U.S. oil price jumps more than 3% as Iran controls access through Strait of Hormuz
Oil prices surge as Iran tightens control over key shipping route.
Oil prices surged on Thursday as tensions escalated between the U.S. and Iran, with Iran asserting control over the Strait of Hormuz despite a fragile ceasefire agreement. U.S. West Texas Intermediate crude futures rose more than 3% to $97.97 per barrel, while Brent crude also saw gains. The situation is complicated by Iran's accusations that the U.S. has violated the ceasefire terms, particularly regarding Israeli military actions in Lebanon.
Key Takeaways
- 1.
U.S. West Texas Intermediate crude rose over 3% to $97.97 per barrel.
- 2.
Iran claims the U.S. violated a ceasefire, escalating tensions in the region.
- 3.
The Strait of Hormuz remains restricted, affecting global oil shipping.
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