Oil at $85 after U.S.-Iran clash over Strait of Hormuz
Business
Oil prices shot up to $85 a barrel on Wednesday after the US and Iran clashed over the Strait of Hormuz, a key route for global oil.
The US brought back a naval blockade to keep things in check, which has people worried about possible supply issues.
Brent crude went up by 1.19% to $85.74, while WTI hit $80.09.
US orders airstrikes, Iran attacks tankers
The tension isn't just talk: President Trump ordered more US airstrikes on Iranian targets, and Iran fired missiles at two U.A.E. oil tankers, leading to one death and several injuries.
Trump also said countries benefiting from the US naval presence should help cover costs.
All this drama has made oil markets jumpy, with prices still below their wartime peak but climbing fast after a big surge earlier this week.