Iran-US Tensions Push Oil Prices Toward $80 as Strait of Hormuz Remains Closed

Crude oil prices slipped lower on Monday morning, trading near $81.50 per barrel as tensions between Iran and the US continued to escalate.

The Strait of Hormuz remains largely closed, with only two vessels crossing it on Friday, down from over 130 daily before the conflict. This disruption has created significant uncertainty for global energy markets.

President Trump warned Americans to expect higher gasoline prices as a consequence of the conflict, which could become an increasingly important economic and political issue given the current inflation pressures.