Hormuz Tensions Push Oil Prices
Oil prices rose slightly as tensions in the Gulf escalated, with the United States and Iran expanding the scope of their attacks in the Middle East, leading to disruptions in the passage of oil shipments through the Strait of Hormuz. Brent crude increased by 0.14% to reach $88.17 per barrel, while West Texas Intermediate rose by 0.17% to $82.34 per barrel. The intensifying conflict included US attacks on Iran and Iranian confirmation of targeting ships that breach navigation rules in the region, amid a naval blockade imposed on Iranian ports. The crisis continues to escalate, with potential impacts on global oil supplies.
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