Oil Prices Surge as Strait of Hormuz Tensions Persist

Deep News04:20

Oil prices have risen, with the lack of substantial progress in restoring energy transport through the Strait of Hormitz reigniting market concerns over heightened global supply disruptions. WTI closed above $105 per barrel, while the global benchmark Brent closed above $109 per barrel. Given the fragile nature of the ceasefire agreement, traders remain vigilant about the potential for renewed hostilities between the U.S. and Iran. Following reports of vessels being seized near the Strait of Hormitz, shipping traffic through this critical waterway has decreased once more. WTI has gained over 10% this week, and Brent has risen 8% this week. Brent has now closed above $100 per barrel for the fourth consecutive week. June WTI climbed 4.2%, settling at $105.42 per barrel. July Brent increased 3.4%, settling at $109.26 per barrel.

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