Oil prices rise as security concerns linger in the Strait of Hormuz
Brent crude climbs 1.1% to $93.73 per barrel and West Texas Intermediate rises to $86.76 per barrel, according to market data on 12 Nov. The increase follows a series of vessel attacks in the Strait of Hormuz, where up to 37 ships were targeted last month and 130 have been hit since the conflict began. Analysts say renewed doubts about a U.S.-Iran deal could lift the security premium on oil prices.
Key facts
- Brent crude was $92.43 per barrel earlier on 11 Nov.
- WTI was $86.62 per barrel earlier on 11 Nov.
- Brent topped $110 per barrel at the end of October.
- WTI exceeded $100 per barrel at the end of October.
- President Donald Trump stated the U.S. does not need a deal with Iran and controls the Strait.
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Why it matters
Higher oil prices signal growing geopolitical risk for global energy markets.
What changed
First published from OilPrice.com and CNBC