Oil Prices Soar on Strait of Hormuz Concerns Following Trump Statements

Oil prices are rising due to concerns that the restoration of supplies through the Strait of Hormuz could be delayed further after US President Donald Trump's statements.

The rise in oil prices comes as Brent crude oil futures for November delivery have increased by $2.94 (2.82%) to $107.26 per barrel on the ICE Futures stock exchange in London, while WTI crude oil futures for November delivery have risen by $1.71 (1.85%) to $94.12 per barrel in online trading on the New York Mercantile Exchange (NYMEX).

According to the source, these increases are a result of concerns over the potential delay in restoring supplies through the Strait of Hormuz.