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Commodities

Oil Prices Soar Amid Strait of Hormuz Vessel Attacks

Guavy AI Editorial Team
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Global oil prices surged on Wednesday following attacks on vessels in the Strait of Hormuz. According to an oil price survey, Brent and West Texas Intermediate (WTI) crude blends jumped to $92 and $85.90 per barrel respectively.

This represents a one percent increase on a day-to-day basis, continuing their four-day rally. The tensions in the Gulf region have led to a significant slowdown in shipping through the Strait of Hormuz.

Shipping data from Kpler revealed that just six commodity vessels passed through the strait on Tuesday, with some ships turning back due to controversy surrounding its blockade.

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