Global oil price rises sharply after vessel attack at Strait of Hormuz
Global oil prices surged sharply as attacks on vessels in the Strait of Hormuz slowed shipping in the Middle East region. An oil price survey showed that Brent and West Texas Intermediate, WTI, crude blends jumped to $92 and $85.90 per barrel, respectively, at the time of reporting on Wednesday. This means that, on a […] Global oil price rises sharply after vessel attack at Strait of Hormuz
Global oil prices experienced a sharp increase following recent attacks on vessels in the Strait of Hormuz, causing disruptions to shipping in the Middle East region. According to an oil price survey, the Brent and West Texas Intermediate, WTI, crude blends rose to $92 and $85.90 per barrel, respectively. This marked a one percent increase on a daily basis, continuing a four-day upward trend.
Shipping-tracking data from Kpler revealed that only six commodity vessels successfully navigated the Strait of Hormuz on Tuesday amidst heightened tensions in the Gulf region. Some ships reportedly turned back due to controversy surrounding the area's blockade. Despite United States President Donald Trump declaring the Strait of Hormuz open, Iran claims it remains closed, negatively impacting both global and domestic oil prices.
Meanwhile, Dangote Refinery's recent reduction of its gantry premium motor spirit, PMS price to N1,165 per litre has led to a decrease in retail pump prices in Abuja and its surrounding areas, now ranging between N1,210 and N1,275 per litre.
Written by urgent.news from Daily Post Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
