Oil nears $115 as Iran tensions threaten Strait of Hormuz
Business
Oil prices have shot up to nearly $115 per barrel, the highest in almost four years, thanks to growing conflict involving Iran and fresh worries about global supply.
Experts say if talks between the US and Iran keep stalling, we could see prices hit $150.
The Strait of Hormuz, a major route for shipping oil worldwide, is especially at risk right now.
Prices jump after UAE OPEC exit
Brent crude jumped 3% to $114.64 per barrel on Wednesday, while US WTI climbed 3.6% to $103.54.
This comes after the United Arab Emirates unexpectedly left OPEC and the US ramped up pressure on Iran with plans for a longer blockade, both moves shaking up already fragile oil supply chains.