Oil Prices Surge to $103+ Per Barrel Amid Iran Tensions and Strait of Hormuz Disruptions
⢠Brent crude oil prices rose 3.2% to USD 103.42 per barrel, while US oil prices increased 2.9% to USD 96.21 per barrel due to Strait of Hormuz tensions and reduced vessel movement. ⢠The Trump administration plans to ease sanctions on Venezuela's oil sector by issuing permits for foreign companies, aiming to boost crude production and counter soaring prices. ⢠Global oil markets remain volatile as the Strait of Hormuz, through which 13 million barrels pass daily, faces ongoing disruptions from the Iran conflict.
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