Oil prices witnessed a noticeable rise today, Thursday, due to growing concerns about the possibility of the closure of the Strait of Hormuz continuing for a longer period. This concern is due to the impact of the ongoing war between the United States and Israel on the one hand and Iran on the other hand, which hinders the movement of oil and gas from the Middle East region. In addition, supply remains limited as a result of reduced production levels.
By 0141 GMT, the price of Brent crude oil rose by $1.67, or 2.05%, to reach $83.07 per barrel. The price of US West Texas Intermediate crude also rose by $1.94, or 2.60%, to reach $76.60.
It is noteworthy that the scope of the war between the United States and Iran expanded yesterday, Wednesday, after an American attack targeted an “Iranian warship off the coast of Sri Lanka.” In a related context, Republicans in the Senate expressed their support for the military campaign that President Donald Trump ordered to be launched against Iran.
