Oil price today: Crude tops $85 a barrel as US restores Strait of Hormuz blockade
Oil prices rose above $85 per barrel following the U.S. decision to reinstate a naval blockade in the Strait of Hormuz amid escalating conflict with Iran. The situation has led to direct military engagements and concerns over global energy supply security.
Why it matters
Geopolitical instability in the Strait of Hormuz is a critical factor for global energy markets and international trade routes.
Oil prices surged beyond the $85-a-barrel mark on Wednesday as the Middle East once again got embroiled in conflict. Energy supply concerns intensified after the United States reinstated a naval blockade on Iran and fighting between Washington and Tehran escalated, raising fears over crude supplies moving through the Strait of Hormuz.Brent crude and US West Texas Intermediate (WTI) both extended gains for a second consecutive session. Brent crude futures were up $1.01, or 1.19%, at $85.74 a barrel, while WTI gained $0.75, or 0.95%, to $80.09 a barrel.
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