Oil prices rise after closure of Strait of Hormuz, fears of escalation

TEHRAN, June 11 (YPA) – The world’s oil prices rose sharply on Thursday following reports that Iran had announced the closure of the Strait of Hormuz to maritime traffic, raising concerns over potential disruptions to global energy supplies after recent U.S. strikes.

Brent crude futures increased by $1.48 to $94.58 per barrel, while West Texas Intermediate (WTI) rose by $1.71 to $91.74 per barrel. U.S. crude also briefly gained more than $3 per barrel during trading.

The surge reflects growing market anxiety over the Strait of Hormuz, a key global shipping route through which a significant share of the world’s oil and gas exports pass from Gulf producers.

Earlier, Iran’s Khatam al-Anbiya Central Headquarters announced the closure of the Strait of Hormuz to maritime traffic, warning that vessels attempting to transit could be targeted.

The development has heightened concerns about potential escalation in the region and its impact on global energy flows, with markets and energy firms closely monitoring further developments amid expectations of continued price volatility.

AA