Oil Prices Surge as Trump Threatens Iran Over Strait of Hormuz Disruptions
Oil prices have risen as President Trump's latest threat to Iran has raised concerns about supply security.
The price of Brent crude oil is now at $91.48 per barrel, with West Texas Intermediate trading at $86.97 per barrel, both up by over $1 per barrel from Monday's levels.
This comes after Trump stated that the US was ready to 'smack' Iran if necessary, following the first exchange of fire in weeks.
Despite satellite tracking firms suggesting oil flowing through the Strait of Hormuz is around 6 million barrels per day, this is well below pre-conflict levels.
Analysts warn that further escalation could put oil flows under renewed pressure, with US inventories nearing minimum levels and China's ability to keep imports low being tested as seasonal demand picks up.