Brent near $112 as Strait of Hormuz blockage disrupts exports
Oil prices are climbing fast this Monday, with Brent crude almost hitting $112 and West Texas Intermediate topping $108.
The main reason? The Strait of Hormuz, a crucial route for Persian Gulf oil shipments, is blocked, making it tough for producers to get their oil out.
This has everyone worried about shortages and even higher prices.
Stalled U.S.-Iran talks deepen Gulf instability
Things aren't looking any calmer behind the scenes. U.S.-Iran talks are stuck, and President Trump urged Iran to speed things up, saying "TIME IS OF THE ESSENCE!"
On top of that, a drone strike in the United Arab Emirates over the weekend has made the region even more unstable.
Morgan Stanley says it's "a race against time," but so far, no real fixes are on the table: ending US waivers for Russian oil isn't helping either.