Commodities
Crude Oil Price Hikes Amid Hormuz Tensions as Demand Weighs
The price of crude oil rose on Monday as tensions between the US and Iran intensified, but market participants are increasingly concerned about weakening demand.
Brent crude futures climbed as much as 1% to $89.40 a barrel, while West Texas Intermediate (WTI) rose to $82.83.
The sharp slowdown in tanker traffic through the Strait of Hormuz is putting upward pressure on prices, but traders are also pricing in a weaker demand outlook.
The International Energy Agency (IEA) now expects global oil demand to decline by 1.6 million barrels per day in 2026, a larger contraction than previously projected.