Oil prices climb as Strait of Hormuz remains closed
Business
Oil prices are up nearly 2% this Wednesday. Brent crude hit $105.80 a barrel and WTI reached $103.00, mainly because the Strait of Hormuz, a crucial route for global oil, remains closed.
Even in India, crude prices opened higher at ₹9,697 per barrel.
President Trump hints pullback from Iran
President Trump suggested the US might pull back from Iran soon, hinting a deal isn't necessary to end tensions.
Meanwhile, a third US aircraft carrier strike group is heading to the Middle East, raising concerns about more conflict.
China and Pakistan are urging for an immediate ceasefire and safe passage through the Strait, showing just how worried other countries are about stability in the region.