Oil Prices Rise to Three-Week Highs as Iran War Keeps Strait of Hormuz Disrupted

TLDR

• Brent crude rose to $92.82 and WTI to $86.75, both hitting three-week highs
• Oil has gained for five straight sessions as the Iran war stalemate drags on
• Shipping through the Strait of Hormuz remains far below pre-war levels
• Trump threatened the “most crushing economic operation ever” against Iran
• The UAE suspended all financial and economic transactions with Iran

Oil prices climbed to their highest levels in three weeks on Thursday, with Brent crude rising 1.3% to $92.82 a barrel and West Texas Intermediate reaching $86.75. It marked a fifth straight session of gains for both benchmarks.

The rally is being driven by the ongoing war between the U.S. and Iran, which began with American and Israeli strikes on Iran on February 28. Since then, Iran has effectively blocked the Strait of Hormuz, cutting off a waterway that previously carried around one-fifth of the world’s crude supply.

BREAKING: President Trump posts an image claiming that the Strait of Hormuz is now "new US territory."

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