Crude Oil Becomes More Expensive Again in the Global Market

(Digital Itla) Crude oil prices have risen further in the global market.

According to international media reports, the price of London Brent crude oil in the global market has reached $86.30 per barrel after a 3.6% increase. Meanwhile, the price of West Texas Intermediate (WTI) crude oil is trading at $80.81 per barrel following a 3.43% increase.

Just yesterday, international markets saw an extraordinary surge of more than 10% in crude oil prices. According to market sources, this recent rally in oil prices came after US President Donald Trump announced the reimposition of a US naval blockade on Iranian ports, which was accompanied by an ongoing exchange of attacks between the two countries.

Energy experts state that the primary reason for this significant price hike is the escalating tension between the US and Iran over control of the Strait of Hormuz. Notably, the Strait of Hormuz waterway is considered the most critical and sensitive commercial route in the world for the uninterrupted transit of crude oil.