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Oil rises more than 2% on Strait of Hormuz shipping fee plans
CNBC reports the move follows a U.S. plan to impose shipping fees in the Strait of Hormuz, raising worries about oil supply through the chokepoint.
Oil prices rose more than 2% on Tuesday, supported by renewed supply risk concerns tied to the Strait of Hormuz, according to CNBC Markets.
The outlet linked the gain to plans announced by U.S. President Donald Trump to impose shipping fees in the strait, a move that could raise costs and disrupt flows through the key Middle East energy route.
CNBC said the development is adding to broader worries about how easily oil can move from the region, helping lift prices during the session.
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