economy
May 4, 2026
Oil skyrockets this Monday to $114 a barrel amid new tensions in the Strait of Hormuz
Portafolio Journalist 05/04/2026 06:57 Updated: 05/04/2026 06:57
TL;DR
- Brent crude oil for July delivery surged 5.65% to over $114 a barrel.
- Tensions between the U.S. and Iran over the Strait of Hormuz are cited as the cause for the price increase.
- Iran stated it warned off U.S. and Israeli destroyers from entering the Strait of Hormuz.
- This follows U.S. President Donald Trump's announcement of 'Project Freedom' to free ships trapped by Iran.
- West Texas Intermediate crude oil also saw a significant increase, rising 5.06% to $107.19 a barrel.