Oil prices surge as much as 5% after Iran declares Strait of Hormuz is closed

🇺🇸 MarketWatch (US) —

AI Summary

Oil prices surged up to 5% amid escalating tensions between the U.S. and Iran, including Iran's closure declaration of the Strait of Hormuz. This development has significant implications for global energy markets and geopolitics.

The week is kicking off with fresh spikes for oil prices as the U.S. and Iran continued to exchange attacks.

World Politics Markets Commodities Energy Shipping oil prices Iran Strait of Hormuz U.S.-Iran tensions energy markets geopolitics shipping routes

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