Oil increases as Iran closes Strait of Hormuz
Reports indicate that oil prices rose by about two dollars per barrel today, Thursday, after Iran announced the closure of the Strait of Hormuz to oil carriers and commercial ships in response to U.S. airstrikes. This led to an increase in Brent crude futures to $94.80 per barrel and West Texas Intermediate to $91.95. Iran confirmed that ships attempting to pass would be met with gunfire, while the United States denied any of its ships being attacked. Both sides exchanged news of bombings and targeted strikes across the strait. This comes amid an escalation of military tensions between the U.S. and Iran, with ongoing mutual attacks and strikes. Additionally, the U.S. Energy Information Administration reported a significant decrease of 7.2 million barrels in oil inventories.
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