Commodities
US-Iran Conflict Ignites Oil Price Spike Amid Strait of Hormuz Volatility
The ongoing conflict between the US and Iran has reignited, sending oil prices soaring to over $90 per barrel. The Strait of Hormuz, a critical energy transit chokepoint, remains a key variable in the market's volatility.
Oil prices rose by 1% on Wednesday after the latest round of attacks, with Brent Crude futures settling at $95.63 per barrel and West Texas Intermediate crude closing at $91.01 per barrel.
Mark Schaefer, a director at energy brokerage Liquidity Energy, noted that the renewed fighting represents 'a significant escalation in the conflict.'
The Strait of Hormuz has seen a sharp decline in vessel traffic, with only four commodity vessels transiting the waterway on Tuesday, down from 10 the previous day.