FinanceRecent
Global oil prices extend move over $90 after report of two tankers struck in Hormuz
MarketWatch✓
Original Reporting
AI EXECUTIVE SUMMARY
Global oil prices have climbed past ninety dollars following reports that two tankers were struck in the Strait of Hormuz. Both West Texas Intermediate and Brent crude reached their highest price points in approximately two weeks as a result of the incident.
WHY IT MATTERS
An escalation in a critical oil transit chokepoint like the Strait of Hormuz directly threatens global energy supplies and drives up immediate petroleum costs.
West Texas Intermediate’s contract for October delivery and Brent crude’s November contract rose to their highest levels in nearly two weeks.
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