Key Points
- The US striking Iran and Tehran closing the Strait of Hormuz raised oil prices.
- The price per barrel of Brent crude oil rose to 78.86 dollars with a 3.75 percent increase in Asian markets.
- West Texas Intermediate (WTI) oil price rose by 3.65 percent, reaching 74.02 dollars.
By the Numbers
3.75% Brent oil increase78.86 dollar Brent barrel price3.65% WTI increase74.02 dollar WTI barrel price
The attacks conducted by the US against Iran and Tehran's decision to close the Strait of Hormuz indefinitely led to a significant increase in international oil prices on Monday morning. The closure of this chokepoint, which is in a critical position for hydrocarbon trade, raised concerns over global energy supply.
With the opening of Asian markets, the price per barrel of Brent crude oil for September delivery increased by 3.75 percent, rising to approximately 78.86 dollars. Similarly, the American benchmark oil, West Texas Intermediate (WTI), gained 3.65 percent in value, reaching 74.02 dollars.
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Frequently Asked Questions
- Why is the Strait of Hormuz important for global oil trade?
- The Strait of Hormuz is considered one of the most critical and vital transit routes for world hydrocarbon trade.
- How much did the price of Brent crude oil increase at the opening of Asian markets?
- The price per barrel of Brent crude oil for September delivery increased by approximately 3.75 percent, rising to 78.86 dollars.
- What was the change in the price of the American benchmark oil WTI?
- The price per barrel of West Texas Intermediate (WTI) crude oil for August delivery gained 3.65 percent in value, rising to 74.02 dollars.
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Read the full story at the sourceenikos.grThis story across sources · 8 · 7 countries
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- Valor Econômico·
- Yahoo Sports·
- Oil prices rose more than 3 percent after the tension between Iran and the US over the Strait of HormuzThe Business Times SG (Tech)·
- iEfimerida·
- Malatya Güncel·
- Mega Channel·
- Haber7·
- Deccan Chronicle·
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