Oil prices soar as Iran blocks key shipping route
Business
Oil just got a lot pricier: Brent crude hit $88 a barrel, and US oil (WTI) reached $85, both their highest since April 2024.
This follows a sharp weekly surge after the Strait of Hormuz, a key route for global oil, was blocked amid rising conflict in the Gulf.
Strait of Hormuz blocked amid U.S.-Iran tensions
Tensions flared after US and Israeli strikes on Iran led Tehran to block the Strait of Hormuz, which handles about 20% of the world's oil supply.
The fallout has already shut down some refineries and LNG plants across the region.
Qatar warns of $150 per barrel oil price
Qatar's energy minister says we could see even more Gulf export shutdowns soon, warning prices might rocket up to $150 per barrel.
Meanwhile, US stock futures have dipped as higher energy costs threaten to push up inflation right before new jobs data drops.