Oil prices drop over 2% after spike on Thursday
Business
Oil prices just dropped over 2% after a rollercoaster week driven by Middle East conflict.
WTI crude is now at $79.32 per barrel, cooling off from Thursday's spike.
Brent crude also surged on supply worries.
Iran's closure of Strait of Hormuz raises supply concerns
Iran's move to close the Strait of Hormuz—a passageway for about 20% of global oil and gas—has left around 150 ships stuck and raised big questions about future supplies.
Tensions escalated after US, Israeli strikes last week
Tensions escalated further after US and Israeli strikes last week, briefly pushing Brent above $82.
The unrest even paused operations at Dubai's Jebel Ali port due to drone attacks.
President Trump announced fresh steps to keep oil prices in check
To calm things down, President Trump announced fresh steps: more insurance for Gulf shipping and possible Navy escorts for tankers through the strait, aiming to keep oil prices in check.