Oil Prices Surge Amid Escalating Tensions in the Strait of Hormuz

Oil prices rose by nearly 1% on August 14 after Iran and the US attacked tankers in the Strait of Hormuz, according to Reuters.

The Brent variety from the North Sea, which is a reference for Europe, added 0.97% to $97.21 per barrel as of 10:30 Bulgarian time, while the US light crude oil WTI rose by 0.64% to $92.05 per barrel.

Last week, Brent rose by 7.8%, and the American benchmark by nearly 10%, after Iran and the United States resumed attacks and caused a reduction in the transportation of raw material through the Strait of Hormuz, which accounts for nearly a fifth of the world's oil market.

Investors are now monitoring consumer and producer prices in the US, the meeting of the European Central Bank (ECB), signals from the 'Bank of Japan', and data on trade and inflation in China, as well as geopolitics between the United States and Iran.