Global oil prices surge as market anxieties grow over Strait of Hormuz
Oil prices continued to climb amid mounting concerns surrounding the opening of the Strait of Hormuz, Reuters reported on August 7.
Global oil prices have surged as market anxieties grow over the Strait of Hormuz, according to reports on August 7. Brent futures rose 80 cents, or 0.97%, to $83.29 a barrel, while U.S. West Texas Intermediate futures increased 64 cents, or 0.83%, to $77.93 a barrel. Analysts suggest that the recent events indicate that hostilities between Iran and the U.S. are not yet over.
Iran has proposed a draft plan for Hormuz transit conditions, which would ban U.S. and Israeli vessels and require "hostile" countries to pay a passage toll, ranging from 5% to 7% of the price of cargoes. However, the proposed deal is deemed unworkable due to U.S. sanctions and restrictive insurance clauses. U.S. President Donald Trump has warned Iran that the United States will destroy an Iranian bridge or power plant every time the country attacks a ship transiting the Strait of Hormuz.
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