Tehran (Lord Media): Global oil prices have surged following Iran’s announcement to close the Strait of Hormuz amid escalating tensions in the region after U.S. attacks.
According to international news agencies, investors increased oil purchases due to concerns over energy supply following Iran’s announcement, causing Brent crude oil prices to rise by 2.30 U.S. dollars, reaching 95.40 U.S. dollars per barrel.
Meanwhile, the price of U.S. West Texas Intermediate crude oil increased by 2.60 U.S. dollars, reaching 92.63 U.S. dollars per barrel. Trade data indicated that U.S. crude oil futures saw an increase of over 3 U.S. dollars during early trading.
Experts state that the Strait of Hormuz is a critical maritime route for global energy supply, providing oil to a significant portion of the world. Any disruption can have an immediate impact on the global economy.
Analysts warn that if tensions in the region escalate further or maritime transport through the Strait of Hormuz is affected, oil prices could rise further, impacting economies worldwide.
