The attack on four tankers in the Middle East Gulf is a grim reminder of the importance — and fragility — of oil shipments in the region. Up to 40% of the world’s crude moves through a nearby narrow waterway, the Strait of Hormuz.
After the attack, the price of Brent crude on global markets leapt 2% to nearly $72 per barrel, even as the US-China trade war escalated.
