Oil price jumps to $117 after reports of 'extended' Iran blockade
Oil prices rose to $117 a barrel after reports that the US is preparing to extend its blockade of Iran's ports. The blockade has severely restricted shipping through the Strait of Hormuz, which carries a fifth of the world's oil supply.
Oil prices have risen to $117 a barrel following reports that the US is preparing to extend its blockade of Iran's ports. The US President has instructed aides to prepare for an extended blockade to squeeze Iran's economy. Iran has restricted shipping through the Strait of Hormuz in response to the US blockade. The price of oil has seen sharp swings since the start of the conflict, remaining much higher than pre-conflict prices. The Iranian economy is facing a deepening crisis with rising prices, falling currency value, and job losses. The World Bank has forecast a 24% surge in energy prices by 2026 if the conflict continues.
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