Iran Threatens to Keep Strait of Hormuz Closed Amid Ongoing Tensions
Oil prices rose to their highest levels in over a week as concerns about Middle East supply disruptions persisted due to ongoing tensions between the US and Iran.
The Strait of Hormuz, through which around 20% of global oil supply passes, will remain closed as long as the US does not change its behavior and accept Iran's conditions to end the conflict, according to Mohsen Rezaei, secretary of Iran's Supreme National Security Council.
Brent futures rose $1.19, or 1.4%, to settle at $88.91 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.07, or 1.3%, to settle at $83.20.
The US Energy Information Administration reported that some producers in the Middle East may struggle to restore oil output to pre-conflict levels by the end of 2027, even if trade patterns return to normal by early next year.