Oil Market’s ‘Worst Fears’ Are Here as Gulf Conflict Hits Hormuz

The oil market’s nightmare scenario came true this weekend. Now the race is on to deal with it.

After tanker traffic through the Strait of Hormuz chokepoint largely came to a halt, the crucial question now is what it will take for the growing flotilla of vessels hovering near the entrance to the waterway to sail again — and how soon?

Iran said on Sunday the strait remains open, but it also said it attacked three oil tankers over the course of the day. A self-imposed pause is in place from shipowners and traders as the conflict spreads and ...