U.S. crude futures hit $82.40

Oil prices rose significantly due to increasing geopolitical tensions and the threat of supply shortages. The futures contracts for U.S. crude oil increased by 1.42%, reaching $82.40 per barrel, while Brent crude rose by 7.76% to $102.59 per barrel. This surge followed statements from U.S. President Donald Trump about imposing a naval blockade on the Strait of Hormuz, heightening fears of a global supply disruption. Additionally, the declining value of the dollar made oil priced in U.S. currency more attractive to buyers. West Texas Intermediate (WTI) crude also hit its highest trading level at $105.25, driven by rising global demand and declining inventories.

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