Oil prices rise by more than 2% amid supply concerns in the Strait of Hormuz
Photo - M.A.N.
Oil prices rose by more than 2 percent on Tuesday, recouping some of the previous session’s losses, amid concerns over supplies due to the near-complete closure of the Strait of Hormuz.
Brent crude futures rose $2.74, or about 2.7%, to $102.95 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $2.45, or about 2.6%, to $95.95.
In the previous session, Brent crude futures closed down 2.8 percent, while U.S. West Texas Intermediate (WTI) crude fell 5.3 percent.
The Strait of Hormuz is a vital artery for the transport of about 20 percent of global oil and liquefied natural gas trade, making any disruption there a direct factor in driving oil prices.
As the war in the Middle East escalates, now in its third week, fears of widespread disruptions to oil flows have intensified.
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