Oil prices have risen as the US and Iran intensify their attacks across the Gulf, limiting oil flows out of the Strait of Hormuz. Tehran has also asked the Houthi movement to stand ready to shut the Red Sea export route.
Impact on Oil Prices
Brent crude futures rose $1.05, or about 1.25%, to $85.28 a barrel, while US West Texas Intermediate futures rose $1.03, or 1.3%, to $79.98 a barrel. Both benchmark contracts have climbed nearly 12% this week.
International Energy Agency Executive Director Fatih Birol expressed concern over the situation, stating that oil security is still a critical issue and that the situation needs to improve in the next few weeks.
Original reporting: Appleton, WI News Feed (HLL/CB) — read the source article.
