Brent $105.83 WTI $99.23 after Iran restricts Strait of Hormuz
Business
Oil prices bounced back on Thursday, with Brent crude at $105.83 and US WTI at $99.23 per barrel.
The jump comes after Iran restricted oil traffic through the crucial Strait of Hormuz, right after President Trump warned of further action if peace talks stalled.
With these new limits on oil flow, fears about global supply are running high.
US records biggest-ever emergency oil withdrawal
The US just made its biggest-ever withdrawal from emergency oil reserves (nearly 10 million barrels in a week) and commercial stockpiles fell much more than expected.
Analysts say if inventories keep shrinking like this, we could see high oil prices stick around for a while.
All this means energy costs might stay up, and the world is bracing for possible shortages ahead.