He oil Texas Intermediate (WTI) began the week with a rise of 7.13%, to $103.48 a barrel, following the announcement of donald trump that the US will block the Strait of Hormuz, through which about a fifth of the global oil supply transits, starting today.
He oil Texas Intermediate (WTI) began the week with a rise of 7.13%, to $103.48 a barrel, following the announcement of donald trump that the US will block the Strait of Hormuz, through which about a fifth of the global oil supply transits, starting today.
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At 9:00 a.m. local time (1:00 p.m. GMT), WTI futures contracts, the crude oil used as a reference in the US, added 6.89 US cents compared to the previous day’s close.
The US Navy is preparing to impose a blockade on Iran’s ports after peace talks collapsed over the weekend.
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Although Trump remains open to a diplomatic solution, according to his advisors, and a second round of talks could be held in a matter of days; The Wall Street Journal notes that the US president is considering carrying out limited attacks against Iran to break the deadlock in peace talks.
On Friday, The price of black gold closed the week with a collapse of 13%recording its biggest weekly drop since 2020.
