US sanctions on Russia and a crisis in Iran caused a strategic Strait of Hormuz blockade, spiking global oil prices.
5 reports, 3 independent
Updated Jul 14
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What happened
US sanctions on Russia and a crisis in Iran caused a strategic Strait of Hormuz blockade, spiking global oil prices.
Who's involved
What this event is mainly aboutHow it developed
Newest first. Tap a step to see who reported it.- Amid global tensions, the US has been purchasing record volumes of Russian fertilizers, fueling global food security concerns.Sub-event
- The closure of the Strait of Hormuz amid the Iran war, coupled with drone campaigns against Russian oil refineries, is tightening international markets.Sub-event
Sanctions impact on Russian oil capacity and renewed threats in the Gulf are monitored.1 source
US reinstated oil sanctions on Russia while Iran's blockade of Hormuz caused global oil price spikes.1 source
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The entities involved
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Iran
village in North Ossetia, Russia
Related events
- Escalation risk mounts as military strikes and failed talks heighten tensions between the US and Iran over the critical Strait of Hormuz oil passage.
- Attacks on oil tankers occurred in the Strait of Hormuz, accompanied by advice to implement a naval blockade to force talks.
- Trump administration struck a major deal with Venezuela, ongoing US-Iran developments continue, and Ukraine attacks Russian oil refineries.
- The U.S. has imposed sanctions and tariffs on Iran.
- The crisis stemming from the Iran conflict and Strait of Hormuz closure is now causing major logistical problems for the global aluminum market.