At the intersection of geopolitical conflict and ecological catastrophe, the world's energy markets are being asked to price something that resists easy calculation: uncertainty itself. A sanctioned Russian tanker, grounded off Oman since late June, has been bleeding crude into waters that shelter endangered whales and seabirds, while five months of maritime attacks have quietly strangled one of the planet's most vital shipping corridors. Brent and WTI crude both rose sharply Thursday, not merely because of what has been lost, but because no one can yet say when the losing will stop.
Oil surges on Oman spill and Red Sea shipping threats
Oil spill threatens endangered Arabian Sea humpback whales and Socotra cormorants near Oman's coastline; deadly vessel attacks reported in Gulf of Oman and Red Sea.