Tanker turmoil in Hormuz sends oil prices soaring

Oil prices jumped on Monday as the widening war in Iran disrupted tanker traffic through the Strait of Hormuz, highlighting how important the passageway is to the world’s oil supply. The Strait of Hormuz is the narrow mouth of the Persian Gulf through which about a fifth of the world’s oil passes. Tankers travelling through the strait, which is bordered in the north by Iran, carry oil and gas from Saudi Arabia, Kuwait, Iraq, Qatar, Bahrain, the UAE and Iran. Most of that oil goes to Asia.