Bloomberg reported on a businessman who made money on the closure of the Strait of Hormuz

Korean billionaire Ga-Hyun Chong's income has skyrocketed amid the conflict in the Middle East and the closure of the Strait of Hormuz. This was reported by Bloomberg on March 14.

A few weeks before the war, his company Sinokor transferred at least six empty supertankers to the Persian Gulf. After exports across the strait collapsed and regional storage facilities filled up, Sinokor began leasing vessels to store raw materials for $500,000 per day. This is almost 10 times more expensive than a year ago.

According to brokers, by the end of February, the company already controlled about 150 supertankers — almost 40% of ships that were not under sanctions and were not moored.

Doomsday Reserves: Will the US strategic reserves save the oil market

It is possible to bring down panic with interventions, but prolonging the war will lead to higher prices

The press service of the Islamic Revolutionary Guard Corps (IRGC) announced on March 11 that Iran would not allow any oil tankers related to the United States and its allies to pass through the Strait of Hormuz. The IRGC also reported that an Israeli ship flying the Liberian flag was attacked in the morning, ignoring warnings.

Sabereen News agency reported on March 11 that a tanker was attacked off the coast of Iraq, and a fire broke out. Later, Iraqi analyst Salman Haider posted on the social network X (ex. Twitter) that the Iraqi Navy rescued the ship's crew.

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