Brent Crude Price Hits $83 Amid Strait of Hormuz Uncertainty
The price of Brent crude oil has climbed above $83 as uncertainty continues to surround the reopening of the Strait of Hormuz.
The Strait, a critical shipping lane for global energy supplies, was closed briefly in 2021 due to heightened tensions between Iran and the US.
The latest development has sent shockwaves through the energy markets, with Brent prices rising as a result.