New york: US crude oil jumped more than 7% after the closure of the Strait of Hormuz. Brent crude futures, the global oil benchmark, rose 7.26% or $6.56 to $94.94 per barrel in early Monday morning trading. West Texas Intermediate futures surged 7.24% to $89.92.
According to Emirates News Agency, the closure of the Strait of Hormuz has led to significant disruptions in oil supply chains, causing a sharp increase in oil prices. The Strait of Hormuz is a critical waterway through which a substantial portion of the world's oil supply is transported.
The impact of this closure on global markets has been immediate, with traders reacting to the potential for prolonged supply constraints. Market analysts are closely monitoring the situation, as continued disruption in the Strait of Hormuz could lead to further volatility in oil prices in the coming weeks.
