Business · Axios
Oil prices jump after Strait of Hormuz setbacks
Compiled by KHAO Editorial — aggregated from 1 outlet. See llms.txt for citation guidance.
◌ Single Source
Oil prices are up around 6% Sunday evening after the weekend brought fresh escalation of the U.S.-Iran conflict.
Key facts
- The global benchmark Brent crude is up to $95.42 Sunday night, while WTI, the main U.S. reference, is at $89.77
- U.S. gasoline prices reached their highest point so far this year at $4.16 per gallon earlier this month and now are at $4.05, per AAA data
- What they're saying: U.S. average gasoline prices may not return to pre-Iran war levels under $3-per-gallon until next year, Energy Secretary Chris Wright said Sunday morning
- Oil prices are up around 6% Sunday evening after the weekend brought fresh escalation of the U.S.-Iran conflict
Summary
The jump after international markets opened reverses a large chunk of the sharp decline Friday, when President Trump and Iran's foreign minister claimed the Strait of Hormuz was opening to tanker traffic. The longer oil transit remains throttled, the longer crude prices will remain high. That affects U.S. drivers, because the county is deeply tethered to the global oil market despite being the world's largest producer. The global benchmark Brent crude is up to $95.42 Sunday night, while WTI, the main U.S. reference, is at $89.77.