Iran Has Seized Two Tankers in the Strait of Hormuz, Oil Prices Spike – Inflation Is Coming on 2019

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Actually , The Story began with UK’s seizure of Iranian-flagged ship in Gibraltar. The tanker was carrying 2 million barrels of crude to Syria. Iran has demanded that the vessel be returned, arguing that it is not subject to EU sanctions on exporting oil to Syria.
This week, the Royal Navy sent a third warship to the Persian Gulf as a security escort for civilian vessels.

Here’s what we know and what happens in the Strait of Hormuz

Stena Impero, a United Kingdom flagged tanker, left Houston laden with ethanol in May 2019.
It discharged in India in early June and arrived on Tuesday in Fujairah.
It left today signaling for Jubail, Saudi Arabia
At about 15:17 UTC, the vessel took an abrupt turn North

Liberian-flagged very large crude carrier Mesdar loaded in March 2019 with the 1.9mn barrel of Saudi Arabia crude.
It discharged in China on April 2019 and sat empty off Singapore. In early this month, it left for the Arab Gulf.
At about 16:30 UTC, it made an abrupt turn north from and crude carrier Mesdar is now in Iranian waters.

Tensions have been high since June.
Incidents in the Persian Gulf, Gulf of Oman and Strait of Hormuz last 7 days:

A Panamanian-flagged oil tanker, MT Riah stopped transmitting its location on Sunday near Qeshm Island, which has a Revolutionary Guard Corps base stationed on it.

The US Navy destroyed an Iranian drone on Thursday after it refused to back down.

and now Iran announces capture of United Kingdom-flagged oil tanker

US officials have confirmed Iran captured the UK vessel. Iran’s PressTV has also reported that the Islamic Revolutionary Guard Corps took control of the British-flagged Stena Impero.

The vessel had taken a very sudden turn into Iranian waters despite her original destination being Saudi Arabia, according to data relayed by maritime tracking services.

Iran has seized two tankers. it is matter to us because Around 30% of global oil production passes through the narrow passage. it’s the only way to ship oil out of the Gulf.
Oil prices do have an impact on the U.S. economy. High oil prices also hit businesses and consumers with higher transportation and manufacturing costs. Lower oil prices hurt the unconventional oil activity.

Twenty million barrels of crude per day are produced in the Persian Gulf. The conflict could prompt the closure of the Strait of Hormuz, through which one-third of the world’s seaborne oil passes.
Most analysts fear that with tensions so high and no diplomatic channel of communication, a mere miscalculation could set off a serious conflict.

Since oil seems to raise costs for every participant in the economy it has an inflationary effect over the long term.

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Report Date: July 2019

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