A new strong surge is being recorded in oil prices, as the market reacts to reports that Iran has proceeded to close the Strait of Hormuz, in the aftermath of the military conflict raging in the Middle East.
Brent crude oil futures contracts increased by 2.47% to $95.40 per barrel, while American crude West Texas Intermediate (WTI) rose 2.89% reaching $92.63.
This development reflects market concerns about potential disruptions to global energy supply, as the Strait of Hormuz constitutes one of the most important oil transportation channels internationally.
