Oil prices rise and countries scramble as Strait of Hormuz shipping is disrupted

A major disruption to shipping through the Strait of Hormuz, a critical waterway for global oil supplies, has caused oil prices to rise above $105 a barrel. In response, countries like Japan are trying to increase imports from other sources, such as the United States, while others are urging a faster switch to alternative fuels like piped natural gas.

Iraq has declared force majeure on some foreign-operated oilfields because it can't export the oil, and a UK report calls for more gas storage due to the crisis. Reports also indicate Iran has been paid for safe passage of tankers and is considering an additional surcharge.