Oil prices jumped to a five-month high this morning after the US struck Iran’s nuclear facilities and Iran’s decision to close the Strait of Hormuz. The price of the benchmark Brent Crude rose more than 2 per cent, climbing to over 79 dollars a barrel, while the WTI Crude was trading near 75 dollars a barrel, up by over 2 per cent.
Brent crude prices surged as much as 5 per cent. However, prices could not be sustained at those levels and pared the early advance almost immediately. Crude oil prices extended gains for a third straight week amid rising geopolitical tensions.
Closure of the Strait of Hormuz, the world’s most critical oil and gas shipping route, represents a potentially catastrophic escalation that could trigger global economic chaos. Global oil prices have jumped to their highest level since January.
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