Trump's appeal over Strait of Hormuz sends oil prices higher
Business
Oil prices shot up on Thursday after President Trump addressed the nation about the ongoing closure of the Strait of Hormuz, a critical route for global oil shipments.
He called for international help to get this key passage open again, but his speech didn't calm market worries.
Right after, Brent crude climbed over 4% to $105.55 and WTI rose 3% to $103.16.
Prices fell before Trump's speech
Both oil prices had been falling before Trump spoke, but fears around the blocked strait quickly turned things around.
The president highlighted how important this waterway is for keeping oil supplies steady worldwide, and so are we.