Strait of Hormuz shock: Oil and shipping costs surge as Iran warns ships could be set ablaze
Oil and gas prices surged as the Strait of Hormuz stayed closed for a fourth day following Iranian attacks, stranding tankers and driving freight rates to records. Marine insurers canceled war-risk cover, and Qatar halted LNG output after drone strikes, tightening global supplies. India and China sought alternatives as container lines suspended Middle East bookings. Brent crude jumped 7.8% to $83.79 a barrel.