Tehran (HRNW)- In retaliation to US and Israeli attacks, Iran has closed the Strait of Hormuz, the world’s largest oil shipping route, sending global crude oil prices above $115 per barrel—the highest in years.
US West Texas Intermediate crude is trading between $115–$118 per barrel, marking a 20–30% increase in just a few days. Despite the surge, US President Donald Trump stated on Truth Social that the rise is “minor” compared to the peace and security of the US and the world,” and that prices are expected to stabilize after the Iranian nuclear threat is addressed.
The closure of key oil and gas production and transportation routes in the Gulf has fueled fears of a prolonged conflict, following the appointment of Mojtaba Khamenei as Iran’s new Supreme Leader and the escalation of retaliatory attacks.
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