Commodities
Oil Prices Skyrocket Amid Strait of Hormuz Tensions
Oil prices have surged nearly 4% as markets continue to monitor developments in the Strait of Hormuz, leading to a volatile run. This increase comes despite global stock markets experiencing a mixed day before the announcement of key United States employment data.
The main oil contracts rose with Brent crude being one of them, adding nearly 4%, while the main US contract saw a similar rise. Traders are keeping a close eye on the Strait of Hormuz as tensions in the region remain high.