Oil Prices to Reach $100 Again

Oil prices rose by more than two dollars per barrel after Iran announced the closure of the Strait of Hormuz to oil tankers, following U.S. strikes on targets in Iran. Brent crude futures increased by 2.47% to reach $95.40, and West Texas Intermediate crude rose by 2.89% to hit $92.63, amid military escalation and expectations of a rise above $100 due to fears of a complete closure of the strait. The Iranian military also declared that ships attempting to pass would be fired upon, while U.S. forces continued to carry out strikes on Iranian targets.

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