Oil prices soar past $110 a barrel again after Iran’s Hormuz threat
Oil prices have surged past $110 a barrel after Iran threatened to attack oil tankers passing through the Strait of Hormuz. The conflict has led to a prolonged hit to energy supply and prices, with investors worried about the impact on global trade and inflation.
Oil prices have risen sharply due to the conflict in Iran. Brent crude neared $120 a barrel before trading at around $104, a 12% gain. US crude briefly hit $110 a barrel. Iran has threatened to attack oil tankers passing through the Strait of Hormuz, a key oil transit route. The conflict has led to concerns about a sustained hit to energy supply and prices. Oil could rise to $150 a barrel by the end of March if the strait remains closed. The US administration has announced plans to supply insurance to oil tankers and secure naval escorts, but shipping companies are hesitant to traverse the region.
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