US Secretary of State asserts the critical oil chokepoint will stay open, citing global economic risks as WTI crude rises 1.47% to $90.86.
US Secretary of State Marco Rubio declared the Strait of Hormuz must remain open, warning of unlawful disruptions to global oil flows. The strait, a key transit route for crude, faces heightened tensions amid stalled negotiations with Iran over deal language.
The Strait of Hormuz handles about one-fifth of global oil shipments, making its stability critical for energy markets. Prior disruptions, including tanker seizures and attacks, have historically spiked crude prices, with WTI and Brent reacting sharply to geopolitical risks in the region.
WTI crude oil climbed 1.47% to $90.86 following Rubio’s remarks, reflecting market sensitivity to supply chain threats. Analysts note OPEC decisions and broader geopolitical instability remain key drivers for oil prices.