Crude Oil Prices Rise Nearly 3% Amidst US-Iran Tensions in Strait of Hormuz
Summary
Crude oil prices rose nearly 3% amid escalating US-Iran tensions affecting shipping through the Strait of Hormuz, pushing Brent crude above $90 per barrel.
Key Points
- Crude oil prices increased by nearly 3% due to escalating US-Iran tensions in the Strait of Hormuz.
- Brent crude oil price surpassed $90 per barrel, the highest since June 11.
- American West Texas Intermediate crude reached $84.84 per barrel, its highest since June 12.
- The US and Iran have engaged in continuous maritime attacks impacting oil transportation in the Gulf region.
