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Commodities

Oil Prices Rise Amid Strait of Hormuz Shipping Disruption

Guavy AI Editorial Team
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Oil
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The price of oil rose by 0.8% to $89.20 a barrel for Brent futures and 1% to $82.83 for US West Texas Intermediate after shipments through the Strait of Hormuz slowed significantly.

Only five commodity vessels crossed the strait on Saturday, while none did on Sunday, compared to 31 vessels during the previous weekend.

The disruption is significant as oil flows through Hormuz averaged 14.6 million barrels per day in the first quarter of 2026, down from 20.4 million barrels per day a year earlier.

US President Donald Trump urged Americans to accept higher gasoline prices while the conflict continues, according to Reuters.

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