Oil prices touch six week high as Strait of Hormuz is 'completely closed'

🇮🇳 The Times of India (IN) —
Oil prices touch six week high as Strait of Hormuz is 'completely closed'

AI Summary

Oil prices rose to a six-week high as the Strait of Hormuz was reportedly 'completely closed,' escalating Middle East regional conflict. Attacks on oil tankers and naval blockades by Iran's Revolutionary Guards and Houthi forces raised global energy supply concerns.

Crude oil prices surged as Middle East conflict escalated on Thursday. Brent crude rose above $96 a barrel and WTI climbed past $88. Fresh attacks on oil tankers in the Red Sea fueled supply concerns. Iran's Revolutionary Guards claimed control of the Strait of Hormuz. Houthi naval blockades further amplified worries over global energy shipments.

World Security Conflict Politics Markets Commodities Energy Shipping oil prices Strait of Hormuz Middle East conflict Iran Houthi naval blockade energy supply oil tankers Brent crude

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