Despite Israel and Iran volleying missiles and bombs at one another over the weekend, Brent crude futures showed a surprisingly muted reaction Monday morning, initially gapping higher Sunday evening but flat to down.
Goldman Sachs analyst Ananya Prakash added color about the market's restrained response, telling clients the "situation feels relatively contained" for now, with attention centered on potential supply disruptions—particularly the extreme scenario of Iran moving to close the Strait of Hormuz.
Bloomberg reports a surge in GPS jamming around the Strait of Hormuz, scrambling navigation for more than 900 vessels and hinting at a new form of disruption for the world's most critical maritime chokepoint.
Here's more from the report:
±Starboard Maritime Intelligence and Bloomberg data showed vessels sailing impossibly straight lines in the region, zig- zagging across the water, or appearing onshore. The glitches — which have affected oil tankers, cargo ships, tugs and fishing boats among others since Friday — increase reliance on radars, compasses and eyesight, boosting the likelihood of collisions.
The Joint Maritime Information Center, an international naval task force monitoring the area, warned on Sunday that there are instances of "extreme jamming" of signals from the Iranian port of Bandar Abbas.
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>Despite Israel and Iran volleying missiles and bombs at one another over the weekend, Brent crude futures showed a surprisingly muted reaction Monday morning, initially gapping higher Sunday evening but flat to down.
>Goldman Sachs analyst Ananya Prakash added color about the market's restrained response, telling clients the "situation feels relatively contained" for now, with attention centered on potential supply disruptions—particularly the extreme scenario of Iran moving to close the Strait of Hormuz.
>Bloomberg reports a surge in GPS jamming around the Strait of Hormuz, scrambling navigation for more than 900 vessels and hinting at a new form of disruption for the world's most critical maritime chokepoint.
>Here's more from the report:
>±Starboard Maritime Intelligence and Bloomberg data showed vessels sailing impossibly straight lines in the region, zig- zagging across the water, or appearing onshore. The glitches — which have affected oil tankers, cargo ships, tugs and fishing boats among others since Friday — increase reliance on radars, compasses and eyesight, boosting the likelihood of collisions.
>>The Joint Maritime Information Center, an international naval task force monitoring the area, warned on Sunday that there are instances of "extreme jamming" of signals from the Iranian port of Bandar Abbas.
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