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Oil increases over two dollars on supply concerns
Oil prices rose by more than two dollars per barrel amid fears of disruptions to global supplies due to tensions between the United States and Iran. Hostile statements, including Trump's threat to bomb Oman and increased tensions in the Strait of Hormuz, pushed the prices of Brent crude to around $90.87 per barrel and West Texas Intermediate to $84.50. The market anticipates that prices will continue to rise if tensions persist or if shipping routes in the Strait of Hormuz are closed, with U.S. oil inventories declining to their lowest levels in over 40 years, while negotiations between Iran and Oman regarding the management of the Strait of Hormuz continue.
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