U.S. Crude Oil Prices Rise Amid Tensions in Strait of Hormuz
U.S. crude oil prices climbed near $98 per barrel as traders evaluated potential supply disruptions following attacks on ships passing through the Strait of Hormuz, a critical global shipping route for oil exports from the Middle East. U.S. West Texas Intermediate (WTI) futures rose by about 3% to close at $97.97 per barrel, supported in part by an inventory drawdown and geopolitical tensions involving Iran. Meanwhile, Brent crude prices fell slightly due to broader market dynamics. The attacks on a Singapore-registered ship heightened concerns over prolonged regional conflict and potential disruptions to oil supply chains. The U.S. military reportedly plans new strikes against Iran using its largest non-nuclear bomb, though President Trump has indicated he will not act before the November midterm elections. Analysts suggest that while tensions remain high, alternative shipping routes for Saudi crude and emergency stock releases are helping buffer prices from a sharp rise.
Topics: energy supply disruptions oil prices Strait of Hormuz attacks U.S.-Iran tensions
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