Oil exceeds $95 after Iran closes Strait
Oil prices rose significantly after Iran announced the closure of the Strait of Hormuz to oil tankers in response to American airstrikes targeting sites in Iran. Brent contracts increased to $95.40, and US West Texas Intermediate (WTI) rose to $92.63. This came alongside a decline in US oil inventories by about 7.2 million barrels, reaching 426.5 million barrels for the week ending June 5, amid escalating military tensions between the United States and Iran.
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