finance
Brent Crude Tops $111 and WTI Exceeds $105 Per Barrel in Morning Trading
Oil prices climbed on May 4 amid escalating tensions in the Strait of Hormuz, where Iran claimed to have forced a U.S. warship to turn back, a claim denied by U.S. Central Command. U.S. gasoline prices reached $4.45 per gallon, up over $1.50 since the Middle East conflict began. About 15,000 U.S. troops remain deployed in the region.
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U.S. West Texas Intermediate topping $105 per barrel in morning trading.
U.S. Central Command. ZeroHedge reported these developments amid ongoing supply uncertainty from the Middle East conflict.
U.S. naval mission in the Strait of Hormuz. U.S. troops are deployed in the region. U.S. Central Command came after Iran's claim, highlighting the elevated risks in the area.
U.S. 45 per gallon, according to American Automobile Association data. 50 per gallon since the Middle East conflict began.
ZeroHedge reported that these price surges reflect persistent disruptions in the region. Patrick De Haan, GasBuddy’s head of petroleum analysis, stated on May 4 that crude oil had jumped around $5 per barrel. He added that spot gasoline values pointed to another 10-cent rise.
These observations underscore the market's reaction to the tensions. The market saw a brief sell-off in oil prices after a related announcement, but losses were pared by May 4, according to an ING note cited by ZeroHedge. Even as vessels might leave the Persian Gulf under certain plans, inbound traffic could remain limited.
U.S. ships had been struck, countering Iranian reports.
