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Oil Prices Increase 9% Following Reinstatement of Iran Naval Blockade

Oil Prices Increase 9% Following Reinstatement of Iran Naval Blockade

Oil prices surged by over 9% today (Monday) after the United States announced the re-imposition of a maritime blockade on Iran, amid escalating tensions between the two countries over navigation in the Strait of Hormuz. Brent crude rose by 9.6%, closing at $83.30 per barrel, while West Texas Intermediate increased by 9.4% to reach $78.14. This came after American airstrikes against Iranian targets in response to previous attacks on ships in the strait. Iran announced the closure of the strait until further notice, although the US leadership denied Iranian control over the strait and confirmed that maritime traffic continues legally.

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