Hormuz Crisis Sends WTI Prices Soaring by 12.89%

The price of WTI crude oil futures surged higher on Thursday, closing at $92.31 after a week that saw the contract rise by 12.89% or $10.54.

The significant jump in prices was fueled by escalating tensions in the Middle East, particularly with regards to shipping risks through the Strait of Hormuz and Saudi Arabia's alternate export route through the Red Sea.

Iran's Revolutionary Guards claimed control over the strait, effectively closing it off, while U.S. military action continued with strikes on Iranian targets. The market initially treated this tension as a diplomatic issue that could be resolved, but growing concerns about supply chain disruptions and tighter fuel markets pushed prices up.