Oil prices reach their highest peak since the start of the Middle East war
According to a senior White House official, US President Donald Trump suggested to oil sector leaders that Iran's port blockade could last 'several months' if necessary.
TL;DR
- Oil prices increased significantly due to fears of a prolonged blockade in the Strait of Hormuz.
- West Texas Intermediate crude reached $106.88 per barrel, and Brent crude reached $118.03.
- These prices are the highest recorded during the two-month Middle East crisis and are comparable to levels seen in mid-2022.
- A US White House official stated that Iran's port blockade could last for several months.
- The market anticipates that the Strait of Hormuz will not reopen quickly.
- Approximately 20% of global oil and gas transits through the Strait of Hormuz.
- US crude oil exports reached a record high in the week ending April 24th.