Explainer: Why Strait of Hormuz tensions are pushing oil prices higher

Oil prices climbed to a four-week high of $87 a barrel on Tuesday, reviving concerns over market volatility linked to tensions in the Strait of Hormuz. The waterway, which handles roughly 20% of global oil and liquefied natural gas supplies, has seen repeated price swings since fighting between Iran, the US and Israel began earlier this year, with crude briefly surging above $120 a barrel. A June memorandum between Washington and Tehran had eased prices to around $80, but renewed fighting now threatens fresh disruptions to food, fertiliser and medicine supply chains worldwide. Al Jazeera’s Um-e-Kulsoom Shariff reports. Subscribe to our channel: bit.ly
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