Image: GotradeOil Prices Surge to $103+ Per Barrel Amid Iran Tensions and Strait of Hormuz Disruptions
β’ 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. β’ 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. β’ Global oil markets remain volatile as the Strait of Hormuz, through which 13 million barrels pass daily, faces ongoing disruptions from the Iran conflict.
heygotrade.com