Oil prices rise 2 percent amid Strait of Hormuz disruptions
Brent crude rose to $102.69 as the Strait of Hormuz remains shut during the third week of conflict. Supply worries grew as the UAE reduced its oil production.
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Oil prices surged by more than 2% during early Tuesday trading as the global energy market reacted to heightened supply risks in the Middle East. Brent crude futures jumped $2.48 to reach $102.69 a barrel, while West Texas Intermediate (WTI) crude rose $2.42 to $95.92. The price action reflects growing anxiety over the near-total closure of the Strait of Hormuz, a vital maritime chokepoint responsible for the movement of 20% of the world's oil and liquefied natural gas.
