Oil Prices Rise 11 Percent as Hormuz Strait Stays Closed
U.S. oil prices rose 11 percent on Thursday as the Strait of Hormuz remained closed. Investors also weighed stagnant job growth ahead of Friday payroll data.
Global financial markets experienced significant turbulence on Thursday as geopolitical tensions in the Middle East drove a sharp spike in energy prices and weighed on investor sentiment. The primary catalyst for the market volatility remains the ongoing conflict involving Iran, which has resulted in the continued closure of the Strait of Hormuz.
Crude prices surged following indications from the United States that there would be no immediate cessation of hostilities or a clear path to reopening the vital shipping lane. WT WTI CRUDE OIL soared by 11% to reach $111 per barrel, marking its most significant dollar gain in a five-year period. Concurrently, Brent Crude Oil advanced 7% to settle at $108 per barrel.
