Oil Prices Soar as Strait of Hormuz Remains Closed
The price of oil has surged in recent days, causing concern for consumers and sending energy stocks higher. Fox Business anchor Liz Claman reported on the latest developments, noting that Iran's continued closure of the Strait of Hormuz is a major factor driving up prices.
Citing the current aftermarket prices, Claman stated that crude oil has gained 4.7% while Brent is up 4.5%. Heating oil is also rising, with a gain of around 7% in the dead of summer, making it 'a little worrisome' for consumers.
The Strait of Hormuz remains closed despite President Donald Trump's assurance last week that it would open within a day or two. In response to this situation, Trump has shifted his strategy from military strikes on Iran to imposing sanctions and 'semi-negotiating' with them.