Oil Prices Surge on Uncertainty Over Hormuz

Oil prices have reached their highest level in over three weeks as uncertainty surrounding the Strait of Hormuz and ongoing supply disruptions continue to affect the market.

Brent crude futures were up 18 cents, or 0.2%, at $91.20 this afternoon, while US West Texas Intermediate crude futures were 16 cents, or 0.19% higher at $85.10 a barrel.

The Strait of Hormuz remains a central concern for energy markets, carrying about one-fifth of global oil and liquefied natural gas supplies before the US-Israeli war on Iran began at the end of February.

Shipping uncertainty persists in the region, with most shipowners avoiding the waterway due to the ongoing tensions between the US and Iran.