Commodities
Iran's Strait of Hormuz Stalemate Sends Oil Prices Soaring
US oil prices surged nearly 2% on Tuesday after Iran announced it would not reopen the Strait of Hormuz until its conditions are met.
The move has led to expectations that the conflict is at a stalemate, causing investors to react with a sharp increase in crude oil futures.
September West Texas Intermediate (WTI) crude oil futures rose $1.32, or 1.61%, to $83.45 per barrel on the New York Mercantile Exchange.
This week's increase has pushed US oil prices up 11%, and they have rocketed a staggering 45% year-to-date.