finance
Brent Crude Rises Above $81 per Barrel as Traffic Falls in Strait of Hormuz
@sentdefender reported that Brent crude futures rose above $81 per barrel, their highest level in weeks. The move follows Iranian attacks on shipping, U.S. strikes on Iranian targets, and reinstatement of a U.S. naval blockade. Commercial traffic through the Strait of Hormuz has fallen sharply.
Jul 14, 7:13 AM·1m read1 source
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Brent crude futures climbed above $81 per barrel, reaching their highest level in weeks, as markets priced in growing risks around the Strait of Hormuz, @sentdefender reported. The surge followed days of Iranian attacks on commercial shipping, three consecutive nights of U.S. strikes on Iranian military targets, and the reinstatement of the U.S.
Naval blockade of Iran. Commercial traffic through the Strait has been sharply reduced. Investors have added a larger geopolitical risk premium to global oil prices amid the reduced traffic, according to the same report.
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