According to Al Jazeera, citing Iranian military sources, three British and American oil tankers were attacked in the Persian Gulf and Strait of Hormuz on March 2.
The UK Maritime Trade Operations (UKMTO) reported on March 2 that two vessels were struck by unknown projectiles and caught fire, while a third experienced an explosion from an "unknown projectile" in close proximity. All crew members were reported safe.
The attacks follow US-Israeli military strikes on Iran on Feb. 28, after which Iran's Islamic Revolutionary Guard Corps announced a ban on all vessels transiting the Strait of Hormuz. Multiple tanker owners and trading houses have suspended crude oil, fuel, and LNG shipments through the strategic waterway, raising concerns about disruptions to international crude supplies.
International crude oil futures surged dramatically on March 1, according to Xinhua News Agency. New York Mercantile Exchange light crude for April delivery briefly hit US$75.33 per barrel, a 12.4% increase from the previous close, while London Brent crude for May reached US$82.37 per barrel, up 13%. Some market analysts predict that severe, prolonged disruption of all traffic through the Strait of Hormuz could push oil prices above US$100 per barrel.
As Middle East geopolitical tensions drove safe-haven demand, international gold and silver prices also rallied. When trading opened for the new week on March 1, New York Mercantile Exchange gold futures for April delivery breached US$5,300 per ounce, briefly touching US$5,409, a gain of over 2%. Silver futures for May surpassed US$94 per ounce.
Market analysts suggest that if tensions escalate further, gold could reach US$5,500 to US$6,000 per ounce, with some projections indicating US$8,000 to US$8,500 should conflict spread and trigger broader regional instability. The geopolitical environment has elevated gold from a portfolio diversification tool to a critical risk management instrument.
(Source: Wen Wei Po)
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