Crude Oil Prices Rise Amidst Strait of Hormuz Tensions and Failed Negotiations
Summary
Crude oil prices rose in the international market as hopes for a deal to reopen the Strait of Hormuz faded amid continued attacks on ships in West Asia. Brent crude climbed above 2 percent to nearly $90 per barrel as shipping through the waterway remained sharply reduced.
Key Points
- Brent crude rose more than 2 percent, nearing $90 per barrel, as tensions around the Strait of Hormuz weighed on markets.
- Hope for a reopening deal has weakened as negotiations stall and attacks on ships continue in West Asia.
- The Yemeni government said six people were killed in a Houthi missile attack on a commercial ship in the Bab al-Mandab Strait.
- Traffic through the Strait of Hormuz has dropped sharply, with only 10 ships passing on Monday compared with about 135 before the war.
