Oil prices surge to $109/barrel as Strait of Hormuz tensions worsen
Global crude oil prices jumped over the weekend amid heightened tensions in the Strait of Hormuz. Checks by DAILY POST on Sunday showed that Brent and West Texas Intermediate, WTI, crude rose to $109.90 and $101.40 per barrel, respectively. This means that Brent and WTI crude prices surged by 3.71 per cent and 3.51 per […] Oil prices surge to $109/barrel as Strait of Hormuz tensions worsen
Global crude oil prices surged over the weekend as tensions escalated in the Strait of Hormuz. On Sunday, checks indicated that Brent and West Texas Intermediate, WTI, crude prices reached $109.90 and $101.40 per barrel, respectively. This represented a 3.71% and 3.51% increase for Brent and WTI crude prices, respectively. The surge in prices occurred following the explosions of two oil tankers that collided with a landmine in the Strait of Hormuz.
Iran’s Islamic Revolutionary Guard Corps confirmed the explosions, asserting that the Strait of Hormuz was still blocked. Heightened uncertainty surrounding the Strait of Hormuz has aggravated global crude oil supply concerns, contributing to record-high domestic petroleum product prices. In Abuja, petrol prices are currently hovering between N1,370 and N1,420 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.
