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Global oil prices rise as Iran-linked conflict escalates

Reported · Written up by our desk · Energy

Global oil prices moved higher as tensions linked to Iran deepened, raising concerns about disruptions to shipping lanes. According to the New York Times Business, the Houthis said they attacked two ships in the Red Sea, while Iran said a third vessel caught fire near the Strait of Hormuz.

The developments added to market focus on the Strait of Hormuz, a key chokepoint for crude supplies.

Latest closeWTI crude $87.52 ▲3.1%

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Sources

NYT BusinessGlobal Oil Prices Rise as Conflict With Iran Deepens

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