Oil prices surge as US reinstates Hormuz naval blockade
after close1 source ↓written by the desknot a recommendation
- as tensions escalate
- $85/bbl
- for vessel escorts
- 20% fee
Oil prices have surged, with Brent crude now above $85/bbl as tensions escalate in the Strait of Hormuz. The US has reinstated a naval blockade on Iranian shipping, charging a 20% fee for vessel escorts. This follows recent military strikes by the US on Iranian targets, intensifying market volatility.
Not investment advice. For informational purposes only.