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Commodities

Oil Prices Plummet 10% Amid Ongoing Hormuz Tensions

Guavy AI Editorial Team
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Oil
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Oil prices took a significant hit yesterday as concerns over the security of the Hormuz Strait persisted. The price drop was substantial, reaching around 10% in some markets.

The Hormuz Strait is a critical waterway that connects the Persian Gulf to the Gulf of Oman and has been a source of tension between major powers.

Markets South Africa (Pty) Ltd, which operates www.markets.com/za/, notes that trading Foreign Exchange (Forex) and Contracts For Difference (CFDs) carries a high level of risk.

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