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Global oil prices climbed on Wednesday after deadly attacks on ships in the Red Sea and Gulf of Oman amplified concerns about the security of international shipping routes.
A shipping route, for readers unfamiliar with commodity markets, is the ocean corridor that tankers must follow to carry crude oil from the fields where it is pumped to the refineries and ports that receive it.
Threaten the route, and you threaten delivery. That is the chain the market priced on Wednesday.
Why these two waterways matter The Red Sea and Gulf of Oman are among the most trafficked maritime passages in the world for energy cargo.
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