Don't Panic, It's Just Exxon Valdez on Steroids

Tanker attacks in the Persian Gulf have caused a major oil spill, described as an "Exxon Valdez on steroids." This year, 119 ships have reported damage and 77 crew members have been killed or injured. In the first two weeks of October, at least 23 attacks occurred near the Strait of Hormuz. Brent crude is around $115 per barrel. VLCC daily rates have skyrocketed from $30,000 in early January to $1.3 million in October, hitting a record $1.4 million on October 8. The spill also threatens the water supply of Gulf countries that rely on desalination.