Crude Prices Rise Due to Continued Closure of Strait of Hormuz
Crude oil and gasoline prices surged as the Strait of Hormuz remains closed due to stalled US-Iran peace talks, tightening global oil supplies. June WTI crude oil reached a 2-week high, while gasoline hit a 3.75-year high. The US has signaled it will maintain a naval blockade of Iran, contributing to the price increase.
Topics: Crude Oil Prices EIA Inventory Report Global Energy Crisis Strait of Hormuz Closure US-Iran Relations