Hormuz Uncertainty Sends Oil Prices Soaring

Oil prices surged on Wednesday to their highest levels in three weeks due to uncertainty over shipping through the Strait of Hormuz.

The Strait, which carried about one-fifth of global oil and liquefied natural gas supplies before the US-Israeli war on Iran began at the end of February, saw its disruption remain a central concern for energy markets.

Brent crude futures climbed 40 cents to $91.42, while U.S. West Texas Intermediate crude futures were up 37 cents to $85.31 a barrel.

The uncertainty was sparked by Iran's decision to move to a 'fully offensive' military posture due to the diplomatic stalemate, with no reports of strikes from either side on Tuesday.