Oil prices surge to $109/barrel as Strait of Hormuz tensions worsen

Global crude oil prices jumped over the weekend amid heightened tensions in the Strait of Hormuz. Checks by DAILY POST on Sunday showed that Brent and West Texas Intermediate, WTI, crude rose to $109.90 and $101.40 per barrel, respectively. This means that Brent and WTI crude prices surged by 3.71 per cent and 3.51 per cent, respectively. The development comes as two oil tankers reportedly exploded after hitting a landmine in the Strait of Hormuz, triggering a resurgence in crude oil prices. Iran’s Islamic Revolutionary Guard Corps, IRGC, had confirmed the explosions, warning that the Strait of Hormuz remained blocked. DAILY POST reports that uncertainty surrounding the Strait of Hormuz ...