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<Commodity>Brent Oil Closes Up 6%+, as Iran May Reportedly Block Strait of Hormuz
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Iran may reportedly block the Strait of Hormuz, affecting oil production in the Middle East. On the news, crude oil prices continued higher after the official market closed on Monday. The market was wary that a war between the US and Iran could spiral out of control, leading to a severe disruption in oil supply. Oil prices ballooned on Monday. New York oil futures for April delivery rallied by 6.3% or USD4.21 to USD71.23. Brent oil futures for May delivery shot up by USD4.87 or 6.7% to USD77.74, marking a 52-week high. AASTOCKS Financial News |
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