIVES on athttps://sgtreport.tv/
Accordingto CNBC, the Iranians just hit another oil tanker with a missile…
Iran claimed to have struck an oil tanker with a missile, according to a state media report. Iran’s Revolutionary Guard ordered a closure of the Strait of Hormuz earlier this week and threatened to attack tankers passing through it, according to state media.
The British Navy on Thursday reported a large explosion at a tanker at anchor in Iraqi territorial waters. The ship’s master reported seeing a small vessel flee the scene. The crew is safe and no fires were reported.
The Iranian side of the Strait of Hormuz is absolutely teeming with anti-ship missiles.
Until something is done about that, traffic through the Strait of Hormuzwill continue to be paralyzed…
“You’ve essentially had the Strait of Hormuz grind down to a halt,” explained Matt Smith, an analyst at Kpler, a data and analytics firm.
He said the slowdown isn’t necessarily because Iran has formally closed the waterway, though Tehran has threatened to, but because shippers are weighing the risk of missile or drone strikes in the narrow corridor.
Source: SGT Report
