Oil prices surge as tensions over Iran’s demands delay reopening of the Strait of Hormuz, a key global energy chokepoint.
West Texas Intermediate crude futures climbed 1.55% to $82.70, marking a weekly high amid escalating uncertainty over the Strait of Hormuz. The standoff follows Iran’s conditions for reopening the passage, including compensation for war damages and sanctions relief, which the U.S. has rejected.
Prices had traded below $80 earlier in the week but rebounded as geopolitical risks intensified. The 20-day exponential moving average at $79.76 now acts as near-term support, with traders monitoring Iran-Oman proposals for managing Hormuz traffic.
Investors await clarity on negotiations, as global leaders oppose restrictions on navigation through the critical waterway, which handles nearly 20% of global oil supply.