Oil prices touch six week high as Strait of Hormuz is 'completely closed'
Crude oil prices have reached a six-week high following the complete closure of the Strait of Hormuz amid escalating tensions between the US and Iran. The conflict has disrupted shipping routes and triggered concerns over global energy supply stability.
Why it matters
A closure of the Strait of Hormuz is a major geopolitical event that threatens global energy markets and could lead to significant inflationary pressure on fuel prices.
Crude oil prices jumped to six week high on Thursday, with Brent rising above the $96-a-barrel mark and US benchmark WTI climbing past $88, as the Middle East conflict showed no signs of easing. Brent crude gained $1.93, or 2.05%, to trade at $96 a barrel, while West Texas Intermediate (WTI) advanced $1.41, or 1.62%, to $88.24.The gains came after oil prices had surged more than 3% in the previous session, pushing Brent to its highest level since June 8. Fresh attacks on oil tankers in the Red Sea further fuelled concerns over global energy supplies.Investor focus remained on the escalating conflict after the US military carried out a twelfth straight night of strikes on Iran.
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