Brent crude oil rises 5% on escalation in Strait of Hormuz

© изображение сгенерировал ИИ

Brent crude oil prices have risen again amid market concerns over a new escalation in the Middle East conflict, according to data from the London-based ICE Futures exchange.

On April 20, June futures for Brent crude gained 5.48%, reaching $95.33 per barrel. Last week, these contracts fell by 9.07%, dropping to $90.38 per barrel.

Meanwhile, June futures for WTI crude on the New York Mercantile Exchange rose by 5.98%, reaching $87.53 per barrel after a 9.4% drop to $82.59 per barrel on Friday.

• The increase in oil prices is attributed to escalation in the Strait of Hormuz. As reported by U.S. President Donald Trump on Truth Social, U.S. military forces intercepted an Iranian cargo ship, Touska, in the Gulf of Oman, attempting to breach an American naval blockade: “The Iranian crew refused to comply (with warnings from the destroyer), so our ship stopped them on the spot, putting a hole in the engine room.”