Oil prices rise as Strait of Hormuz tensions increase
pre-market1 source ↓written by the desknot a recommendation
- to settle above
- 1.3%
- per barrel
- $64
Oil prices increased as the US advised ships to avoid Iranian waters in the Strait of Hormuz, raising concerns over potential disruptions. West Texas Intermediate crude futures climbed 1.3% to settle above $64 per barrel, reflecting renewed risk premiums amid geopolitical tensions. This chokepoint is crucial, with about one-third of global oil passing through it.
Not investment advice. For informational purposes only.