Petrol Price Increases? Oil Prices Surge After US Strikes On Iran Luke Ayling [VTH4C3P57BT]

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Petrol Price Increases? Oil Prices Surge After US Strikes on Iran

Global oil prices surged to a one-month high after the United States reimposed a naval blockade on Iran, raising concerns over disruptions to energy supplies through the Strait of Hormuza key route that handled around 20% of the world's oil shipments before the conflict. Brent crude climbed 1.7% to settle at $84.73 per barrel, while U.S. West Texas Intermediate (WTI) rose 1.5% to $79.34 per barrel, marking their highest intel closing levels in over a month. Market analysts say renewed US-Iran hostilities, including fresh overnight US airstrikes and the reinstated blockade, have heightened fears of prolonged supply disruptions, pushing oil prices higher and increasing uncertainty across global energy markets.

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